Blue Dart Express Ltd — Q1 FY26
Blue Dart reported Q1 FY26 revenue of INR 1,442 crore and PAT of INR 47 crore, with EBITDA margin contracting 48 bps YoY to 15.15%.
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✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
92%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
What were the damage and number of parcels transported this quarter?
Asked by Mr. Patash
Management provided exact numbers for both parcels and tonnage.
Read the exchange
Question
If you can share what would have been the damage for the quarter as well as the number of parcels transported?
Sagar Patil, CFO
The number of parcels was 94.1 million. The damage was 340,068 tons.
Answered
High priority
Why are margins weaker and are there one-off costs?
Asked by Mr. Patash
Management explained margin decline due to mix change and confirmed no one-offs.
Read the exchange
Question
Just trying to get some sense on what are the key reasons why the margins are weaker. Is there any one-off related cost in this profitability that you have reported?
Sagar Patil, CFO
The EBITDA margin has been 15.63% in the last year's same quarter, which is now 15.15%. There is a drop of about 1.5% there. What we see is more of a change in the product or the customer mix. There is no one-off that has impacted the quarter.
Answered
Medium priority
Is the new Delhi facility dragging margins due to ramp-up costs?
Asked by Mr. Patash
Management directly denied that the facility is dragging margins.
Read the exchange
Question
One thing to do with the recently commissioned facility in Delhi, because there should be some ramp-up costs attached with it. Is that something which is potentially dragging your margins until the ramp-up reaches an optimal level?
Sagar Patil, CFO
That's not a reason. I mean, yes, there is a new investment that has come in. In the overall scenario, it is not as significant as it will impact the margin as a percentage of.
Answered
High priority
What is the B2B and B2C growth for the quarter?
Asked by Mr. Patash
Management provided specific growth percentages for both segments.
Read the exchange
Question
One more question which I had was with respect to growth, what we would have reported on the B2B as well as B2C, if you can share that, that would be really helpful.
Sagar Patil, CFO
In B2C, we see revenue growth of about 20%, and in B2B, it's about 2.4% for the quarter.
Answered
Medium priority
How many freighters are owned vs leased and how is tonnage computed?
Asked by Mr. Asam
Management gave exact numbers and explained computation method.
Read the exchange
Question
Sir, if you could help us understand in terms of the freighters, the number of freighters, how many of these are owned/leased? ... how do you compute that?
Sagar Patil, CFO
We have a total of eight freighters. We have six 757s and two 737s. One 757 is leased, whereas the rest of the seven are owned ones. ... damages is including all the products that we bill to the customers.
Answered
High priority
What is the growth in surface vs air revenue for the quarter?
Asked by Mr. Asam
Management provided specific growth percentages for surface and air.
Read the exchange
Question
If you could help us understand in terms of the growth in surface versus air for the quarter in terms of revenues.
Sagar Patil, CFO
The surface growth, which includes both retail as well as the surface B2B, the growth has been 13% in sales, whereas in air, it has been 2.2%.
Answered
High priority
What is the B2B and B2C mix as a percentage of sales?
Asked by Mr. Guru
Management provided exact percentages for the mix.
Read the exchange
Question
My first question is that if you could provide the mix between B2B and B2C as a percentage of consolidated sales, how much is what segment?
Sagar Patil, CFO
For this quarter, it is 71% and 29%. B2B is 71% and B2C is 29%.
Partial answer
Medium priority
What is the margin differential between B2B and B2C?
Asked by Mr. Guru
Management gave a qualitative answer but no specific margin figures.
no specific numbers given
Read the exchange
Question
Sir, broadly, what would be the margin differential between the two segments?
Sagar Patil, CFO
Margin across the quarters would be more or less the same, on the same lines as I would say. The yield would be different, but the margin percentage would be similar.
Partial answer
Medium priority
Why is B2B growth so low and what is the outlook?
Asked by Mr. Guru
Management discussed plans but did not provide specific growth targets.
no quantitative outlook given
Read the exchange
Question
Sir, you know, optically looking, you know, B2B growth seems quite low in this quarter. Just wanted to understand how should we think about this segment's growth over the next, say, two to three years.
Sagar Patil, CFO
We do have plans to grow the B2B business as well, especially driven by the surface. ... There will be plans to ramp up that business along with, of course, B2C on ground.
Answered
Medium priority
What is the reason for the decline in shipment growth rate?
Asked by Mr. Nirmal
Management explained the reason for slower shipment growth.
Read the exchange
Question
If you look at the growth in the number of shipments, growth in the number of shipments and also for the past three years, the growth has been positive, but the growth rate year-over-year has gone down... What would be the reason here?
Sagar Patil, CFO
Yes, that is where if the higher kilos per shipment, heavier parcels grow faster. ... If your kilos grow faster as compared to shipments in a given period, there can be some dilution in the margin.
Answered
High priority
What is the B2B and B2C growth numbers for the quarter?
Asked by Mr. Anto
Management repeated the growth percentages clearly.
Read the exchange
Question
What is the B2B and B2C growth numbers for the current quarter?
Sagar Patil, CFO
Yeah, for B2B, the revenue growth was 2.4% and B2C was 20.2% in revenue.
Answered
High priority
Why does profitability not change with mix if margins are similar?
Asked by Ankita
Management explained the impact of ground vs air mix on margins.
Read the exchange
Question
Sir, the last one, if we say that our profitability both on the B2B and B2C segment in percentage of the profit markup on where the segments are similar, then why change in mixes impacting margins?
Sagar Patil, CFO
When you look at the profitability, we have a network that is interconnected... Especially when your ground is growing faster as compared to air, the variable margin on the air... will be relatively lower as compared to ground.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin 15.15% vs 15.63% last year | 15.15% | 14% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.