Blue Dart Express Ltd — Q2 FY26
Blue Dart reported Q2 FY26 revenue from operations of INR 1,549 crore and PAT of INR 79.5 crore, with management highlighting positive revenue growth and EBIT margin improvement...
neutral
medium
✓ 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.
83%Questions answered0Evaded / deflected12Questions audited
Answered
High priority
What were tonnage and parcels for the quarter?
Asked by NJ Krupashankar, Spark Capital Advisors
Provided exact numbers for shipments and tonnage.
Read the exchange
Question
My first question would be on housekeeping questions. What would have been the tonnage and parcels for the quarter?
Sagar Patel, CFO
Yes, so the shipments were 106.28 million shipments, and the tonnage was 363,974 tons. For the quarter.
Partial answer
High priority
Is margin improvement due to operating leverage and sustainability?
Asked by NJ Krupashankar, Spark Capital Advisors
Explained drivers but did not commit to sustainability.
no explicit sustainability guidance
Read the exchange
Question
the margin is a function of operating leverage, or would you like to point out the sustainability of these margins in the upcoming quarter?
Sagar Patel, CFO
This quarter, we had a growth of 10% in number of shipments and 5.9% in the weight... It is largely, I would say, attributable to the favorable change in the mix of both customers' products.
Answered
High priority
What was B2C growth this quarter?
Asked by NJ Krupashankar, Spark Capital Advisors
Provided specific growth percentage.
Read the exchange
Question
Sir, what would have been the B2C growth this quarter, given that the average weight on the shipment has come down?
Sagar Patel, CFO
B2C growth would have been close to about 17%+ for quarter and quarter. I mean, for the year-on-year same quarter compared to last year.
Partial answer
Medium priority
What is the mix of air vs ground and growth in ground?
Asked by NJ Krupashankar, Spark Capital Advisors
Provided ground shipment growth but not the mix ratio.
no exact mix percentage given
Read the exchange
Question
what would have been the mix between air and ground this quarter. What would have been the growth in the ground business?
Sagar Patel, CFO
Growth continues to be a, I mean, ground continues to be the main contributor to the growth... For this quarter also, the shipments have grown by 23%.
Answered
Medium priority
What new customer acquisition engines deployed since 2023?
Asked by Speaker 8
Explained the digital onboarding and prepaid plans.
Read the exchange
Question
in 2023 earnings calls, we had mentioned that there are some new customer acquisition engines that we have deployed. I just wanted a follow-up on that.
Sagar Patel, CFO
This has been more of an automation of the expedition of the customer additions... We have seen even earlier this year, in the last quarter itself, we have launched a digital account opening.
Answered
Medium priority
How do margins move with mix and pricing approach?
Asked by Speaker 8
Explained pricing methodology and cost variability.
Read the exchange
Question
how the margins move... Is it on cost-plus basis in absolute terms, or it's like cost-plus some percentage basis when it comes to our pricing?
Sagar Patel, CFO
The pricing is not typically on a cost-plus basis... it is based on a pricing matrix... the effort is always to variabilize the cost as much as possible.
Partial answer
Medium priority
What is the sectoral mix of end-user industries?
Asked by Achal Lohade, Nuvama Wealth
Listed sectors but no percentage mix.
no quantitative breakdown
Read the exchange
Question
Is there any way you could give us some sense in terms of the end user industries... Any color you could give in terms of the sectoral mix for us on an annual basis?
Sagar Patel, CFO
Not exactly, I would say... BFSI is a big segment that we focus on... electronic, retail, automotive, garments.
Answered
High priority
How large is documents as a percentage of revenue?
Asked by Achal Lohade, Nuvama Wealth
Provided a clear percentage range.
Read the exchange
Question
when you say documents, how large would documents be as a percentage of our revenue?
Sagar Patel, CFO
It would be close to 25%-30%.
Answered
High priority
Are there any one-off expenses this quarter?
Asked by Achal Lohade, Nuvama Wealth
Explicitly denied one-offs.
Read the exchange
Question
Is there any one-off or reversals of expenses in this quarter?
Sagar Patel, CFO
No, there are no one-offs or there are no extraordinary elements in this quarter.
Partial answer
High priority
Can margins sustain at current 7% PBT level?
Asked by Achal Lohade, Nuvama Wealth
Conditional answer, not a firm commitment.
conditional on mix
Read the exchange
Question
If we were to sustain this kind of a revenue size or the mix, the margins can sustain at the current, what, 7% PBT level. Would that be a fair assessment, sir?
Sagar Patel, CFO
Yes. As I said, it's a question of the mix of customer lanes. So yes, if favorable or better conditions or mix prevails, there can be favorable movement or sustenance of these margin levels.
Answered
High priority
What is the B2B/B2C split and growth rates?
Asked by Dhruv Jain, Ambit Private Limited
Provided exact split and growth percentages.
Read the exchange
Question
My first question is around the split of the B2B and B2C segment. If you could give the split for this quarter and also just if you could tell us what's the growth individually in B2B and B2C.
Sagar Patel, CFO
Between B2B and B2C, it remains for this quarter 70/30, 70% B2B and 30% B2C revenue. Growth. For this quarter, overall B2C would be 18%, B2B about 2.5%.
Answered
Medium priority
Why did blended yields inch up despite surface growing faster?
Asked by Anshul Agrawal, Emkay Global Financial Services Ltd
Explained the mix effect within surface.
Read the exchange
Question
Despite surface continuing to grow faster than air, the blended realizations have slightly inched up. Is there something that we need to sort of build in as part of future momentum as well in yields?
Sagar Patel, CFO
Surface this time, we had an increase in the number of shipments versus the number of... the realization per kg, there will be an increase because we have moved more lighter shipments.