Blue Dart Express Ltd — Q4 FY26
Blue Dart reported full-year FY26 revenue of ₹6,141 crore (+7% YoY) and PAT of ₹240 crore, with Q4 revenue of ₹1,533 crore (+8% YoY) and PAT of ₹43 crore.
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.
58%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Tonnage and parcel volumes for Q4 and full year.
Asked by Kupas Shankar
Management provided exact tonnage and parcel numbers.
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Question
first bookkeeping questions as of what would have been the tonnage for the quarter and for the full year sir if you can share that first.
Management
tonnage for the quarter is 359913 tons... for the year sums up to close to about 14 lakh 38 39,000... parcels for the quarter were 96.17 million and for the year 403.98.
Partial answer
High priority
E-commerce growth and segment growth rates.
Asked by Kupas Shankar
Qualitative answer but no specific growth percentages for segments.
no specific growth rate for e-commerceno breakdown of growth rates
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Question
how did you see the e-commerce piece evolving B2C part of it and overall also in ground express what would have been the growth generally
Management
e-commerce on ground continues to be growth driver... e-commerce on air has been steady... ground continues to grow faster more than 10%
Partial answer
High priority
Extent of price hike realization and mix impact.
Asked by Kupas Shankar
Gave a range but not a precise number; cited product differences.
no specific percentage givensaid difficult to quote
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Question
to what extent what has this result showcased the extent of increase in realization because of the hikes which you have announced earlier?
Management
we did the GPI from 1st of January and it has been little better than last year... it would be better than 3 to 4%... the ultimate realization of profit will be more than 4%.
Partial answer
High priority
Reason for sequential margin decline and segment growth.
Asked by Kupas Shankar
Explained mix impact but did not quantify growth for air or margin decline.
no specific growth numbers for airno breakdown of margin decline
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Question
is it fair to assume that the margin sequential decline in margin especially on aida side is primarily because of this mix and would it be possible to give growth in air and ground this quarter and year?
Management
ground continues to grow faster more than 10%... smaller products have grown slower... heavier shipments have lower margin realization.
Declined
Medium priority
Air vs ground mix in volume terms.
Asked by Achel
Explicitly declined to share volume breakdown.
refused to provide volume mix
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Question
how would that be in terms of volume?
Management
We don't provide the breakup for the of shipments or payload between air and ground being sensitive information.
Answered
High priority
B2B vs B2C revenue mix for FY26.
Asked by Achel
Provided exact percentages for B2B and B2C.
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Question
if you could help us in terms of B2B and B2C for FI26 what has been the topics for us from a revenue point of view
Management
70.3 in B2B and 29.7... fourth quarter is 71 to 29.
Partial answer
Medium priority
Market share in air and surface segments.
Asked by Achel
Gave a ballpark but not precise or recent.
no updated numbersaid it's a perceptive number
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Question
in terms of the market share if you could call out what would be our market share in the respective segment for air and the surface just a ballpark number
Management
we have seen the market share being 70% plus... again this is about the organized and express service providers not entire industry
Answered
Medium priority
Freighter utilization rate.
Asked by Achel
Provided specific utilization percentage.
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Question
in terms of the freighter utilization if you could guide sir.
Management
it continues to be at around 85% on a pallet utilization level... for the main sectors it would be well above 90% 95%
Evasive
High priority
Margin outlook and drivers.
Asked by Achel
Did not confirm or deny a target margin range.
no specific margin guidancedeferred to yearly focus
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Question
how do we look at this margin? Is from an annual perspective 15 15 and a half what we have delivered in last two years is the number we can pencil in?
Management
our focus is normally to ensure a year-on-year yearly margin... quarter on quarter there can be ups and downs
Answered
Medium priority
Impact of ATF price movement and pass-through.
Explained no material impact and pass-through mechanism.
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Question
one question which has come in the chat was on ATF pricing. If you can just highlight what's the impact of ATF movement and whether we have passed it on
Management
for the quarter we didn't have any significant impact... from profitability point of view it is largely neutralized.
Declined
High priority
Volume growth outlook for FY27.
Explicitly declined to provide volume growth outlook.
refused forward guidance
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Question
what kind of volume growth we are looking in this financial year FI27 considering the growth which we have done in 26
Management
without really giving a color of forward-looking statement... the approach is to more balance to ensure the profitability in absolute terms.
Answered
High priority
What impacted EBITDA margin this quarter.
Asked by Shivom
Listed specific factors and quantified cost impact.
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Question
what has impacted the Aida margin this quarter. Is is the volume change mix have impacted the AIDA margin or something else?
Management
one reason would be heavier volume... increase in costs of local vehicle hiring... invested in front end functions... 2 crores here 3 crores here all combined totaling up to about 10 15 crores
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Weight shipment growth for year 7.1% | 7.1% | 7% | Matches filing |
| Weight shipment growth for quarter 4.6% | 4.6% | 7% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.