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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,549 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 driven by favorable mix and cost actions. Shipments grew 10% YoY to 106.28 million, while tonnage rose 5.9% to 363,974 tons. B2C revenue grew 18% (led by ground e-commerce up ~30%), while B2B grew only 2.5%, reflecting a mix shift toward lower-yield surface products. Management noted that margin improvement is sustainable if favorable mix persists, but ruled out significant operating leverage as capacity is already well-utilized. CapEx is expected to remain in the normal range (~INR 250 crore). A key risk is that continued shift to ground could pressure blended yields, though percentage margins are similar.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects capital expenditure to continue at the current level, with no major new investments planned beyond normal replacement and automation.
- Management stated all efforts will be to improve margins from the current PBT margin of ~7%, driven by yield improvement and cost rationalization, not operating leverage.
Risks flagged
- As ground (lower yield per kg) grows faster than air, blended realizations could decline, impacting revenue growth despite volume gains.
- B2B revenue grew only 2.5% YoY, with air B2B possibly degrowing, indicating structural headwinds in the core express segment.
- Management confirmed facilities and aircraft are already optimally utilized, limiting margin expansion from fixed cost absorption.
Key quotes
- The improvement in the margins will be more of a function of yield improvement as well as any cost improvement in terms of rationalizing the network design.
- Ground continues to be the main contributor to the growth.
- We do have an advantage of having our own freight fare. So we have a control on what we carry and how fast.
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