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Revenue
₹1,616 Cr
verified against source
Revenue YoY
7%
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 Q3 FY26 revenue of INR 1,616 crore, up 7% YoY, and PAT of INR 70 crore. Growth was driven by e-commerce, with eCom Surface Lite growing 26% in shipments and Surface B2B growing 22%. Ground revenue share reached 42% (including B2C), while air remained stable. EBITDA margin was not disclosed, but management noted margin improvement from festive season and light parcel mix. Guidance remains qualitative: management targets medium-term margins of 12-13% and expects ground to be the growth driver. A 9-12% price hike was implemented in January 2026, with realization still in progress. Risk: slower-than-expected price hike pass-through could pressure margins if volumes decline.
Colored figures show movement against the previous available record.
Guidance to track
- Management aims to achieve EBITDA margins of 12-13% in the medium to long term, similar to post-COVID levels, through operational improvements.
- A price increase of 9-12% was implemented in January 2026; realization is ongoing and expected to be visible by end of Q4.
- Management expects ground products (B2B Surface and eCom Surface Lite) to continue growing faster than air, driving overall volume growth.
Risks flagged
- Management noted that customers may trade volume for price or temporarily divert business, making the effective pass-through uncertain.
- Air volumes grew only modestly, and management did not provide a clear growth outlook, raising concerns about capacity utilization.
- The positive volume impact from the GST rate cut in September was temporary and did not continue beyond a couple of months.
Key quotes
- We can target that level of margin, but see the 12%-13% that we saw were post-COVID impact that we had seen. The way we are also trying to devise or improve the margins, not impossible to get to those levels of margin, in the medium to long term, I would say.
- Given the consolidation that has happened, there could be a better opportunity to realize better price points to charge for the value being delivered.
- Our pallet utilization remains at around 85%-90% for a volumetric weight kind of level.
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