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India's leading express parcel and air-cargo delivery company, majority owned by Germany's DHL Group.
India's leading express parcel and air-cargo delivery company, majority owned by Germany's DHL Group.
Customers pay per shipment, priced by weight and distance, with time-definite air delivery its premium product, run on its own aircraft and a hub system. As DHL's partner in India, it also handles cross-border parcels in and out of the country.
Moat: narrow (brand, installed base, distribution). Strong domestic express brand and DHL's global network access, but faces intense price competition from newer 3PLs.
Headquarters: Mumbai, India · Founded: 1983 · Employees: 13,251
Size Blue Dart Express (BLUEDART.NS) is an India Industrials company (Air Freight/Couriers) with a market value of $1.14B, the 561st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹4,541 on 6 Nov 2026.
Performance Over six months the shares fell 19.8%, against -8.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 9.2% over the last twelve months (peer median +4.0%); the operating margin is 7.3% (peer median 5.6%).
Valuation It trades at 26.5× forward earnings against a peer median of 12.6× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.1 points above its cost of capital (13.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹63.6B | ₹61.4B | ₹57.2B | ₹52.7B | ₹51.7B |
| Revenue growth | — | +7% | +9% | +2% | — |
| Gross profit | ₹10.5B | ₹9.98B | ₹9.18B | ₹8.96B | ₹9.54B |
| EBITDA | ₹10.2B | ₹9.80B | ₹8.91B | ₹8.64B | ₹9.67B |
| Net income | ₹2.87B | ₹2.47B | ₹2.52B | ₹3.01B | ₹3.71B |
| Free cash flow | n/a | ₹4.80B | ₹4.64B | ₹5.67B | ₹1.38B |
| Capital expenditure | n/a | ₹3.15B | ₹2.54B | ₹2.68B | ₹5.71B |
| Total debt | n/a | ₹11.4B | ₹10.1B | ₹10.7B | ₹11.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Blue Dart Express BLUEDART.NS | $1.14B | -20% | +9% | 7% | 26.5× | 22.4% |
| Delhivery DELHIVERY.NS | $3.40B | -11% | +24% | 0% | 81.8× | n/a |
| FedEx FDX | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BLUEDART.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | -1.7% | 10th highest of 21 |
| 6-month return | -19.8% | -8.8% | 6th lowest of 21 |
| Distance from 52-week high | -32.8% | -24.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +9.2% | +4.0% | 8th highest of 20 |
| Operating margin | 7.3% | 5.6% | 9th highest of 20 |
| Forward P/E | 26.5× | 12.6× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 22.4% | 4.5% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +13.3% | +4.5% | 4th highest of 15 |
| Hurdle (Req g minus delivered) | +9.1 pp | -3.5 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +6.1 pp | -1.1 pp | 3rd highest of 20 |
| EV / EBITDA | 10.6× | 7.4× | 3rd most expensive of 10 |
| Net debt / EBITDA | 0.5× | -0.0× | 5th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Blue Dart Express BLUEDART.NS | India | $1.14B | -20% | +9% | 7% | 26.5× | 22.4% | +13.3% |
| Bonheur BONHR.OL | Norway | $1.20B | +1% | +4% | 7% | 10.0× | 3.1% | +20.6% |
| Shipping Corporation of India SCI.NS | India | $1.29B | -18% | +17% | 24% | n/a | n/a | n/a |
| Cargojet CJT.TO | Canada | $1.00B | +15% | +1% | 10% | 23.4× | 12.4% | +8.2% |
| KLN Logistics 0636.HK | Hong Kong | $1.30B | -15% | -2% | 4% | 7.0× | -10.4% | +2.6% |
| COSCO SHIPPING International (Hong Kong) 0517.HK | Hong Kong | $1.32B | +8% | +1% | 5% | 12.6× | 2.3% | +1.5% |
| Konoike Transport 9025.T | Japan | $973M | +2% | +1% | 6% | 10.9× | -12.5% | +4.0% |
| Hangzhou SF Intra-city Industrial 9699.HK | Hong Kong | $941M | -24% | +32% | 1% | 13.3× | 5.9% | +35.5% |
| Orient International Enterprise 600278.SS | China | $919M | +1% | -12% | 1% | n/a | n/a | n/a |
| Eternal Asia Supply Chain Management 002183.SZ | China | $1.48B | -32% | -25% | 0% | 54.3× | 29.9% | 0.0% |
| Hub HUBG | United States | $1.48B | -44% | n/a | n/a | 51.6× | n/a | n/a |
| Swedish Logistic Property SLP-B.ST | Sweden | $876M | -9% | +27% | 86% | 14.2× | 11.6% | +60.3% |
| Hengtong Logistic 603223.SS | China | $870M | -9% | +2% | 30% | 15.5× | -9.5% | -24.6% |
| CMST Development 600787.SS | China | $1.49B | -12% | +23% | 0% | n/a | n/a | n/a |
| Fukuyama Transporting 9075.T | Japan | $1.51B | +18% | +6% | 4% | 11.6× | 12.0% | +2.2% |
| Shenzhen Easttop Supply Chain Management 002889.SZ | China | $845M | +14% | -35% | 6% | n/a | 12.0% | +6.7% |
| Hamakyorex 9037.T | Japan | $808M | -2% | +9% | 10% | 11.4× | -9.0% | +5.5% |
| Ferrari FERGR.AS | Netherlands | $780M | -4% | +3% | 17% | 12.8× | -2.7% | +5.0% |
| Shenzhen Feima International Supply Chain 002210.SZ | China | $768M | -36% | +116% | 11% | n/a | 34.5% | +1.5% |
| Xiamen International Trade 600755.SS | China | $1.77B | -10% | +28% | 0% | 11.5× | n/a | n/a |
| Friend 605050.SS | China | $709M | -24% | +4% | 4% | 10.1× | n/a | n/a |