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Informist, Tuesday, Jul. 29, 2025

By Rati Chaphekar

MUMBAI – Blue Dart Express Ltd. is expected to see a substantial rise in its net profit on year for the June quarter. The net profit and revenue of the company are expected to grow mainly because of an increase in volume in the reporting quarter, which is primarily attributed to its expansion of air and surface transportation segments.

The company is expected to make a net profit of INR 625 million, up 20% on year, according to the average of estimates by four brokerages. Motilal Oswal Financial Services Ltd. has given the highest estimate for net profit at INR 754 million and Nuvama Wealth Management Ltd. has given the lowest estimate at INR 523 million. Blue Dart is set to see a growth in net profit in the reporting quarter after a consecutive decline in the last four quarters, according to Motilal Oswal.

The company's revenue is expected to be INR 14.71 billion, up 8.5% on year and up 2.8% on quarter, according to the average of estimates from four brokerages. The highest estimate for revenue is INR 14.78 billion by Emkay Global Financial Services Ltd. and the lowest estimate is INR 14.38 billion by Nuvama Wealth Management Ltd.

"We estimate volume growth of 11% YoY (on year) for Blue Dart Express, driven by the surface and B2C (business to customer) segments; blended realisations are likely to decline 1% YoY," Emkay said. The company's revenues will increase as volumes have started to pick up from the new routes, according to Motilal Oswal. The overall volume of the company will see a modest growth mainly driven by an increase in surface transport volumes, Nuvama said. Blue Dart handled a volume of 377.26 million shipments that weighed 1,339.84 tonnes in 2024-25 (Apr-Mar).

The other income growth of 12% on year will also aid the net profit growth of the company while its finance cost is expected to decline by 12% on year, Emkay said. The company's earnings before interest, tax, depreciation, and amortisation are estimated to be INR 1.75 billion, up 36.5% on year and 26.6% on quarter, according to the average by brokerages. The highest estimate for the company's EBITDA is INR 2.2 billion by Emkay Global Financial Services Ltd and the lowest estimate is INR 1.24 billion by Elara Securities (India) Pvt Ltd. The company's EBITDA growth is the highest in the last four quarters, Motilal Oswal said.

Analysts have different views on the company's expected EBITDA margin for the June quarter. The consolidated EBITDA margin is expected to remain flattish, as higher share of the low margin surface business is offset by better utilisation of new freighters, Emkay said. The company's margins are expected to remain subdued on the back of continued investments, according to Nuvama. However, Motilal Oswal expects the margin at 10.7%, up 240 bps on year.

The company will announce its June quarter earnings Tuesday. Investors will keenly watch management commentary on volume growth in the air and surface express segments and the movement in aviation turbine fuel prices.

At 1035 IST, shares of Blue Dart traded at INR 6,529.50 on the National Stock Exchange, down marginally. The stock has fallen 4.2% since the announcement of its March quarter earnings.

Of the five research reports on the company available with Informist, two brokerages have a "buy" recommendation for the stock with a target price of INR 7,450 and two brokerages have a "hold" recommendation with a target price of INR 7,310. One brokerage has given a "sell" recommendation for the stock. 

Following are the June quarter earnings estimates for Blue Dart based on reports from four brokerages in descending order of estimate of net profit:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Deepshikha Bhardwaj

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