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Informist, Thursday, Jul. 30, 2026

By Deesha Jadhav

MUMBAI – Blue Dart Express Ltd. is expected to report sharp growth in its June quarter net profit on the back of its surface express and business-to-consumer segments, according to brokerages tracking the company.

The company is expected to report a standalone net profit of INR 516 million, according to the average of estimates from four brokerages. This will be up 10% on year and 19% sequentially. The highest estimate for net profit is INR 751 million from Motilal Oswal Financial Services Ltd. and the lowest estimate is INR 376 million from Emkay Global Financial Services Ltd.

Blue Dart is expected to report net sales of INR 15.59 billion, up 8% on year, according to the average of estimates. On a sequential basis, the net sales are expected to be up 2%. The highest estimate for net sales is INR 15.88 billion from Nuvama Wealth Management Ltd. and the lowest estimate is INR 15.02 billion from Elara Securities (India) Pvt. Ltd.

Blue Dart's revenue growth is expected to be driven by its surface express and business-to-consumer segments. According to Emkay Global, blended realisations are expected to improve 1%. However, higher depreciation costs, expected to rise 19% on year, could weigh on the profitability of the company. Nuvama expects Blue Dart's tonnage volume to increase about 2% sequentially. Despite the volume growth, profitability may remain under pressure due to weak shipment volumes and higher fuel costs.

Blue Dart's earnings before interest, tax, depreciation, and amortisation are estimated at INR 1.77 billion, up over 47% on year, according to the average of estimates. The highest estimate for EBITDA is INR 2.15 billion from Nuvama and the lowest estimate is INR 1.31 billion from Elara Securities. Rising fuel prices in the June quarter and the implementation of new labour codes are likely to push freight and employee costs higher, resulting in EBITDA growth being limited to 4%, Emkay said.  

The company's pricing discipline and network efficiencies are likely to support margins although higher fuel, employee, and integration costs across the logistics sector could limit further margin expansion despite resilient demand, the brokerages said. Blue Dart's EBITDA margin is likely to expand 310 basis points on year supported by higher shipment volumes and better realisations, Motilal Oswal said. However, Emkay expects the margin to decline by 59 basis points.

Blue Dart Express Ltd. is a logistics company that provides transportation and door-to-door courier delivery services. It operates Blue Dart Aviation, its subsidiary cargo airline, to support air cargo transportation and time-sensitive deliveries. DHL Express has been the company's majority stakeholder since November 2004.

The company will report its earnings for the June quarter Friday. Investors will closely watch the company's commentary on the volume growth in the air and surface express business, along with movement in diesel and aviation turbine fuel prices.

Thursday, shares of Blue Dart closed slightly lower at INR 5,025.90 on the National Stock Exchange. The shares are down more than 4% since the company announced its March quarter earnings in May.

All four research reports on the company available with Informist have a "buy" recommendation on the stock. The average target price of the buy calls is INR 6,078 per share, which is 21% higher than the closing price Thursday.

The following are the Apr-Jun earnings estimates for Blue Dart Express Ltd. from four brokerages in descending order of the estimate of net profit in INR million:

End

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

Edited by Pankaj Aher

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