While everyone else blamed fuel prices, Blue Dart quietly loaded its quarter with 10% shipment growth, 17% B2C bump, and zero excuses. The CFO, Sagar Patil, didn’t need air miles to make his point — “efficiency, yield improvement, and digital onboarding” are the new logistics gospel. With e-commerce shipments soaring 30%, even the ground fleet is acting sky-high.
But here’s the twist: while the planes fly, margins crawl — held together by automation, yield tweaks, and a dash of hope. Still, 7% PBT margin in this macro turbulence? That’s not delivery—it’s defiance.
Keep reading, because the only thing heavier than Blue Dart’s tonnage this quarter is its strategic baggage. 📦
At a Glance
- Revenue: ₹1,549 crore– Parcel party continues; volumes up 10%, weights up just 5.9%.
- PAT: ₹79.5 crore– Margins deliver (barely), but profits still land on time.
- EBITDA Margin up ~200 bps:CFO calls it “mix improvement”; investors call it “finally.”
- B2C Growth +17%:Lighter shipments, heavier confidence.
- B2B Growth +2.5%:Old-school customers need caffeine.
- E-commerce shipments +30%:Festival season or festive frenzy? You decide.
- CapEx steady at ₹250–₹260 crore:CFO swears it’s “normal”—like India’s traffic.
Management’s Key Commentary
“Shipments were 106 million; tonnage 3.63 lakh tons.”(Translation: We’re carrying everything except investor anxiety.)
“Yield and cost improvements drove margin uptick.”(Translation: We finally learned Excel shortcuts.)
“B2C grew 17%, ground segment up 30%.”(Basically, consumers are ordering faster than we can count.)
“We launched a digital account opening platform for SMEs.”(So now even your neighborhood startup can ship faster than it can raise funding. 😏)
“Document deliveries form 25–30% of revenue.”(Banks might go digital, but debit cards still need Blue Dart legs.)
“Fixed costs around 60%; rest variable.”(So basically, half our costs fly, half stay grounded.)
“No one-offs this quarter.”(A rare phrase in Indian earnings calls—print and frame it.)
Numbers Decoded
| Metric | Q2 FY26 | YoY Change | Comment |
|---|---|---|---|
| Revenue (₹ crore) | 1,549 | +6.6% | Slight turbulence but still airborne |
| Shipments (mn) | 106.28 | +10% | Everyone’s ordering something |
| Tonnage (tons) | 3,63,974 | +5.9% | Lighter parcels, heavier network |
| B2C Growth | +17% | YoY | E-commerce makes it rain parcels |
| B2B Growth | +2.5% | YoY | Corporate India hitting snooze |
| PBT Margin | 7% | +200 bps | Better mix, not magic |
| Air vs Ground Mix | 70:30 (B2B:B2C) | Stable | Ground picking up speed |
| Aircraft Utilization | 85–90% | Optimal | Those freighters don’t rest |
(Quick Summary: Lighter parcels, higher yields, and a CFO who can finally breathe mid-quarter.)
Analyst Questions
Motilal Oswal:“Margins sustainable?”CFO:“Depends on mix, not miracles.”(Translation: Pray for the right customers.)
IDBI Analyst:“Air vs Ground growth?”CFO:“Ground rules the game.”(Air still charges five times more, though.)
CAO Capital:“CapEx plans?”CFO:“₹250 crore as usual.”(Read: Our aircraft don’t grow on trees.)
Nirmal:“30% e-com growth—seasonal?”CFO:“Festive, yes. But also, India’s shopping habit.”(Amazon thanks you.)
Anshul:“Yields improved despite surface growth?”CFO:“Smaller, lighter shipments. Higher realization per kg.”(Weight loss is good business now.)
Guidance & Outlook
Management is cautiously optimistic. Expect steadyhigh single-digit revenue growth,margins around 7%, and continued CapEx
