Stock BLUEDART BLUE DART EXPRESS LIMITED
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Financials Blue Dart Express Limited NSE India S.E.

Equities

BLUEDART

INE233B01017

Air Freight & Logistics

Market Closed - NSE India S.E.
Other stock markets
 07:43:47 2024-04-26 am EDT 		5-day change 1st Jan Change
6,319 INR +0.22% Intraday chart for Blue Dart Express Limited +0.34% -14.18%
Mar. 27 Blue Dart Introduces 20-Hour Delivery Service to Gift City from Major Metros CI
Mar. 21 Blue Dart Express Introduces Unified Shipping API Software Platform MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 85,008 51,564 132,286 162,373 147,207 149,823 - -
Enterprise Value (EV) 1 87,282 54,889 131,630 171,189 157,453 155,644 151,101 145,776
P/E ratio 94.7 x -123 x 130 x 42.5 x 39.7 x 50.1 x 38.5 x 29.2 x
Yield 0.35% - 0.27% 0.88% 0.48% 0.55% 0.82% 1.12%
Capitalization / Revenue 2.68 x 1.62 x 4.02 x 3.68 x 2.85 x 2.84 x 2.56 x 2.31 x
EV / Revenue 2.75 x 1.73 x 4 x 3.88 x 3.04 x 2.95 x 2.59 x 2.25 x
EV / EBITDA 30.6 x 11.6 x 19.2 x 17.1 x 16.8 x 18.5 x 15.5 x 12.8 x
EV / FCF -198 x 33.2 x 22.3 x 25 x 108 x 33.9 x 27.7 x 21.4 x
FCF Yield -0.5% 3.01% 4.48% 4% 0.92% 2.95% 3.61% 4.68%
Price to Book 14.7 x 10.5 x 22.3 x 18.6 x 12.5 x 10.8 x 9.01 x 7.25 x
Nbr of stocks (in thousands) 23,728 23,728 23,728 23,728 23,728 23,728 - -
Reference price 2 3,583 2,173 5,575 6,843 6,204 6,314 6,314 6,314
Announcement Date 5/16/19 5/26/20 5/5/21 5/5/22 5/5/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 31,744 31,751 32,881 44,105 51,722 52,790 58,449 64,827
EBITDA 1 2,854 4,742 6,863 9,998 9,375 8,433 9,755 11,432
EBIT 1 1,576 1,268 2,563 6,044 5,430 3,964 5,179 6,821
Operating Margin 4.96% 4% 7.79% 13.7% 10.5% 7.51% 8.86% 10.52%
Earnings before Tax (EBT) 1 1,341 -391.2 1,398 5,123 5,082 4,016 5,442 6,856
Net income 1 897.6 -418.6 1,018 3,822 3,705 3,007 3,915 4,963
Net margin 2.83% -1.32% 3.1% 8.67% 7.16% 5.7% 6.7% 7.66%
EPS 2 37.83 -17.64 42.91 161.1 156.2 125.9 164.1 216.4
Free Cash Flow 1 -440.5 1,652 5,896 6,852 1,454 4,588 5,451 6,816
FCF margin -1.39% 5.2% 17.93% 15.54% 2.81% 8.69% 9.33% 10.51%
FCF Conversion (EBITDA) - 34.83% 85.91% 68.54% 15.51% 54.41% 55.87% 59.63%
FCF Conversion (Net income) - - 579.1% 179.28% 39.24% 152.58% 139.22% 137.33%
Dividend per Share 2 12.50 - 15.00 60.00 30.00 34.58 51.74 70.91
Announcement Date 5/16/19 5/26/20 5/5/21 5/5/22 5/5/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 10,671 9,683 8,662 11,236 12,548 11,659 12,933 13,253 13,371 12,166 12,376 13,182 14,293 12,929 13,374
EBITDA 1 2,520 2,483 - - 2,737 2,918 2,672 2,430 2,280 - 1,907 2,080 2,370 2,005 -
EBIT 1 - - 600.6 1,745 1,706 1,993 1,698 1,419 1,284 1,029 916.7 1,001 1,253 1,001 1,199
Operating Margin - - 6.93% 15.53% 13.59% 17.09% 13.13% 10.7% 9.61% 8.46% 7.41% 7.6% 8.76% 7.74% 8.96%
Earnings before Tax (EBT) - - - - 1,654 1,832 1,590 1,311 1,215 - - 989 1,213 879.5 -
Net income 1 - - - - 1,234 1,370 1,188 936.4 811.7 - 612.8 720 882.3 641.8 -
Net margin - - - - 9.84% 11.75% 9.18% 7.07% 6.07% - 4.95% 5.46% 6.17% 4.96% -
EPS 2 40.17 37.93 13.18 38.16 52.01 57.73 50.06 39.47 37.36 29.27 25.83 29.20 36.35 27.19 35.29
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 1/28/21 5/5/21 7/30/21 10/29/21 1/29/22 5/5/22 7/27/22 10/28/22 1/25/23 5/5/23 7/27/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,275 3,325 - 8,816 10,246 5,821 1,278 -
Net Cash position 1 - - 655 - - - - 4,047
Leverage (Debt/EBITDA) 0.7969 x 0.7012 x - 0.8818 x 1.093 x 0.6903 x 0.131 x -
Free Cash Flow 1 -441 1,652 5,896 6,852 1,454 4,588 5,451 6,816
ROE (net income / shareholders' equity) 17.8% -7.83% 18.8% 52.2% 36.1% 23.4% 25.4% 26.8%
ROA (Net income/ Total Assets) 5.42% - - 13.3% - - - -
Assets 1 16,570 - - 28,631 - - - -
Book Value Per Share 2 243.0 207.0 249.0 367.0 497.0 583.0 701.0 872.0
Cash Flow per Share 103.0 153.0 316.0 362.0 302.0 - - -
Capex 1 2,874 1,990 1,606 1,746 5,714 2,796 2,646 2,734
Capex / Sales 9.05% 6.27% 4.88% 3.96% 11.05% 5.3% 4.53% 4.22%
Announcement Date 5/16/19 5/26/20 5/5/21 5/5/22 5/5/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Blue Dart Express Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
6,314 INR
Average target price
7,447 INR
Spread / Average Target
+17.93%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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