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
 12:43:48 10/05/2024 BST 		5-day change 1st Jan Change
6,986 INR -1.50% Intraday chart for Blue Dart Express Limited +2.41% -5.11%
05-02 India's Blue Dart Express' Q4 profit rises 12% on improved demand RE
05-02 Blue Dart Express Limited Recommends Dividend for the Financial Year Ended March 31, 2024 CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 85,008 51,564 132,286 162,373 147,207 165,918 - -
Enterprise Value (EV) 1 87,282 54,889 131,630 171,189 157,453 146,637 159,611 162,238
P/E ratio 94.7 x -123 x 130 x 42.5 x 39.7 x 48.7 x 42.4 x 32.7 x
Yield 0.35% - 0.27% 0.88% 0.48% 0.49% 0.73% 0.97%
Capitalization / Revenue 2.68 x 1.62 x 4.02 x 3.68 x 2.85 x 2.78 x 2.84 x 2.57 x
EV / Revenue 2.75 x 1.73 x 4 x 3.88 x 3.04 x 2.78 x 2.73 x 2.51 x
EV / EBITDA 30.6 x 11.6 x 19.2 x 17.1 x 16.8 x 17.2 x 17 x 14.7 x
EV / FCF -198 x 33.2 x 22.3 x 25 x 108 x 37.4 x 29.2 x 24.9 x
FCF Yield -0.5% 3.01% 4.48% 4% 0.92% 2.67% 3.43% 4.01%
Price to Book 14.7 x 10.5 x 22.3 x 18.6 x 12.5 x 12 x 10.3 x 8.52 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 6,992 6,992 6,992
Announcement Date 16/05/19 26/05/20 05/05/21 05/05/22 05/05/23 02/05/24 - -
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 52,678 58,400 64,621
EBITDA 1 2,854 4,742 6,863 9,998 9,375 8,528 9,404 11,066
EBIT 1 1,576 1,268 2,563 6,044 5,430 4,199 5,224 6,697
Operating Margin 4.96% 4% 7.79% 13.7% 10.5% 7.97% 8.94% 10.36%
Earnings before Tax (EBT) 1 1,341 -391.2 1,398 5,123 5,082 3,927 5,239 6,686
Net income 1 897.6 -418.6 1,018 3,822 3,705 3,010 3,918 4,989
Net margin 2.83% -1.32% 3.1% 8.67% 7.16% 5.71% 6.71% 7.72%
EPS 2 37.83 -17.64 42.91 161.1 156.2 126.9 164.8 214.1
Free Cash Flow 1 -440.5 1,652 5,896 6,852 1,454 4,588 5,473 6,507
FCF margin -1.39% 5.2% 17.93% 15.54% 2.81% 8.69% 9.37% 10.07%
FCF Conversion (EBITDA) - 34.83% 85.91% 68.54% 15.51% 54.41% 58.2% 58.8%
FCF Conversion (Net income) - - 579.1% 179.28% 39.24% 152.58% 139.68% 130.42%
Dividend per Share 2 12.50 - 15.00 60.00 30.00 34.58 51.02 67.80
Announcement Date 16/05/19 26/05/20 05/05/21 05/05/22 05/05/23 02/05/24 - -
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 14,063 12,929 13,489
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 1,094
Operating Margin - - 6.93% 15.53% 13.59% 17.09% 13.13% 10.7% 9.61% 8.46% 7.41% 7.6% 8.91% 7.74% 8.11%
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% 6.27% 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 36.61 27.19 31.35
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 28/01/21 05/05/21 30/07/21 29/10/21 29/01/22 05/05/22 27/07/22 28/10/22 25/01/23 05/05/23 27/07/23 - - - -
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 - -
Net Cash position 1 - - 655 - - - 6,307 3,680
Leverage (Debt/EBITDA) 0.7969 x 0.7012 x - 0.8818 x 1.093 x 0.6903 x - -
Free Cash Flow 1 -441 1,652 5,896 6,852 1,454 4,588 5,473 6,507
ROE (net income / shareholders' equity) 17.8% -7.83% 18.8% 52.2% 36.1% 23.4% 26.1% 27.3%
ROA (Net income/ Total Assets) 5.42% - - 13.3% - - - -
Assets 1 16,570 - - 28,631 - - - -
Book Value Per Share 2 243.0 207.0 249.0 367.0 497.0 583.0 679.0 821.0
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 2,325 2,395
Capex / Sales 9.05% 6.27% 4.88% 3.96% 11.05% 5.3% 3.98% 3.71%
Announcement Date 16/05/19 26/05/20 05/05/21 05/05/22 05/05/23 02/05/24 - -
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
6,992 INR
Average target price
7,708 INR
Spread / Average Target
+10.23%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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