Blue Dart Express Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,773.93 Cr (+14.50% YoY) and PAT growth of +28.29% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,773.93 Cr (+14.50% YoY) |
| PAT (Q2) | Rs. 101.99 Cr (+28.29% YoY) |
| EBITDA margin | 12.02% (+77 bps YoY) |
| EPS (Q2) | Rs. 42.98 (+28.30% YoY) |
Blue Dart delivered 14.50% revenue growth with PAT up 28.29% YoY, and standalone EBT margin of 7.51% entered management's guided 7%-8% band for the first time while EBITDA margin reached the 12% guided floor. Cash conversion was healthy at 2.21x consolidated CFO/PAT with Rs.240.77 crore H1 free cash flow. The open item for Q3 is sustaining these margins through post-quarter ATF hikes and the Diwali discount campaign, plus the unprovided Rs.27.10 crore GST notice on Blue Dart Aviation.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "the festive ramp beginning late September points to volume growth re-accelerating on top of the yield-led mix" | Standalone revenue +14.50% YoY (Rs.1,773.93 Cr), holding Q1's +14.97% pace | Played out |
| Margins | "whether the ~4–5% net GPI realization and operating leverage outran the lagged ATF drag on the 11.25%… base" | Standalone company-basis EBITDA margin 12.02% (+77 bps YoY); freight cost ratio −64 bps YoY | Played out |
| PBT margin band | "does Q2 FY27 hold/extend Q1's entry into the band… standalone 6.93% vs the 6.79% Q2 FY26 base" | Standalone 7.51%, consolidated 7.70% — inside the 7–8% band | Played out |
| GST SCN provisioning | "any provisioning/legal-update commentary on the Rs.27.10 Cr Blue Dart Aviation notice" | No provision identifiable in the balance sheet; filing silent — remains open | Not observable |
| Capex run-rate | "check H1 FY27 run-rate against these" | Standalone H1 Rs.64.21 Cr (annualized ~Rs.128.4 Cr, inside Rs.100–150 Cr); consolidated Rs.183.95 Cr (annualized ~Rs.367.9 Cr, top of the Rs.250–360 Cr zone) | Played out |
| Festive discounting yield dilution ("Diwali Express" domestic discounts up to 50%) | "festive discounting and smaller weight-break shipments could dilute the yield read" | Margins expanded; no visible dilution, though the discount quantum is not disclosed — margin read | Played out |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| PBT margin 7–8% band (standalone) | Standing guidance, reiterated on the Q4 FY26 and Q1 FY27 earnings calls ("margins are currently below the 7%–8% guidance range" was the Q1 admission) | Standalone PBT margin 7.51% (consolidated 7.70%) — re-entered the band after 6.93% in Q1 FY27 and 6.79% a year ago | Met this quarter |
| EBITDA margin 12–13% ("medium to long term") | Q3 FY26 earnings call: "not impossible to get to those levels of margin in the medium to long term" | Standalone company-basis EBITDA margin 12.02% (12.18% on revenue from operations) — at the lower bound for the first time in the tracked series | On Track |
| Standalone capex Rs.100–150 Cr annualized FY27 | Q1 FY27 earnings call | H1 FY27 additions Rs.64.21 Cr → annualized ~Rs.128.4 Cr | On Track |
| Consolidated capex Rs.250–360 Cr zone through FY28 | Q1 FY27 earnings call | H1 FY27 additions Rs.183.95 Cr → annualized ~Rs.367.9 Cr | On Track, running at the top of the zone |
| "improved product mix, better yield realisation and continued service optimisation… unit cost efficiency" (press release, Nov 6, 2026) | Q2 FY27 press release | Freight cost ratio −64 bps YoY, employee cost ratio −36 bps YoY; EBITDA margin +77 bps YoY | Confirmed |
| "All the effort will be to improve the margins from the current level" (Q2 FY26) / "working to maximize performance during peak periods to improve margins as soon as possible" (Q1 FY27) | Prior earnings calls | Standalone EBITDA margin 12.02% (highest in the tracked five-quarter series); PBT margin back inside the band | Confirmed |
| Press release headline "Quarterly Profit After Tax Stood at Rs.102 Crore… compared to Rs.79.50 crore in Q2FY26" | Q2 FY27 press release | Matches the standalone basis (consolidated comparison is Rs.103.89 Cr vs Rs.81.38 Cr, +27.66%) — the release cites standalone numbers throughout; growth reads are similar either way — basis noted | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.