Thank you so much, Alok, and good afternoon, everybody. A very warm welcome to all of you.

As you are aware, the Board of Directors of the company at its meeting held on 9th May 2026 approved the financial results of the company for the quarter and financial year ended 31st March 2026. The company reported revenue from operations of ₹6,141 crore compared to ₹5,720 crore in financial year 2024-2025, and profit after tax for the year stood at ₹240 cr.

For the quarter ended 31st March 2026, revenue from operations stood at ₹1,533 crore, while profit after tax stood at ₹43 crore. In a fiscal year shaped by challenging customer expectations and changing customer expectations, continued growth in digital commerce, strong domestic consumption, and a dynamic operating environment, Blue Dart Express delivered year-on-year revenue growth supported by sustained momentum across e-commerce and B2B surface express solutions.

The company continued to strengthen its integrated air and ground network, enhance operational efficiency, and expand solutions aligned to the needs of business across India. The year also saw a dynamic cost and regulatory environment, including the implementation of the Wage Code and related changes across labor and security frameworks.

Blue Dart remained focused on compliance, employees' welfare, productivity enhancement, and network efficiency, at the same time continuing to protect service quality and customer commitments. The results have already been uploaded on the stock exchange website and has also been posted on the website of the company.

I now hand over the call to Mr. Sagar Patil, our CFO, for further proceedings.

Thank you.

Thank you, Tushar. Good afternoon, all.

We have closed this financial year with about 7% growth in revenue for the year, and as well as the similar percentage increase in the PBT before the one-off that we had of exceptional item on account of labor code. As far as the quarter is concerned, we have similar growth, which is about 7% or rather 8% plus in the revenue, while there is a drop of about 17% in the comparable PBT before exceptional items for the quarter.

There is no exceptional item for this quarter. The company has continued its steady growth trajectory in the times where the product profile, seasonality, number of variables that act on not only with the customers, but also with external factors.

The company continues its profitable journey with, of course, a mandate to improve the profitability over time. With that, I would request to open the floor for questions.

Thanks.

Hello, Krupa.

Hello, sir. Good evening, and—

Hello, Krupashankar. Good afternoon, Krupashankar.

Good afternoon, sir. Thank you for the opportunity.

Sir, first bookkeeping questions as of what would have been the tonnage for the quarter and for the full year, sir, if you can share that first?

Tonnage for the quarter is 359913, 359,913 tonnes for the quarter.

Got it. For the year, I think it sums up to close to about 14,38, 14,39,000 round about,

right? Yes.

Okay. Roughly about 7% growth in the overall tonnage, which you mentioned.

Just wanted to get a sense, sir. Now, this quarter sorry, also on the parcels, total parcels for the in millions?

Parcels for the quarter were 96.17 million.

Okay.

For the year, 403.98.

Got it, sir.

Just to extend, because you gave insight about the weight, the shipment growth for the year is about 7%, 7.1%. For the quarter, it is 4.6%.

Got it. Sir, just getting a sense, this quarter around, you did see a good growth coming in e-commerce piece across the industry.

For us, how did you see the e-commerce piece evolving, B2C part of it, and overall, also in ground express, what would have been the growth generally? Yeah.

E-commerce, especially e-commerce on ground, continues to be our growth driver, including the surface on ground as such. Yeah.

While the e-commerce on air has been steady, not too much growth over there, but, yeah, e-commerce and ground remain the drivers for growth.

What I wanted to know is more on growth rates in the respective segments because overall, the growth rate has been about 8% for the quarter. We did see that you had taken certain hikes from January onwards.

Volume-wise, again, tonnage-wise, it's been fairly similar to your overall revenue growth as well. Just wanted to get a sense around if I were to further break it down, is it because the ground e-commerce proportion has gone up, which is why our realization are looking flattish?

In terms of yield per kilo, yes, when it comes to ground, while the margins may be comparable, but when it comes to per kilo or per shipment realization, ground is lower than the air. Yeah.

We were able to pass or rather implement to a certain degree the price hikes which were taken from January onwards. Is my understanding correct?

To what extent has this result showcased the extent of increase in realization because of the hikes which you have announced earlier?

Yes, we did GPI from 1st of January, and it has been little better than what we had last year as such. It has provided a positive impact, helping us to mitigate the impact of the year-on-year inflation levels as such.

Any percentage what you want to share, sir?

Very difficult to quote a specific percentage because the products as well as the underlying business channels would not be comparable as such, so— No,

no. I was looking at it from a blended basis while I understand.

What I'll try to explain more on why I'm asking this specific thing, sir, because we understand that the underlying mix is the key reason why the realization is optically looking flattish. Just wanted to see if there is an absolute pass-through of close to about 3% to 4%, that would have been absorbed because of the mix change.

If you can share the mix of B2C versus B2B or ground and air, that will be really helpful in assessing what sort of an implementation has come through.

Yes, it would be better than 3% to 4%, is what I can say. Again, across the product, it will be different.

Again, the price increases, while largely we announce at the beginning of the year, certain customers would typically take some time. In the first half of the year, month-on-month, the number only improves, especially some key customers who take a month or two more to again renegotiate or negotiate.

The ultimate realization or profit would be more than 4%, the price increase, but again, it will depend on product to product as such.

Okay. Is it fair to assume, sir, last question from my side, is it fair to assume that the sequential decline in margin, especially on EBITDA side of things, is primarily because of this mix, and would it be possible to give what would be the growth in air in this quarter and this financial year, and growth in ground this year and this quarter and this financial year?

From the product mix perspective, typically, as you have seen, the shipments have grown slower, so that means our smaller products have grown slower as compared to the heavier products. Our smaller products will range from documents to air e-commerce as well as surface e-commerce.

As I have mentioned in one of the earlier calls, the heavier the shipment, it becomes more in the nature of freight as such. That's where the margin realization can be lower, whereas smaller the portion, the realization of service, the time-definite or the time criticality improves, so that is where the service element being better, the margin realization becomes better as well.

Ground continues to grow faster, more than

20%.

There is an internal announcement happening, I will just put on a mute

Just one moment. Sorry for that.

There was some internal announcement happening.

Good evening, sir. Thank you for the opportunity.

Sorry, I missed the initial part. If you could just remind us in terms of the air versus ground, what has been the mix, air versus surface, for FY26?

The mix has been between air and ground 60:40.

60% is air and 40% ground, sir,

FY26? Yes.

This is in value or volume terms, sir?

Value. Value.

Revenue.

How would that be in terms of volume?

Volume will be—

Yeah.

We don't provide the breakup of shipments or kilos between air and ground being sensitive information. Typically, in air, the number of shipments will be higher, or the share of the shipments, whereas in ground, being a heavier load, the number of kilos will be higher, the weights will be higher.

Understood. Typically, for the like-to-like distance, the air would be 3x the price of ground?

Would that be a fair assumption? Again,

the price will be a function of whether you're sending 1/2 kg or say 30 kg shipment.

On a per-kg basis, I'm saying for the same product.

In terms of the per kg, I would say costing from a middle mile point of view, the ratio can be 1:5.

1:5. Okay.

Understood, sir. Sir, if you could help us in terms of B2B and B2C for FY26, what

has been the

mix for us?

Again, it remains from a revenue point of view 70:30, 70.3 in B2B and 29.7. Since both the lines are growing, one in surface, other one in the surface B2C, this ratio has been pretty plus or minus 2% or 3% quarter-on-quarter.

This 70:30 is for FY26, sir, or fourth quarter, you're saying?

Yes, for

the year.

Fourth quarter this went 71 to 29, pretty stable from revenue point of view.

Understood. Just a clarification in terms of the market share, if you could call out what would be our market share in the respective segment for air and the surface?

Just a ballpark number.

Will not have updated numbers. Typically, market share comes with a certain lag, and again, it's a perceptive number, I don't have readily or recent number for quoting as such.

What would be the last number you recall, like for FY25 or first half?

For example, for documents, we have seen the market share being 70% plus. Again, this is about the

organized

and express service providers, not entire industry that we have different types of layers as such. Again, when we talk about air and ground, these are the products that we have defined by transit time and not necessarily mode of transport.

Even if there is something going from say Mumbai to Pune, if it is air product, it will have a separate, faster, smaller vehicle that will move on priority, whereas if it is a ground product, there will be difference of few hours, if not a day, even between that kind of lane. For us, it's a air network, not going on air.

Essentially, by air, we mean a door-to-door multimodal kind of transport where first mile, last mile will be road, big or small, and middle mile in many cases will be air. That's very loosely we call it as air for discussion, but we do not really treat it as a segmented part of the business as such.

Fair point. Just to clarify, B2C 29.7% for FY26, does this include the e-com, the bulk of the e-com business here?

Yes, it is largely e-com business, yeah.

B2C is largely e-com.

Yes, it is only e-com, as in, yeah.

Okay. Understood.

Sir, just a question on e-com business. What is the mix for e-com business for FY26?

Sorry, I forgot to ask that first. FY26 e-com revenue mix?

Between air and surface, it would be like 17 to 12, 17:12 out of this 29.7%.

Okay. When you say B2C, it's actually e-com business.

Yes.

Okay. Understood.

In terms of the freighter utilization, if you could guide, sir?

It continues to be at around 85% on a pallet utilization level. We use a good amount of commercial air capacity as well, and we tend to fly the flights only when we have good load, which is there in most of the weekdays.

Yeah. It remains at 85%.

85% why? Because there are also positioning flights so that takes it down, but for the main sectors, it would be well above 90%, 95%.

Understood. In terms of the margins, how do we see margins?

We have swung between 13.5% to 17.5% in last four quarters. How do we look at this margin?

Is from an annual perspective, 15%, 15.5%, what we have delivered in last two years is the number we can pencil in, or what are the margin drivers from here on?

You are talking about standalone margins, right? The—

Consolidated margin, sir, consolidated.

Consolidated margin because—

EBITDA margin, yes.

EBITDA before depreciation. Far as depreciation is a major part of having a big setup of air as well as on the ground that we have.

Yes, the quarter-on-quarter comes with variations with peak season kicking in typically in second half of the year. Our focus is normally to ensure a year-on-year yearly margin.

While we try to operate at a efficiency when the loads are low, the focus is on also building up capacity in case of the peak loads, wherein the additional volumes also does pay for that cost increase during that temporary period that we look at. Then after that peak is over, then also the focus is on again optimizing because the loads also do not immediately come down.

In some pockets, with some customers, there are, again, volume up surges that come in the month of December, January. The business is function of balancing air and ground, B2C and B2B, as well as the big packages and small packages or documents, cross-utilizing the capacities efficiently and keep on flexing that capacity.

The focus is largely on yearly number. On quarter-on-quarter, there can be ups and downs depending on how we build up the resources and how the volume for different products or even different customers come in, because different customers will have different margin levels depending on their product mix or the lane mix also for that matter.

Got it.

Yes, while ATF prices started going up in the month of March till end of March, because we have fuel surcharge that is announced at the beginning of the month, our March fuel surcharge didn't go up significantly. Our purchase prices are also typically agreed in the beginning of the month, for the quarter, we didn't have any significant impact from pure ATF and Brent point of view, while there were some cost impact in terms of the availability of local fleet or, at times, manpower also in that month.

The impact in the financials will come starting from April. As we have a fuel surcharge mechanism where any increase or drop in Brent is largely compensated or neutralized between ATF and fuel surcharge.

As far as ATF is moving in tandem with Brent and, of course, with the currency fluctuation also, we have surcharge for both fuel as well as currency in our commercials. To an extent, that volatility is neutralized largely.

No.

to say first quarter of calendar year, in the—

Financial year, there will be impact, but from profitability point of view, it is largely neutralized.

Without really giving a color of forward-looking statement, but this is a business which is largely a network business distributed all across India. Any significant upsurge or even shortfall in margin can impact either service quality or the profitability either way.

If there is big increase in volume, it might be seen as profitable, but then service quality impact also can be there. We mainly look at optimizing the capacities with respect to the demand that comes from the customers, and then we tend to balance between what volumes we can ask from the customers versus what price we can get at.

The approach is to more balance to ensure the profitability in absolute terms.

Now

Yes, ground is the growth engine for us, and the share of ground has been going up. However, with ground, largely the costs are also variable.

All the middle mile the linehauls are variable. Even the first mile, last mile also largely variable.

We work with a very large range of vendors all across there. Unlike air, where once you have investment in place in assets, the incremental rate of return is better, that is not the case with ground.

Yes, while ground remains a growth engine, a volume increase there may not result in a very dramatic increase in the profitability.

Sir, just questioning back on what you just commented. You've added a couple of infrastructure with respect to new hubs on the ground side of things, and given the recency of the addition, there would have been certain overhead expenses on the ground side of things.

Now, if you're expecting ramp-up, the margin profile should improve in tandem with the utilization of those hubs, sir. Why are you saying that the profitability improvement may not be to the higher extent?

The capacities that we added, and there is a big facility we have started last year in Gurgaon near Delhi. Now, to an extent, this will take care of next maybe up to 9 years of growth in that lane, but it is still one of the lanes, one of the cities.

Secondly, this facility was a combination of not only growth, but also consolidation of number of facilities. It's not that it's a one big investment from company point of view.

Within the overall business, this is still a small spot of growth in that particular region comes with consolidation. Yes, there will be capacity available that will get utilized over the next few years.

Incidentally, there also we have a phase-wise approach where the entire commitment has not been done in one go. There will be phase commitment in two phases.

It's not one big investment put in over there. As far as ground is concerned, our facilities are express facilities, not warehousing kind of facilities.

The turnover of volumes there is quite significant. It's not a very big fixed cost that has been added that will pay off in a long term.

In the overall number of kilos, tonnes that we handle, this will not be even 5% or 10% of the all country volumes, even for that one big investment that we have put in place as such. No.

Of course, it will have a positive impact, but not as significant that and it can make a big change in the overall company profitability.

Got it, sir. Second question was on the current ongoing challenges on the West Asia crisis.

Sir, we do understand that post COVID, you had carried out few charters to specific destinations primarily because of the need which has arisen. Given the discrepancy which has come in on shipping side of things, are you seeing charter options opening up, and would you be taking it up, or would it be in the purview of DHL?

No. It's up to us as Blue Dart, and if there are such opportunities So far, we don't see a big increase.

The domestic charters keep on happening with few customers repeating, and sometimes one-time charter. We may not see that as of now.

At least we don't have that big indication of new opportunities coming for charters because the passenger airlines also is moving internationally. While it was a good, I would say, enabler or help in COVID periods, as of now, we don't see any indication, while, of course, we keep on exploring those pieces.

Got it, sir. That's it from my side.

Thank you for answering the questions.

Thank you,

Hi.

Hi, Shivam.

Thank you, sir, again for the opportunity. Sir, just wanted to know what has impacted the EBITDA margin this quarter?

Is the volume change mix what have impacted the EBITDA margin, or something else? As we said,

that—

As you said that because of the heavier volume—

Yes.

Sorry, sir. You continue, please.

One reason would be that, and there is nothing as one single item that is significant. We did face, I would say, some increase in the costs of local vehicle hiring, especially in the month of March, where fuel-related apprehensions were coming in some parts of the city.

We had to really also hire from market, to some extent, there was increase in cost there. We also have invested in some of our functions, front-end functions like sales and some quality-related functions, sometime during the last year.

As compared to last year same quarter, it would look like a higher employee cost impact as such. So, ₹2 crore here, ₹3 crore here, all combined, put together, are totaling up to about ₹10, ₹15 crore of rupees, but there is no exceptional or extraordinary item that is impacted.

It's more of a timing that has come in this quarter as compared to the earlier quarter. Yes, you can also be said right where the slower growth in the shipments versus weight will impact to an extent the realized profitability forward.

Yeah.

Okay. Got it, sir.

Thank you.

It can sometimes happen. Like for e-com, we provide options for both by air as well as by ground.

Sometimes the same customer who is giving us both on air as well as ground can also, at times, reallocate based on their priorities or the nature of shipment, how discretionary or criticality is from that time point of view. Again, as the ground becomes more and more efficient, the difference between air and ground can be not more than say 24 or at the most 48 hours depending on the lane.

As the customers become better enabled to plan for, to manage their flow of the shipments across the country, they are also able to flex to choose between Blue Dart Ground or Blue Dart Air, for that matter. Yes, that can also have an impact, yeah.

Yes.

Hi, thank you for the opportunity. Just a bookkeeping question.

Our capex has shot up in FY26. I believe this is on the back of the ground hubs that we sort of added to our network.

Are there any similar plans to add or do some heavy capex in the coming year?

If you look at the consol numbers, our capex for the year is almost ₹360 crore, whereas standalone, it is ₹120 crore. In consol, out of ₹360 crore, ₹200 crore is mainly coming from aircraft, which is in the nature of engine or aircraft maintenance.

These are the servicing or checks, C-check, D-check, B-check that we do, which can add to the efficiency or usability or cycles of aircraft beyond a year. It is booked as capex, and then it is depreciated over a period of utilization.

Barring that, ₹120 crore, yes, there will be element of the ground facility, but, again, it will not be that very significant, not more than 30% of this total capex that you're talking about, not even as much. In terms of the fresh, yes, we do have plans to strengthen the capacities in different parts of the country, be it Mumbai or South.

To an extent, east we did in last few years, North also we have added in last couple of years. For us, this capex is like a part of opex.

If you find year-on-year the capex amount will be similar to the depreciation amount that we have if you exclude the ROU asset part of it as such. Capex can come as a big spurt in the capex as far as aircraft is concerned, but it is not aircraft, this can be engine or some major components as a part of the regular maintenance of the aircraft.

Got it, sir. Just to follow up on that, this ₹200 crore of aircraft maintenance, servicing, engine, this would be recurring in nature?

Is that assumption correct? Would this repeat in say one or two years again?

Yes. It can be ₹100 crore in one year or maybe another ₹200 crore in another year, typically, ₹100 to ₹150 crore every year, even without any new capacity addition in aircraft, this will be a part of capex, capital expenditure.

Correct. Since ground continues to grow faster than air, a similar number in ground capex can be assumed,

the one that we have done

in the current year?

Yes. In standalone entity, the capex of ₹120 crore as normal capex and ROU asset of ₹400 crore, so, largely, when you add the ground facilities, major addition is in terms of the lease assets, ROU you will find more and normal capex will be relatively a smaller number.

Even this number of ₹120 crore can be as good as annual capex or opex capex that will keep on coming in.

Got it, sir. We had given a guidance of maintaining the PBT margins of around between 7% and 8%, and I think we are lagging that guidance by some distance.

Any color on or any guidance on when we should think about reaching this? As soon as possible, that's what we'll try, but otherwise, any specific guidance will be like forward-looking, but, yes, the effort is always to maximize in the peak and optimize in other quarters in order to ensure as better number as possible for the year.

Thank you. That's it from my end.

All the very best for the next year.

Thanks, Anshul.

Hello. Ankita.

Thank you for taking the question. Sir, I missed.

Have you shared the shipment and tonnage data number for the fourth quarter?

Yes, you can note down quickly. Shipments: 96.17 million, and tonnage: 359,913 tonnes.

359,913.

Yes, 360,000 tonnes, yeah.

Got it. Secondly, sir, how has been the volume growth in air and surface for the full year FY26?

The weights have gone up by about 8.8%, and in ground, 6.9%.

6.9%.

Again, these are not necessarily air as a mode. Air is more of a multimodal, some of it can also go on road, some of it will go on commercial airline, and also some of it will go on B757.

Air and ground is what we loosely use internally for calling our product which are transit-time based, but these do not necessarily mean the segmented or the main mode of transportation there.

Got it. Sir, has the surface volume growth slowed down from what we have seen in FY25 earlier?

Has this growth rate come off for us, 7% growth that you're seeing on surface? Is this slower than what we have witnessed in '25?

I think would be slower because the customer composition there has undergone some change. The shipment per kg for ground surface has I think come down as compared to earlier years, the growth of both, yeah.

Okay. Means we are handling more lower-weight cargo, that is also one of the reasons why our B2C shipments have gone up.

Means we are handling more lower-weight, maybe e-commerce shipment, on surface, which is the reason why overall growth would have been slow?

The B2B movement of e-commerce, not e-com as a last-mile delivery for the individual buyers from the—

Got it. Yeah.

—but

more of a store-to-store or warehouse-to-store, warehouse-to-ground source kind of movement, that would have gone up at a smaller weight-break levels. Weight-break

even. Correct.

Got it. Okay.

You see this trend to continue or to reverse?

Can't say. On ground, typically, unlike air, when you move smaller shipments, the cost of handling also becomes higher, unless there is a better RPT, we may or may not be very keen on unless we get a better realization over there.

We'll be looking very critically on this part for the individual customers or at a trade lane level, and we keep on optimizing continuously, looking at the customer's profitability as well as their lane-level profitability. If there is a need to optimize, there is no definite plan in terms of managing the KPIs, but it's more dependent on the profitability, the trade lanes involved as such.

This can't be necessarily said to be a trend. The effort will also be to build up more kilos because that improves efficiency, the handling cost per shipment typically will be or per kilo will be lower as compared to heavier shipment, though.

Got it. In terms of profitability, given that ex of your network increase cost, has your segmental profitability in both air and surface has been maintained or has it gone down?

We don't do a segmented results, but, yeah, internally when we have our own subjective way of our internal rules for allocations, the profitability typically will change across those individual products also significantly given the seasonalities that we have. Some of the network or most part of the network, both first mile as well as middle mile, first mile, last mile, and middle mile are shared depending on whether some middle mile get shared depending on whether it is air or ground, first mile, last mile get shared depending on whether it is a heavy parcel or a lighter parcel or document.

Depending on the flavor of even month for that matter, the margins can go significantly up and down. As far as full-year averaged-out number is concerned, we see the profitability is more or less in tandem with each other and moving in tandem with the overall profitability, no different variation across either the segment type or the product type.

Okay. Got it.

Sir, last two questions. On B2C segment, how much percentage of our volumes comes from large platforms, and how much would be coming from individual D2C customers?

Second is how much percentage of our air cargo is moved on our own freighters versus other commercial airline belly space?

Very small percentage from large platforms. Largely, our customer base is consisting of either D2C or sometimes aggregators.

Again, at an individual level, single customer would not have a very significant share of business. Customers also do use us very I would say, where it matters in terms of ensuring the service quality there.

What was the second question?

How much percentage of air cargo is moved on our own freighters versus other commercial airline belly space?

Almost 1/3 of the air load would go on commercial. Again, it's a mix of both the lanes where we operate our own aircraft, but at the same time, there are 25-odd additional airports where we don't fly, but we carry on the commercial airline.

Overall, about 2/3 of the volumes are managed on our own airlines aircraft, and 1/3 is with the commercial airlines. Commercial air plus I would say road, but, yeah, commercial air is a major part of it, yeah.

Got it. Thank you, sir.

Thank you, and all the best.

Thank you, Ankita.

Thanks.

Hello, thank you for the opportunity. Just wanted to get some clarity on the capex.

You mentioned that around ₹150 crore, ₹100 to ₹150 crore is a aircraft kind of the maintenance or the engine capex that you have to keep doing like on a recurring basis, and on the ground, somewhere around ₹120 crore, which is the current-year figure, would be on year-on-year basis. Is that correct?

Yes. So, ₹120 that I mentioned is standalone, this will include both our IT capex as well as the other.

When the accounts come in, you'll get the more complete breakup. Yes, ₹150 crore is a, you can say, averaged-out number for the current fleet, which is more like an annual capex.

Okay. Any other specific capex plans that are being planned for FY27?

Any specific segment that we're targeting for additional capex?

No, not as a segment or a new line of business as of now, but then this is largely in automations, putting up sorters or MHE, material handling equipments, and also IT-related spend, both on the largely on, of course, the hardware and some part on building the applications, etc. No expansion-related capex, but these are more in the nature of renewal, replacement, and to some extent, expansion in line with the organic growth in business.

Okay. Thank you so much.

Thank you,

Nothing specific, but thank you so much. I hope we have been able to answer whatever the questions investors had.

Our endeavor would be always to have this periodic conversations with the investors to have more disclosures. Thank you.

Thank you.

Thank you for finding time. Thank you, all.