Blue Dart's Q1 operating margin trails Services peers by 4.81 points
Depreciation and interest materially reduced operating profit before tax, while the consolidated results were filed after market close.
Filed 31 Jul 2026, 18:53 IST · after market close · Blue Dart Express Ltd (BLUEDART)
Key takeaways
- Blue Dart's consolidated Q1FY27 operating margin was 15.76%, 4.81 percentage points below the 20.57% median for 13 Services peers.
- Depreciation of Rs 136.99 cr and interest of Rs 20.60 cr reduced operating profit of Rs 261.22 cr to profit before tax of Rs 119.04 cr.
- Net profit was Rs 88.49 cr after a 25.66% tax rate, with Rs 15.41 cr of other income also contributing before tax.
Price around the results
Depreciation and interest cut Q1 earnings conversion
Blue Dart's consolidated operating profit of Rs 261.22 cr was reduced by Rs 136.99 cr of depreciation and Rs 20.60 cr of interest, leaving profit before tax at Rs 119.04 cr. The result also included Rs 15.41 cr of other income, so operating profit was not the only contributor before tax. A 25.66% tax rate brought net profit to Rs 88.49 cr.
Operating margin sits below the Services peer median
Blue Dart's 15.76% operating margin was 4.81 percentage points below the 20.57% median among 13 Services companies that had reported the same quarter. That places the quarter below the sector benchmark on operating profitability.
Results came after market close
The consolidated results were filed on 31 Jul 2026 at 18:53 IST, after market close. There is no post-results market move to assess yet.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹1,658 cr |
| Other income | ₹15 cr |
| Expenses | ₹1,397 cr |
| Operating profit | ₹261 cr |
| Operating margin (%) | 15.76% |
| Interest | ₹21 cr |
| Depreciation | ₹137 cr |
| Profit before tax | ₹119 cr |
| Tax | ₹31 cr |
| Net profit | ₹88 cr |
| EPS (₹) | ₹37.29 |
Operating margin of 15.76% compares with a Services sector median of 20.57% across 13 peers that have reported Q1FY27.
What to watch
- Whether operating margin moves from 15.76% toward the 20.57% Services peer median.
- Whether depreciation remains near Rs 136.99 cr relative to operating profit of Rs 261.22 cr.
- Whether other income remains at Rs 15.41 cr against profit before tax of Rs 119.04 cr.