Blue Dart’s Q2 profit rose 17.40% QoQ as margins widened
Revenue grew faster than expenses, but operating margin remained 3.14 percentage points below the Services median across 59 reported peers.
Filed 06 Nov 2026, 16:01 IST · after market close · Blue Dart Express Ltd (BLUEDART)
Key takeaways
- Consolidated net profit rose +17.40% QoQ to Rs 103.89 cr as revenue grew +7.01% and expenses grew +6.48%.
- Operating margin widened 0.41 percentage points QoQ to 16.17% because revenue growth outpaced cost growth.
- Other income contributed 11.67% of pre-tax profit, while a 1.01-percentage-point fall in the tax rate to 24.65% also supported earnings.
Price around the results
Q2FY27 profit improved on operating leverage
Blue Dart’s consolidated revenue increased +7.01% QoQ to Rs 1,773.93 cr, while operating profit grew faster at +9.82% to Rs 286.87 cr. That operating leverage helped pre-tax profit rise +15.82% and net profit rise +17.40% to Rs 103.89 cr. EPS increased +17.43% to Rs 43.79.
Slower cost growth lifted margin
Expenses grew +6.48% QoQ, below the +7.01% increase in revenue, widening operating margin by 0.41 percentage points. Interest rose +3.64% and depreciation increased +4.93%, partly offsetting the operating improvement. Other income accounted for 11.67% of pre-tax profit, while the lower 24.65% tax rate added to the net-profit growth.
Margin improved but stayed below Services peers
Operating margin improved from 15.76% in Q1FY27 to 16.17% in Q2FY27, reversing the sequential pressure seen in the prior quarter. It was still 3.14 percentage points below the 19.31% median for the 59 Services peers that had reported the same quarter.
Results were filed after the market close
Blue Dart filed these consolidated results after market close on 6 November 2026. The stock’s post-result response is therefore not assessed here.
Q2FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹1,774 cr | ₹1,658 cr | +7.01% |
| Other income | ₹16 cr | ₹15 cr | +4.41% |
| Expenses | ₹1,487 cr | ₹1,397 cr | +6.48% |
| Operating profit | ₹287 cr | ₹261 cr | +9.82% |
| Operating margin (%) | 16.17% | 15.76% | — |
| Interest | ₹21 cr | ₹21 cr | +3.64% |
| Depreciation | ₹144 cr | ₹137 cr | +4.93% |
| Profit before tax | ₹138 cr | ₹119 cr | +15.82% |
| Tax | ₹34 cr | ₹31 cr | +11.23% |
| Net profit | ₹104 cr | ₹88 cr | +17.40% |
| EPS (₹) | ₹43.79 | ₹37.29 | +17.43% |
Operating margin of 16.17% compares with a Services sector median of 19.31% across 59 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 16.17% after the 0.41-percentage-point Q2FY27 improvement.
- Whether expense growth stays below revenue growth after +6.48% versus +7.01% QoQ.
- Whether other income’s contribution remains close to 11.67% of pre-tax profit and the tax rate remains close to 24.65%.