Blue Dart Expres Q2 FY27 Results (NSE: BLUEDART)
Signal: Steady quarter
The read
Q2FY27 marks a positive operating inflection: revenue rose 14.5% YoY to ₹1,77,393 lakh while PAT grew 28.3% to ₹10,199 lakh, with management citing mix, yield and productivity rather than a one-off item; H1 operating cash flow also rose 57.5% to ₹42,472 lakh.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,773.93 Cr | +14.5% | +7.0% |
| Net profit | ₹101.99 Cr | +28.3% |
P&L walk
Consolidated revenue increased to ₹1,77,393 lakh, +14.5% YoY and +7.0% QoQ, while PAT reached ₹10,199 lakh, +28.3% YoY; management attributed the performance to improved product mix, yield realisation, service optimisation and unit-cost efficiency.
Segments
The group reports one operating segment—integrated air and ground transportation and distribution—so the filing provides no segment-level source of outperformance.
Key positives
- Revenue from operations reached ₹1,77,393 lakh, +14.5% YoY and +7.0% QoQ, with the filing attributing growth to improved product mix and better yield realisation.
- PAT increased 28.3% YoY to ₹10,199 lakh, outpacing revenue growth and indicating improved earnings conversion, although the detailed operating-margin line is not available in the supplied text.
- H1 operating cash flow rose 57.5% YoY to ₹42,472 lakh versus ₹26,974 lakh, providing stronger internal funding for network investment.
- H1 capex increased 47.8% YoY to ₹18,395 lakh, consistent with continued investment in infrastructure and network capabilities.
Key concerns
- Trade receivables consumed ₹13,677 lakh of cash in H1FY27, making working-capital absorption an important monitor despite operating cash flow of ₹42,472 lakh.
- The filing text supplied does not provide a legible consolidated EBITDA/EBIT or EPS line, limiting direct assessment of margin quality and per-share earnings conversion.
- Other income rose 67.8% YoY to ₹1,609 lakh; it is not the main driver of PAT, but the increase should be monitored alongside operating profit once the full P&L is available.
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