Blue Dart Express Limited (BLUEDART.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+201.6%

₹13,172.96

vs ₹4,367.30 price

Levered DCF

₹12,641.95

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	45.53×	58.42×	48.41×	39.79×	42.6×	129.91×	-124.66×	94.18×
P/B	6.34×	9.46×	10.66×	12.5×	18.67×	22.34×	10.63×	14.63×
P/S	1.83×	2.58×	2.77×	2.85×	3.69×	4.02×	1.64×	2.66×
EV / EBITDA	12.83×	17.04×	17.13×	16.27×	17.26×	21.54×	14.94×	28.75×
Gross margin	16.2%	17.2%	18.2%	19.5%	23.1%	18.2%	20.0%	24.6%
Operating margin	6.7%	7.0%	8.1%	11.1%	13.9%	8.1%	4.7%	5.0%
Net margin	4.0%	4.4%	5.7%	7.2%	8.7%	3.1%	-1.3%	2.8%
Current ratio	1.04×	1.14×	0.86×	0.95×	0.85×	0.84×	0.76×	1.1×
Debt / equity	0.64×	0.65×	0.79×	0.95×	1.22×	2.57×	2.98×	0.99×
Interest coverage	4.84×	4.89×	5.49×	8.59×	7.04×	2.41×	1.28×	3.74×
Dividend yield	0.5%	0.4%	0.5%	0.6%	0.6%	0.0%	0.6%	0.4%
Payout ratio	24.0%	23.5%	23.6%	22.4%	24.8%	0.0%	-70.9%	33.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	16.2%	22.0%	31.4%	43.8%	17.2%	-8.5%	15.5%
Return on invested capital	10.7%	11.4%	13.5%	18.1%	23.3%	9.1%	7.6%	9.1%
Return on assets	6.0%	6.9%	8.7%	11.5%	13.5%	3.5%	-1.6%	5.0%
Free cash flow yield	4.3%	3.3%	4.0%	1.0%	4.2%	4.5%	3.2%	-0.5%
Earnings yield	2.2%	1.7%	2.1%	2.5%	2.3%	0.8%	-0.8%	1.1%
Enterprise value	₹121.7B	₹155.9B	₹154.8B	₹157.7B	₹171.7B	₹146.7B	₹65.8B	₹87.6B
Net debt / EBITDA	0.95×	0.92×	1.01×	1.06×	0.89×	2.11×	3.09×	1×
Cash conversion cycle (days)	5	1	2	-1	-11	-7	7	-6