Blue Dart Express shareholders approved a dividend of ₹25 per equity share for the financial year ended March 31, 2026. The decision was taken during the company's 35th Annual General Meeting held on September 22, 2026, via video conferencing.

The meeting also ratified the adoption of both standalone and consolidated audited financial statements for FY26. These documents were presented alongside the reports of the Board of Directors and the auditors.

Board appointments and remuneration

Members approved several significant changes to the board composition and executive compensation. Sebastian Paeßens was re-appointed as a director following his retirement by rotation. Additionally, the board authorized the revision of remuneration for Managing Director Balfour Manuel for the period from April 1, 2026, to March 31, 2027.

Three new directors were appointed with specific tenures:

• Charles Simon Dobbie was appointed as a Director.
• Rajat Kumar Jain was appointed as an Independent Director for five years, effective September 23, 2026.
• Avijit Mukerji was appointed as an Independent Director for five years, effective September 23, 2026.

The meeting also granted approval for the payment of commission to Non-Executive Directors for a period of five years, commencing August 1, 2026.

Voting results and shareholder participation

The scrutinizer’s report detailed the voting outcomes for each resolution. Out of 39,058 shareholders on the record date, only 52 attended the meeting through video conferencing (2 promoters and 50 public). The total number of votes polled across all resolutions was approximately 2.14 crore, representing 90.22% of the outstanding shares held by those who voted.

While the promoter group voted unanimously in favour of all resolutions, public institutions showed notable dissent on specific items. For the revision in remuneration of Managing Director Balfour Manuel, public institutions cast 418,234 votes against, accounting for 11.59% of their total votes polled on that item. Public non-institutions also recorded a higher dissent rate of 17.05% against the same resolution.

In contrast, resolutions regarding the appointment of Independent Directors and the declaration of dividends saw minimal opposition from institutional investors, with dissent rates below 0.5% for most items.

Key AGM resolutions and voting summary

The following table summarizes the primary resolutions passed by the shareholders and the voting trends:

The proceedings commenced at 12:00 pm and concluded at 2:18 pm. The company confirmed that all items of business listed in the notice were transacted and approved by the members present.

Blue Dart Express announced a planned leadership transition with R.S. Subramanian appointed as Managing Director effective November 30, 2026. He succeeds Balfour Manuel, who retires on November 29, 2026, after 43 years with the company.

Leadership transition details

The Board of Directors confirmed the appointment on September 16, 2026. The back-to-back timing ensures continuity in the Managing Director position without a gap. As part of the structured succession plan, Balfour Manuel will continue as Senior Strategic Advisor until May 15, 2027, to support strategic priorities during the handover.

Profile of incoming MD

Subramanian brings nearly four decades of experience in strategy and organisational transformation. He currently serves as Senior Vice President, DHL Express South Asia, and Managing Director, DHL Express India, overseeing operations across India, Bangladesh, Sri Lanka, Nepal, the Maldives and Bhutan. He has been a Director on the Blue Dart Express Limited Board since 2019.

Outgoing MD legacy

Balfour Manuel joined Blue Dart in 1983 as one of its earliest employees. Appointed Managing Director in 2019, he led the company through sustained growth and network expansion. His tenure spans more than four decades, shaping the company's customer-centric culture and market leadership.