Blue Dart Express Limited announced its Q3FY26 financial results for the quarter ended December 31, 2025, demonstrating steady growth in revenue despite facing regulatory challenges. The logistics major reported revenue from operations of ₹1,616.16 crore for the quarter, marking a 6.9% year-on-year increase from ₹1,511.69 crore in Q3FY25.

Financial Performance Overview

The company's quarterly performance reflected resilient domestic demand supported by contributions from Tier 2 and Tier 3 markets and steady SME shipment activity. Net profit for Q3FY26 stood at ₹70.04 crore compared to ₹79.12 crore in the corresponding quarter of the previous year.

Impact of Labour Code Implementation

A significant factor affecting the quarter's profitability was the implementation of new Labour Codes notified by the government on November 21, 2025. The company recognized exceptional items worth ₹44.23 crore, comprising increased employee benefits expenses of ₹21.86 crore and higher freight, handling and servicing costs of ₹22.37 crore arising from these regulatory changes.

The Labour Codes include the Code on Social Security 2020, Occupational Safety, Health and Working Conditions Code 2020, Industrial Relations Code 2020, and Code on Wages 2019. Blue Dart Express evaluated the financial impact based on its best judgment following the publication of draft Central Rules and FAQs by the Ministry of Labour & Employment.

Nine-Month Performance

For the nine-month period ended December 31, 2025, Blue Dart Express demonstrated consistent growth momentum with revenue from operations reaching ₹4,607.41 crore, representing a 7.1% increase from ₹4,302.86 crore in the corresponding period of the previous year.

Operational Developments

During the quarter, Blue Dart Express continued its strategic investments in operational capabilities and infrastructure. The company operationalized its Flagship Green Integrated Ground Hub at Pataudi, Haryana, enhancing line-haul connectivity, network efficiency, and service reliability across North India. Additionally, the launch of the Digital Account Opening (DAO) platform streamlined customer onboarding processes, particularly benefiting SMEs by enabling faster, paperless access to express logistics services.

Management Commentary

Commenting on the performance, Managing Director Balfour Manuel stated that the Q3 results reflect resilient domestic demand with meaningful contributions from Tier 2 and Tier 3 markets. He emphasized the company's focus on execution discipline across the network and highlighted the positive outlook for the logistics sector in 2026, supported by supply-chain formalization, sustained consumption momentum, and infrastructure development.

Consolidated Results

On a consolidated basis, which includes wholly-owned subsidiaries Blue Dart Aviation Limited and Concorde Air Logistics Limited, the company reported revenue from operations of ₹1,616.16 crore for Q3FY26 and net profit of ₹68.33 crore. The consolidated results showed similar trends to standalone performance, with exceptional items of ₹43.90 crore impacting profitability.

Blue Dart Express has received a regulatory disclosure from HDFC Mutual Fund regarding a substantial increase in shareholding. The mutual fund has raised its stake in the logistics company from 5.01% to 7.17% as of January 20, 2026, marking a significant institutional investment move.

Shareholding Details

The disclosure, made under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, reveals the following shareholding changes:

Company Share Capital Structure

Blue Dart Express maintains a stable equity structure with the following details:

Acquisition Method and Schemes Involved

The shares were acquired through open market transactions on January 20, 2026. The acquisition involved multiple HDFC Mutual Fund schemes, demonstrating diversified institutional interest:

• HDFC BSE 500 ETF and Index Fund
• HDFC Dividend Yield Fund
• HDFC Balanced Advantage Fund
• HDFC Large and Mid Cap Fund
• HDFC Manufacturing Fund
• HDFC NIFTY 500 MULTICAP 50:25:25 Index Fund
• HDFC Hybrid Equity Fund
• HDFC Retirement Savings Fund (Equity and Hybrid-Equity Plans)
• HDFC NIFTY Small Cap 250 ETF and Index Fund
• HDFC Small Cap Fund
• HDFC Transportation and Logistics Fund
• HDFC Infrastructure Fund
• HDFC Multi-Asset Allocation Fund

Regulatory Compliance

The disclosure was submitted by Dinesh Bhakade, Deputy Vice President - Compliance at HDFC Asset Management Company Limited, serving as the Investment Manager for HDFC Mutual Fund schemes. The communication was addressed to Tushar Gunderia, Head (Legal & Compliance) & Company Secretary at Blue Dart Express Ltd, and copied to the listing departments of both BSE Limited and National Stock Exchange of India Limited.

HDFC Mutual Fund confirmed that it does not belong to the promoter or promoter group of Blue Dart Express. The acquisition represents a strategic investment decision by one of India's leading mutual fund houses in the logistics and express delivery sector.