Bluedart Express Q4FY25 Update: What’s Up, What’s Down & What’s Next?

Here’s a detailed look at Bluedart Express Limited (BDE)’s Q4FY25 performance. Let’s break down the key insights and what might matter for future decisions.

Key Metrics at a Glance

Performance Snapshot

The Q4FY25 results were below expectations as discretionary spending slowed down and competitive intensity rose. However, future prospects remain steady:

• Earnings growth projected at 29.6% in FY26E

• A further 25.9% rise in FY27E

Currently, the stock trades at a valuation of 37.2x P/E FY27E EPS. Target Price: ₹7,150 at 40x FY27E earnings.

Q4FY25: Key Figures

Positive Developments

• Revenue per shipment improved to ₹154.2, up from ₹153.3 in Q3FY25 and ₹145.4 in Q4FY24.

• The ground express segment expanded further and now accounts for approximately 30% of sales.

• Continuous investment in digital transformation—through analytics and automation—aims to drive efficiency.

Areas of Concern

• Employee cost rose to ₹239.7 cr (+5.9% yoy).

• EBITDA per shipment declined to ₹23.2 from ₹24.3 in Q3FY25 and ₹24.8 in Q4FY24.

• Net profit came in at ₹54.8 cr, which was below estimates.

Key Takeaways

Despite some challenges in Q4FY25, there are several positive signs:

The ground express segment continues to gain importance, and digital investments could help drive growth further. Meanwhile, rising employee costs and a competitive landscape are factors to consider when assessing the company’s future performance.

Final Thoughts

The Q4FY25 performance shows both steady growth in revenue per shipment and challenges with employee costs and profitability. As the ground express segment strengthens and digital initiatives move forward, it’s essential to watch how the company manages these cost pressures and competitive dynamics in the coming quarters.