As we reflect on FY 2025-26, India remained one of the worlds largest and fastest-growing major economies, supported by resilient domestic demand, a strong services economy, improving investment momentum, and continued policy emphasis on infrastructure and ease of doing business. At the same time, the global environment became more uncertain in the closing phase of the year, shaped by geopolitical tensions, trade-related realignments, and heightened volatility across markets and supply chains. Indias real GDP growth of 7.4% emphasized the underlying strength of the economy, even as businesses remained alert to a more fluid external backdrop.1
In this context, Indias relative macroeconomic resilience stood out. Inflation remained broadly supportive of consumption through much of the year, while reforms aimed at facilitating trade and simplifying compliance continued to strengthen the operating environment for businesses. Measures such as the removal of the ?‚?10 lakh per consignment value cap on courier exports marked an important step in enabling cross-border e-commerce and expanding opportunities for Indian enterprises.2
Against this backdrop, our focus at Blue Dart remained firmly anchored in execution discipline, service reliability, and resilience across the value chain. We continued to align our priorities to evolving customer needs and demand patterns, while strengthening our readiness to capture opportunities emerging from Indias expanding consumption base, formalising economy, and growing trade ambitions.
As we look ahead, we remain confident in the structural strength of the Indian economy and equally mindful of the need to stay agile in a rapidly changing world. With a clear focus on operational excellence, customer trust, and long-term value creation, Blue Dart remains well positioned to navigate uncertainty and build on the opportunities ahead.
Balfour Manuel, Managing Director, Blue Dart Express Limited
3 https://www.imf.org/en/publications/weo/issues/2026/04/14/world-economic-outlook-april-2026 4 https://www.imf.org/-/media/files/publications/weo/2026/april/english/excsum.pdf 5 https://www.imf.org/-/media/files/publications/weo/2026/apr/english/foreword.pdf 6 https://www.wto.org/english/res_e/publications_e/gto0326_e.htm
Global economy during the year continued to demonstrate resilience despite operating in a period marked by geopolitical tensions, evolving trade dynamics, and structural economic adjustments. According to the International Monetary Fund, global growth moderated amid elevated uncertainty and shifting trade conditions. The IMF projected the world economy to grow by 3.1% in 2026, below recent outcomes and well below pre-pandemic averages. While this reflected continued expansion, global growth remained below recent outcomes and well under pre-pandemic averages, emphasizing the cautious and uneven recovery underway across several regions.
Economic activity during the year was supported by domestic demand in key economies, continued investment in technology, and relatively resilient labour market conditions. The United States and several emerging Asian economies remained important contributors to global growth, supported by consumption and business investment. At the same time, economic momentum was more subdued in parts of Europe and other advanced markets, where policymakers continued to manage the effects of prior inflation, tighter financial conditions, and renewed external pressures.4
Inflationary trends, which had shown signs of moderation earlier, became more mixed as the year progressed. Easing supply chain disruptions and relative stability in some commodity categories provided support, but geopolitical developments, particularly those affecting energy markets and trade routes, introduced fresh uncertainty. As a result, central banks in several economies remained cautious in calibrating monetary policy, balancing inflation control with the need to support growth.5
The global economic landscape also continued to face significant risks and disruptions. Ongoing geopolitical conflicts and regional wars contributed to volatility in energy markets, disruption in trade corridors, and heightened uncertainty across global supply chains. These developments prompted businesses and governments to reassess supply chain resilience, diversify sourcing strategies, and strengthen logistics infrastructure to mitigate future shocks.6
In parallel, shifting trade policies, evolving regional alliances, and the continued reconfiguration of manufacturing networks contributed to structural changes in international trade patterns. Businesses across sectors accelerated investments in digital transformation, automation, and supply chain visibility to improve efficiency and responsiveness in an increasingly complex operating environment.
Despite these challenges, the global economy demonstrated adaptability as governments and enterprises remained focused on strengthening resilience and enabling long-term growth. Investments in infrastructure, digital technologies, and trade connectivity continued to play an important role in supporting economic activity.
For the logistics and express transportation sector, these developments reinforced the strategic importance of reliable logistics networks, integrated transportation systems, and technology-enabled supply chains. As global trade and e-commerce continue to evolve, efficient logistics infrastructure remains essential to enabling the seamless movement of goods and supporting economic connectivity across markets.3
In FY 2025-26, Indias economic narrative remained one of resilience amid volatility. While the global environment continued to be shaped by policy shifts across major economies, fragmented trade flows, and heightened geopolitical uncertainty, India sustained momentum by leaning into its strongest structural advantage: domestic demand. A supportive inflation trajectory, a steady improvement in household sentiment, and sustained consumption across urban and rural markets helped protect growth even as external conditions remained uneven.7
A defining feature of the year was the continued strength of investment-led activity, anchored by disciplined public capital expenditure and a clear infrastructure push. This not only supported near-term growth through construction and allied sectors, but also reinforced Indias medium-term productivity agenda - improving connectivity, reducing logistics frictions, and enabling faster movement of goods and services across regions. Alongside this, the fiscal approach remained calibrated, balancing consolidation with asset creation, which helped maintain macro stability and investor confidence.
Reform momentum also stayed visible through the year, with emphasis on simplifying compliance and strengthening the ease-of-doing-business ecosystem for enterprises and supply chains. The direction of next-generation GST reforms referred to as GST 2.0 signalled intent to streamline structures, reduce complexity, and support formalisation, with improving transaction indicators reflecting the gradual deepening of economic activity.
Sectorally, services continued to provide a strong underpinning to Indias growth model, acting as a stabiliser in a year marked by global trade disruptions. With services contributing a dominant share of value creation and exports, Indias economic expansion benefited from a consumption-and-services engine that is structurally more resilient to external shocks. Manufacturing and allied industries also showed momentum, supported by infrastructure creation, domestic spending, and a gradual pickup in investment traction.
Overall, FY 2025-26 reaffirmed Indias capacity to sustain growth through a combination of stable macro fundamentals, investment-led execution, and reform continuity. For the express logistics sector, this backdrop translated into steady demand across consumption-led categories, rising movement in time-sensitive shipments, and expanding opportunities aligned to infrastructure development and services-led growth, reinforcing the importance of network agility, service reliability, and preparedness as trade and investment cycles continue to reset.8
9 https://www.researchandmarkets.com/reports/5775157/logistics-market-size-share-outlook-forecast 10 https://www.mckinsey.com/capabilities/operations/our-insights/supply-chain-risk-survey
The global logistics and supply chain industry during FY 2025-26 continued to operate in a dynamic environment shaped by geopolitical developments, evolving trade patterns, and accelerated technological transformation. As global commerce adapted to shifting economic conditions and supply chain disruptions, logistics providers remained central to enabling the efficient movement of goods across international markets.
The industry represents a significant component of the global economy. Estimates indicate that the global logistics market was valued at approximately USD 11 trillion in 2025, reflecting the critical role logistics plays in supporting international trade, manufacturing activity, and the rapid growth of e-commerce. The continued expansion of global trade networks, combined with increasing demand for faster and more reliable delivery solutions, is expected to support sustained growth in the logistics sector in the coming years.
Global supply chains experienced a period of continued adjustment during FY 2025-26 as geopolitical tensions and regional conflicts influenced transportation routes and trade flows. Disruptions across key maritime corridors and airspace restrictions in certain regions created operational challenges for shipping and air cargo operators, leading to rerouting of cargo, longer transit times, and higher logistics costs. These developments reinforced the need for greater supply chain resilience and diversification of trade routes.10
In response to these challenges, businesses across industries accelerated efforts to redesign supply chains to enhance flexibility and risk mitigation. A growing number of companies adopted regionalized supply chain strategies, including nearshoring and diversification of sourcing locations. By positioning production and distribution networks closer to key consumer markets, organizations sought to reduce supply chain vulnerabilities while improving responsiveness to fluctuations in demand.
At the same time, technological innovation continued to reshape logistics operations globally. Logistics providers expanded investments in digital technologies such as artificial intelligence, advanced analytics, and real-time tracking platforms to improve operational efficiency and supply chain visibility. These technologies enable companies to optimize transportation networks, forecast demand more accurately, and enhance shipment tracking capabilities, ultimately improving reliability and service performance.
Digitalization has also enabled the development of more integrated supply chain ecosystems. Increasingly, logistics platforms are connecting suppliers, manufacturers, and distribution networks through shared digital infrastructure, enabling real-time information flows and faster decision-making. These advancements are helping organizations anticipate disruptions earlier, manage inventory more effectively, and respond quickly to changes in market conditions.
Sustainability also emerged as an important focus area within the logistics sector during the year. Governments and businesses globally continued to prioritize initiatives aimed at reducing the environmental impact of transportation and logistics activities. As a result, logistics providers increasingly explored strategies such as route optimization, electrification of delivery fleets, and adoption of energy-efficient infrastructure to support more sustainable logistics operations.
Despite ongoing geopolitical uncertainties and supply chain disruptions, the global logistics industry demonstrated considerable resilience during FY 2025-26. The continued expansion of e-commerce, increasing complexity of global trade networks, and rising demand for integrated logistics solutions are expected to sustain long-term growth in the sector.
Looking ahead, the logistics industry is expected to continue evolving as companies integrate digital technologies, strengthen supply chain resilience, and adapt to changing trade dynamics. In this environment, logistics providers will remain critical enablers of global economic activity by facilitating efficient, reliable, and increasingly technology-driven movement of goods across markets.
The Indian logistics sector during FY 2025-26 continued to demonstrate strong growth momentum, supported by expanding domestic consumption, rapid growth in e-commerce, infrastructure development, and policy initiatives aimed at strengthening supply chain efficiency. As one of the key enablers of economic activity, the logistics industry plays a critical role in facilitating the movement of goods across manufacturing, retail, agriculture, and services sectors.
Indias logistics market remains among the fastest-growing globally. Industry estimates indicate that the Indian logistics market is valued between USD 317 billion and USD 380 billion, reflecting the scale and growing importance of the sector in supporting the countrys expanding economic activity. The sector accounts for a significant share of economic output, with logistics costs estimated at 9%-11% of Indias GDP, highlighting the need to improve efficiency and reduce transportation costs across supply chains.
Government initiatives continued to play a pivotal role in shaping the logistics ecosystem. Policy measures such as the National Logistics Policy (NLP) and the PM Gati Shakti National Master Plan remained central to efforts aimed at creating an integrated and efficient logistics network. These initiatives focus on improving multimodal connectivity, strengthening logistics infrastructure, and reducing logistics costs by enhancing coordination across various transportation modes.
Infrastructure development remained a key driver of growth during the year. Continued investments in highways, dedicated freight corridors, multimodal logistics parks, and air cargo infrastructure contributed to improved connectivity across the country. These developments are
expected to reduce transit times, improve cargo handling efficiency, and enhance the overall reliability of logistics networks across road, rail, air, and maritime transport systems 14 .
The rapid growth of e-commerce and digital retail also continued to reshape the logistics landscape. Increasing internet penetration, rising digital payments adoption, and changing consumer expectations have accelerated demand for faster fulfilment and last-mile delivery solutions. As businesses expand into Tier 2 and Tier 3 markets, logistics providers are strengthening their networks and investing in technology-enabled delivery infrastructure to support the growing demand for efficient logistics services. Within this evolving ecosystem, Indias express logistics industry has emerged as a critical enabler of time-sensitive supply chains and e-commerce fulfilment, with the segment estimated to be valued at approximately USD 9 billion in FY2025, reflecting the growing demand for reliable, speed-driven logistics services across the country. 15
Technology adoption across the sector continued to gain momentum during FY 2025-26. Logistics companies increasingly leveraged digital platforms, data analytics, and automation to improve operational efficiency and supply chain visibility. Technologies such as real-time shipment tracking, route optimization tools, and integrated logistics management systems are helping companies deliver more reliable, transparent, and responsive services 16 .
Sustainability also emerged as an important priority for the industry. Logistics providers continued to explore initiatives aimed at reducing environmental impact through electrification of delivery fleets, energy-efficient warehousing, and improved transportation planning. These initiatives are aligned with broader efforts to create more sustainable supply chains while supporting long-term industry growth.
Despite global uncertainties and evolving supply chain dynamics, Indias logistics sector demonstrated resilience during FY 2025-26. The combination of supportive policy frameworks, infrastructure investments, expanding digital commerce, and increasing adoption of technology is expected to sustain long-term growth in the industry 17 .
As India continues to strengthen its position as a global manufacturing and consumption hub, the logistics sector will remain a critical enabler of economic development by supporting efficient trade flows, enhancing supply chain integration, and enabling businesses to access markets across the country and beyond.
The Union Budget 2026 outlined a decisive roadmap aimed at accelerating Indias progress towards the vision of Viksit Bharat, with a strong focus on infrastructure development, manufacturing expansion, and trade facilitation. For the logistics sector, the continued emphasis on large-scale infrastructure investments and supply chain modernization is expected to play a critical role in enhancing connectivity, reducing transit variability, and improving the efficiency of freight movement across the country.
Key announcements in the Budget included the development of new dedicated freight corridors, expansion of inland waterways, enhanced high-speed rail connectivity, and increased domestic container manufacturing capacity. These initiatives are expected to strengthen multimodal integration across road, rail, air, and maritime networks, thereby reducing logistics costs and enabling more efficient cargo movement. Such investments are particularly significant for export-oriented sectors, as they support Indias growing participation in global value chains and improve the competitiveness of Indian manufacturers in international markets.
The Budget also introduced policy measures aimed at facilitating trade and improving operational efficiency within the aviation and logistics ecosystem. The exemption of customs duty on aviation components is expected to benefit the express logistics sector, where aircraft uptime and efficient maintenance operations are critical for ensuring reliable, time-definite deliveries. A notable reform announced in the Budget was the removal of the 10 lakh per consignment value cap on courier exports. This policy change is expected to significantly strengthen cross-border e-commerce by enabling exporters, particularly MSMEs and direct-to-consumer (D2C) brands, to ship higher-value consignments without restrictive limits. By removing this constraint, the reform expands opportunities for Indian enterprises to access global markets more seamlessly through courier and express logistics channels.
Further, the proposal to establish Corporate Mitras in Tier II and Tier III towns aims to support smaller enterprises in navigating compliance requirements and formalizing their participation in international trade. These initiatives, combined with the broader simplification proposed under the Customs Act, are expected to reduce compliance complexities, streamline export procedures, and strengthen Indias cross-border e-commerce ecosystem.
The Union Budget also reaffirmed the governments commitment to sustained capital expenditure, with an allocation of 12.2 lakh crore toward infrastructure development. Along with targeted policy support for manufacturing and MSMEs, these measures are expected to create a more resilient and future-ready logistics ecosystem.
As infrastructure networks expand and regulatory frameworks continue to evolve, integrated logistics providers are well positioned to support
Efficient trade flows, strengthen supply chain integration, and enable businesses across India to access domestic and global markets more effectively.
During FY 2025-26, the Government of India continued to pursue a calibrated fiscal strategy aimed at strengthening macroeconomic stability while supporting long-term economic growth. Fiscal consolidation remained a key priority, with the fiscal deficit budgeted at 4.4% of GDP for FY2026, improving from 4.8% in FY2025. At the same time, the revenue deficit declined to 0.8% of GDP, its lowest level since FY2009, creating greater fiscal space for capital expenditure and development spending.
Revenue mobilization remained resilient during the year, supported by improved tax compliance and technology-enabled administration. The expansion of the direct tax base contributed to stronger fiscal performance, with the number of income tax return filers increasing to 9.2 crore in FY2025 from 6.9 crore in FY2022, reflecting increasing formalization of economic activity.18
Alongside fiscal reforms, the Government introduced over 350 structural reforms across sectors aimed at enhancing productivity, employment generation, and digital governance. A key legislative development was the introduction of the Income Tax Act, 2025, designed to simplify Indias tax framework through a unified 12-month "Tax Year" and expanded digital-first tax administration systems.
Labour and employment policies also witnessed significant developments during the year. The Viskit Bharat - Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025 replaced the earlier MGNREGA framework and introduced provisions guaranteeing 125 days of wage employment per rural household, with an emphasis on timely payments and integration with agricultural productivity needs.
In the agriculture sector, the Government launched the Prime Minister Dhan-Dhaanya Krishi Yojana (PM-DDKY) in October 2025, focusing on improving agricultural productivity across 100 identified districts through crop diversification, post-harvest infrastructure, irrigation systems, and access to credit. The initiative is expected to benefit nearly 1.7 crore farmers.
Additional legislative reforms included the Repealing and Amending Act, 2025, which removed 71 outdated laws, helping streamline Indias legal and regulatory framework. Environmental initiatives were also strengthened through Extended Producer Responsibility (EPR) regulations mandating environmentally responsible scrapping and recycling of end-of-life vehicles.
Skill development remained a key priority through initiatives such as the Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs (PM-SETU) program, aimed at strengthening workforce capabilities and modernizing vocational training infrastructure.
Public investment continued to remain a central pillar of Indias growth strategy. Effective capital expenditure increased significantly from an average of 2.7% of GDP in the pre-pandemic period to approximately 4.3% in FY2026, reflecting the Governments sustained focus on infrastructure-led growth.
Key infrastructure sectors such as road transport, railways, aviation, and waterways continued to receive significant public investment to improve connectivity and enhance supply chain efficiency. These investments are expected to strengthen logistics infrastructure, reduce transit times, and support the development of integrated multimodal transportation networks.
To further support infrastructure development at the state level, the Government expanded the Special Assistance to States for Capital Investment (SASCI) scheme. Over the past five years, the scheme has provided 4.5 lakh crore in interest-free loans to states, enabling them to sustain capital expenditure while investing in priority infrastructure projects.
Tax administration reforms continued during the year to improve transparency, compliance, and efficiency. Technology-driven initiatives such as the Non-intrusive Usage of Data to Guide and Enable (NUDGE) framework leveraged data analytics to improve taxpayer behaviour and enhance compliance through non-intrusive methods.
The Government also continued to advance reforms under the Goods and Services Tax (GST) framework, often referred to as GST 2.0, aimed at improving compliance, strengthening invoice matching systems, and enhancing the use of data analytics to reduce tax evasion.
The GST ecosystem has expanded significantly since its introduction. The number of registered GST taxpayers increased from around 60 lakh in 2017 to over 1.5 crore, reflecting the widening tax base and continued formalization of the economy. Gross GST collections during April-December 2025 reached 17.4 lakh crore, indicating robust economic activity and improved revenue performance.
The Government continued to advance the National Logistics Policy (NLP) with the objective of creating a globally competitive and integrated logistics ecosystem. A key priority under the policy is improving Indias ranking in the World Banks Logistics Performance Index (LPI), with the long-term goal of placing the country among the top 25 globally by 2030.
Several states and union territories continued to implement State Logistics Plans (SLPs) aligned with the national framework to strengthen logistics infrastructure and improve operational efficiency. Capacity-building initiatives were also expanded through collaboration with the Capacity Building Commission (CBC)19.
The Comprehensive Logistics Action Plan (CLAP) continued to drive operational improvements across Indias logistics sector through digitalization, innovation, and data integration.
A major milestone has been the development of the Unified Logistics Interface Platform (ULIP), which integrates logistics-related systems across multiple ministries and enables real-time data exchange between stakeholders. ULIP supports end-to-end cargo visibility and enhances coordination across supply chain participants.
The Logistics Data Bank (LDB) initiative further strengthened container tracking capabilities by enabling real-time monitoring of Indias containerized EXIM cargo using technologies such as RFID, Internet of Things (IoT), Big Data, and cloud computing.
Together, these policy initiatives and digital platforms continue to strengthen Indias logistics ecosystem by improving infrastructure, reducing operational bottlenecks, and enabling greater integration across transportation networks.
During FY 2025-26, Blue Dart continued to demonstrate resilience, operational strength, and disciplined execution in an evolving global and domestic economic environment. Despite changing trade dynamics, rising operational costs, and shifting customer expectations, the Company delivered a steady performance, supported by its integrated air and ground network, strong service capabilities, and disciplined operating approach.
The Companys performance during the year was supported by stable domestic demand, continued expansion of organised logistics solutions, steady shipment volumes from the e-commerce industry, strong traction across the B2B ground segment, and increasing logistics activity across Tier II and Tier III markets. These emerging markets continue to play an important role in Indias logistics growth story, and Blue Darts extensive network enabled the Company to effectively capture opportunities across these regions.
Blue Dart strengthened its operational backbone through strategic investments in infrastructure, technology, automation, and network capabilities. During the year, the Company enhanced its logistics infrastructure through the development and operationalisation of major integrated facilities designed to support higher shipment volumes, improve network efficiency, and strengthen service reliability.
Launch of the Integrated Operating Facility at Bijwasan, New Delhi, one of the largest facilities in Blue Darts network, strengthening operational capabilities and improving service efficiency across the northern region.
Operationalisation of the flagship Green Integrated Ground Hub at Pataudi, Haryana, enhancing line-haul connectivity, network efficiency, and shipment handling capacity, while reinforcing the Companys focus on sustainable and efficient logistics infrastructure.
Continued expansion of geographic reach and enhanced connectivity across key logistics corridors, supporting the Companys ability to serve emerging markets, Tier II and Tier III cities, and high-growth customer segments.
Advancement of Blue Darts digital transformation agenda, with continued focus on simplifying customer journeys, improving ease of doing business, and strengthening operational efficiency through technology-led solutions across the business.
Investment in technology-enabled infrastructure and automation, enhancing shipment processing, operational accuracy, and real-time visibility across the logistics network.
Strengthening of workforce diversity through the hiring of over 200 persons with disabilities, reinforcing the Companys broader inclusion agenda and commitment to building a supportive work environment.
Net Promoter Scoring (NPS) for Blue Dart for FY 2025-26 is 80.66%. NPS relentlessly works on achieving "best-in-class" customer satisfaction standards.
During the year, the Company expanded its focus on inclusive hiring, workplace sensitization, and accessibility enablement through its flagship initiative "UBUNTU - I Belong" and onboarded 250+ persons with disabilities.
Recognition as a Great Place to Work for the 15th consecutive year, reflecting the Companys sustained efforts to foster an inclusive, collaborative, and high-performance workplace culture.
Recognition as the Best Express Logistics Provider 2025 by the Institute of Supply Chain Management (ISCM), reaffirming Blue Darts leadership in delivering reliable and high-quality logistics solutions across the country.
Award for Excellence in Risk Management at the CNBC-TV18 ICICI Lombard Masters of Risk Awards, highlighting the Companys robust governance practices and proactive approach to risk management in an increasingly complex operating environment.
Aligned with DHL Groups Strategy 2030 - "Accelerate Sustainable Growth", Blue Dart continued to strengthen its commitment to sustainability and innovation. The Companys focus on green logistics and Environmental, Social and Governance practices remained central to its long-term growth strategy. By integrating sustainability considerations into operational planning and service design, Blue Dart is working towards building a future-ready logistics ecosystem that balances operational efficiency with environmental responsibility.
Blue Darts workforce continued to play a pivotal role in strengthening the Companys operational resilience amid global disruptions and economic uncertainties. Guided by the Companys core values of Passion, Can Do, Right First Time, and As One, employees across the network worked collaboratively to deliver consistent service excellence across Indias vast and diverse geography. Supported by dedicated freighters in the air and state-of-the-art logistics infrastructure on the ground, Blue Dart continued to provide seamless and reliable logistics solutions across the country.
During the year, Blue Dart handled over 4,034.21 lakh domestic shipments and more than 5.62 lakh international shipments, with total shipment weight exceeding 14,38,800 tonnes, demonstrating the scale, reach, and efficiency of its domestic and international logistics operations.
Amid ongoing market volatility and evolving industry dynamics, Blue Dart delivered a resilient operating performance in FY 2025-26, reinforcing stakeholder confidence in the Companys long-term value creation capabilities.
For the year ended March 31, 2026, Blue Dart, on a standalone basis, reported Income from Operations of 6,14,088 lakh as compared to 5,72,018 lakh in the previous year, and recorded Net Profit after Tax of 23,969 lakh as compared to 24,463 lakh in the previous year, reflecting the Companys continued focus on disciplined execution and long-term growth.
Looking ahead, the outlook for the logistics sector remains positive, supported by increasing consumption, continued supply chain formalisation, infrastructure development, and the expansion of organised logistics solutions across India. As businesses increasingly adopt integrated supply chain systems and digital logistics platforms, demand for reliable express transportation and distribution services is expected to grow steadily.
Blue Dart remains focused on strengthening network capabilities, expanding digital solutions, enhancing operational efficiency, and investing in infrastructure, sustainability, and customer-focused innovations. With its resilient business model, strong network infrastructure, dedicated workforce, and commitment to operational excellence, Blue Dart is well positioned to support Indias evolving logistics needs, create long-term stakeholder value, and reinforce its role as a trusted partner for businesses and consumers across the country.
Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in key financial ratios along with detailed explanations are as under:
| Particulars | March 31, 2026 | March 31, 2025 | Reason for variance |
| Debt-Equity Ratio (in times) | 0.32 | 0.21 | Increase in Lease Liability resulted in increase in ratio |
| Particulars | March 31, 2026 | March 31, 2025 | Reason for variance |
| Net Capital Turnover Ratio (in times) | 12.09 | 16.79 | Increase in Working capital resulted in decrease in Net capital Turnover Ratio |
Notes:
| Particulars | March 31, 2026 | March 31, 2025 | Reason for variance |
| Net Capital Turnover Ratio (in times) | 12.09 | 16.79 | Increase in Working capital resulted in decrease in Net capital Turnover Ratio |
Blue Dart, South Asias premier air-integrated express logistics company, has been delivering high-quality logistics solutions since it began operations in 1983. Over the decades, the Company has built a strong reputation for dependability, speed, and service excellence. Blue Dart enables secure, time-bound deliveries to more than 56,400 locations across India, supporting a wide range of sectors and enterprises, from SMEs to large corporations. This operational strength is supported by an expansive network comprising six Boeing 757-200 and two Boeing 737 freighter aircraft, a robust fleet of 33,000+ vehicles, 2,492 facilities, and a growing electric vehicle base.
As part of DHL Groups DHL eCommerce Solutions division, Blue Dart benefits from the Groups extensive global reach across 220+ countries and territories. This integration enables the Company to provide a broad portfolio of logistics services, including air express, supply chain solutions, customs clearance, and time-critical deliveries. With strong domestic and international connectivity, Blue Dart is well positioned to support customers seeking integrated supply chain solutions across India and global markets.
Blue Dart has contributed meaningfully to Indias growth story, particularly across the fast-evolving e-commerce ecosystem and organised logistics sector. Its ability to design delivery solutions aligned to business requirements, while maintaining high service standards, has strengthened trust across industries. The Companys key differentiators include service quality, deep network reach into Indias heartland, and speed-led reliability, enabling businesses to respond effectively to changing market expectations.
Technology remains a critical driver of Blue Darts performance. The Company continues to invest in advanced systems that enhance operating efficiency, shipment visibility, and service delivery. Its technology-enabled solutions include 24x7 shipment tracking, dynamic routing capabilities, API integrations tailored to customer requirements, real-time courier visibility, and route optimisation, all of which support delivery productivity across operations.
Blue Darts commitment to corporate responsibility is anchored in
its GoTeach, GoGreen, and GoHelp programmes, which support education and skill development, environmental sustainability, disaster management, and community development.
Sustainability remains central to Blue Darts long-term strategy, aligned with DHL Groups Strategy 2030: Accelerate Sustainable Growth.
With its integrated network, technology capabilities, operational excellence, and sustainability focus, Blue Dart remains well positioned to serve Indias evolving logistics requirements. The Company will continue to focus on growth, innovation, service reliability, and responsible operations, while strengthening its role as a trusted logistics partner for businesses across India and global markets.
Blue Dart is Indias market leader in premium express logistics. The companys product and service offerings contribute significantly to the trust and long-standing relationships it maintains with customers. Blue Dart provides a comprehensive range of services, ranging from the delivery of a single document to large shipment consignments. The services are continuously monitored to maintain a net service level of 92.1%. The company offers services across the air express segment, the ground express segment, and multimodal express solutions within day-definite and time-definite delivery schedules.
Blue Dart is the only express logistics operator in India with its own fleet of scheduled Boeing 757-200 and 737 freighter aircraft, offering significant cargo capacity across the domestic network. Through its air express solutions, Blue Dart focuses on the transportation of shipments as its primary business, supported by a dedicated aviation infrastructure that includes bonded warehouses, ground handling, and maintenance capabilities.
The companys domestic express portfolio includes time-definite delivery services, such as Domestic Priority 1030 and Domestic Priority 1200, and day-definite delivery solutions across its key product offerings including DP-Dox, DP Parcel, Air Express Package, Surface B2B, eCom Air, eCom Lite Surface, and eCom Surface. In addition, Blue Dart offers Temperature Controlled Logistics (TCL) solutions designed to support the safe and compliant transportation of temperature-sensitive shipments across sectors such as healthcare and life sciences.
During the year, Blue Dart strengthened its digital capabilities with the introduction of the Digital Account Opening (DAO) platform, enabling businesses to onboard and start shipping through a seamless digital process. Customers can complete profile creation, service selection, KYC verification, Aadhaar-enabled agreement signing, and prepaid account activation digitally, ensuring faster access to Blue Darts logistics services. Integrated with the Digital Prepaid Card (DPC) framework, the platform allows customers to begin shipping immediately after onboarding while enabling real-time transaction visibility.
Blue Dart Med-Express Consortium:Blue Dart anticipated the growing need for future-ready technological solutions to ensure supply chain continuity. The Company in the earlier years launched the Blue Dart Med-Express Consortium under the Medicine from the Sky initiative, supporting the Ministry of Civil Aviation, Government of Telangana, the World Economic Forum, and NITI Aayog in their efforts to expand healthcare access across the country. The initiative leverages unmanned aircraft systems (drones) capable of transporting specialized temperature-controlled shipments with payload capacities of up to 5kg enabling the movement of essential medical supplies between distribution centres and remote locations and supporting the development of resilient healthcare logistics infrastructure.
Customer centricity continues to be central to Blue Darts operating philosophy and long-term growth strategy. In a business where reliability, speed, visibility, and trust directly influence customer confidence, the company remains focused on delivering consistent service experiences across customer segments, industries, and geographies.
Blue Dart serves a diverse customer base, including large enterprises, MSMEs, e-commerce players, healthcare and life sciences companies, banking and financial services institutions, manufacturers, and individual shippers. Each segment has distinct logistics needs, and the company continues to strengthen its solutions to support time-sensitive, secure, and dependable movement of shipments across domestic and international markets.
The companys customer-first approach is supported by its strong network reach, integrated air and ground capabilities, technology-enabled service platforms, and experienced frontline teams. These capabilities enable Blue Dart to offer reliable express logistics solutions while maintaining service quality, operational visibility, and responsiveness. The company continues to focus on improving shipment visibility, reducing friction in customer interactions, and strengthening service assurance across key touchpoints.
During the year, Blue Dart continued to enhance customer engagement through multiple service channels, including account management teams, customer service centres, digital interfaces, and on-ground support. These channels enable customers to access timely assistance, resolve queries, track shipments, and receive support aligned with their business requirements. The companys ability to combine physical network strength with digital service capabilities remains a key differentiator in delivering a seamless customer experience.
Blue Dart also remains focused on supporting businesses that require precision-led logistics, including critical shipments, urgent deliveries, and sector-specific supply chain requirements. Its solutions are designed to help customers improve speed-to-market, manage inventory more efficiently, support business continuity, and serve end consumers with greater confidence.
Customer feedback, service performance reviews, and continuous process improvements play an important role in strengthening Blue Darts service delivery framework. The company remains committed to listening to customers, identifying improvement areas, and investing in capabilities that enhance reliability, convenience, and transparency.
By placing customers at the centre of its operations, Blue Dart continues to reinforce its position as a trusted logistics partner. Its focus remains on delivering dependable service, strengthening customer relationships, and enabling businesses to grow through logistics solutions built on speed, certainty, and trust.
The logistics industry has undergone significant transformation in recent years, driven by rapid digital adoption and evolving customer expectations. In express logistics, this shift is especially important as customers increasingly seek speed, reliability, transparency, and convenience across the shipment journey. Digitalisation has improved productivity, strengthened operational resilience, enhanced visibility, and enabled more efficient supply chain ecosystems.
Digital technologies now influence every stage of the transportation and supply chain network - from shipment booking, pickup planning, sorting, routing, and line-haul movement to last-mile delivery, returns, customer communication, and billing. Operational processes have evolved through improved capacity allocation, streamlined cargo handling, real-time shipment tracking, and better exception management. The integration of technologies such as IoT, cloud computing, big data analytics, automation, and artificial intelligence has enabled greater connectivity, faster decision-making, and more responsive logistics operations.
At Blue Dart, technology adoption remains central to the companys strategy as it navigates disruptions and evolving demands across the logistics sector. As a leading express logistics provider, Blue Dart recognises the vital role of the industry in supporting Indias economic growth and enabling commerce. The companys investments in scalable, AI-ready infrastructure reflect its commitment to improving operational efficiency while delivering reliable and superior customer experiences. Digital platforms are also strengthening shipment visibility, customer self-service, service customisation, pricing and surcharge governance, and communication around service options, while reducing manual dependencies across high-volume B2B, B2C, and e-commerce supply chains.
Blue Dart continues to invest in building the digital capabilities of its workforce to ensure that its teams are equipped to succeed in an increasingly technology-driven environment. As digital systems become more embedded in daily operations, people capability, change adoption, and cross-functional collaboration remain critical to ensuring that technology translates into measurable business value and consistent service delivery.
Blue Dart also applied technology to strengthen workforce processes through initiatives such as SMART HIRE, an AI-powered recruitment solution designed for high-volume frontline hiring across India. By automating candidate outreach, engagement, screening, and interview scheduling, while retaining human-led final interviews, the platform helped improve hiring speed, process consistency, candidate experience, and HR efficiency across multiple geographies.
The company recognises that implementing advanced technologies such as artificial intelligence also presents challenges, particularly in areas such as data integration, standardisation, privacy management, and change adoption. Integrating AI solutions into existing operational systems requires structured planning, investment discipline, and careful change management. Through continuous refinement of digital systems and collaboration across functions, Blue Dart remains focused on addressing these challenges while unlocking the long-term benefits of intelligent automation.
The emergence of Generative AI and advanced analytics is further reshaping logistics and supply chain operations. AI-enabled route optimisation can improve delivery planning, while advanced demand forecasting supports more accurate capacity management and operational continuity. Real-time visibility tools enhance shipment transparency and customer confidence, while data-led sustainability initiatives can support better resource utilisation and emissions management across logistics networks.
In FY 2025-26, Blue Darts strategic focus on digitalisation continued to reinforce its leadership within Indias expanding e-commerce and express logistics ecosystem. By leveraging advanced technology platforms and strategic partnerships, the company enabled businesses to scale efficiently while maintaining speed, reliability, and service transparency across the network. Technology-driven solutions enhanced last-mile delivery precision, operational responsiveness, and customer confidence - capabilities that are critical in meeting the expectations of customers and e-commerce enterprises across the country.
Looking ahead, Blue Dart will continue strengthening its digital foundation by integrating advanced technologies, refining operational processes, and expanding digital capabilities across its network. These efforts will further enhance service reliability, strengthen customer experience, improve operational agility, and reinforce Blue Darts position as a trusted logistics partner within Indias evolving digital economy.
Indias logistics sector continues to present strong long-term growth opportunities, supported by structural shifts in the economy, expanding domestic consumption, and sustained investments in infrastructure and technology. As India strengthens its position as a major manufacturing and consumption hub, the demand for efficient, integrated, and time
define logistics solutions is expected to rise further. This evolving landscape presents significant opportunities for logistics service providers to enhance capabilities, expand network reach, and develop more agile and innovative supply chain solutions.
One of the most significant opportunities continues to stem from the expansion of e-commerce and digital commerce ecosystems. Growth in online retail, combined with increasing digital adoption among consumers, has strengthened demand for warehousing, transportation, and last-mile delivery services. Businesses are increasingly prioritising faster fulfilment cycles and seamless customer experiences, creating sustained demand for reliable logistics networks capable of supporting high shipment volumes across diverse geographies. This shift is encouraging logistics companies to invest in advanced fulfilment infrastructure, automated warehousing, and optimised delivery networks.
The growth of small and medium enterprises and digital-first businesses is also creating new opportunities within the logistics ecosystem. As SMEs expand their reach beyond local markets through digital platforms and online marketplaces, they increasingly rely on logistics providers to support nationwide distribution. This trend is widening the addressable market for organised logistics services, particularly across emerging markets and smaller towns.
Another major opportunity lies in the continued development of Tier II and Tier III markets, which are witnessing rising economic activity and growing consumer demand. Improvements in digital connectivity, expanding retail penetration, and policy initiatives aimed at regional development are enabling businesses to access customers in previously underserved markets. Logistics providers with extensive network coverage and efficient last-mile delivery capabilities remain well positioned to capture this growth and strengthen supply chain connectivity across these regions.
Infrastructure development continues to play a critical role in unlocking opportunities for the logistics industry. Government initiatives such as the National Logistics Policy and PM Gati Shakti are focused on improving multimodal connectivity and strengthening the integration of transportation networks across road, rail, ports, and aviation infrastructure. These initiatives are aimed at reducing transit times, improving logistics efficiency, and enhancing the reliability of supply chains. As infrastructure continues to improve, logistics providers are expected to benefit from stronger operational efficiency and better network connectivity across the country.
The increasing adoption of technology and digital logistics platforms represents another key opportunity for the sector. Advanced technologies such as data analytics, artificial intelligence, automation, and real-time tracking are already beginning to reshape logistics operations by improving supply chain visibility and enabling more efficient resource utilisation. Looking ahead, the influence of these technologies is expected to deepen further, supporting smarter planning, faster decision-making, and more responsive logistics systems. These innovations allow companies to optimise route planning, improve delivery performance, and enhance customer experience through greater transparency and operational control.
The rise of third-party logistics and integrated supply chain services is further expanding the scope of the industry. Businesses are increasingly outsourcing logistics operations to specialised providers to reduce operational complexity and improve supply chain performance. This shift toward integrated logistics solutions is encouraging logistics companies to develop broader service offerings that combine transportation, warehousing, inventory management, and technology-enabled logistics management.
Sustainability is also emerging as a significant long-term opportunity within the logistics sector. With increasing emphasis on environmental responsibility, logistics companies are exploring green logistics solutions such as electrified delivery fleets, energy-efficient warehousing, and optimised transportation networks to reduce carbon emissions. These initiatives are expected to play an important role in shaping the future of logistics operations while aligning with wider sustainability priorities.
At the same time, the global environment has become more volatile, shaped by geopolitical conflict, trade uncertainty, and pressure on transport routes and costs. These developments reinforce the importance of resilience, network agility, and technology-enabled execution across the logistics value chain. Even in a more complex external setting, they also strengthen the case for integrated logistics networks that can respond quickly, maintain service reliability, and support evolving customer needs.21
Overall, the Indian logistics sector continues to present significant long-term growth opportunities supported by expanding consumption, technological transformation, and infrastructure development. As supply chains become increasingly integrated and customer expectations continue to evolve, logistics providers that invest in network expansion, digital innovation, and operational efficiency will be better positioned to capture the sectors growth potential and support Indias evolving trade and economic landscape.22
Indias logistics sector is expected to undergo significant transformation over the coming decades as the country strengthens its position as a major manufacturing, consumption, and trade hub. Supported by long-term economic expansion, infrastructure development, and technological innovation, the sector is likely to play an increasingly important role in enabling efficient supply chains and supporting Indias broader economic ambitions. Industry projections suggest that India could evolve into a US $26 trillion economy by FY2048, creating substantial demand for advanced transportation, logistics, and supply chain services across sectors.23
24 https://www.ipb.gov.in/PressNoteDetails aspx?Noteld=155038&Moduleld=3®=3&lang=2 25 https://www.ipb.gov.in/PressReleasePage.aspx?PRID=2214684&lang=9®=1&utm_source=chatgpt.com 26 https://www.ipb.gov.in/PressReleasePage.aspx?PRID=2167224®=3&lang=2
As trade volumes, industrial activity, and domestic consumption continue to expand, freight movement across the country is projected to rise significantly. Estimates indicate that Indias freight demand could reach 15.6 trillion tonne-kilometres by 2050, reflecting the scale of opportunity for logistics infrastructure and service providers. This growth is expected to be supported by expanding manufacturing output, increasing merchandise flows, and sustained consumption growth across urban and emerging markets.
Government-led infrastructure initiatives are expected to play a defining role in shaping the future of the logistics sector. Large-scale programmes such as the PM Gati Shakti National Master Plan and the National Logistics Policy are aimed at strengthening multimodal connectivity and integrating transportation networks across road, rail, ports, and airports. These initiatives are intended to reduce transit times, improve logistics efficiency, and enhance Indias competitiveness by addressing structural bottlenecks in the movement of goods.24
The continued development of Dedicated Freight Corridors and multimodal logistics infrastructure is also expected to improve freight transportation efficiency over time. Higher freight capacity, faster rail movement, and better network integration can strengthen supply chain reliability and support lower logistics friction across the economy.25
Digital transformation is expected to be another defining force shaping the future of logistics. The adoption of artificial intelligence, automation, real-time tracking systems, and digital logistics platforms is already beginning to reshape operations by improving visibility, enabling smarter planning, and supporting faster decision-making. Over time, these technologies are expected to further enhance operational efficiency, optimize transportation networks, and improve delivery reliability across increasingly complex supply chains.
Sustainability is also expected to remain a key priority for the sector. As businesses and policymakers place greater emphasis on environmental responsibility, logistics providers are likely to expand the adoption of greener practices such as electrified fleets, energy-efficient warehousing, and optimized routing systems aimed at reducing emissions and improving resource efficiency.
At the same time, the external environment has become more uncertain following recent geopolitical developments, including disruption risks to trade routes, transport networks, and energy markets. These conditions reinforce the need for logistics systems that are not only efficient, but also resilient, diversified, and technologically enabled. For India, this makes continued investment in infrastructure, digital capability, and multimodal integration even more important to sustaining competitiveness in a more volatile global environment.26
The Indian logistics sector is expected to evolve into a more integrated, technology-driven, and multimodal ecosystem. While the global environment may remain fluid, Indias structural growth drivers, policy direction, and infrastructure push continue to support a positive long-term outlook for the sector. Logistics providers that invest in network agility, digital innovation, and operational resilience are likely to be better positioned to support Indias growing economy and strengthen its role in domestic and global supply chains.
The air express logistics sector plays a critical role in enabling time-sensitive supply chains, facilitating trade, and supporting industries that depend on the rapid movement of goods. However, the sector operates in a dynamic and increasingly uncertain environment, where geopolitical developments, regulatory shifts, and operational disruptions can materially affect performance. Recent global events have reinforced the extent to which aviation and air cargo networks remain exposed to sudden external shocks, particularly those affecting airspace access, fuel markets, and cross-border connectivity.27
One of the key risks arises from policy fragmentation and the growing complexity of cross-border regulation. Diverging regulatory frameworks, evolving tax regimes, trade-related policy shifts, and uneven environmental standards across markets can increase compliance costs and create friction for airlines and logistics providers operating global networks. In an industry that depends on speed, coordination, and seamless connectivity, such fragmentation can reduce operational efficiency and limit network flexibility.28
Another major concern relates to supply chain disruptions within the aviation ecosystem itself. The air express sector remains dependent on aircraft manufacturers, engine suppliers, maintenance networks, and the timely availability of critical parts. Delays in aircraft deliveries, shortages of components, and constraints across maintenance and repair ecosystems can restrict cargo capacity, delay fleet modernisation, and increase operating costs. These pressures can limit the ability of air cargo operators to respond efficiently to changing demand conditions.
Geopolitical developments have also emerged as a growing area of concern for the air express sector, particularly in light of events in late February and March 2026. Disruptions affecting airspace access, rerouting around conflict-affected zones, and uncertainty across key transport corridors have the potential to lengthen flight paths, increase fuel consumption, and affect schedule reliability. In addition, volatility in energy markets and pressures on fuel availability can further influence operating costs and network efficiency. These developments highlight the extent to which external shocks can affect the stability and performance of global air cargo networks.
Climate and environmental challenges also remain a growing area of concern for the aviation industry. Extreme weather events such
as storms, flooding, and heatwaves can disrupt airport operations, damage infrastructure, and affect flight schedules. At the same time, the sector faces increasing pressure to reduce carbon emissions and support the transition toward more sustainable operations, including the adoption of sustainable aviation fuel and other cleaner technologies. Balancing environmental commitments with operational and financial sustainability will remain an important challenge in the years ahead.29
The increasing reliance on digital systems and interconnected technologies has also heightened the importance of cybersecurity and technology resilience. Airlines, cargo operators, and logistics platforms depend heavily on digital infrastructure for cargo management, operational control, and customer data processing. In addition to cyber threats, aviation authorities have also raised concern around operational interference risks in conflict-affected environments, including navigation-related disruption. This makes digital resilience and robust risk controls increasingly important to ensuring continuity and safeguarding data and operations.
In addition, broader macroeconomic conditions continue to influence the stability of the air express sector. Fuel price volatility, currency movements, geopolitical tensions, and disruptions to key trade routes can affect both demand and operating efficiency across cargo networks. Such uncertainty can weigh on freight volumes, increase operating expenses, and create volatility in global logistics flows, particularly for time-definite movements that depend on reliable network performance.
While the air express industry continues to demonstrate resilience and adaptability, the evolving risk landscape underscores the importance of proactive risk management and strategic planning. Strengthening network resilience, monitoring conflict-zone exposure, investing in digital security, supporting sustainability initiatives, and maintaining flexible operating models will remain critical for aviation and logistics players seeking to navigate uncertainty while sustaining long-term growth.
The ground and surface express logistics segment plays a critical role in enabling domestic supply chains and supporting the efficient movement of goods across manufacturing centres, distribution hubs, and end consumers. However, the sector operates in a complex and rapidly evolving environment, where several operational, technological, and market-related challenges can influence performance.
One of the primary concerns for surface logistics operators is infrastructure variability across regions. While significant progress has been made in developing highways, freight corridors, and multimodal logistics infrastructure, disparities in road quality, congestion levels, and connectivity across regions can still affect transit times and delivery reliability. These operational challenges are particularly pronounced in last-mile delivery networks, where urban congestion and infrastructure limitations can impact service efficiency.30
Another key risk arises from rising operational costs, particularly fuel prices, labour expenses, and fleet maintenance costs. Surface logistics networks depend heavily on road transportation, making them sensitive to fluctuations in fuel prices and regulatory changes related to transportation and environmental standards. In a more uncertain global environment, volatility in energy markets can also indirectly add to cost pressures for domestic logistics operators. These pressures can affect margins and require logistics providers to continuously optimise route planning, fleet utilisation, and operational efficiency.
The sector also faces increasing pressure from rapidly evolving customer expectations. With the growth of e-commerce and digital marketplaces, customers increasingly demand faster deliveries, greater transparency, and flexible delivery options. Meeting these expectations requires logistics companies to invest in advanced technologies such as real-time tracking, automated sorting facilities, and digital logistics platforms. While these investments enhance operational capabilities, they also increase capital expenditure requirements.
Another emerging challenge relates to intensifying competition and evolving business models within the logistics ecosystem. Technolog-enabled start-ups, asset-light logistics platforms, and specialised delivery providers are entering the market with innovative solutions targeting specific segments of the logistics value chain. This evolving competitive landscape can create pricing pressures and require established logistics providers to continuously innovate and strengthen service differentiation.
In addition, supply chain disruptions and demand volatility remain important concerns for surface logistics operations. Fluctuations in industrial production, trade activity, and consumer demand can lead to uneven shipment volumes, affecting network planning and capacity utilisation. Broader external disruptions may also indirectly influence input costs and demand patterns across sectors, reinforcing the need for flexible operating models capable of adapting to changing market conditions.
While the ground and surface express logistics segment continues to benefit from expanding domestic consumption and e-commerce activity, addressing these risks will require sustained investment in infrastructure, technology, and operational optimisation. Ongoing policy initiatives aimed at improving logistics efficiency, reducing costs, and strengthening resilience are expected to support the sector over the long term.31
During FY 2025-26, the express logistics ecosystem continued to evolve rapidly as supply chains adapted to changing consumption patterns, digital commerce expansion, and rising expectations for faster delivery services. The surface express segment remained a critical component of the express logistics value chain, accounting for the largest share of shipment movement due to its extensive road-based network and ability to support large-scale domestic distribution.
The year witnessed continued growth in shipment volumes, driven primarily by the expansion of e-commerce, omnichannel retail, and SME-led commerce. Increasing consumer preference for faster delivery cycles, including next-day and time-definite delivery services, accelerated the adoption of organised express logistics solutions across urban as well as emerging markets. At the same time, the sector experienced structural shifts within the logistics ecosystem. Large e-commerce platforms continued to expand their in-house logistics capabilities to strengthen delivery control and improve fulfilment efficiency, influencing shipment flows within the broader logistics network. The year also pointed to increasing consolidation in the express logistics sector, with the merger of two industry players underscoring the growing relevance of scale, network density, cost efficiency, and technology-led integration.
The increasing penetration of digital commerce, expansion of fulfilment centres, and improved connectivity through highway infrastructure and logistics parks also contributed to the growth of express distribution networks across Tier II and Tier III cities. These developments increased shipment density across regional corridors and reinforced the role of surface logistics networks in enabling time-bound deliveries across India.
FY 2025-26 also highlighted the continued transformation of Indias express logistics ecosystem, driven by expanding consumption, technological integration, and the growing need for efficient domestic distribution networks. As shipment volumes continue to rise and service expectations evolve, logistics providers are increasingly focusing on network optimisation, infrastructure expansion, and technology adoption to support the next phase of growth in the express logistics sector.
The logistics sector in India has been undergoing significant transformation, influenced by broader economic developments, policy-driven reforms, and an increasingly volatile global operating environment. In FY 2025-26, infrastructure investments, regulatory improvements, and expanding domestic consumption created favourable conditions for the growth of the logistics ecosystem. At the same time, geopolitical tensions in the Middle East disrupted global markets, heightened energy price volatility, and introduced fresh uncertainty into global trade and supply chains. Additionally, state elections during the year led to temporary localised operating shifts across select regions, influencing workforce mobility, traffic movement, and market activity, and reinforcing the need for agile and responsive logistics networks. Despite these external headwinds, domestic developments in India continued to strengthen supply chain efficiency and support the growth of organised logistics services across the country.
One of the important areas of focus for Indias logistics ecosystem continues to be the reduction of logistics costs relative to GDP. Industry estimates place logistics costs at approximately 9%-11% of Indias GDP. This improvement reflects the cumulative impact of reforms such as the implementation of GST, the adoption of FASTag and e-way bills, the expansion of highway infrastructure, and the integration of digital logistics systems. Together, these measures have improved freight efficiency and reduced operational bottlenecks across supply chains.
The logistics sector has also benefited from strong macroeconomic momentum and rising domestic demand. Indias real GDP growth for FY 2025-26 was estimated at 7.4%, supported by the "double engine" of consumption and investment. This macroeconomic backdrop, along with continued manufacturing expansion and services-led growth, has strengthened the need for efficient and technology-enabled logistics networks to support the countrys long-term economic ambitions.
Infrastructure development has further amplified these economic changes. Investments in highways, freight corridors, multimodal logistics facilities, and digital integration have improved the movement of goods across the country and strengthened linkages between production centres, distribution hubs, and consumption markets. Government initiatives such as the National Logistics Policy and PM Gati Shakti continue to support more integrated planning, stronger connectivity, and improved logistics efficiency. As freight demand grows in the years ahead, effective utilisation of these infrastructure assets will remain important to sustaining efficiency gains across the logistics value chain.
At the same time, the increasing formalisation of supply chains and the adoption of digital technologies are reshaping logistics operations. Companies are investing in data-driven logistics platforms, real-time tracking systems, and automated distribution networks to improve operational visibility and service reliability. These technological advancements are enabling logistics providers to respond more effectively to rising shipment volumes, evolving customer expectations, and a more dynamic operating environment.
FY 2025-26 marked an important phase in the evolution of Indias logistics sector, where economic reforms, infrastructure investments, and growing domestic demand combined to accelerate structural change in supply chain operations. While global developments in March added to uncertainty through energy, trade, and supply-chain channels, Indias underlying economic and policy momentum continued to support the sectors long-term growth trajectory and reinforce its role as a key enabler of economic development.
Digital interconnectivity increases operational efficiency but also
makes logistics companies, express delivery networks, and integrated distribution hubs more vulnerable to cybercriminal activity. The need for stronger connectivity between technologies such as IT, OT, and IoT systems, along with integration across multiple vendors and digital platforms, has enabled the industry to achieve significant improvements in fleet efficiency, route optimisation, and operational visibility. However, this growing digital ecosystem also increases the importance of robust cybersecurity measures to safeguard systems, data, and customer interactions.
One of the risks faced within the express logistics and courier industry involves cybercriminals impersonating a legitimate logistics company by copying or replicating its website, shipment communication formats, or customer interfaces. The objective is often to mislead customers into making fraudulent payments through value-added surcharges, additional service charges, unauthorised delivery fees, or other fabricated upsell requests, rather than payments related to freight transactions. Such fraudulent activities are commonly referred to as "brandjacking", where the identity of a trusted logistics provider is misused to deceive customers and potentially damage the companys reputation.
In todays digital landscape, it is increasingly difficult for organisations to defend against every possible cyberattack. As a result, companies must strengthen their cyber resilience by collaborating with the broader cybersecurity community to exchange threat intelligence and build stronger early warning systems. Organisations are also encouraged to regularly review and update incident response and crisis management playbooks and conduct simulation exercises to validate their preparedness and ability to recover from potential cyber incidents.
To ensure the safety and security of its customers and stakeholders, Blue Dart follows robust compliance frameworks and cybersecurity protocols designed to minimise risks from both internal and external threats. The company also periodically issues customer advisories and cautionary notices through multiple communication channels to raise awareness about potential fraudulent activities and encourage secure transaction practices.
In addition to operational and market risks, the strength of the Companys internal control framework remains fundamental to sound governance and regulatory compliance. The Company has established comprehensive internal controls to support effective oversight, safeguard assets and ensure the reliability of financial and operational reporting. These controls are periodically reviewed and tested through structured audit and monitoring processes, and observations are addressed through time-bound corrective actions. While internal controls are not a standalone risk, their adequacy and consistent operation are critical in mitigating enterprise-wide risks, including financial misstatements, compliance gaps and operational disruptions. As the Company scales and its operating environment evolves, strengthening internal controls will remain an ongoing priority to reinforce accountability and resilience across functions.
The internal control environment is supplemented by internal audits conducted by the internal audit team and supported by the co-sourced audit firm, Ms PricewaterhouseCoopers Services LLP. Well-established internal audit processes, at both business and corporate levels, provide independent assurance on the adequacy and effectiveness of internal controls and monitor compliance with operating systems, internal policies and applicable regulatory requirements.
Blue Dart maintains adequate and effective internal financial controls based on the Companys criteria for internal control over financial reporting. This framework considers the essential components of internal control outlined in the Guidance Note on "Audit of Internal Financial Controls over Financial Reporting" issued by the Institute of Chartered Accountants of India (ICAI). The Companys responsibilities include maintaining internal financial controls that operate effectively to ensure orderly and efficient conduct of business, adherence to Company policies, safeguarding of assets, prevention and detection of frauds and errors, accuracy and completeness of accounting records, and timely preparation of reliable financial information, as required under the Act.
The Audit Committee of the Board engages closely with the Internal Auditors and Statutory Auditors to ensure audit observations and queries are appropriately addressed. The Company also conducts annual Risk Assessment Workshops to identify its most significant risks and define mitigation actions. Members of the leadership team actively participate in these workshops and contribute to strengthening the overall risk and control environment.
Since its inception, Blue Dart Express Limited has remained committed to advancing responsible growth across the social, environmental, and economic dimensions of its operations. With a legacy spanning more than four decades, the company continues to integrate responsible corporate citizenship into its business strategy, creating long-term value for shareholders while safeguarding the well-being of employees, the environment, and the communities it serves. Our Board of Directors, leadership team, and employees collectively nurture a culture of accountability and sustainability, closely aligned with the broader environmental and social commitments of our parent organization. Recognising the logistics sectors critical role in enabling global trade as well as its environmental footprint, DHL Group has set an ambitious target of achieving net-zero emissions by 2050, positioning the organisation among global leaders in sustainable logistics.
Advancing this shared vision, Blue Dart, in collaboration with DHL Group, pioneered Indias first end-to-end GoGreen Carbon Neutral Service across both international and domestic markets. During the fiscal year under review, the company continued to expand the availability of this specialised offering, enabling customers to compensate for emissions generated through transportation activities and supporting more sustainable shipping choices across supply chains.
Under the GoGreen pillar, Blue Dart continues to advance the Blue Greens programme, a large-scale environmental initiative designed to drive tangible ecological impact. The programme has achieved the milestone of planting 1 million trees since 2017, which, upon maturity, are expected to offset over 20,000 tonnes of CO2 annually. Complementing these efforts, Blue Dart has also strengthened its water conservation initiatives, with water harvesting capacity of 11.18 crore litres built to support groundwater recharge and improve surface water storage in water-stressed regions across India.
In parallel, the company continues to accelerate the decarbonisation of its operations through a multi-pronged strategy. Blue Dart achieved a 50% improvement in carbon efficiency in 2025, against the 43% target, reflecting measurable progress in reducing the environmental intensity of its operations. The company is also expanding the use of electric vehicles across its network, with 599 EVs as of March 2026, comprising 341 two-wheelers, 60 three-wheelers, and 198 four-wheelers. In addition, solar power units have been installed across three offices, generating 705 kWh of green electricity.
Blue Darts efforts in sustainability were also recognised during the year, with the company being awarded 1st Runner Up at the ICMAI Green Awards 2024-25 for its work in sustainability.
Beyond environmental stewardship, Blue Dart remains strongly committed to social responsibility through initiatives implemented under the GoTeach and GoHelp pillars. Through GoTeach, the company works to bridge the gap between formal education and employment opportunities, particularly for underprivileged youth. The Blue Edge initiative equips young individuals with essential skills in information technology, communication, personality development, and life skills, thereby enhancing employability and enabling participants to pursue more meaningful career opportunities.
Under the GoHelp programme, Blue Dart collaborates with a network of partner organisations to support impactful community initiatives. These efforts include funding the operational expenses of a childcare home that supports children affected by cancer and their families, enabling year-round access to safe and clean drinking water in villages facing severe water scarcity, strengthening local livelihood opportunities, and organising free eye-check-up camps and cataract surgeries for elderly individuals in underserved communities.
Blue Dart continues to operate in full compliance with applicable laws, ethical standards, and environmental regulations while maintaining an open and constructive dialogue with its stakeholders. The organisations strategic roadmap under Strategy 2030 further strengthens this commitment by embedding sustainability at the core of business transformation. With the introduction of "Green Logistics of Choice" as a fourth bottom line, Blue Dart is focused on leading the transition toward low-carbon logistics while delivering innovative and environmentally responsible solutions for customers. Through continuous innovation and responsible business practices, the company remains dedicated to shaping a more resilient, inclusive, and environmentally conscious future for the logistics industry.
India continues to be among the fastest-growing emerging economies, demonstrating resilience despite global uncertainties and market volatility. In this environment, Blue Dart is advancing its business priorities by leveraging its well-established strengths of speed, reliability while reinforcing its commitment to being an Employer of Choice. Aligned to these priorities, the Human Resources function is further strengthening its capabilities through focused interventions in talent management, development of critical talent, employee health and well-being, safety, and Diversity & Inclusion. As an Equal Opportunity Employer, we continue to build a workplace that is safe, inclusive, and enabling. Sustaining high levels of employee motivation, fostering a collaborative and high-performance culture, and expanding learning and development opportunities remain key focus areas for the year, with increased rigour and sharper execution.
As we progress towards the 2026 milestone under Strategy 2030, our focus remains on building future-ready capabilities and strengthening our people to support sustained organisational growth. This is being enabled through a robust portfolio of certified programmes, including the Certified eCommerce Specialist programme, complemented by behavioural trainings under the umbrella of Blue Bytes implemented across India, along with other focused learning and development initiatives, continue to strengthen employee capability and enable continuous upskilling across the organisation.
To ensure that employees voices are being heard, we continue to leverage the Employee Opinion Survey (EOS), which was executed virtually. The Employee Engagement Index was reported at 95% Overall participation in the Employee Opinion Survey was 91%.
Employee well-being and engagement initiatives included monthly health and well-being sessions, womens week celebration, festive engagements.
LEADS follows a structured annual two-phase cycle comprising a Succession phase for identifying successors to critical roles and an Evaluation phase based on self and manager assessments. This approach strengthens leadership readiness, provides clear visibility into bench strength, and supports informed, risk-mitigated succession planning.
This year too, the performance management process has been upgraded including 4 Leadership Attributes Head, Heart, Guts and Bite leadership elements (being results-oriented, leveraging strengths, providing purpose, having and creating trust, focusing on clear priorities, and being positive about challenges, uncertainty and change, and will to win).
Our People-First philosophy guides us to drive a meritocratic and development-oriented people management culture within the organisation. Individual and collective team efforts are objectively assessed, recognised and developed.
Employee development, safety & support
Motivated, engaged and winning teams deliver superior results. Our programmes are designed to address critical developmental needs and were deployed for target groups during the year under review.
Blue Bytes is Blue Darts monthly learning initiative that delivers curated, bite-sized programmes based on the annual Training Needs
Identification (TNI). A structured learning calendar, released at the beginning of each month, enables planned participation across teams. Covering functional, technical, and behavioural areas such as Communication, Leadership, and Innovation, the initiative strengthens a culture of continuous, business-aligned learning.
Our Certified learning initiative, guided by DHLs global frameworks, systematically builds capability while maximising individual and organisational potential. Through structured, progressive pathways, these certifications unlock strengths, embed shared leadership language, and enable confident growth into larger roles. 2956 employees were covered through this across sales, safety, HR,
Certified eCommerce foundation/ Manager etc.
In addition to the ongoing learning portfolio, organisation-wide initiatives such as Learnathon and i-Novate were conducted as week-long engagements to further strengthen the learning culture. These platforms enabled widespread participation, fostered innovation, and encouraged the generation of practical ideas and solutions across roles and functions. i-Novate, in particular, served as a structured platform to unlock the idea-generation potential of Blue Darters and embed innovation as an everyday capability.
Employee reward & recognition
Rewards & Recognition at Blue Dart promotes Respect and Results by recognising performance that reflects our values, inspiring high standards, and fostering a culture where results and respect go hand in hand.
?€? 68 Employee of the Year awardees celebrated
?€? 2300 True Blue felicitated
?€? 71 Long Service Awardees recognized
?€? 352 employees awarded Bravo for their outstanding contribution and innovation
?€? 7 employees recognized with Super Darter award
?€? 12 Upstairs Scholars (Kids of Employees) supported with a scholarship of INR 1,00,000
Organisation-wide recognitions:
Overall, we continue to build on our People First philosophy, which helped secure below different awards and recognitions.
?€? 65(th) rank in Great Place to Work and certification as a Great Place to Work for the 15(th) year in a row.
?€? Best Workplace in Logistics by Great Place To Work
?€? Top Employer certification by Global Top Employer institute
Other programmes
Blue Darts Reimbursement of Accident Claims & Expenses (BRACE):
A wellness initiative providing timely relief including reimbursement of medical expenses. 123 employees were supported with this scheme Death Benevolent Fund (DBF): An employee welfare initiative where the immediate family of a deceased Blue Dart team member receives monetary support through payroll giving. Front-line employees families receive close to 10 years compensation in the event of any unfortunate demise; managerial employees are also covered. This is enabled through benevolence contributions from Blue Dart team members. Families of 19 employees were supported with DBF
Diversity & Inclusion
Under the Ubuntu Diversity Program, Blue Dart has successfully onboarded 250+ persons with disabilities within just six months through focused, targeted recruitment drives across India. Individuals with locomotive and hearing disabilities are today seamlessly integrated into our operations, contributing across critical functions such as Operations, Customer service & delivery -not as exceptions, but as essential contributors to our business.
The initiative received DHL Group HR Awards Gold) under the Sustainability category, one of the most prestigious recognitions across the DHL world. Adding to this proud milestone, Ubuntu has also been nominated for the DHL CEO Award, with the team representing Blue Dart in Germany. 216 people with disabilities are employed with us across India Blue Dart remains committed to advancing gender diversity across the organisation. Diversity hiring metrics are actively tracked within Talent Acquisition to ensure measurable progress. In 2025, women constituted 9.27% of new hires, while 18% of middle and senior leadership roles are currently held by women. These efforts reflect the organisations ongoing commitment to fostering a more balanced, inclusive, and representative workforce.
CAUTIONARY STATEMENT
This Report may contain certain forward-looking statements within the meaning of applicable securities laws and regulations.
These statements reflect the Companys current expectations regarding future events and performance. However, a range of factors could cause the Companys actual results, performance, or achievements to differ materially from those expressed or implied in such forward-looking statements. Key factors include changes in domestic and international economic conditions, shifts in government regulations, evolving tax regimes, and other statutory or regulatory developments that may influence the Companys operations.
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