BLUEDART

Jan 30 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• Q3 CONSOL NET PROFIT 683.3 MILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 16.16 BILLION RUPEES

Further company coverage: BLDT.NS

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Jan 27 (Reuters) - India's Mahindra Logistics MALO.NS swung to a quarterly profit for the first time since 2022, it reported on Tuesday, as demand for shipping increased during the festive season and its supply chain management segment turned a profit.

The Mumbai-based company's consolidated net profit came at 32.5 million rupees ($354,551.90) during the quarter ended December 31, from a loss of 90.3 million rupees ($985,108.82) a year ago.

This is the company's first quarterly profit since the third quarter of fiscal year 2023. Its supply chain management is its biggest segment, contributing 94.4% to the topline.

Revenue rose more than 19% to 18.98 billion rupees.

For further earnings highlights, [click here].

KEY CONTEXT

The Mahindra Group unit has been facing rising costs and tougher competition from domestic as well as international firms in India’s $342 billion logistics market, along with losses linked to its 2022 acquisition of express‑cargo firm Rivigo.

However, in a pre-earnings note, Elara Capital analysts said the firm would receive support in the third quarter from the addition of new warehouses and its core third‑party logistics business.

They also expected B2B express volumes to improve and losses to narrow, helped by possible price hikes and better operating efficiency.

Although December does not fall within India’s main festive season, which started in mid‑September, year‑end holidays and discount events still provide logistics firms with a modest boost in demand.

Mahindra Logistics, Delhivery and Blue Dart are also facing growing pressure from Amazon AMZN.O and Walmart WMT.O ‑owned Flipkart, which are steadily expanding their in‑house logistics operations.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 91.6650 Indian rupees

(Reporting by Yagnoseni Das and Abhirami G in Bengaluru; Editing by Harikrishnan Nair)

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** Shares of Blue Dart Express BLDT.NS jump 4% to 5,744 rupees

** Parcel delivery firm said on Wednesday a tax authority set aside an earlier order seeking tax of 4.2 billion rupees ($46.8 million) from unit

** Authority also reduced tax demand to 6.5 million rupees, excluding interest and penalties

** Stock rose as much as 9.4% earlier in the session

** Nearly 510,000 shares traded, ~26x the 30-day avg volume

** Analysts tracking stock rate it "buy" on average - data compiled by LSEG

** Stock declined ~21% in 2025, extending its losing run to three years

($1 = 89.9425 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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Dec 31 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• GOT TAX DEMAND AGGREGATING TO 4.21 BILLION RUPEES

• OUT OF THE DEMAND OF 4.21 BILLION RUPEES, TOTAL OF 4.2 BILLION RUPEES HAS BEEN SET ASIDE

• REVISED DEMAND STANDS AT 6.5 MILLION RUPEES

Source text: ID:nBSE4XxWnq

Further company coverage: BLDT.NS

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The views expressed here are those of the author, the founder and CEO of Emmer Capital Partners Ltd

By Manishi Raychaudhuri

HONG KONG, Dec 23 (Reuters) - India's flagship equity indices, Sensex .BSESN and Nifty 50 .NSEI, are near all-time highs, despite underperforming many Asian peers. Yet this exuberance hides another reality: many stocks are trading near their 52-week lows. These beaten-down names may offer investors some attractive year-end bargains.

While Indian equities are up some 9.5% for the year as a whole, this rally is concentrated in a relatively small group of firms.

When looking at the shares of 828 Indian companies with more than $500 million in market value, stocks of 109 were within 5% of their 52‑week lows and another 139 were only slightly above this level, as of December 5. In combination, these two categories of flagging stocks are roughly double the number of large Indian stocks trading close to 52‑week highs.

It's easy to assume these stocks are cheap for a reason, but, in many cases, their fundamentals tell a different story. For many of these laggards, earnings growth forecasts are robust, their balance sheets are healthy, and their valuations remain reasonable.

In fact, 14 of the 109 beaten‑down stocks clear a high bar, with expected earnings per share growth of more than 10% through 2027, low net debt, and price‑to‑earnings ratios at or below their forecast growth, according to the FactSet consensus.

Many are well‑known, liquid stocks, including four companies worth over $1 billion: Inox Wind INWN.NS, the telecommunications firm HFCL HFCL.NS, Tata Chemicals TTCH.NS, and logistics heavyweight Blue Dart BLDT.NS. All have strong projected earnings growth, with Blue Dart's forecast coming in the lowest at a still strong 28%.

WHAT SANK THEM?

Their declines are not driven by any sector-specific issue, so why have they lagged?

Mostly because of idiosyncratic factors and investors' narrow focus on the artificial intelligence theme.

Inox Wind started the year looking expensive with a PE ratio of 29.6, and its July share issuance, priced below the market, raised concerns about dilution for minority shareholders.

Valuation was also a concern for Blue Dart at the beginning of 2025, as it was trading at a lofty 41 times earnings. Sentiment then worsened sharply after the government issued a demand for additional taxes on one of its subsidiaries in September.

Meanwhile, Tata Chemicals suffered due to a drop in the price of soda ash - its key product - and a production outage at its plant in the U.S.

Finally, HFCL has disappointed investors, as it started out the year with a high P/E ratio of 36.4 only to see revenue fall 24% in the first nine months. On top of this, its owners borrowed money using more than half of their shares as security, raising concerns that lenders might sell those shares if the price fell further.

None of these issues are insurmountable, but in a year when India fell out of favour with many foreign investors, even small concerns had a disproportionately large impact on stock prices.

YEAR-END BARGAIN-HUNTING

Another key issue weighing on many Indian equities this year has been the omnipresence of the artificial intelligence theme, which has dominated investor attention to the detriment of other themes and stocks. Markets often misprice stocks during these dramatic single‑theme phases, enabling “weaker” shares to eventually outperform, if the underlying fundamentals are strong.

This recently occurred in India as many solid companies that were heavily sold off in 2024 came to be stellar performers in 2025.

At the end of 2024, 98 stocks were trading at or near their 52‑week lows. Of these, 18 were "quality" companies, with strong earnings growth forecasts, solid balance sheets and reasonable growth‑adjusted valuations. Fifteen – nine of which had market capitalisations above $5 billion – have gone on to beat the Indian market’s 9.5% return this year through December 22.

Again, these companies had strong earnings forecasts, and their P/E ratios, with the exception of Reliance Industries’ RELI.NS, were at or below their expected growth rates. In hindsight, therefore, their impressive performance in 2025 was unsurprising.

Of course, this pattern may not play out again this year, especially given India’s still-elevated trade tensions with the U.S. Moreover, good investment options do become harder to come by in markets that have rallied sharply.

But, in reality, even in a strong market, one can often identify high‑quality stocks whose prices have been left behind. It’s just a matter of searching hard, and in the right places.

(The views expressed here are those of Manishi Raychaudhuri, the founder and CEO of Emmer Capital Partners Ltd and the former head of Asia-Pacific Equity Research at BNP Paribas Securities.)

Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, and X.

​

(Writing by Manishi Raychaudhuri
Editing by Marguerita Choy)

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** Shares of India's Blue Dart Express BLDT.NS rise as much as 10.6% to 6,169 rupees before trimming some gains
** Logistics co announces general price increase, effective Jan 1, 2026, with avg shipment price set to rise between 9% and 12%
** More than 541,000 shares traded as of 10:06 a.m. IST, 38x their 30-day moving avg; stock sees busiest session yet since July 1
** Mean rating of 7 analysts is "buy"; their median PT is 7,200 rupees - data compiled by LSEG
** BLDT last up 6.5%, trimming YTD losses to 19.9%; peers Mahindra Logistics MALO.NS down 0.5% YTD, while Delhivery DELH.NS up 27.1%

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

April 1 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS LTD - INCOME TAX DEPARTMENT REDUCES DEMAND TO 29 MILLION RUPEES PLUS INTEREST

Source text: ID:nBSE2lXLzC

Further company coverage: BLDT.NS

(([email protected];))

Feb 4 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• GETS TAX ORDER OF 116 MILLION RUPEES, PENLATY 116 MILLION RUPEES

Source text: ID:nBSEKHbpF

Further company coverage: BLDT.NS

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Jan 29 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• Q3 CONSOL NET PROFIT 810.1 MILLION RUPEES

• Q3 CONSOL REVENUE FROM OPERATIONS 15.12 BILLION RUPEES

• RENEWAL OF ACMI AGREEMENT WITH BLUE DART AVIATION FOR 5 YEARS

Source text: [ID:]

Further company coverage: BLDT.NS

(([email protected];;))

Jan 28 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• GOT TAX DEMAND ORDER FOR 170.1 MILLION RUPEES, INTEREST OF 107.1 MILLION RUPEES

Source text: ID:nBSE9Kz5Zx

Further company coverage: BLDT.NS

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Dec 4 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• LAUNCHES AFFILIATE PROGRAM FOR TECHNOLOGY PARTNERS AND ECOSYSTEM ENABLERS

Source text: ID:nBSE2lDLpy

Further company coverage: BLDT.NS

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Nov 11 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS Q2 CONSOL NET PROFIT 628.4 MILLION RUPEES

• BLUE DART EXPRESS Q2 CONSOL REVENUE FROM OPERATIONS 14.48 BILLION RUPEES

Further company coverage: BLDT.NS

(([email protected];))

** Shares of logistics services provider Blue Dart BLDT.NS rise 3.8% to 8,522 rupees in early trading

** Co on Monday said it will increase prices for its services starting Jan. 1, 2025

** Avg price increase in range of 9%-12%, depending on product variabilities, it said

** Analysts, on avg, rate BLDT close to equivalent of 'hold' vs a 'sell' on Mahindra Logistics MALO.NS and 'buy' on Delhivery DELH.NS - LSEG data

** Median PT on BLDT is 7,900 rupees

** BLDT up 15% so far this year, vs 29% and 10% rise in MALO and DELH, respectively

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

Sept 30 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• TO IMPLEMENT GENERAL PRICE INCREASE WEF JAN 1, 2025

• AVERAGE PRICE INCREASE IN RANGE OF 9%-12%, DEPENDING ON PRODUCT VARIABILITIES

Source text for Eikon: ID:nBSE6WkmHw

Further company coverage: BLDT.NS

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* Blue Dart Express BLDT.NS jumps as much as 15.3% to 9,488.70 rupees, highest since Oct. 4, 2022

* Logistics co sees busiest session ever, with more than 1.1 mln shares traded - 113x its 30-day avg

* Reuters could not immediately ascertain the reason behind day's move

* Avg rating of analysts is "hold" vs "buy" for Delhivery DELH.NS - LSEG

* BLDT's relative strength index rises to 76, suggesting that it is in overbought zone

* Stock up ~25% YTD vs DELH's ~9% rise

(Reporting by Vijay Malkar)

(([email protected];))

BENGALURU, Aug 15 (Reuters) - Logistics firm Ecom Express on Thursday filed for an initial public offering (IPO) worth up to 26 billion rupees ($310 million), its draft papers showed.

The IPO will consist of a fresh issue of shares worth up to 12.85 billion rupees while existing investors will offload shares aggregating to 13.16 billion rupees.

The e-commerce logistics firm, which counts Amazon and beauty products retailer Nykaa among its clients, looks to go public at a time when India's IPO space has seen more than 150 companies raise around $5 billion this year as of July-end.

The company, which competes with the likes of Delhivery DELH.NS and Blue Dart BLDT.NS, said it intends to use funds from the fresh issue towards setting up of new processing and fulfilment centres, investment in IT equipment and payment of debt.

Among those selling their existing stakes, Partners Group's PGHN.S PG Esmeralda and Warburg Pincus's Eaglebay Investment would sell holdings worth 9.31 billion rupees and 2.11 billion rupees, respectively.

Ecom Express reported a net loss of 2.54 billion rupees for the year ended March 31, 2024, compared with a loss of 4.22 billion rupees, a year earlier.

($1 = 83.9390 Indian rupees)

(Reporting by Nishit Navin; Editing by Vijay Kishore)

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BENGALURU, Aug 13 (Reuters) - India's telecom watchdog on Tuesday directed service providers to stop all promotional calls from unregistered callers and blacklist them as it looks to tackle a surge in spam and phishing calls that has seen people lose millions of rupees.

The government has been looking to clamp down on the spike in such calls including those where scammers pose as representatives of firms like FedEx and Blue Dart and extract sensitive financial information by sending phishing links in the pretext of retrieving lost packages.

"All promotional voice calls from the unregistered senders/unregistered telemarketer using Telecom Resources shall be stopped immediately," the Telecom Regulatory Authority of India said in a statement shared by the government.

Such unregistered callers will be blacklisted for up to two years, the statement said, adding that telecom service providers would need to submit updates on action taken on scam callers on the 1st and 16th of every month.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Saumyadeb Chakrabarty)

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Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS LTD- APPOINTMENT OF PRAKASH APTE AS CHAIRMAN

Source text for Eikon: ID:nNSE3ppwNz

Further company coverage: BLDT.NS

** Shares of Ascensive Educare ASCE.BO jumps 20% to hit upper circuit at 97.2 rupees

** Skill development firm signs deals with Blue Dart Express BLDT.NS and Delhivery DELH.NS for recruitment and payroll management, with expected turnover of ~220 million rupees ($2.64 million)

** Stock has risen 44% in last two sessions

** Stock sees second-busiest day in nearly two weeks, with over 54,000 shares traded

** Stock up 106.7% YTD, after gaining 91% in 2023

($1 = 83.4860 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru)

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June 19 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• COMMENCES DRONE DELIVERIES IN COLLABORATION WITH SKYE AIR

Further company coverage: BLDT.NS

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Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS LTD- APPOINTS DIPANJAN BANERJEE AS CHIEF COMMERCIAL OffiCER

Source text for Eikon: ID:nBSE5cQSKp

Further company coverage: BLDT.NS

** Shares of Blue Dart Express BLDT.NS up 1.7% at 6,348.1 rupees

** Co reported 12% YoY jump in Q4 profit on Thursday, aided by strong demand for its logistics services

** Stock was up as much as 3.1%, before trimming gains

** Rivals Mahindra Logistics MALO.NS down 0.6% and Delhivery DELH.NS up 2%; both yet to report results

** BLDT and MALO rated "hold" on avg, DELH rated "buy" - LSEG data

** YTD, BLDT down ~14%; MALO and DELH up ~20% and ~18% respectively

(Reporting by Varun Vyas in Bengaluru)

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May 2 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS LTD - DIVIDEND 25 RUPEES PER SHARE

• BLUE DART EXPRESS MARCH-QUARTER CONSOL NET PROFIT 777.8 MILLION RUPEES VERSUS 694.4 MILLION RUPEES

• BLUE DART EXPRESS MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 13.23 BILLION RUPEES VERSUS 12.17 BILLION RUPEES

Source text for Eikon: ID:nNSE5sqnqW

Further company coverage: BLDT.NS

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March 27 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS - INTRODUCES 20-HOUR DELIVERY SERVICE TO GIFT CITY FROM MAJOR METROS

Source text for Eikon: ID:nBSE2pvPnl

Further company coverage: BLDT.NS

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** Shares of courier services provider Blue Dart Express BLDT.NS down as much as 1.8% to 5,490 rupees, its lowest since early March 2022

** Reuters could not immediately ascertain a reason for the stock move

** Stock down 3.6% so far this week, after a 3.4% decline in the previous week

** More than 188,000 shares trade, its most-active session since mid-Sept 2022

** Avg rating of 8 analysts is 'hold', median price target is 7,460 rupees - LSEG data

** BLDT down 24.8% YTD vs Nifty 500 index's .NIFTY500 ~1% rise

(Reporting by Rama Venkat in Bengaluru)

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BENGALURU, Feb 27 (Reuters) - Indian logistics firm Shadowfax on Tuesday said it raised $100 million in a funding round led by U.S. private equity firm TPG TPG.O to extend last-mile delivery services.

The company declined to disclose the valuation at which it raised the funds. It was last valued at $632 million, as of April 2022, per data from investment tracker Tracxn.

Besides TPG, existing investors, including Walmart WMT.N-owned e-commerce platform Flipkart, fund house Mirae Asset, and International Finance Corp, also participated in the funding round, according to a statement.

Early investor Eight Roads Ventures sold some of its stake in Shadowfax, the statement said, without specifying details.

"This round encompasses a blend of primary, secondary and venture debt financing," Shadowfax said.

Logistics firms such as Shadowfax, Delhivery DELH.NS and DHL-owned Blue Dart Express BLDT.NS have hugely benefited as Indians increasingly shop online for everything from electronics to fashion.

Annual e-commerce shipment volumes in India are expected to grow at least five-fold to 20 billion by 2030 from 3.9 billion in 2022, according to a report by consultancy firm Redseer.

(Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia Cheema)

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Feb 2 (Reuters) - Indian logistics firm Delhivery DELH.NS posted its first-ever quarterly profit since listing on Friday, helped by healthy demand for online shopping during the festive season.

Consolidated profit for the three months ended Dec. 31 was 117.1 million rupees ($1.41 million) compared with a loss of 1.96 billion rupees a year earlier, the company said in an exchange filing.

"We are satisfied that network quality remained robust even through the peak season," said Sahil Barua, MD & CEO of the Gurugram-based company.

Analysts had said the company, which delivers orders for Amazon AMZN.O and Walmart WMT.N-owned Flipkart, would achieve profit after tax break-even by the second half of fiscal year 2025.

Revenue from the company's express parcel services, which contributes more than half to the total, climbed 21% year-on-year.

The company, which also operates the Part Truckload and Truckload businesses, saw its total income rise 21% to 23.25 billion rupees.

Total expenses were up 7.7%, with freight, handling and servicing costs jumping 11.5%.

Rival Blue Dart Express BLDT.NS reported a marginal rise in quarterly profit last week, driven by a recovery in demand during the festive season.

Delhivery also approved a scheme of amalgamation for the merger of its units Spoton Logistics and Spoton Supply Chain Solutions into and with the company.

Shares of Delhivery closed 0.9% up ahead of the results.

($1 = 82.8870 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru;Editing by Sohini Goswami)

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BENGALURU, Jan 29 (Reuters) - Indian freight operating company Mahindra Logistics MALO.NS reported a loss for a fourth straight quarter, hurt by mounting costs and a persistent decline in its express cargo business amid stiff competition.

The logistics arm of the tech-to-tractor conglomerate Mahindra Group posted a consolidated net loss after tax of 174.1 million rupees ($2.1 million) in the quarter ended Dec. 31, compared with a profit of 13.9 million rupees a year ago.

During the quarter, a 6% jump in total expenses to 14.13 billion rupees outweighed a 5% rise in revenue to 13.97 billion rupees.

"Q3 FY24 was a period of moderate demand. Continuing growth in engineering and FMCG segments were offset by slow growth in other markets," CEO and Managing Director Rampraveen Swaminathan said in a statement.

The company's profitability has been hit by intensive competition from international and domestic players in the previous quarters as well.

Persistent losses in the express cargo business Rivigo, which was acquired in 2022, also weighed on Mahindra Logistics' profit.

Festive season volume growth was offset by lower volumes due to increased shutdowns in e-commerce and some automotive original equipment manufacturers, CEO Swaminathan said.

Mahindra Logistics incurred a 99.4-million-rupees loss from its mainstay segment of supply chain management during the reported quarter.

The company competes with firms such as Delhivery DELH.NS, which has yet to report earnings for the December quarter, while peers like Blue Dart Express BLDT.NS have reported a marginal increase in quarterly profit after four quarters of losses.

Shares of Mahindra Logistics closed 1% higher ahead of results.

($1 = 83.1050 Indian rupees)

(Reporting by Manvi Pant and Hritam Mukherjee in Bengaluru; Editing by Eileen Soreng and Mrigank Dhaniwala)

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Jan 24 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• BLUE DART EXPRESS DEC-QUARTER CONSOL NET PROFIT 888.9 MILLION RUPEES VERSUS 886.6 MILLION RUPEES

• BLUE DART EXPRESS DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 13.83 BILLION RUPEES VERSUS 13.37 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: BLDT.NS

(([email protected];))

Dec 8 (Reuters) - Blue Dart Express Ltd BLDT.NS:

• APPROVED PURCHASE OF TWO LEASED AIRCRAFTS BY BLUE DART AVIATION

• DEAL FOR 400 MILLION RUPEES

• THE TWO AIRCRAFTS ARE CURRENTLY OPERATING ON LEASE BASIS BY UNIT BLUE DART AVIATION

Source text for Eikon: ID:nBSE3N7fRl

Further company coverage: BLDT.NS

(([email protected];;))