Blue Dart Vs Delhivery: How did these logistics stocks perform in Q3?

SYNOPSIS: India’s fast-growing express logistics sector shows strong long-term potential, with Blue Dart delivering steady growth and Delhivery reporting a sharp profitability turnaround in Q3 FY26, reflecting contrasting yet competitive business models.

India’s logistics sector, valued at $215 billion in 2021, is well-positioned for strong growth expected at a CAGR of nearly 10.7 percent till 2026. The government’s move to grant infrastructure status has further strengthened its outlook to cheaper, long-term financing, similar to roads and railways, reinforcing logistics as a key pillar of India’s economic growth story.

Within this space, the express logistics and courier industry is expected to grow from Rs. 78,525 crore in FY25 to Rs. 1,57,050-1,91,950 crores by FY30, potentially generating 6.5-7.5 million jobs, according to a report by the Express Industry Council of India (EICI) and KPMG.

Having already grown from Rs. 26,175 crore in FY17 to Rs. 78,525 crore in FY25 at a 12-15 percent CAGR, the industry is also projected to contribute Rs. 8,725-13,088 crore in GST revenues and about Rs. 5,671 crore in customs duty. Domestic express forms 70 percent of the market, valued at between Rs. 54,968-56,713 crore, driven largely by surface transport, while international express is gaining momentum on hte back of rising global demand for Made-in-India products.

Against this backdrop, two logistics stocks – Blue Dart Express Limited and Delhivery Limited – merit closer comparison. This article examines their Q3 FY26 performance to assess how each has fared and reinforced its competitive positioning within India’s logistics sector.

Against this backdrop, two prominent logistics players, Blue Dart Express Limited and Delhivery Limited, stand out for closer comparison. This article looks at their Q3 FY26 performance to evaluate how each company has navigated industry tailwinds and strengthened its competitive position within India’s rapidly evolving logistics landscape.

Price Movement:

With a market cap of Rs. 12,977.6 crores, shares of Blue Dart Express Limited moved down by over 1 percent on BSE to Rs. 5,445.65 on Monday. The stock has delivered negative returns of around 15 percent in one year, but has fallen by over 2 percent in the last one month.

Meanwhile, shares of Delhivery Limited surged over 3 percent to Rs. 450.15 on BSE, with a market cap of Rs. 33,280.3 crores. The stock has delivered positive returns of over 37 percent in one year, and has gained by about 10 percent in the last one month.

Financial Performance for Q3 FY26

For the quarter, Blue Dart posted a consolidated revenue from operations of Rs. 1,616 crores, reflecting a sequential growth of over 4 percent QoQ compared to Rs. 1,549 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased nearly 7 percent from Rs. 1,512 crores recorded in Q3 FY25. Meanwhile, the net profit for Q3 FY26 stood at Rs. 68 crore, reflecting a decline of around 16 percent for both QoQ and YoY from Rs. 81 crores.

On the other hand, Delhivery posted a consolidated revenue from operations of Rs. 2,805 crores, reflecting a sequential growth of around 10 percent QoQ compared to Rs. 2,559 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased nearly 18 percent from Rs. 2,378 crores recorded in Q3 FY25.

Net profit for Q3 FY26 stood at Rs. 40 crore, indicating an impressive turnaround from a net loss of Rs. 50 crores in Q2 FY26, and a significant growth on a year-on-year basis by nearly 60 percent from Rs. 25 crores reported in Q3 FY25.

About the Companies & More

Blue Dart Express Limited, South Asia’s premier express air and integrated transportation and distribution company, offers secure and reliable delivery of consignments to over 56,400+ locations in India.

As part of DHL Group’s DHL e-Commerce division, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories. and offers an entire spectrum of distribution services, including air express, freight forwarding, supply chain solutions, customs clearance, etc. 

Delhivery Limited is a leading provider of logistics services in India, including e-commerce and express parcel transportation, on-demand logistics, part truck-load (PTL) freight, full-truckload (FTL) freight services, cross-border air express and freight services, warehousing and supply chain solutions, data services and software, including warehouse management and transportation management systems to over 51,000 clients.

As of Q3 FY26, the number of unique pin-codes out of 19,500 pin-codes, as per India Post, on which at least one shipment was delivered during the period, stood at 18,838.

India’s express logistics industry continues to benefit from strong structural tailwinds, including rising e-commerce penetration, improving infrastructure, and supportive policy measures. Within this evolving landscape, Blue Dart and Delhivery reflect two distinct operating models – one driven by premium, network-led services and the other by scale, technology and rapid expansion. 

While their Q3 FY26 performances highlight differing growth and profitability trajectories, both companies remain well placed to participate in the sector’s long-term growth, with execution, cost discipline and demand trends likely to shape outcomes in the periods ahead.

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