Below is the comparison of Blue dart express vs TCI express from financial numbers perspective. Amongst the top 2 companies in express delivery space in India, Blue dart and TCI express – below is the comparison of the key numbers. (All numbers in crores and data as of FY2023).
| Category | Blue Dart | TCI Express |
| Revenue | 5,172 | 1,241 |
| Revenue Growth – 5 year | 13% | 7% |
| Revenue Growth -3 Year | 18% | 6% |
| EBITDA – Latest | 970 | 202 |
| EBITDA Margin | 19% | 16% |
| EBITDA Average – 5 year | 17% | 15% |
| EBITDA Average – 3 year | 20% | 17% |
| EBITDA CAGR – 5 year | 21% | 17% |
| PAT | 371 | 139 |
| PAT Margin – Latest | 7% | 11% |
| PAT Average – 5 year | 4% | 11% |
| PAT Average – 3 year | 3% | 13% |
| PAT CAGR – 5 year | 21% | 19% |
| Nett worth – Latest | 1,179 | 592 |
| Debt | 250 | 1 |
| Capital Employed | 1,430 | 597 |
| Gross Block | 2,968 | 430 |
| Investments | 171 | 33 |
| Cash Flow from Operations | 717 | 147 |
| Cash Flow from Investing activities | -514 | -65 |
| Cash Flow from Finance activities | -291 | -84 |
| Free Cash flow | 89 | 18 |
| Cash flow to EBITDA – Recent | 74% | 73% |
| Cash flow to EBITDA – 3 year | 86% | 69% |
| Cash flow to EBITDA – 5 year | 84% | 72% |
| Latest | ||
| Debt to Equity(x) | 0.21 | 0.00 |
| ROCE(%) | 45.98 | 32.86 |
| RONW(%) | 36.14 | 24.74 |
| GPM (%) | 83.80 | 89.98 |
| PBIDTM(%) | 18.74 | 16.25 |
| PATM(%) | 7.16 | 11.22 |
| Average -3 year | ||
| Debt to Equity(x) | 0.48 | 0.00 |
| ROCE(%) | 40.58 | 34.21 |
| RONW(%) | 35.72 | 25.89 |
| GPM (%) | 81.42 | 89.82 |
| PBIDTM(%) | 21.20 | 16.66 |
| PATM(%) | 6.31 | 12.76 |
| Average -5 year | ||
| Debt to Equity(x) | 0.48 | 0.01 |
| ROCE(%) | 40.58 | 36.97 |
| RONW(%) | 35.72 | 27.65 |
| GPM (%) | 81.42 | 90.24 |
| PBIDTM(%) | 21.20 | 14.82 |
| PATM(%) | 6.31 | 10.16 |
As can be seen from the above table, Blue dart generally outperforms on most numbers except PAT margin which is higher for TCI express. This is mainly due to the fact that Blue dart has higher depreciation costs due to the planes that they own vs TCI express.
Further details of Blue dart is covered in the article here.
Financials alone are not sufficient to get a complete perspective on the business and ideal complete research must consider all the aspects mentioned here.
