Blue Dart Express Limited announced that India Ratings and Research (Ind-Ra) has affirmed its Long-Term Issuer Rating at ‘IND AA+/Stable’. Furthermore, the ratings for the company’s bank loan facilities have been confirmed as ‘IND AA+/Stable/IND A1+’. The outlook associated with these ratings is currently positive, indicating confidence in the company’s financial stability and operational strength following a review dated March 23, 2026.
Credit Rating Confirmation by India Ratings
Pursuant to regulatory requirements, Blue Dart Express Limited formally disclosed an update regarding its credit assessment from India Ratings and Research (Ind-Ra). The rating agency has officially affirmed the company’s Long-Term Issuer Rating.
The affirmed rating stands at ‘IND AA+/Stable’. Additionally, the ratings assigned to the company’s various bank loan facilities have also been confirmed at ‘IND AA+/Stable/IND A1+’. A significant takeaway from the rating review is the declaration that the associated Outlook is positive.
Facilities Breakup Summary
The rating confirmation covers specific bank facilities, primarily revolving around working capital needs. The total rated exposure detailed in the annexure amounts to INR2,000 million for the primary bank loan facilities.
A breakdown of these facilities highlights the distribution across major financial institutions:
- HDFC Bank Limited: Rated at IND AA+/Stable/IND A1+ for Fund Based Working Capital Limit of INR500.00 million.
- ICICI Bank: Holds two key facilities: a Fund Based Working Capital Limit of INR1,000.00 million and a Non-fund-based limit sub-limit of INR320.00 million, both carrying the IND AA+/Stable/IND A1+ rating.
- Axis Bank Limited: Has a Fund Based Working Capital Limit rated at INR450.00 million and a Non-Fund Based Working Capital Limit of INR50.00 million, both rated similarly.
Rating Rationale and Disclosure
The rating affirmation reflects India Ratings’ assessment based on the factual information provided by Blue Dart and publicly available data. The letter dated March 23, 2026, which details this confirmation, has been enclosed for the records of the stock exchanges.
Blue Dart Express Limited confirms that the management, led by Tushar Gunderia, Head (Legal & Compliance) & Company Secretary, is committed to providing all material information necessary to ensure the accuracy and appropriateness of the assigned ratings moving forward.
Source: BSE
