Blue Dart Express’ (BDE) Q1FY24 EBITDA fell short of our estimate by 10%. Key points: 1) number of shipments rose ~9% and tonnage 2.6% YoY; 2) both revenue and EBITDA per shipment continue to decline; 3) EBITDA margin contracted to 15.4% (Q1FY23: 20.7%) – lowest since Q1FY20 – on unfavourable price-cost impact despite the benefit of lower ATF prices.