As you celebrate 30 years of Blue Dart Aviation, what are your fleet expansion plans?
We currently operate eight Boeing aircraft. Every night, we connect nearly 74 locations. Air and ground operations work together as a complementary network. Fleet expansion depends on volume, demand, and profitability.
India had 74-75 airports 12 years ago. Today, there are around 165 airports. By 2030, the number could approach 250 and later 300. By 2047, India could have anywhere between 400 and 500 airports. This expansion creates opportunities to serve smaller and emerging markets. Every fleet expansion decision must meet our requirements around yield, profitability, landing rights, turnaround times, and consistent demand.
Have you observed any impact from the West Asia conflict on Blue Dart’s overall business?
Not really. Demand remains resilient. The primary impact is on costs, particularly energy and fuel. We pass those fuel-related increases on to customers through a floating mechanism. When fuel prices rise, prices adjust upwards; when fuel prices fall, prices come down. As a result, the fuel impact does not directly affect our margins. Of course, we must continue working to lower our overall unit costs, but fuel-related increases are largely neutralised through pricing adjustments.
How do you view India’s manufacturing ambitions, and what shifts are you observing?
We are seeing several encouraging green shoots. One area that particularly interests us is semiconductor and chip manufacturing because these are high-value products where speed and reliability matter greatly. AI investments benefit us both directly and indirectly.
Data centres are another major opportunity. Electric vehicle manufacturing is also expanding.
Another positive development is the signing of FTAs. As more products enter India under these agreements, efficient distribution becomes critical.
How much of your capital expenditure (capex) is directed towards technology?
Our capex is broadly distributed across three key pillars: technology, infrastructure, and aviation. More than one-third of our investments are directed towards technology-related initiatives. Technology is becoming increasingly central to how logistics companies operate, and that trend will only intensify going forward.
How do you view India’s e-commerce market?
E-commerce is currently our fastest-growing vertical. In many months, we have grown faster than the broader e-commerce market. It is an exciting segment and, importantly, profitable for us.
Within air logistics, we hold a very strong market share in e-commerce, well above 50 per cent. We want to maintain that leadership position, and that comes from our ability to deliver speed and reliability.
Ground-based e-commerce logistics is also growing strongly. Overall, e-commerce now contributes around 30 per cent of our business and continues to expand.
What will define India’s logistics sector over the next decade?
Technology, AI, and infrastructure. We also see major opportunities arising from FTAs and growing global integration. Another important growth area is supporting small and medium enterprises (SMEs) and micro SMEs. These businesses need reliable logistics to access domestic and international markets, and that lines up perfectly with our value proposition.
What are Blue Dart’s broader expansion plans?
Our focus remains on Tier-II and Tier-III cities, where demand is growing rapidly. Today, demand is increasingly driven by speed rather than cost. Customers are willing to pay a premium for time-definite delivery. If we can provide faster service to a Tier-II or Tier-III city, demand naturally increases.
E-commerce is one of the fastest-growing segments in these markets, but growth is also visible across our ground and enterprise logistics businesses.
We have seen tariffs and geopolitical tensions affect global trade. Certain sectors have faced challenges. Have you observed any impact on shipments?
The situation is evolving, and in some cases, what was previously a disadvantage could become an advantage. We are looking forward to the India-US trade agreement. India and the US have deep economic ties across multiple sectors. I remain optimistic that a balanced outcome can be achieved. At the same time, recent developments have encouraged Indian businesses to look beyond a few traditional markets and adopt a more global outlook.
Today, we are engaging with countries across Europe, West Asia, and other regions. That diversification creates new opportunities and strengthens India’s position in global trade. In that sense, some recent disruptions have also served as a wake-up call, encouraging businesses to explore new markets and expand their horizons.
 "Balfour Manuel, managing director of Blue Dart")