BLT Logistics first-half profit rises 40% while cash flow lags

BLT Logistics Limited reported consolidated profit of Rs 2.33 crore for the half year ended September 30, 2026, up 40% from Rs 1.66 crore a year earlier, as revenue from operations rose 25% to Rs 32.08 crore; operating cash flow was Rs 67.51 lakh after trade receivables increased by Rs 3.88 crore.

How much did BLT Logistics' first-half profit and revenue grow?

BLT Logistics' consolidated profit for the half year ended September 30, 2026 was Rs 2.33 crore, compared with Rs 1.66 crore in the half year ended September 30, 2025. The Rs 67.01 lakh increase was about 40% on the reported comparative figure, while profit before tax rose to Rs 3.12 crore from Rs 2.22 crore.

Revenue from operations increased by Rs 6.42 crore to Rs 32.08 crore from Rs 25.66 crore in the prior-year half. Other income rose to Rs 17.38 lakh from Rs 13.56 lakh, taking total revenue to Rs 32.25 crore from Rs 25.80 crore.

BLT Logistics also reported Rs 2.18 crore of profit in the preceding half year ended March 31, 2026. The September 2026 half-year profit was Rs 15.64 lakh higher sequentially, while revenue from operations was Rs 1.52 crore above the Rs 30.56 crore recorded in that preceding half year. Basic earnings per share, or EPS, was Rs 4.86, against Rs 3.47 a year earlier and Rs 5.41 in the preceding half year.

What changed in BLT Logistics' costs and profit before tax?

BLT Logistics' total expenses were Rs 29.13 crore in the September 2026 half year, compared with Rs 23.57 crore a year earlier. The Rs 5.56 crore increase in expenses was lower than the Rs 6.45 crore rise in total revenue, and profit before tax increased by Rs 89.55 lakh to Rs 3.12 crore.

Cost of operating expenses rose to Rs 25.10 crore from Rs 19.23 crore, while employee benefits expense fell to Rs 1.05 crore from Rs 1.38 crore. Finance cost declined to Rs 46.24 lakh from Rs 55.24 lakh, depreciation and amortisation declined to Rs 1.68 crore from Rs 1.81 crore, and other expenses rose to Rs 84.95 lakh from Rs 60.29 lakh.

Tax expense was Rs 78.47 lakh in the September 2026 half year, versus Rs 35.93 lakh in the corresponding prior-year period. The results show no exceptional items for the half year and no profit or loss from discontinuing operations, with the Rs 3.12 crore pre-tax profit resulting in reported profit of Rs 2.33 crore.

Why was BLT Logistics' operating cash flow Rs 67.51 lakh?

BLT Logistics generated net cash from operating activities of Rs 67.51 lakh in the half year ended September 30, 2026, after reporting Rs 5.22 crore of operating profit before working-capital changes. The principal working-capital outflow was a Rs 3.88 crore increase in trade receivables.

Loans and advances increased by Rs 2.17 crore, other current assets increased by Rs 72.20 lakh, and other non-current assets increased by Rs 20,000. These cash uses were partly offset by a Rs 2.09 crore increase in other current liabilities, a Rs 77.67 lakh increase in provisions and a Rs 13.40 lakh increase in trade payables.

Cash generated after working-capital changes was Rs 1.46 crore before direct taxes paid of Rs 78.47 lakh, leaving operating cash flow of Rs 67.51 lakh. The full year ended March 31, 2026 recorded Rs 1.89 crore of operating cash flow, but it covers 12 months and is therefore not directly comparable with the September 2026 six-month period.

How did BLT Logistics' receivables and balance sheet change?

BLT Logistics' consolidated trade receivables stood at Rs 20.86 crore on September 30, 2026, up from Rs 16.99 crore on March 31, 2026. The Rs 3.88 crore balance-sheet increase corresponds with the trade-receivables movement reported in the consolidated cash-flow statement.

Short-term loans and advances rose to Rs 6.03 crore from Rs 3.86 crore, while other current assets increased to Rs 2.84 crore from Rs 2.12 crore. Current assets consequently rose to Rs 30.39 crore at September 30, 2026 from Rs 23.32 crore at the March 31, 2026 financial year-end.

BLT Logistics' shareholders' funds were Rs 23.23 crore at September 30, 2026, compared with Rs 20.90 crore at March 31, 2026. Long-term borrowings increased by Rs 1.82 crore to Rs 5.22 crore, while short-term borrowings decreased by Rs 1.47 crore to Rs 5.25 crore over the same dates.

What did BLT Logistics report on investment, financing and cash?

BLT Logistics used Rs 26.46 lakh in investing activities during the September 2026 half year, including Rs 28.57 lakh spent on property, plant and equipment. Interest received was Rs 2.67 lakh, while the full year ended March 31, 2026 had recorded Rs 5.42 crore of investing cash outflow.

Financing activities resulted in a net cash outflow of Rs 10.98 lakh in the half year ended September 30, 2026, and interest paid was Rs 45.61 lakh. Cash and cash equivalents increased by Rs 30.08 lakh to Rs 65.50 lakh at September 30, 2026 from Rs 35.42 lakh at March 31, 2026.

What was the status of BLT Logistics' results review?

BLT Logistics' board approved the unaudited consolidated results on November 14, 2026 after review by the audit committee. The consolidated statement includes BLT Logistics and its subsidiaries Sabarmati Express India Private Limited and BLT International Logistics FZ-LLC.

Jain Agarwal & Co. conducted a limited review under Standard on Review Engagements 2410. The auditor said nothing had come to its attention indicating that the consolidated statement failed to make the disclosures required under the listing regulations or contained a material misstatement; it did not express an audit opinion.

Conclusion

BLT Logistics delivered higher revenue and profit in the half year ended September 30, 2026, with revenue from operations increasing Rs 6.42 crore and profit increasing Rs 67.01 lakh from a year earlier. The cash-flow statement, however, shows that the Rs 3.88 crore receivables increase and Rs 2.17 crore increase in loans and advances absorbed much of the cash generated before working-capital changes.

The next reported results will show whether trade receivables, which reached Rs 20.86 crore on September 30, 2026, and short-term loans and advances, which reached Rs 6.03 crore, change further. BLT Logistics has stated that it has one reportable segment under Accounting Standard 17, so subsequent disclosures may continue to provide group-level rather than segment-wise figures.