Blue Water Logistics borrowings rise Rs 223.30 crore in half year

Blue Water Logistics Limited increased total borrowings by Rs 223.30 crore to Rs 330.83 crore in the half year ended September 30, 2026, as it used Rs 106.17 crore in operating activities and spent Rs 78.18 crore on asset purchases. Financing inflows of Rs 213.77 crore came primarily from additional short-term and long-term borrowings.

Why did Blue Water Logistics report negative operating cash flow?

Blue Water Logistics reported net cash used in operating activities of Rs 106.17 crore for the half year ended September 30, 2026, because working-capital movements absorbed Rs 98.98 crore before income tax. The outflow was Rs 88.44 crore greater than the Rs 17.73 crore used in the half year ended September 30, 2025.

Trade receivables were the largest cash use, rising by Rs 82.16 crore in the September 2026 half year, compared with a Rs 11.40 crore increase a year earlier. Short-term loans and advances absorbed Rs 23.43 crore, other current assets absorbed Rs 45.17 crore, and trade payables used Rs 8.01 crore, whereas payables generated Rs 5.55 crore in the prior-year period.

The operating outflow occurred despite profit before tax increasing to Rs 40.21 crore from Rs 11.56 crore and depreciation and amortisation of Rs 9.80 crore being added back. Operating profit before working-capital changes was Rs 59.34 crore, but this was outweighed by working-capital absorption and Rs 7.19 crore of net income tax paid.

How much did Blue Water Logistics spend on asset purchases?

Blue Water Logistics spent Rs 78.18 crore on property, plant and equipment, capital work-in-progress and intangible assets in the half year ended September 30, 2026, compared with Rs 19.02 crore in the corresponding 2025 half year. The cash-flow statement reports this as a combined asset-purchase line rather than by individual asset category.

Property, plant and equipment stood at Rs 96.77 crore at September 30, 2026, up from Rs 21.56 crore at March 31, 2026. Capital work-in-progress was nil at September 30 after being Rs 6.55 crore at March 31, while intangible assets declined to Rs 5.63 crore from Rs 5.87 crore.

Total investing cash outflow was Rs 112.14 crore, versus Rs 20.93 crore in the September 2025 half year. Beyond asset purchases, Blue Water Logistics recorded a Rs 34.46 crore increase in fixed deposits with banks and a Rs 59,000 increase in non-current investments, partly offset by Rs 50.49 lakh of interest received.

How did Blue Water Logistics fund its cash requirements?

Blue Water Logistics generated Rs 213.77 crore from financing activities in the half year ended September 30, 2026, principally through Rs 144.37 crore of additional short-term borrowings and Rs 78.93 crore of additional long-term borrowings. After Rs 9.53 crore of interest and finance charges paid, financing inflows were Rs 4.55 crore lower than the Rs 218.32 crore combined operating and investing cash outflow.

Blue Water Logistics reported no proceeds from an issue of share capital in the September 2026 half-year cash-flow statement. In the corresponding 2025 period, it recorded Rs 40.50 crore of share-capital proceeds and Rs 4.81 crore of issue costs, resulting in net equity proceeds of Rs 35.69 crore.

At an extraordinary general meeting on September 16, 2026, Blue Water Logistics approved the preferential issue of 10,00,000 fully convertible warrants at Rs 410 per warrant, including Rs 400 securities premium per share. The September 2026 half-year statement records no cash proceeds from that approval.

How much did Blue Water Logistics borrowings increase?

Blue Water Logistics reported total borrowings of Rs 330.83 crore at September 30, 2026, compared with Rs 107.53 crore at March 31, 2026, an increase of Rs 223.30 crore. Short-term borrowings were Rs 226.81 crore and long-term borrowings were Rs 104.02 crore at the September reporting date.

Short-term borrowings increased by Rs 144.37 crore from Rs 82.45 crore at March 31, while long-term borrowings rose by Rs 78.93 crore from Rs 25.08 crore. Those movements match the respective financing cash-flow increases disclosed for the half year.

Finance costs rose to Rs 9.53 crore in the September 2026 half year from Rs 1.47 crore in the September 2025 half year. In the September 2026 quarter alone, finance costs were Rs 6.66 crore, compared with Rs 2.87 crore in the June 2026 quarter.

What changed in Blue Water Logistics assets and working capital?

Blue Water Logistics' total assets rose to Rs 485.90 crore at September 30, 2026 from Rs 235.50 crore at March 31, 2026. Non-current assets increased to Rs 127.58 crore from Rs 39.37 crore, while current assets increased to Rs 358.31 crore from Rs 196.12 crore.

Trade receivables reached Rs 223.59 crore at September 30, up from Rs 141.43 crore at March 31, matching the Rs 82.16 crore receivables cash outflow. Short-term loans and advances rose to Rs 33.68 crore from Rs 9.08 crore, and other current assets increased to Rs 75.10 crore from Rs 29.93 crore.

Revenue from operations increased to Rs 483.29 crore in the September 2026 half year from Rs 138.27 crore a year earlier, while net profit rose to Rs 29.97 crore from Rs 8.63 crore. Blue Water Logistics reports one segment, integrated end-to-end logistics services spanning sea freight, air freight, transportation and customs house activities, so the filing does not provide service-line cash-flow or capital-spending data.

Conclusion

Blue Water Logistics' September 2026 half-year accounts show revenue and profit growth alongside a Rs 106.17 crore operating cash outflow, driven by Rs 98.98 crore of working-capital absorption. Combined with Rs 112.14 crore of investing cash use, the company funded most cash requirements through Rs 213.77 crore of financing inflows and a Rs 223.30 crore increase in borrowings.

The disclosed event to watch is the approved issue of 10,00,000 fully convertible warrants at Rs 410 each, authorised on September 16, 2026 but not recorded as half-year share-capital proceeds. Future filings can show whether warrant proceeds are received and how receivables, fixed deposits, borrowings and finance costs change from the September 30, 2026 balances.