Blue Water Logistics profit more than triples to Rs 15.9993 crore

Blue Water Logistics Limited reported profit for the period of Rs 15.9993 crore for the quarter ended 30 September 2026, up from Rs 5.0984 crore a year earlier, as revenue from operations rose to Rs 272.0696 crore from Rs 87.4201 crore. The unaudited results also recorded higher operating, finance and depreciation costs.

How did Blue Water Logistics perform in the September quarter?

Blue Water Logistics increased revenue, profit before tax and profit for the period in the quarter ended 30 September 2026. Revenue from operations rose by Rs 184.6495 crore from the September 2025 quarter, while profit before tax increased to Rs 21.4613 crore from Rs 6.9366 crore and profit for the period rose by Rs 10.9009 crore.

The company also reported a sequential increase from the quarter ended 30 June 2026, when revenue from operations was Rs 211.2233 crore and profit for the period was Rs 13.973 crore. Total income reached Rs 272.4561 crore in the September 2026 quarter, including other income of Rs 38.65 lakh, compared with total income of Rs 211.3427 crore in the preceding quarter.

Basic and diluted earnings per share were Rs 14.54 each for the September 2026 quarter, versus Rs 12.70 in the June 2026 quarter and Rs 5.12 in the September 2025 quarter. Paid-up share capital was unchanged at Rs 11 crore in all three quarterly periods, and the face value was Rs 10 per share.

What happened to Blue Water Logistics’ costs in September?

Blue Water Logistics’ total expenses increased to Rs 250.9947 crore in the September 2026 quarter from Rs 192.599 crore in June 2026 and Rs 80.5522 crore a year earlier. Operating expenses were the largest cost line at Rs 224.5182 crore, compared with Rs 180.3158 crore in the preceding quarter and Rs 73.7541 crore in the September 2025 quarter.

Finance costs rose to Rs 6.661 crore, from Rs 2.8675 crore in June 2026 and Rs 75.10 lakh a year earlier. Depreciation and amortisation expense was Rs 7.706 crore, against Rs 2.0958 crore sequentially and Rs 1.4227 crore year on year, while employee benefit expenses increased to Rs 6.8183 crore from Rs 5.6618 crore and Rs 2.2222 crore, respectively.

Other expenses were Rs 5.2913 crore in the September 2026 quarter, compared with Rs 1.6581 crore in the June quarter and Rs 2.4022 crore in the year-earlier period. Current tax expense was Rs 5.1997 crore and deferred tax was Rs 26.23 lakh, compared with current tax of Rs 1.7458 crore and deferred tax of Rs 9.23 lakh in the September 2025 quarter.

What did Blue Water Logistics report for the first half?

Blue Water Logistics reported revenue from operations of Rs 483.2929 crore and profit for the period of Rs 29.9723 crore for the half year ended 30 September 2026. In the corresponding half year ended 30 September 2025, revenue was Rs 138.271 crore and profit was Rs 8.6282 crore, while profit before tax rose to Rs 40.205 crore from Rs 11.5612 crore.

First-half total expenses rose to Rs 443.5938 crore from Rs 126.7787 crore, including operating expenses of Rs 404.834 crore and finance costs of Rs 9.5285 crore. The statement showed no exceptional or extraordinary items in either half-year period, meaning reported profit before tax was not adjusted for such items.

Cash generation differed from the reported first-half profit. Net cash used in operating activities was Rs 106.1727 crore, compared with an outflow of Rs 17.7326 crore a year earlier, after trade receivables increased by Rs 82.1562 crore and other current assets increased by Rs 45.1708 crore.

How did Blue Water Logistics’ balance sheet and cash flows change?

Blue Water Logistics’ total assets increased to Rs 485.8963 crore at 30 September 2026 from Rs 235.4963 crore at 31 March 2026. Trade receivables rose to Rs 223.5897 crore from Rs 141.4335 crore, while property, plant and equipment increased to Rs 96.7711 crore from Rs 21.5552 crore over the same period.

Borrowings also increased during the six months. Long-term borrowings were Rs 104.0159 crore at 30 September 2026, compared with Rs 25.0844 crore at 31 March 2026, while short-term borrowings rose to Rs 226.8122 crore from Rs 82.4456 crore. Shareholders’ funds increased to Rs 111.0681 crore from Rs 81.0958 crore, including reserves and surplus of Rs 100.0681 crore.

Net cash used in investing activities was Rs 112.1437 crore in the half year, including Rs 78.1817 crore spent on property, plant and equipment, capital work-in-progress and intangible assets. Financing activities generated Rs 213.7697 crore, primarily reflecting increases of Rs 144.3666 crore in short-term borrowings and Rs 78.9315 crore in long-term borrowings, less Rs 9.5285 crore of interest and finance charges paid.

What disclosures accompanied Blue Water Logistics’ results?

Blue Water Logistics said it operates in one segment: integrated end-to-end logistics services covering sea freight, air freight, transportation and custom house activities. The company therefore made no additional disclosures under Accounting Standard 17 on segment reporting, and said its NSE SME Platform listing exempts it from the applicability of Indian Accounting Standards.

The board approved the results on 6 November 2026 after Audit Committee review. The statutory auditor completed a limited review and stated that nothing had come to its attention suggesting that the unaudited results failed to make required disclosures or contained a material misstatement.

At an extraordinary general meeting on 16 September 2026, shareholders approved the issuance of 10 lakh fully convertible warrants at Rs 410 per warrant, including a securities premium of Rs 400 per share. Each warrant is convertible into, or exchangeable for, one fully paid equity share with a face value of Rs 10.

Blue Water Logistics also said its two wholly owned subsidiaries and one associate had not commenced business as at 30 September 2026. The company had not paid any amount towards subscribing to the share capital of those entities, and disclosed no financial transactions in them at that date.

Conclusion

Blue Water Logistics reported substantially higher September-quarter revenue and profit, with revenue rising to Rs 272.0696 crore and profit for the period reaching Rs 15.9993 crore. The expansion was accompanied by higher operating expenses of Rs 224.5182 crore, finance costs of Rs 6.661 crore and depreciation and amortisation expense of Rs 7.706 crore, while first-half operating cash flow was negative Rs 106.1727 crore.

The next disclosed matters to watch are the implementation of the shareholder-approved 10 lakh convertible warrants at Rs 410 each and whether the two wholly owned subsidiaries and one associate commence operations. Subsequent results will also show whether trade receivables of Rs 223.5897 crore and borrowings of Rs 330.8281 crore change after the September 2026 balance-sheet date.