Blue Water Logistics Limited air freight reaches 20.3%

Blue Water Logistics Limited reported air freight revenue of Rs 98.04 crore, equal to 20.3% of total revenue in H1 FY27, up from 1.1% in FY25. The increase made air freight BWL’s second-largest reported revenue segment, behind ocean freight, which accounted for 67.9% of H1 FY27 revenue.

How did BWL’s revenue mix change?

BWL’s air freight revenue contribution increased by 19.2 percentage points, from 1.1% in FY25 to 20.3% in H1 FY27. Air freight revenue rose from Rs 2.15 crore in FY25 to Rs 50.18 crore in FY26 and Rs 98.04 crore in H1 FY27.

The reported periods are not directly comparable annual intervals because H1 FY27 covers six months whereas FY25 and FY26 are full financial years. Even so, air freight’s H1 FY27 revenue was higher than the full-year FY26 amount, while its share expanded from 13.0% in FY26 to 20.3%.

Ocean freight remained BWL’s largest business, although its share declined from 83.0% in FY25 to 70.0% in FY26 and 67.9% in H1 FY27. Its revenue increased from Rs 162.89 crore in FY25 to Rs 270.21 crore in FY26 and Rs 328.02 crore in H1 FY27, indicating that the lower mix share coincided with faster growth in other reported segments.

Is air freight BWL’s second-largest revenue segment?

Yes, air freight was BWL’s second-largest reported segment in H1 FY27, generating Rs 98.04 crore, or 20.3% of total revenue. It ranked below ocean freight at Rs 328.02 crore but above non-vessel-operating common carrier, or NVOCC, revenue of Rs 39.75 crore.

Surface freight and railway freight generated Rs 14.73 crore, or 3.0% of H1 FY27 revenue, while custom house clearance generated Rs 276.5 lakh, or 0.6%. The reported ordering therefore placed air freight ahead of every segment other than ocean freight in the half-year.

The mix was substantially different in FY25, when air freight generated Rs 2.15 crore and custom house clearance generated Rs 17.23 crore. Ocean freight then contributed Rs 162.89 crore, or 83.0% of BWL’s Rs 196.18 crore total revenue, while NVOCC had no reported FY25 contribution in the segment table.

Which BWL segments lost revenue share?

Ocean freight, surface freight and railway freight, and custom house clearance all represented smaller shares of BWL revenue in H1 FY27 than in FY25. Ocean freight declined by 15.1 percentage points of mix, surface freight and railway freight fell from 7.1% to 3.0%, and custom house clearance dropped from 8.8% to 0.6%.

Custom house clearance also declined in reported revenue, from Rs 17.23 crore in FY25 to Rs 11.58 crore in FY26 and Rs 276.5 lakh in H1 FY27. Surface freight and railway freight increased from Rs 13.91 crore in FY25 to Rs 23.16 crore in FY26, but represented Rs 14.73 crore during H1 FY27.

NVOCC accounted for 8.0% of revenue, or Rs 30.88 crore, in FY26 and 8.2%, or Rs 39.75 crore, in H1 FY27. The presentation consequently shows that ocean freight’s lower percentage contribution occurred alongside reported NVOCC revenue and the larger expansion of air freight, rather than alongside a decline in ocean freight revenue.

How does the mix shift compare with BWL’s overall revenue?

BWL reported total revenue of Rs 483.29 crore in H1 FY27, compared with Rs 386.02 crore in FY26. Air freight supplied Rs 98.04 crore of the H1 FY27 total, while ocean freight supplied Rs 328.02 crore, although the prior-year figure covers a full financial year.

Total reported revenue rose from Rs 97.98 crore in FY23 to Rs 138.67 crore in FY24, Rs 196.18 crore in FY25 and Rs 386.02 crore in FY26. H1 FY27 should not be treated as a full-year result, but it recorded revenue above the reported FY26 total.

BWL reported earnings before interest, tax, depreciation and amortisation of Rs 59.03 crore in H1 FY27, with a 12.2% margin, versus Rs 43.97 crore and an 11.4% margin in FY26. Profit after tax was Rs 29.97 crore in H1 FY27, compared with Rs 25.21 crore in FY26, while the reported profit-after-tax margin was 6.2%, against 6.5%.

What balance-sheet changes accompanied BWL’s H1 FY27 revenue?

BWL reported total assets of Rs 485.90 crore at September 2026, up from Rs 235.50 crore at March 2026. Trade receivables rose to Rs 223.59 crore from Rs 141.43 crore, and other current assets increased to Rs 75.10 crore from Rs 29.93 crore.

Non-current borrowings increased to Rs 104.02 crore at September 2026 from Rs 25.08 crore at March 2026, while current borrowings rose to Rs 226.81 crore from Rs 82.45 crore. Total equity was Rs 111.07 crore, compared with Rs 81.10 crore, and BWL reported a debt-to-equity ratio of 3.0 for H1 FY27 versus 1.3 for FY26.

The presentation does not identify customer wins, routes, pricing changes, cargo volumes or other operating drivers behind air freight’s rise from 1.1% in FY25 to 20.3% in H1 FY27. It also does not disclose segment-level margins or a forward air-freight revenue target.

Conclusion

BWL’s disclosed mix changed materially by H1 FY27, with air freight rising from Rs 2.15 crore and 1.1% of FY25 revenue to Rs 98.04 crore and 20.3%. Ocean freight remained the largest contributor at Rs 328.02 crore and 67.9%, while NVOCC contributed 8.2% and custom house clearance fell to 0.6%.

The next disclosure will be important for whether air freight retains a share near 20.3% and for further detail on the cause of the mix change. BWL has not disclosed an air-freight target, segment margin or operating explanation, while September 2026 borrowings of Rs 330.83 crore and trade receivables of Rs 223.59 crore remain reported figures to monitor.