Shipwaves Online Limited H1 revenue rises to Rs 107.15 crore

Shipwaves Online Limited reported consolidated revenue from operations of Rs 107.15 crore and profit after tax of Rs 5.15 crore for the half year ended September 30, 2026, versus Rs 40.98 crore and Rs 4.68 crore respectively a year earlier. The results include Shipwaves Online LLC, whose reviewed interim revenue was Rs 77.29 crore.

What were Shipwaves' H1 consolidated results?

Shipwaves reported revenue from operations of Rs 107.15 crore for the half year ended September 30, 2026, compared with Rs 40.98 crore for the half year ended September 30, 2025. Revenue therefore increased by Rs 66.17 crore, or 161.46%, while total income rose to Rs 107.19 crore from Rs 41.71 crore.

Consolidated profit after tax was Rs 5.15 crore, up from Rs 4.68 crore in the corresponding prior-year half. Profit before tax increased to Rs 6.05 crore from Rs 5.55 crore, and the statement reported no exceptional items in either period. Current tax was Rs 96.52 lakh in the latest half year, while deferred tax was a credit of Rs 6.63 lakh.

Shipwaves reported basic and diluted earnings per share of Rs 0.28 for the half year ended September 30, 2026, against Rs 0.47 a year earlier. Paid-up equity share capital was Rs 14.15 crore at September 30, 2026, compared with Rs 9.45 crore at September 30, 2025. The lower per-share figure coincided with a larger equity capital base despite the increase in consolidated profit.

How did Shipwaves Online LLC feature in the reported results?

Shipwaves Online LLC reported total revenue of Rs 77.29 crore and net profit after tax of Rs 9.75 crore for the half year ended September 30, 2026, according to financial information reviewed by other auditors. Its stated revenue was equivalent to about 72% of Shipwaves' consolidated revenue from operations of Rs 107.15 crore, although the filing does not disclose intra-group eliminations or segment results.

The subsidiary's reported profit after tax exceeded Shipwaves' consolidated profit after tax of Rs 5.15 crore. The consolidated income statement attributes Rs 3.92 crore of the period's profit to shareholders of Shipwaves and Rs 1.24 crore to minority interest. The filing does not provide a parent-only profit-and-loss statement within the consolidated-results pages.

Shipwaves Online LLC had total assets of Rs 69.28 crore at September 30, 2026 and net cash flow of Rs 3.52 lakh for the half year. Shah & Taparia said it did not itself review the subsidiary's interim financial information, relying instead on reports furnished by management from other auditors. Its conclusion on the consolidated statement was not modified.

Why did Shipwaves' profit increase more slowly than revenue?

Shipwaves' cost of services rose to Rs 86.96 crore in the half year ended September 30, 2026 from Rs 26.18 crore a year earlier, an increase of Rs 60.77 crore. The rise in that expense was close to the Rs 66.17 crore increase in revenue, leaving profit before tax only Rs 50.26 lakh higher than in the prior-year half.

Employee-benefit expense increased to Rs 7.55 crore from Rs 4.35 crore, while depreciation and amortisation rose to Rs 3.90 crore from Rs 1.13 crore. Finance cost declined to Rs 1.39 crore from Rs 1.94 crore, and other expenses fell to Rs 1.34 crore from Rs 2.56 crore. Those declines partly offset the higher service, employee and depreciation costs.

Other income was Rs 3.93 lakh in the latest half year, down from Rs 72.80 lakh a year earlier. The cash-flow statement also records a translation gain of Rs 42.84 lakh in the latest period, compared with a translation loss of Rs 43.73 lakh in the prior-year half. Shipwaves describes its logistics offering as including instant rates, quick quotes, online booking and real-time shipment visibility, but provides no service-line revenue split.

What changed in Shipwaves' working capital and cash flow?

Shipwaves' consolidated trade receivables increased to Rs 42.82 crore at September 30, 2026 from Rs 17.11 crore at March 31, 2026. That Rs 25.71 crore six-month increase was recorded as a working-capital use in the consolidated cash-flow statement. Short-term loans and advances also rose by Rs 1.55 crore to Rs 17.53 crore over the same period.

Net cash from operating activities was Rs 2.48 crore for the half year ended September 30, 2026, compared with an outflow of Rs 2.78 crore in the prior-year half. Operating profit before working-capital changes was Rs 10.87 crore, against Rs 8.93 crore a year earlier. In the latest period, a Rs 6.83 crore rise in trade payables and a Rs 7.71 crore increase in other current liabilities partly offset the receivables movement.

Cash and cash equivalents stood at Rs 1.44 crore at September 30, 2026, down from Rs 1.52 crore at March 31, 2026. Investing activities used Rs 3.71 crore, including Rs 8.76 crore spent on fixed assets and capital work in progress, partly offset by Rs 5.01 crore from fixed-deposit investments. Long-term borrowings increased to Rs 4.49 crore from Rs 1.79 crore, while short-term borrowings were largely unchanged at Rs 23.68 crore.

How were Shipwaves' IPO proceeds used?

Shipwaves disclosed that it had utilised Rs 56.35 crore of fresh-issue proceeds by September 30, 2026, the same amount proposed in its offer document. The company had listed on the SME Platform of BSE Limited on December 17, 2025 after issuing 4,69,60,000 equity shares at Rs 12 each, including Rs 11 of securities premium per share.

The utilisation table shows Rs 17.16 crore for working-capital requirements, Rs 15.00 crore for repayment or prepayment of borrowings, Rs 9.97 crore for subsidiary working capital, Rs 8.45 crore for general corporate expenses and Rs 5.77 crore for issue-related expenses. Management said Rs 9.97 crore was remitted to Shipwaves Online LLC because exchange-rate movements left Rs 3 lakh below the Rs 10.00 crore approved loan amount; the Rs 3 lakh was used for Shipwaves' working capital in the first quarter of FY 2026-27.

Conclusion

Shipwaves' consolidated half-year revenue rose sharply to Rs 107.15 crore, while profit after tax increased by a smaller amount to Rs 5.15 crore. The filing shows Shipwaves Online LLC reported Rs 77.29 crore of revenue, and it also shows higher service costs, employee expense and depreciation alongside a Rs 25.71 crore increase in consolidated trade receivables since March 31, 2026.

The next disclosed item to watch is Shipwaves' proposed corporate guarantee for credit facilities of up to AED 45 lakh, equivalent to approximately Rs 11.63 crore, to be availed by Shipwaves Online LLC from Abu Dhabi Commercial Bank PJSC. The relevant agreements had not been executed when disclosed, and Shipwaves said any invoked guarantee would create a contingent liability to the extent of the facilities used.