BLUEWATER
Blue Water Logistics financials
- Market cap
- ₹460 Cr
- Sector
- Services
- Calls analysed
- 2
Blue Water Logistics Ltd Q1 FY27
What went well
- Exceptional operational and financial performance with revenue from operations increasing by 315.4% year-on-year to ₹211.2 crores.
- EBITDA grew robustly by 259.6% year-on-year to ₹23.6 crores, with margins at 11.2%.
- Profit after tax increased by 295.9% year-on-year to ₹14 crores, achieving 6.6% margins.
What to watch
- Operating profit margins dipped slightly to 11.2% from 13% in the previous quarter, though management expects stability.
- Q2 FY27 may face 'little issue about the vessels and all' due to a surge in exports from China, potentially causing 'topsy and turvy' conditions.
What Blue Water Logistics Ltd does
Blue Water Logistics is a licensed Multimodal Transport Operator providing end-to-end freight forwarding and supply-chain solutions, including ocean, air, surface and rail freight, NVOCC/ISO tank container logistics, customs house agent (CHA) services, and cargo fumigation. It runs a fleet of ISO tank containers and container trailers alongside arrangements for air freight, rail transport and warehousing, serving clients across confectionery, chemicals, textiles, electronics, crockery, natural stones and fitness-equipment industries. The company operates from a Hyderabad headquarters through branch offices across India and an operational Dubai office, with an international partner network spanning ocean, air and NVOCC trade lanes.
Segments
- Ocean Freight
- NVOCC / ISO Tank Container Logistics
- Air Freight
- Surface and Railway Freight
- Customs House Agent (CHA) services
- Other value-added services
- Branch offices
- 13 (Chennai, Delhi, Jaipur, Visakhapatnam, Mumbai, Gandhidham, Bengaluru, Dubai and other locations)
- State presence (India)
- 10 states
- International reach
- 28+ countries
- ISO tank container fleet
- 1,708+
- Container trailer fleet
- 100+ (40-feet trailers)
- Client base
- 1,500+
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 0 delivered 0 missed 10 open- NVOCC/ISO Revenue Contribution at risk said Q4 FY26 Promised: Increase revenue contribution from NVOCC/ISO segment to close to 20% in FY27. Q1 FY27: NVOCC revenue share was 4.6% in Q1 FY27, down from 8% in FY26 and significantly below the ~20% target for FY27. Management commentary softened, stating they are taking 'baby steps' and expect NVOCC to become significant 'in the coming years', suggesting the original timeline is at risk.
- Revenue Growth on track said Q4 FY26 Promised: Continue the same growth as FY26 (~97%), effectively almost doubling revenue in FY27. Q1 FY27: Management reiterated the goal to double business in FY27, targeting ~₹800 crores. Q1 revenue of ₹211.2 Cr puts the company on an annualized run-rate of ₹844.8 Cr, well ahead of the required pace to meet the target of ~₹772 Cr (double of FY26's ₹386 Cr).
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 313.7%, net profit up 250.0% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 62 | 53 | 51 | 87 | 112 +81% | 135 +155% | 211 +314% |
| EBITDA | 5 | 7 | 7 | 9 | 13 +160% | 15 +114% | 24 +243% |
| Net profit | 3 | 4 | 4 | 5 | 7 +133% | 9 +125% | 14 +250% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +207.0% 1Y
1Y: ₹149 on 10 Sept 2025 → ₹457.5. High ₹497.95 (3 Sept 2026), low ₹134.35 (6 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.0%
- 29 Jul
- Q4 FY26
- −5.0%
- 1 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹385 Cr |
| Operating profit | ₹44 Cr |
| Operating margin | 11.4% |
| Interest | ₹5 Cr |
| Depreciation | ₹5 Cr |
| Net profit | ₹25 Cr |
| Net margin | 6.5% |
| Cash from operations | ₹-53 Cr |
| Free cash flow | ₹-80 Cr |
| ROCE | 31.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹2 Cr | ₹7 Cr | ₹54 Cr | ₹70 Cr |
| Borrowings | ₹19 Cr | ₹17 Cr | ₹41 Cr | ₹108 Cr |
| Other liabilities | ₹7 Cr | ₹15 Cr | ₹25 Cr | ₹47 Cr |
| Total liabilities | ₹29 Cr | ₹42 Cr | ₹131 Cr | ₹236 Cr |
| Fixed assets | ₹2 Cr | ₹3 Cr | ₹23 Cr | ₹27 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹7 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹4 Cr | ₹0 Cr |
| Other assets | ₹27 Cr | ₹39 Cr | ₹104 Cr | ₹201 Cr |
| Total assets | ₹29 Cr | ₹42 Cr | ₹131 Cr | ₹236 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
What the price assumes
- Growth the price implies
- 5.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (2)
Read the Q1 FY27 call →Learn to analyse Blue Water Logistics Ltd
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