Blue Water Logistics Limited (BLUEWATER)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Blue Water's revenue was ₹211 Cr (+314.2% year on year, +56.5% on the previous quarter), and net profit ₹14.0 Cr (+249.3% year on year); the operating margin was 11.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹211 | +314.2% | +56.5% |
| Operating profit | ₹23.6 | +237.0% | +57.3% |
| Net profit | ₹14.0 | +249.3% | +55.3% |
| EPS (₹) | 12.70 | +295.6% | +52.1% |
| Operating margin | 11.2% | — | — |
BLUEWATER delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 90.91% of the BLUEWATER shares traded on NSE were taken to delivery, against the stock's own 20-session average of 88.91%. That is close to its usual level. Turnover was only ₹58 lakh, so a handful of trades can move this figure. It closed at its upper price band (circuit) on 16 Oct, one of 6 band closes in about the last 20 sessions. 3 bulk or block deals were reported in BLUEWATER in the last 60 days: ₹7 Cr bought and ₹2 Cr sold.
Delivery in the last 5 sessions: 44.4% · 87.5% · 66.7% · 87.5% · 90.9%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 24 Sep | Buy | Pashupati Capital Services Private Limited | ₹4.04 Cr | ₹505.03 | 80,000 | Bulk |
| 24 Sep | Buy | Mansi Share And Stock Broking Private Limited | ₹3.03 Cr | ₹504.81 | 60,000 | Bulk |
| 24 Sep | Sell | Mansi Share And Stock Broking Private Limited | ₹2.43 Cr | ₹505.67 | 48,000 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Blue Water Logistics Limited has approved the allotment of 10,00,000 fully convertible warrants to its promoters and promoter group at an issue price of Rs 410 per warrant (face value Rs 10, premium Rs 400). The total potential fundraise is Rs 41 crore, representing approximately 7.5% of TTM revenue (Rs 545 crore). The company has received the initial 25% upfront application money (Rs 10.25 crore), with the remaining 75% payable within 18 months upon conversion into equity shares.
- Allotment of 10,00,000 fully convertible warrants at Rs 410 each
- Total capital to be raised stands at Rs 41 crore, with 25% upfront application money received
- Warrant conversion into 1 equity share each is exercisable within 18 months upon paying remaining 75%
- Issued on a preferential basis exclusively to 5 promoters and promoter group entities
Blue Water Logistics Limited has incorporated a wholly owned subsidiary in Vietnam, named Blue Water Logistics Vietnam Company Limited, effective September 29, 2026. The company subscribed to 100% of the share capital for VND 2,611,000,000 (approximately USD 100,000 in cash). The business registration certificate was received on October 05, 2026, and the entity will offer freight forwarding and warehousing services in Ho Chi Minh City.
- Subscribed 100% capital of Blue Water Logistics Vietnam Company Limited for VND 2,611,000,000 (~USD 100,000)
- Incorporated on September 29, 2026, with the Business Registration Certificate received on October 05, 2026
- Target entity is registered in Ho Chi Minh City, Vietnam, to engage in freight forwarding and warehousing
- Zero historical turnover as the entity is newly incorporated
Blue Water Logistics Limited has approved resolutions to raise capital via the issuance of fully convertible equity warrants on a preferential basis, as well as an increase in its authorized share capital, following its First EGM for FY 2026-27 held on September 16, 2026. Both resolutions passed with 100% of the polled votes cast in favor (7,684,960 votes polled representing 69.86% of outstanding shares). A total of 8 shareholders attended the virtual EGM, with promoter participation accounting for 7,649,960 of the polled votes. The filing provides the voting results and scrutinizer report; specific issue price and total fundraise amount were not disclosed in this specific filing.
- 100% of polled votes (7,684,960 votes) cast in favor of issuing fully convertible equity warrants on a preferential basis
- Shareholders approved increasing the Authorized Share Capital with 100% affirmative votes
- Total votes polled represented 69.8633% of the 11,000,000 outstanding shares
- EGM conducted virtually on September 16, 2026, with 691 shareholders on the cut-off record date of September 09, 2026
Blue Water Logistics Limited announced that Mr. Sugoto Ghosh has resigned from his position as Non-Executive Independent Director, effective September 16, 2026. Consequently, he ceases to be a member of the Nomination and Remuneration Committee and the Corporate Social Responsibility Committee. The resignation was attributed to other professional engagements and commitments, with no other material reasons reported. The Board met from 05:15 PM to 05:40 PM on September 16, 2026, to record and approve the change.
- Cessation of Mr. Sugoto Ghosh as Independent Director effective September 16, 2026
- Ceases membership in the Nomination & Remuneration and CSR Committees
- Resignation cited as due to other professional engagements, with confirmation of no other material reasons
- Board meeting approving the cessation was held between 05:15 PM and 05:40 PM on September 16, 2026
Blue Water Logistics Limited has announced the appointment of Mr. Krishan Jaisansariya as an Additional Director in the capacity of Independent Director, effective September 16, 2026. The appointment was approved by the Board at its meeting held between 05:15 PM and 05:40 PM on the same date and is subject to shareholder approval. Mr. Jaisansariya is a Chartered Accountant with expertise in Ind AS, audits, and internal financial controls across various sectors. He is not related to any existing directors and will hold office until the upcoming general meeting.
- Appointment effective from September 16, 2026, subject to shareholder approval
- Board meeting approving the appointment concluded in 25 minutes (05:15 PM to 05:40 PM)
- Appointee will hold office until the ensuing general meeting of the company
- Candidate is not related to any director and holds DIN 11391586
Blue Water Logistics Limited has announced changes to its Board of Directors following its meeting on September 16, 2026. The board approved the appointment of Mr. Krishan Jaisansariya as an Additional Director (Non-Executive Independent Director), subject to shareholder approval. Concurrently, Mr. Sugoto Ghosh resigned as Non-Executive Independent Director effective September 16, 2026, citing other professional commitments with no other material reasons stated. The board meeting concluded in 25 minutes, running from 05:15 P.M. to 05:40 P.M.
- Appointment of Mr. Krishan Jaisansariya (DIN: 11391586) as Additional Non-Executive Independent Director
- Resignation of Mr. Sugoto Ghosh (DIN: 03227177) as Independent Director effective September 16, 2026
- Board meeting commenced at 05:15 P.M. and concluded at 05:40 P.M. on September 16, 2026
- No other material reasons confirmed for the resignation of Mr. Sugoto Ghosh
Blue Water Logistics held its First Extra Ordinary General Meeting on September 16, 2026, transacting special business to increase authorized share capital and issue fully convertible equity warrants on a preferential basis. The meeting commenced at 04:00 PM IST and concluded swiftly at 04:07 PM IST. Detailed voting results and scrutinizer reports are pending disclosure. The financial terms and specific quantum of the warrant issuance were not disclosed in this filing.
- Conducted 1st EGM on September 16, 2026, from 04:00 PM to 04:07 PM IST via ZOOM
- Tabled resolution to increase Authorized Share Capital and alter Clause V of MOA
- Tabled special resolution for the issuance of Fully Convertible Equity Warrants on a preferential basis
- Scrutinizer appointed with e-voting results to be notified separately
Blue Water Logistics Limited has issued clarifications regarding the explanatory statement of its August 18, 2026 EGM Notice, pursuant to observations received from the National Stock Exchange of India (NSE). The clarifications pertain to Item No. 2 regarding the proposed preferential issue, specifically defining the utilization of funds and temporary deployment in money market instruments, government securities, or fixed deposits. Additionally, the company updated working hyperlinks to the valuation report and Practicing Company Secretary (PCS) certificate. The total size of the fundraise is not disclosed in the filing.
- Clarification issued on September 14, 2026, pursuant to observations from the National Stock Exchange of India.
- Concerns Item No. 2 of the EGM Notice dated August 18, 2026 regarding the Object of the Preferential Issue.
- Interim deployment of proceeds permitted in money market mutual funds, government securities, and scheduled commercial bank fixed deposits.
- Working links provided for the Valuation Report and Practicing Company Secretary Certificate dated August 2026.
Blue Water Logistics Limited has commenced operations of its Non-Vessel Operating Common Carrier (NVOCC) division. The new division begins operations with an initial fleet of up to 2,000 dry container boxes. This initiative expands the company's service offerings beyond its existing fleet of 814+ ISO tank containers and 71+ container trailers into broader containerized logistics. The move is aimed at strengthening the company's footprint in shipping and freight services across its client base.
- Commenced dedicated Non-Vessel Operating Common Carrier (NVOCC) division
- Deployment of an initial fleet of up to 2,000 dry container boxes
- Complements existing specialized fleet of 814+ ISO tanks and 71+ trailers
- Aimed at scaling containerized logistics and related freight service operations
Blue Water Logistics Limited has subscribed to 9,998 shares, representing a 99.98% stake, in the newly incorporated entity BWL East Africa Limited, Tanzania. The acquisition was executed for cash consideration at a par value of 10,000 Tanzanian Shillings per share. With this incorporation on August 31, 2026, BWL East Africa Limited has become a subsidiary of the company. The move aligns with the company's stated strategic roadmap to expand its logistics operations across the Middle East and East African markets.
- Acquired 99.98% stake (9,998 shares) in BWL East Africa Limited, Tanzania, making it a subsidiary.
- Shares subscribed at par value of Tshs 10,000 per share in cash consideration.
- Target company incorporated on August 31, 2026, registered by the Registrar of Companies, Tanzania.
- Aimed at strengthening business operations and expanding geographical presence in East Africa.
Blue Water Logistics has issued a notice for its Extraordinary General Meeting (EGM) on September 16, 2026, to approve a preferential issue of warrants and an increase in authorized share capital. The company plans to issue up to 10,00,000 fully convertible equity warrants to promoters and promoter group entities at Rs 410 per warrant (face value Rs 10 plus premium Rs 400), raising up to Rs 41.00 crore. An upfront 25% payment is required at allotment, with the remaining 75% payable upon conversion within 18 months. Additionally, the company seeks approval to raise its authorized share capital from Rs 12.50 crore to Rs 15.00 crore.
- Preferential issuance of up to 10,00,000 fully convertible warrants aggregating up to Rs 41.00 crore to promoters and promoter group
- Issue price set at Rs 410 per warrant (including Rs 400 premium per share)
- Authorized share capital proposed to be raised from Rs 12.50 crore to Rs 15.00 crore
- Conversion timeline set at 18 months from allotment, requiring 25% upfront payment
- EGM scheduled for September 16, 2026, with the relevant pricing date fixed as August 17, 2026
Blue Water Logistics' Board has approved the issuance of up to 10,00,000 convertible warrants at ₹410 per share (face value ₹10 + premium ₹400) on a preferential basis to promoters and promoter group, raising up to ₹41.00 crore. 25% of the total consideration will be paid upfront upon warrant allotment, with the balance 75% payable on conversion within 18 months. Following full conversion, promoter shareholding will increase from 69.55% to 72.08%, while total equity expands from 1.10 crore to 1.20 crore shares. The company has also approved increasing its authorized share capital from ₹12.50 crore to ₹15.00 crore, subject to shareholder approval at the EGM on September 16, 2026.
- Preferential issue of up to 10,00,000 convertible warrants aggregating up to ₹41.00 crore at ₹410 per warrant
- 25% payable upfront upon allotment and 75% payable upon conversion within an 18-month window
- Promoter and promoter group shareholding to rise from 69.55% (76.50 lakh shares) to 72.08% (86.50 lakh shares)
- Authorized share capital expanded from ₹12.50 crore to ₹15.00 crore
- Extra-Ordinary General Meeting (EGM) convened on September 16, 2026 for shareholder approval
Blue Water Logistics has approved the incorporation of a wholly owned subsidiary in Vietnam and another subsidiary in Tanzania. The company also entered into an exclusive Agency Agreement with PT Blue Water Logistics Indonesia to handle and promote its business. While specific investment amounts were not disclosed, these moves indicate a strategic push into Southeast Asian and African logistics markets. Detailed financial disclosures are expected upon the finalization of these transactions.
- Approval to incorporate 1 wholly owned subsidiary in Vietnam
- Approval to incorporate 1 subsidiary in Tanzania
- Execution of 1 exclusive Agency Agreement with PT Blue Water Logistics Indonesia
- Board meeting concluded within 35 minutes (03:40 P.M. to 04:15 P.M.)
Blue Water Logistics Limited has acquired a 47% stake (18,800 shares) in a Thailand-based entity for a cash consideration at par value (100 THB per share). The target company, formerly known as Sunrise Capital Work (Thailand) Co., Ltd., reported a very low turnover of ₹30,249.31 in 2025, down from ₹17.75 lakh in 2024. This filing also serves to clarify that the entity is an Associate Company, correcting a previous erroneous disclosure that labeled it as a branch office. While the acquisition establishes a strategic footprint in Thailand, the current financial scale of the target is negligible.
- Acquisition of 18,800 shares representing 47% of the paid-up capital of the Thai entity.
- Target company turnover for 2025 was reported at a minimal ₹30,249.31.
- Shares were acquired at a par value of 100.00 Thai Baht per share via cash consideration.
- The acquisition was officially registered with the Thailand registrar on July 23, 2026.
- Correction of a previous filing dated August 04, 2026, which incorrectly identified the entity as a branch office.
Blue Water Logistics Limited has announced the commencement of a new branch office in Thailand as of August 04, 2026. This move is part of the company's international expansion strategy to strengthen its presence in the Southeast Asian logistics market. The new office is intended to enhance operational capabilities and improve customer engagement in the region. While the document does not specify the investment amount or expected revenue, it marks a concrete step in geographic diversification.
- Commencement of a new branch office in Thailand announced on August 04, 2026
- Expansion aimed at strengthening regional presence and operational capabilities
- Filing submitted under Regulation 30 of SEBI (LODR) Regulations, 2015
- The move is intended to support growing business activities in the Thailand region
Financial Performance
Revenue Growth by Segment
Ocean Freight grew 54% from INR 105.75 Cr in FY24 to INR 162.89 Cr in FY25, contributing 80.58% of H1 FY26 revenue. Surface & Railway Freight contributed 7.45% (INR 10.30 Cr), Custom House Clearance 10.24% (INR 14.15 Cr), and Air Freight 1.74% (INR 2.41 Cr) in H1 FY26.
Geographic Revenue Split
The company derives 41% of revenue from Telangana, 28% from Gujarat, 14% from Maharashtra, 5% from Tamil Nadu, and 4% from Rajasthan. The remaining 8% is spread across Karnataka, Andhra Pradesh, West Bengal, Delhi, and Uttar Pradesh.
Profitability Margins
Net Profit Margin (PAT) improved significantly from 1.6% in FY23 to 4.3% in FY24, reaching 5.4% in FY25 and 6.2% in H1 FY26. This trend is driven by better operating leverage and a shift toward higher-value multimodal services.
EBITDA Margin
EBITDA Margin stood at 11.3% in H1 FY26, representing a 350 bps increase from 7.8% in H1 FY25. Absolute EBITDA for H1 FY26 was INR 15.60 Cr compared to INR 6.36 Cr in H1 FY25, a 145.2% YoY growth.
Capital Expenditure
The company raised INR 36.50 Cr (net) through an IPO in June 2025. INR 16.50 Cr is earmarked for the purchase of commercial vehicles and general corporate purposes to expand the owned fleet of 71+ trailers and 814+ ISO tanks.
Credit Rating & Borrowing
Assigned IVR BBB/Stable rating by Infomerics in September 2025 for INR 25.00 Cr long-term facilities. Average working capital limit utilization was 72.18% for the 12 months ended August 2025.
Operational Drivers
Raw Materials
Not applicable as a service provider; primary costs are Operational Expenses (freight, handling, and port charges) which represent 82.9% of total revenue (INR 114.62 Cr in H1 FY26).
Import Sources
Not applicable; service operations are headquartered in Hyderabad with 10 branch offices across India (Chennai, Mumbai, Bengaluru, etc.) and an international office in Dubai.
Key Suppliers
Key partners include Turkish Airlines (exclusive air cargo partner) and various shipping lines for NVOCC and ocean freight operations.
Capacity Expansion
Current fleet includes 814+ ISO Tank Containers and 71+ Container Trailers. Planned expansion involves utilizing IPO proceeds to increase the trailer fleet to enhance domestic pick-up and delivery capabilities.
Raw Material Costs
Operational expenses grew 61.5% YoY from INR 70.99 Cr in H1 FY25 to INR 114.62 Cr in H1 FY26, tracking the 70.1% growth in revenue from operations.
Manufacturing Efficiency
Not applicable; operational efficiency is measured by the EBITDA margin improvement from 3.9% to 11.3% over three years due to increased scale and fleet ownership.
Logistics & Distribution
Employee expenses (INR 4.05 Cr) and Other expenses (INR 4.00 Cr) accounted for approximately 5.8% of H1 FY26 revenue.
Strategic Growth
Expected Growth Rate
32.3%
Growth Strategy
Growth is targeted through expanding the ISO tank fleet for liquid cargo, increasing the 40-feet trailer fleet for domestic logistics, and leveraging the new Dubai office to access Middle East and African markets. The company also entered an exclusive air cargo partnership with Turkish Airlines in 2025.
Products & Services
Ocean freight, air freight, surface and railway transport, custom house clearance, NVOCC tank container logistics, warehousing, and fumigation services.
Brand Portfolio
Blue Water Logistics (BWL).
New Products/Services
Expanded into ISO tank logistics and exclusive air cargo partnerships; air freight revenue grew to INR 2.41 Cr in H1 FY26.
Market Expansion
Expansion into the Middle East and Africa via the Dubai branch; domestic expansion through 10 branch offices in key industrial states like Gujarat and Maharashtra.
Market Share & Ranking
Not disclosed; however, the company is a licensed Multimodal Transport Operator and handles significant volumes in the SME-focused logistics sector.
Strategic Alliances
Exclusive air cargo partnership with Turkish Airlines; member of FFFAI, IATA, and Tank Container Development Alliance.
External Factors
Industry Trends
The global logistics market is expected to grow at a 6.3% CAGR to $15.79 trillion by 2028. Trends include increased technology adoption, digitalization, and a shift toward integrated NVOCC solutions which handle 90% of global container traffic.
Competitive Landscape
Competes with other freight forwarders and NVOCCs; differentiates through integrated end-to-end solutions and specialized services like fumigation and magnetic cargo handling.
Competitive Moat
Moat is built on a diverse client base (800+), specialized ISO tank capabilities, and a multimodal transport license. Sustainability is supported by the transition from a partnership to a listed public entity with a strengthened capital structure (Debt/Equity improved from 5.31 in FY23 to 1.82 in FY25).
Macro Economic Sensitivity
Highly sensitive to global trade volumes and EXIM policies; 90% of global freight traffic is ocean-based, matching the company's core segment focus.
Consumer Behavior
Shift toward outsourcing entire supply chains to integrated providers, benefiting BWL's end-to-end service model.
Geopolitical Risks
Political tensions or conflicts could delay cross-border transportation and affect insurance coverage for international shipments.
Regulatory & Governance
Industry Regulations
Governed by the Multimodal Transportation of Goods Act, 1993; requires licenses for Custom House Agency and IATA accreditation for air freight.
Environmental Compliance
Subject to evolving greenhouse gas emission regulations and international climate agreements (Paris Agreement), which may require future capital expenditure for fleet modernization.
Taxation Policy Impact
Effective tax rate is approximately 25.4% based on H1 FY26 figures (INR 2.93 Cr tax on INR 11.56 Cr PBT).
Legal Contingencies
No specific pending court case values disclosed; however, the company faces potential liabilities if goods transported are found in violation of environmental or safety regulations.
Risk Analysis
Key Uncertainties
Risks associated with the transportation of illegal or hazardous goods by clients, which could lead to claims or criminal liabilities despite verification processes.
Geographic Concentration Risk
High concentration in Western and Southern India, with 83% of revenue coming from Telangana, Gujarat, and Maharashtra.
Third Party Dependencies
Dependent on shipping lines and airlines for cargo space; however, the company acts as an NVOCC to mitigate some direct carrier dependency.
Technology Obsolescence Risk
Risk of falling behind in digitalization; the company is currently focusing on technology adoption to remain competitive in the evolving global logistics industry.
Credit & Counterparty Risk
Trade receivables of INR 56.55 Cr (approx. 43% of total assets) indicate significant credit exposure to clients.
