Blue Water Logistics Ltd(BLUEWATER)

NSE: BLUEWATER

₹ 536.75-5.00%refreshed 26 Oct, 12:46 pm ISTMarket cap: ₹ 590 crUpdated: 24 Oct 2026

About

Blue Water Logistics Ltd is an Indian logistics provider offering ocean freight, air freight, NVOCC/ISO tank container services, surface transport and customs clearance. It reported revenue from operations of Rs 386.02 crore in FY26. Ocean freight is its largest segment at 78.1% of 9M FY26 revenue. It runs a fleet of 1,708+ ISO tank containers and has an international office in Dubai.^[1][2][3]

Business segments

Ocean freight made up 78.1% of revenue in 9M FY26, compared with 83.0% in FY25.^[2]
Air freight made up 21% of revenue in Q1 FY27, up from 13% in FY26 and 1.1% in FY25.^[4]
NVOCC and ISO tank containers made up 8% of revenue in FY26. Management described it as the highest-margin segment.^[3]
Customs house clearance fell to 1.1% of revenue in 9M FY26, from 8.8% in FY25.^[2]
Surface and rail transport made up 7.45% of revenue in H1 FY26.^[5]

Fleet and asset utilisation

The fleet stood at 1,708+ ISO tank containers and 100+ trailers in Q1 FY27, up from 814+ ISO tanks and 85+ trailers in Q3 FY26.^[4][2]
ISO tank utilisation was 83-84% in Q1 FY27. Management said about 70% is the industry benchmark.^[4]
Vehicle utilisation was above 90% in Q1 FY27, so the company also used outsourced vehicles.^[4]

Key operating numbers

Ocean freight volume was 5,757 TEUs in Q1 FY27, up 264% year on year and 29% on Q4 FY26.^[4]
NVOCC volume was 1,313 TEUs in Q1 FY27, up 119% year on year and 14% on Q4 FY26.^[4]
Air freight volume was 930 tons in Q1 FY27, up 520% year on year and 24% on Q4 FY26.^[4]
Debtor days were up to 90 days in Q1 FY27, and trade receivables were about INR 220 crores. Receivables were ₹141.4 cr in March 2026.^[4][3]

Customers and partners

About 85% of revenue came from direct customers in FY26. Customers span chemicals, pharma, confectionery, textiles and multinational companies.^[3]
New air freight customers in Q1 FY27 included Gujarat Ambuja Cement, HFCL, Mukand Steel and Toshiba.^[4]
The company has an exclusive air cargo partnership with Turkish Airlines, signed in 2025 and focused on pharma cargo from Hyderabad.^[3][5]

Network and reach

As of Q3 FY26, the company operated across 28 countries, had 12 domestic branch offices and had a presence in Singapore and the UAE.^[2]
Over the six months to Q1 FY27, the company opened new branches in Mumbai, Ahmedabad, Indore, Tada and Nellore. Its Dubai office became fully operational in FY26.^[4][3]
As of Q1 FY27, management named Kerala, Mangaluru, Goa and Kolkata as the remaining gaps in its domestic network.^[4]

Expansion plans

Management plans to expand the ISO tank fleet to 5,000+ tanks within 3 years, from 1,708 tanks as of FY26.^[3]
The company is entering dry container logistics. It plans to buy its own container fleet through EMI deals with Chinese manufacturers.^[3]
Management plans offices in Indonesia, Vietnam, Malaysia, Thailand and China during FY27.^[4][3]
Management plans to raise about INR 100 crores of extra long-term bank debt in FY27. Total debt would rise to about INR 200 crores, from INR 106 crores in March 2026.^[4]

Recent developments

On 29 September 2026, the company set up a wholly owned subsidiary in Vietnam, Blue Water Logistics Vietnam Company Limited, with capital of VND 2,611,000,000 (about USD 100,000).^[6]
In Q1 FY27, the company entered project cargo with a contract for HSIL Limited. The cargo is sourced from China, Germany, Italy and France, and the contract is worth about INR 15 crores.^[4]
Share capital rose from ₹800 lakhs in March 2025 to ₹1,100 lakhs in September 2025 after an equity raise.^[5]

Market Cap

₹590 Cr

High / Low

₹595 / 130

Stock P/E

24.3

Price / Book

7.5

Book Value

₹74

EPS

₹22.9

No. of Shares

1.1 Cr

ROCE

20.4%

ROE

31.1%

OPM

10.0%

Debt / Equity

1.33

Sales

₹386 Cr

Net Profit

₹25 Cr

Promoter holding

69.5%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials