Blue Water Logistics Ltd. (BLUEWATER)
SME CapServices stocks · SME cap · NSE
Blue Water Logistics Ltd. (BWL) provides end-to-end logistics and supply chain solutions, including freight forwarding, customs clearance, multimodal transportation, NVOCC, ocean, air, surface, and rail freight. Headquartered in Hyderabad, it operates 13 branch offices and has a presence in 28+ countries, serving 1,500+ clients.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend supports entry, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 72/100Rev +314% YoY · PAT +250% YoY · +56% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹211 Cr | +313.7% | +56.3% |
| EBITDA | ₹24 Cr | +242.9% | +60.0% |
| Operating margin | 11.0% | -200 bps | +0 bps |
| PAT | ₹14 Cr | +250.0% | +55.6% |
| PAT margin | 6.6% | -120 bps | -3 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Blue Water Logistics reported strong FY26 results with revenue nearly doubling to INR 386 Cr (97% YoY growth), EBITDA up 134% to INR 44 Cr, and PAT up 135% to INR 25 Cr, driven by volume growth and improving operational leverage.
The company delivered robust FY26 performance, significantly outpacing prior year metrics across revenue and profitability. Strategic fleet expansion, new office openings, and diversification into high-growth segments like air freight and NVOCC are driving momentum. Management's focus on international expansion and organized sector shift positions BWL for continued growth.
FY26 Revenue by Segment
Latest issuer-disclosed distribution across 5 reported categories.
Air Freight Expansion
Air Freight revenue contribution increased from 1% in FY25 to 13% in FY26, backed by an exclusive partnership with Turkish Airlines.
Diversification into New Verticals
Company plans to explore dry containers and project cargo verticals, leveraging existing client relationships for immediate entry.
Expanding Global & Domestic Presence
New offices opened in Mumbai and Chennai, with the Dubai office becoming fully operational, strengthening Middle East and Africa connectivity.
Asset-Backed Logistics
Expanded fleet to 1,708+ ISO tanks and 100+ container trailers, enhancing scale, flexibility, and service capability.
ISO Tank Fleet
Expanded ISO tank fleet to 1,708+ containers for liquid cargo.
Container Trailer Fleet
Expanded 40-feet trailer fleet to 100+ units for domestic pick-up and delivery.
New Branch Offices
Expanded domestic presence with new offices in Mumbai and Chennai; Dubai office became fully operational.
Indian Logistics Sector Growth
The Indian logistics sector is growing at a 14% CAGR, with a shift towards organized, compliant freight operators accelerating.
Government Policy Support
PM GatiShakti and National Logistics Policy are reducing friction and formalizing the sector, benefiting organized players like BWL.
Infrastructure Development
Massive infrastructure build, including expanded National Highways, railways, ports, and 35 Multi-Modal Logistics Parks, boosts freight capacity.
Technology Adoption
AI, GPS, blockchain, e-way bills, and FASTag are cutting costs and boosting margins sector-wide, benefiting organized operators.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both Year-on-Year (YoY) and Quarter-on-Quarter (QoQ) comparisons are provided in the financial statements. YoY highlights the significant annual growth and operational leverage, while QoQ shows sequential momentum in a rapidly expanding business.
FY26 Revenue
FY26 Revenue was INR 38,602.1 Lacs (INR 386 Cr), a 96.8% YoY increase from FY25.
FY26 EBITDA
FY26 EBITDA was INR 4,397.3 Lacs (INR 44 Cr), a 133.9% YoY increase from FY25.
FY26 PAT
FY26 PAT was INR 2,520.7 Lacs (INR 25 Cr), a 135.4% YoY increase from FY25.
FY26 ROE
FY26 Return on Equity (ROE) was 49.8%, compared to 72.1% in FY25.
FY26 Performance Assessment
Management states FY26 was a landmark year, with revenue nearly doubling and strong growth in EBITDA and PAT, reflecting improving operational leverage.
Future Growth Strategy
Company will continue scaling air freight, explore dry containers and project cargo, and prioritize international expansion into Indonesia, Vietnam, Malaysia, Thailand, and China.
Operational Strength
Management highlights strong client portfolio, negligible bad debts, and disciplined credit management as key strengths.
Outlook
Management enters FY27 with strong momentum, clear strategic direction, and confidence in delivering sustained and profitable growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26 Revenue: INR 386 Cr (96.8% YoY) | Sustained high double-digit revenue growth, particularly from new verticals and international markets. |
| Air Freight Contribution | FY26 Air Freight: 13% of total revenue | Further increase in air freight's share of revenue, driven by additional airline partnerships. |
| International Expansion | Dubai office fully operational; plans for Southeast Asia and China | Concrete progress and revenue contribution from new international markets like Indonesia, Vietnam, Malaysia, Thailand, and China. |
| Operational Efficiency | FY26 EBITDA Margin: 11.4% | Maintenance or improvement of EBITDA margins as the company scales and diversifies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
71Bullishfull bull SMA stack · SMA20 +4.9% / mo · MACD + · near 52W high
Technical chart
BLUEWATERdaily · 1Y · AUTO+226.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 66.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~4.7% over last month) — short-term momentum positive.
- RSI(14) at 66 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 3% off 52W high · 280% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 66 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 42.8%.
- Growth contributes 25/25 to the score.
- Quality contributes 18/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 40th percentile within Services. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 69.6%. Key concern: Operating cash flow is negative at ₹-53 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Services: 40th pctile, median 66 · SME: 45th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69.6%.
- ▸Promoter pledge is zero.
- ▸ROCE is 31.4%.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Operating cash flow is negative at ₹-53 Cr.
- ▸Only 1 years of positive FCF.
- ▸Debt/equity is 1.33.
- ▸ROCE trend is -5.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 15.00
- P/B
- 6.61
- EV/EBITDA
- 9.46
- Market Cap
- 535.00Cr
Profitability
- ROE
- 49.80%
- ROCE
- 31.40%
- ROA
- 15.25%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 53.64%
- EPS 5Y
- 105.98%
- Revenue 3Y
- 58.00%
- EPS 3Y
- 154.00%
Balance Sheet
- Debt/Equity
- 1.33
- Interest Coverage
- 8.71×
- Altman Z
- 5.78
- Book Value
- 73.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -53.00 Cr
- EPS TTM
- 32.41
Shareholding
- Promoter Hold
- 69.55%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 96%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.