SICAL LOGISTICS LIMITED

Mining logistics is the largest segment at 43% of FY26 revenue, providing services such as overburden removal to coal miners; the segment carries an order book of Rs. 46,000 million, headlined by an 11-year overburden removal contract worth Rs. 34,222 million from South Eastern Coalfields Limited. Terminals — including container freight stations (CFS) and multi-modal logistics parks (MMLP) — contribute 36% of revenue, with the Chennai MMLP commencing commercial operations in December 2025. Warehousing and third-party logistics services account for the remaining 21%. Operations rely on a fleet of dumpers, excavators, dozers, graders, water tankers and diesel tankers, much of it financed through a Rs. 72 crore master lease with Tata Capital Limited. Employee costs are 6.9% of revenue, while other operating expenses — covering hired equipment, fuel and subcontracted work — make up 72.8% and depreciation adds 10.8%. The company was acquired by Pristine Group in January 2023 following a 2021 insolvency, and in FY26 raised Rs. 930.3 million via a rights issue for debt repayment and public-float compliance, bringing the debt-to-equity ratio to 1.6x from 4.1x.