NSE: SICALLOG · BSE: 520086
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mining Logistics (43%), Terminals (CFS and MMLP) (36%), Warehousing and 3PL (21%). Asset-heavy, contract-driven mining and logistics services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 349 | 392 | 221 | 222 | 386 |
| EBITDA (ex other income) | (169) | (775) | 55 | 31 | 134 |
| margin % | (48.4) | (197.7) | 24.7 | 14.0 | 34.7 |
| Owners' profit | (260) | (798) | (25) | (16) | 49 |
| EPS, as reported (₹) | (44.50) | (133.03) | (3.80) | (5.13) | 6.54 |
| ROE % · ROCE % | 34.7 · 35.7 | (513.2) · (146.3) | (18.2) · 4.6 | (12.6) · 2.7 | 18.3 · 17.4 |
| Debt / equity (x) | (0.50) | 2.90 | 3.19 | 4.10 | 1.61 |
| Cash from operations | 68 | 7 | 8 | 20 | 52 |
| Capex | (14) | (11) | (16) | (84) | (103) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49 | 50 | 81 | 98 | 90 | 93 | 105 | 133 |
| Profit before tax | (5) | (10) | 2 | (0) | 14 | 49 | (6) | 22 |
| Net profit | (6) | (5) | 2 | (3) | 13 | 48 | (9) | 21 |
| EPS (₹) | (1.01) | (0.71) | (1.00) | (0.46) | 2.01 | 6.93 | (1.42) | 2.86 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Tata Capital provides Rs 91 crore in lease and working capital funding | credit debt | medium | — | — |
| 27 Oct 2026 · Board approves Rs 91 crore in new Tata Capital facilities | credit debt | medium | — | — |
| 27 Oct 2026 · Sical Logistics approves Rs 91 crore in Tata Capital funding | credit debt | medium | — | — |
| 9 Oct 2026 · Compliance filing: dematerialization certificate for September 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · Pristine Logistics acquires 73.41% stake in Sical Logistics via amalgamation | ownership changes | medium | — | — |
| 6 Oct 2026 · Pristine group restructures Sical Logistics shareholding via subsidiary merger | ownership changes | high | — | — |
| 5 Oct 2026 · Inter-se transfer of 73.41 percent Sical Logistics shares among promoter group entities | strategic transactions | high | — | — |
| 5 Oct 2026 · Pristine promoter entity merger transfers 5.85 crore Sical shares internally | ownership changes | high | — | — |
| 4 Oct 2026 · Sical Logistics wins Rs 39.23 crore iron ore mining contract from SAIL | business updates | high | — | — |
| 30 Sept 2026 · Sical Logistics appoints CNGSN and Associates as new Statutory Auditor | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.