Sical Logistics Ltd
NSE: SICALLOG · BSE: 520086 · ISIN not checked · Mining logistics, container freight stations and rail-linked logistics parks, Chennai
~₹91Last dated price found: ₹91.19 on 30 Sep 2026
~₹740 crMarket cap (₹727 to 758 cr across sources)
₹61.7 / 124.352-week low / high (Anand Rathi)
7.98 crShares outstanding after the Mar 2026 rights issue
No October quote was found. The stock was about ₹63 on 2 Apr 2026. Sources differ on market cap because they use different dates. Check NSE for a live price. [Fact]
Company overview
| Headquarters | Chennai. Formerly South India Corporation Agencies, incorporated 1955 and renamed Sical Logistics in 2006. |
| Control | Pristine group, through a bankruptcy resolution approved in Dec 2022. The promoter holds 73.5%. On 5 Oct 2026 its 5.86 crore shares moved to Pristine Logistics & Infraprojects Ltd in a group merger. |
| Segments | Mining logistics (54% of Q1 FY27 revenue), terminals including container freight stations (33%), warehousing and third-party logistics (13%) |
| Employees | About 728 (third-party estimate, Dec 2025) |
| Trading status | Under exchange additional surveillance (ASM) since 22 Jun 2026. The company says this reflects its status as a resolved insolvency case. |
| Index membership | Not Available — not found |
Sical went through insolvency from 2021 and was bought by the Pristine group in 2023 for about ₹480 cr against creditor claims of about ₹2,155 cr. It has since rebuilt itself around contract work for coal and iron ore mines, mainly removing overburden for state-owned miners, plus container freight stations in Chennai, Tuticorin and Visakhapatnam. FY26 revenue rose 74% to ₹386 cr. Most of the FY26 profit came from a land sale.
Key figures
₹386 crFY26 revenue (+74%)
₹45.4 crFY26 PAT to owners, incl. ₹55.6 cr land-sale gain
20.3%FY26 EBITDA margin (18.8% in Q1 FY27)
1.6 to 1.9xDebt to equity, Mar 2026 (4.1x a year earlier)
₹133 crQ1 FY27 revenue (+36%)
₹25 crQ1 FY27 EBITDA (+9%)
₹20 to 21 crQ1 FY27 PAT, sources differ
~₹5,170 crMining order book, estimated after new wins
Quick verdict
BusinessMedium
ManagementWeak
FinancialWeak to medium
ValuationFair to expensive
OverallNeutral, cautious
Data freshness. Prepared 14 Oct 2026. Latest results are Q1 FY27 (June 2026), declared 14 Aug 2026. Q2 FY27 is not yet declared. Last year's Q2 came in mid-November. BSE and NSE filing pages, Screener and Quartr could not be read directly, and many figures come from aggregators. Gaps are labelled "Not Available" and listed in Tab 14.
Analyst Notes
First-person view, dated 14 Oct 2026. Analyst judgment built on the data tabs, which have gaps listed in Tab 14.
What happened. Sical has been rebuilt after bankruptcy as a mining-services contractor. FY26 revenue rose 74% to ₹386 cr and EBITDA rose from ₹21 cr to ₹78 cr. Net profit to owners was ₹45.4 cr after losses of ₹33 cr in FY25. In June 2026 revenue grew another 36% to ₹133 cr. The stock moved from about ₹63 in April to a high of about ₹124 and last traded near ₹91 in late September.
Read the profit with care. FY26 profit before exceptional items was only about ₹1.5 cr. A ₹55.6 cr gain on a land sale in the December quarter produced the profit. Standalone, the company would have lost about ₹46 cr without land and asset gains. The June 2026 quarter has the same shape. EBITDA was ₹25 cr, up 9%, and margin fell from 23.5% to 18.8%. Yet reported profit was ₹20 to 21 cr. With about ₹430 cr of borrowings, interest and depreciation should absorb much of ₹25 cr. So other income or a one-off, probably the ₹18 cr Madhavaram property sale on 30 June, must account for most of the profit. I could not confirm this from the filing, so treat it as an inference. [Est.]
The real story is the order book. The SECL overburden contract is worth ₹4,038 cr including GST over about 11.5 years. That is roughly ₹300 cr a year before GST, close to FY26's entire revenue. Add ₹535 cr from Central Coalfields and ₹39 cr from SAIL, and the book is about ₹5,170 cr by my arithmetic. That is more than 13 years of FY26 revenue. If executed, revenue could rise several-fold. The risk is execution and funding. Mining needs a large equipment fleet. Sical is financing it through leases and loans, including a ₹72 cr Tata Capital lease and a ₹150 cr facility approved in August. That figure is debt and lease funding, not equity. [Est.]
Margins are the first test. Mining EBITDA margin fell from 29.8% to 19.7% in a year. Management blamed fuel costs and geopolitical disruption. Terminals earn about 22% and warehousing only about 7%. If mining settles near 20%, the blended margin is near 19%. That is decent for contracting but leaves little room against interest costs of 8 to 9% on a growing debt pile.
Balance sheet and governance. Net worth was negative a year ago and debt to equity improved from 4.1x to about 1.6x on the company's figure. The rights issue added ₹93 cr and land sales added more. One source reports ₹157 cr of unsecured related-party debt. The promoter pledged shares against its own ₹250 cr loan in 2025. A new pledge on 14.92% of the equity took effect on 23 September 2026 to secure an ₹85 cr Axis Bank loan. Sical has given a letter of comfort for the promoter's borrowing and bought equipment from the promoter. There is no managing director or chief executive in any source, and the finance chief moved to a subsidiary in July.
What the price implies. At about ₹740 cr the stock shows a trailing P/E near 10 and EV/EBITDA near 15. The P/E is flattered by the land gain. Without the ₹55.6 cr exceptional, trailing profit is about ₹14 cr, which would be around 50 times earnings. [Est.]
My view. Contract visibility is real and the turnaround is genuine. But reported profits overstate earning power, margins are slipping, funding relies on the promoter's credit and governance is weak. I would want the September quarter, a clean EBITDA-to-profit bridge and the confirmed pledge position before taking a position. [Analyst View]
Limits of this report. Company filings on NSE and BSE could not be opened. No earnings-call transcript exists for any quarter. Figures come from aggregator summaries, and many conflict. It does not meet the standard of containing everything material on the internet.
Business Deep-Dive
Sourcing note. Facts come from press releases, rating reports, insolvency records and news. The annual report was not opened. Concession terms, fleet counts, customer splits and CFS lease terms were Not Available — not found. [Fact]
History
| Date | Event |
|---|---|
| 1955 to 2006 | Founded as South India Corporation Agencies. Renamed Sical Logistics in 2006. |
| 1998 to 1999 | Tuticorin container terminal joint venture with the Port of Singapore Authority (PSA Sical). |
| 2006 | Awarded a 12 mtpa iron ore terminal at Kamarajar (Ennore) port. It was idle after the 2011 mining ban. |
| 2011 | Coffee Day group took control from the M A Chidambaram group. |
| 2017 to 2018 | Won Northern Coalfields mining contracts worth ₹305 cr and ₹1,345 cr. |
| 2019 | Coffee Day founder V G Siddhartha died. Sical sought a lender moratorium and ICRA cut the rating to D. Coffee Day put Sical up for sale. |
| Nov 2020 to Mar 2021 | Default of about ₹281 cr reported. Insolvency began around 10 Mar 2021. |
| Jun 2021 | Kamarajar port terminated the Sical Iron Ore Terminals licence. That entity is in liquidation. |
| 8 Dec 2022 | Tribunal approved Pristine Malwa's plan: about ₹480 cr (one source says ₹521 cr) against admitted claims of about ₹2,155 cr, roughly 22% recovery. Promoter received 95% in Feb 2023. |
| Jul 2025 | Final payment under the plan deposited with the tribunal (single secondary source). |
| 2025 to 2026 | Non-core land sales, a ₹93 cr rights issue, Chennai logistics park opened in Dec 2025, three large mining contracts won. |
No Mormugao asset was found. The iron ore terminal was at Kamarajar. Kandla, Krishnapatnam, Haldia and Mangalore asset sales were also not found. [Fact]
Business lines
Mining logistics
- Hires heavy equipment and removes overburden and moves coal and iron ore for state miners. These are tendered contracts, not concessions.
- FY26 revenue ₹165 cr, up 310%. Q1 FY27 ₹71 cr, up 62%.
- Q1 FY27 growth came from a higher production share at the Nigahi project, 35% against about 25% in FY26. Sical's role there was not found.
Terminals
- Container freight stations in Chennai, Tuticorin and Visakhapatnam, about 200,000 containers (TEU) in FY26.
- Chennai multimodal logistics park, 82 acres with rail siding, opened Dec 2025.
- FY26 revenue ₹140 cr. Q1 FY27 ₹44 cr, up 24%.
Warehousing and 3PL
- FY26 revenue ₹82 cr. Q1 FY27 ₹17 cr, flat, at a 7% margin.
- Management said low-margin full-truckload transport declined.
- Warehouse area and locations not found.
Contracts
| Customer | Project | Value | Tenor |
|---|---|---|---|
| South Eastern Coalfields | Porda-Chimtapani, Chhattisgarh | ₹4,038 cr incl. GST | About 11.5 years. Awarded 12 Jan 2026. |
| Central Coalfields | Dhori SDOC, Jharkhand | ₹535 cr incl. GST | 5 years. Awarded 1 Sep 2026. |
| SAIL | Dalli mine phase 6 | ₹39 cr ex-GST | Oct 2026 to Nov 2028 |
The company reported an order book of ₹4,600 cr at 1 Apr 2026. The CCL and SAIL awards, worth about ₹574 cr, came after that date. Whether the ₹4,600 cr is before or after GST is unverified.
Assets and status
| Asset | Status |
|---|---|
| Chennai CFS | 148,192 TEU in FY26. Record month in Mar 2026. |
| Tuticorin CFS | 27,492 TEU in FY26 |
| Vizag CFS | 24,362 TEU in FY26 |
| PSA Sical Terminals (Tuticorin) | PSA reportedly exited. Sical's current position not found. A royalty dispute with VOC Port is worth ₹1,250 cr to over ₹2,000 cr. |
| Rail operator licence (SMART) | JSW Infrastructure agreed in 2023 to buy it from Pristine. Completion not confirmed. |
| Kanpur Logistics Park | Subsidiary that lent Sical ₹150 cr at 12.5%. Status not found. |
Moat
Thin. Mining contracts are won by tender from a few state buyers, so pricing power is limited. The Chennai rail-linked park is a physical asset competitors cannot copy quickly. CFS is a mature business that competitors say has plateaued. [Analyst View]
Segment Analysis
Coverage. Segment data exists only from FY25. Segment EBITDA for FY25 and FY26 and anything before FY25 were Not Available — not found. Segment sums match consolidated revenue within rounding. [Fact]
| Segment (₹ crore) | FY25 | FY26 | Q1 FY26 | Q1 FY27 | Q1 FY27 growth |
|---|---|---|---|---|---|
| Mining logistics | 40.2 | 164.8 | 43.9 | 71.0 | +61.7% |
| Terminals | 120.0 | 139.9 | 36.0 | 44.4 | +23.6% |
| Warehousing and 3PL | 62.0 | 81.5 | 17.7 | 17.2 | −3% |
| Total | 222 | 386 | 97.5 | 132.6 | +35.9% |
Q1 EBITDA by segment (₹ crore)
| Segment | Q1 FY26 | Margin | Q1 FY27 | Margin |
|---|---|---|---|---|
| Mining logistics | 13.1 | 29.8% | 14.0 | 19.7% |
| Terminals | 8.9 | 24.7% | 9.7 | 21.9% |
| Warehousing and 3PL | 1.0 | 5.6% | 1.2 | 7.2% |
| Total | 23.0 | 23.5% | 24.9 | 18.8% |
Mix, FY26 revenue
What is moving
Mining is the growth engine and the margin worry
- Revenue grew fourfold in FY26 and 62% more in Q1 FY27.
- Margin dropped about ten points. Management cites fuel and disruption from geopolitical events.
- SECL work is partly shifting to the Kanchan project from Q2 FY27, subject to approval.
Terminals and warehousing
- Terminals grew on the new Chennai park. Margins slipped three points.
- Warehousing is flat at a 7% margin and offers little profit.
- Container volumes: Chennai 148,192, Tuticorin 27,492 and Vizag 24,362 TEU in FY26.
Management's stated focus, from the Q1 FY27 release: growing mining logistics, ramping the Chennai park and adding equipment capacity. Customer concentration is high: SECL alone is about 88% of the earlier ₹4,600 cr order book, on an unverified GST basis. [Est.]
Financials: Profit & Loss
Data basis. Figures are consolidated, from Business Standard Capital Market, Kotak Neo, Value Research and company press summaries. Depreciation, finance cost, tax and EPS by year were Not Available — not found. Two profit bases exist: profit attributable to owners (₹45.40 cr for FY26) and profit before minority interest (₹49.28 cr). [Fact]
Annual consolidated (₹ crore)
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 348.9 | 392.1 | 221.1 | 221.8 | 385.7 |
| Growth | NA | +12% | −44% | +0.3% | +74% |
| EBITDA | NA | NA | NA | 21.5 | 78.3 |
| EBITDA margin | NA | NA | NA | 9.7% | 20.3% |
| Exceptional items | NA | −770 to −793 | NA | None found | +55.6 |
| PBT before exceptionals | NA | ~−35 | NA | ~−40 | +1.5 |
| PAT to owners | NA | −799 to −828 | −19.9 to −24.8 | −33.5 | +45.4 |
FY23 shows the insolvency write-offs: the company's table gives an exceptional charge of about ₹793 cr and a loss of about ₹828 cr, and Value Research gives −₹799 cr. FY24 loss is ₹24.8 cr per Capital Market and ₹19.9 cr per Equitymaster. FY22 profit is not reliably available. One aggregator shows about −₹260 cr on an unclear basis, and the September 2021 quarter alone lost ₹146 cr.
Quarterly revenue (₹ crore)
| Quarter | Revenue | YoY | QoQ | PAT to owners | Note |
|---|---|---|---|---|---|
| Q1 FY25 (Jun-24) | 42.0 | −40% | NA | −18.0 | |
| Q2 FY25 (Sep-24) | 48.9 | −21% | +16.5% | −6.6 | |
| Q3 FY25 (Dec-24) | 49.8 | NA | +1.8% | −4.7 | |
| Q4 FY25 (Mar-25) | 81.1 | +83% | +63% | −4.2 | Mining contracts begin to show |
| Q1 FY26 (Jun-25) | 97.5 | +132% | +20% | −4.4 | EBITDA about ₹22.9 cr |
| Q2 FY26 (Sep-25) | 89.8 | +84% | −8% | 11.7 | Other income ₹29.6 cr incl. ₹28.5 cr land-sale profit |
| Q3 FY26 (Dec-25) | 93.2 | +87% | +4% | 48.0 | Pre-exceptional PBT −₹6.5 cr; exceptional gain ₹55.6 cr |
| Q4 FY26 (Mar-26) | 105.2 | +30% | +13% | −10.0 | Before minority −₹8.8 cr |
| Q1 FY27 (Jun-26) | 132.6 | +36% | +26% | 20.1 to 21.2 | EBITDA ₹25.0 cr (+9%), margin 18.8% |
Four FY26 quarters sum to ₹45.4 cr, matching the reported full year. Kotak Neo shows slightly different figures (13.1, 47.9, −8.8) on a before-minority basis. Kotak's Q4 FY25 total income of ₹49.9 cr and PAT of −₹14.9 cr conflict with Capital Market and are not used. A ₹0.06 cr loss quoted for Q4 FY26 by one site is treated as an error. Q1 FY27 PAT is ₹20.08 cr in one source and ₹21.21 cr in others.
Margins and one-time items
- EBITDA margin rose from 9.7% in FY25 to 20.3% in FY26, then slipped to 18.8% in Q1 FY27 against 23.5% a year earlier. [Fact]
- FY26 had a ₹55.6 cr exceptional gain from land sold under the insolvency plan, plus ₹29.7 cr of fixed-asset gains on a standalone basis. [Fact]
- Q1 FY27: EBITDA ₹25 cr but reported PAT ₹20 to 21 cr. The ₹18 cr Madhavaram sale closed on 30 June and likely accounts for much of the gap. This is not confirmed in the filing. [Est.]
Earnings quality: is profit backed by cash?
Partly. FY26 operating cash flow was ₹52.3 cr, below EBITDA of ₹78.3 cr and close to reported PAT of ₹45 to 49 cr. But PAT includes about ₹55.6 cr of non-operating gains, so operating profit did not cover finance costs on its own. Investing inflow of ₹19.9 cr reflects asset-sale proceeds. Financing outflow was ₹87.9 cr, so Sical used asset sales and the rights issue to repay debt. Cash flow is from one source (Multibagg). [Est.]
Financials: Balance Sheet, Cash Flow & Ratios
Coverage gap. Fixed assets, receivables, cash, payables, inventory, capex and goodwill were Not Available — not found for FY22 to FY26. The audited statements were filed on 29 May 2026 but could not be opened. Treat the figures below as indicative. [Fact]
Balance sheet snapshot (₹ crore)
| Item | Mar-25 | Mar-26 |
|---|---|---|
| Shareholders' funds | about −4.8 (negative) | about 132 (derived, not verified) |
| Minority interest | about 134 | NA |
| Total assets | about 858 | about 907 |
| Current borrowings | 294.1 | 76.3 |
| Non-current borrowings | 237.5 | 357.2 |
| Total borrowings [Est.] | ~532 | ~434 |
| Debt to equity | 4.1x (company) | 1.6x (company); 1.85x (InsolvencyTracker) |
Borrowing figures do not reconcile across sources. InsolvencyTracker puts Mar-26 long-term borrowings at ₹276 cr, of which ₹157 cr is unsecured related-party debt, against ₹418 cr a year earlier. Standalone retained earnings are about −₹1,916 cr. Net worth plus minority interest of roughly ₹267 cr would reconcile ₹434 cr of debt to the company's 1.6x, but this is my inference. Gross debt to FY26 EBITDA is about 5.5x. Cash was not found, so net debt is unknown.
Cash flow (₹ crore, single source)
| Item | FY25 | FY26 |
|---|---|---|
| Operating cash flow | 20.0 | 52.3 |
| Investing cash flow | NA | +19.9 |
| Financing cash flow | NA | −87.9 |
| Capex and free cash flow | Not Available — not found | |
Earlier operating cash flow of ₹6.6 cr (FY23) and ₹8.0 cr (FY24) is from Equitymaster, basis unclear.
Ratios
| Ratio | Value | Source |
|---|---|---|
| RoE | 1.6% to −10.2% | Value Research (1.6%) and Anand Rathi (−10.2%) conflict; another site shows 37.5% on tiny equity |
| RoCE | 2.4% to 8.8% | Value Research (Mar 2026), Anand Rathi (Sep 2026) |
| Debtor days | 81 improved to 45 | Screener, undated |
| Interest coverage | Flagged low | Screener |
| Payable days, cash conversion cycle, current ratio | Not Available | Not found |
Equity and dilution
| Date | Event | Shares |
|---|---|---|
| Dec 2022 to Feb 2023 | Old promoters' 0.96 cr shares extinguished. Public holders got 32.6 lakh shares (1 for 15). Pristine Malwa allotted 6.20 cr shares on 26 Feb 2023. | 6.52 cr after |
| Feb to Mar 2026 | Rights issue, 2 for 9 at ₹64, 1.45 cr shares, about ₹93 cr. Reported 118% subscribed. Done partly to meet the 25% minimum public holding rule. | 7.98 cr after |
| Promoter share count did not change in the rights issue, so it appears to have renounced its entitlement. [Est.] | ||
The 2023 allotment price quoted by one site (₹287.57) cannot be reconciled with a ₹480 cr plan and is not used. Warrants, ESOPs and preference-share conversions: none found. The rights proceeds were reported fully used by mid-2026: about ₹70 cr to repay debt and ₹18.6 cr for general purposes.
Credit rating and lenders
No current rating found. The last confirmed ICRA status is "[ICRA]D, Issuer Not Cooperating" on ₹1,345 cr of facilities, reiterated as recently as Dec 2024 in one report. No CARE, India Ratings or CRISIL rating surfaced. Banks and lessors are lending anyway. [Fact]
| Lender | Facility | Terms |
|---|---|---|
| Axis Bank | ₹115 cr (Jul 2026) | ₹85 cr term loan at 9.25% for 9 years refinances Aditya Birla Finance debt. ₹30 cr working capital at 8.25%. Secured on Chennai land and a share pledge. |
| Tata Capital | ₹72 cr lease (Jul 2026) | 60 months, dumpers, excavators and tankers for mining |
| HDFC Bank | ₹12 cr and ₹38 cr (Oct 2025) | The ₹38 cr loan funds equipment bought from the promoter |
| ICICI Bank and Bajaj Finance | Up to ₹50 cr and ₹100 cr | Board-approved with Q1 FY27 results. This is the "₹150 cr". Drawdown not confirmed. |
| Kanpur Logistics Park | ₹150 cr (Jan 2025) | Unsecured, 12.5% simple interest, 5 years. Direction of the loan is unclear in sources. |
Secured creditors were allotted ₹385 cr against admitted claims of ₹936 cr under the plan. The company said it plans to sell ₹111 cr of assets within 12 months. Maturity profile and covenants: Not Available.
Key balance-sheet risks
- Equity is thin after years of write-offs, and net worth was negative as recently as Mar 2025. [Fact]
- A ₹157 cr unsecured related-party loan sits in long-term borrowings, if the InsolvencyTracker figure is right. [Fact]
- Further debt is being added for equipment while no capex or free cash flow figure is available. [Fact]
Management, Promoters & Governance
Sourcing note. The annual report, auditor's report and filings could not be opened. Director backgrounds, committee data, related-party amounts and key audit matters were Not Available — not found. Confidence: items marked filing come from exchange filings seen in search; others are aggregators. [Fact]
Promoters and control
| Item | Finding |
|---|---|
| Promoter | Pristine Malwa Logistics Park Pvt Ltd, merged into its parent Pristine Logistics & Infraprojects Ltd. On 5 Oct 2026, 5,85,72,399 shares vested in the parent. The filing claims an exemption from an open offer as an inter-se transfer. |
| Founder of Pristine | Rajnish Kumar, a non-executive director of Sical. Pristine has filed for an IPO and agreed to buy DLI India, which holds its own rail licence. |
| Acquisition | Resolution plan approved 8 Dec 2022. Promoter got 95% in Feb 2023. Plan payments completed in Jul 2025 per one source. |
| Earlier controllers | M A Chidambaram group to 2011, then Coffee Day group (Tanglin Retail 50.19%, with about 95% of that stake pledged in 2019). Coffee Day wrote off ₹392 cr. |
| Promoter track record before Sical | Not Available — not found beyond the above |
Pledge position. In July 2025 the promoter pledged 3.33 crore shares (51% of the then capital) to Aditya Birla Capital against a ₹250 cr loan of its own. One aggregator says the pledge of 3.28 crore shares (41.17% of the enlarged capital) was fully released on 26 Aug 2026. Two other reports say a new pledge on 1.19 crore shares (14.92% of equity) took effect on 23 Sep 2026 to secure the ₹85 cr Axis Bank loan. Neither was confirmed in a filing I could open. Verify the latest disclosure under SEBI takeover rules. [Fact]
Management
| Role | Name | Note |
|---|---|---|
| Whole-time director | Seshadri Rajappan | Re-appointed 11 Jan 2026 to 10 Jan 2029. Pay up to ₹74 lakh a year. Signs the results release. |
| Chairman and independent director | Satish Kumar Reddy | Named as chairman in the Q1 FY27 release |
| Managing director or CEO | None found | The last managing director resigned in Mar 2021 |
| CFO | V.T. Doraivel Krishnan (reported) | K. Rajavel resigned 9 Jul 2026 to become CFO of subsidiary SMART |
| Company secretary | Mr. Neeraj | From 24 Sep 2026. Predecessor not found. |
Two senior finance and compliance changes within about 11 weeks in 2026. Backgrounds of the new CFO and secretary were not found.
Board
| Director | Role |
|---|---|
| Seshadri Rajappan | Whole-time director |
| Rajnish Kumar | Non-executive, non-independent (Pristine founder) |
| Amit Kumar | Non-executive (per a 2024-25 list) |
| Satish Kumar Reddy | Independent, chairman |
| Vinay Kumar Pabba | Independent |
| V. Neelaveni | Independent, woman director |
The list comes from aggregators and may be dated. The independent woman chair, Anuradha Mukhedkar, resigned on 26 Apr 2024 for personal reasons. Sanjay Mawar left on 24 Jan 2024. Appointment dates and backgrounds not found.
Shareholding
| Date | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Feb 2023 | 95% | NA | NA | 5% |
| Dec 2025 | 89.87% | 0% | NA | 10.1% |
| Mar 2026 | 73.50% | 3.1% | 0.08% | 23.3% |
| Jun 2026 | 73.50% | 3.09% | 0.10% | 23.3% |
The fall from 89.9% to 73.5% comes from the rights issue, as the promoter's share count stayed near 5.86 crore. Small promoter sales in 2024 and 2025 also helped meet the 25% public holding rule. One source shows public at 17.95%, which does not reconcile. Insider and bulk deal data: none found. Shareholder count: Not Available.
Related-party and credit support
| Date | Transaction | Amount |
|---|---|---|
| Oct 2024 | Sical corporate guarantee to HDFC Bank for subsidiary SMART | ₹75 cr (a ₹20 cr guarantee also reported) |
| 31 Dec 2024 | Letter of comfort for the promoter's HDFC credit to buy equipment leased to Sical | ₹75 cr |
| Jan 2025 | ₹150 cr unsecured loan agreement with subsidiary Kanpur Logistics Park, 12.5% | ₹150 cr |
| Oct 2025 | Sical's HDFC term loan to buy equipment from the promoter | Up to ₹38 cr |
| Jan to Aug 2026 | Postal ballots for related-party transactions with the promoter, SMART and a fellow subsidiary | Not found |
Related-party notes to the accounts for FY24 to FY26: Not Available. Special resolutions failed at a June 2025 postal ballot, including a pledge over shares of Sical Infra Assets and a loan with a conversion option. The company was fined in December 2025 for a related-party disclosure lapse under SEBI Reg 23(9). The amount was not found.
Auditors
- Statutory auditor: SRSV & Associates. Review reports carry a "qualified conclusion" section tied to the insolvency history. Which periods and why were not visible. [Fact]
- No going-concern paragraph was seen, but it is not ruled out. Key audit matters: Not Available. [Fact]
- Secretarial auditor KRA & Associates. Internal auditor D. Rangaswamy & Co. [Fact]
Subsidiaries
| Entity | Status |
|---|---|
| Sical Infra Assets Ltd | 100% subsidiary and material subsidiary. Holds the project companies. |
| Sical Multimodal and Rail Transport (SMART) | Operating rail and logistics arm. Receives guarantees. Licence sale to JSW Infrastructure announced in 2023, completion not confirmed. |
| Kanpur Logistics Park Ltd | Subsidiary, lender to Sical |
| Sical Bangalore Logistics Park, Pristine Value Logistics | Step-down and wholly owned units. Roles not detailed. |
| Sical Iron Ore Terminals | Licence terminated Jun 2021. In liquidation. |
| PSA Sical Terminals (Tuticorin) | Joint venture. PSA reportedly exited. VOC Port royalty dispute of ₹1,250 cr to over ₹2,000 cr. Sical's exposure not found. |
| Norsea Offshore India | Sical's guarantee was invoked in 2019. Current status not found. |
Subsidiary revenue and profit contribution, and the status of Patchems, Nagpur terminals and Bergen Offshore: Not Available.
Governance red flags [Analyst View]
- Credit support to the controller. Sical lends its balance sheet to the promoter and subsidiaries, and borrows to buy the promoter's equipment. Pricing and independent valuation are unknown.
- Pledge uncertainty. Pledges against the promoter's own loan, a reported release, then a new pledge in September. The current position is unclear.
- Thin management. No managing director or CEO, one whole-time director, and two finance and compliance changes in 2026.
- Process lapses. Failed special resolutions and a disclosure fine.
- Credit opacity. No current rating despite large new borrowing.
- Offsets. The promoter is an operating group, creditors were paid under the plan, the rights issue was used as stated and borrowing costs of 8 to 9% suggest lenders are comfortable.
Supply Chain
Thin disclosure. Named suppliers, fuel costs, fleet counts, tariffs and customer revenue shares were Not Available — not found. The sections below hold what sources show, and where marked, inference. [Fact]
Value chain
Where pricing power sits. In mining it sits with the state-owned buyers, who award contracts by tender. In terminals it sits with shipping lines and with port and railway authorities that set tariffs and access. Sical has little pricing power in either. The Q1 FY27 mining margin fall and a 7% warehousing margin point the same way. [Analyst View]
↑ Upstream: what Sical depends on
| Item | Finding |
|---|---|
| Equipment | Dumpers, excavators, dozers, graders and tankers, financed by leases and loans (Tata Capital ₹72 cr, Bajaj Finance, ICICI Bank). Some equipment is bought from the promoter. Fleet size not found. |
| Fuel | Management cited "elevated fuel costs" as a reason for the Q1 FY27 mining margin fall. Share of cost and pass-through terms not found. |
| Port and rail access | CFS and terminal operations depend on port access and rail connections. Kamarajar port's termination of the iron ore terminal licence in 2021 shows the downside. Concession terms for current CFS sites not found. |
| Funding | Banks and lessors at 8.25 to 9.25%. No current credit rating found. |
| Labour and subcontracting | Not found |
↓ Downstream: who depends on Sical
| Item | Finding |
|---|---|
| Mining customers | South Eastern Coalfields, Central Coalfields, SAIL and, in earlier years, Northern Coalfields. All are state-owned. SECL alone is about 88% of the ₹4,600 cr order book reported at 1 Apr 2026, on an unverified GST basis. [Est.] |
| Contract tenors | SECL about 11.5 years, CCL 5 years, SAIL about 2 years |
| Terminal customers | Importers, exporters and shipping lines using CFS at Chennai, Tuticorin and Vizag. Names and concentration not found. |
| End products | Coal for power and industry, and iron ore for steel. Sical moves material and does not own it. |
| Stickiness | Mining contracts run for years but are re-tendered at expiry. Switching cost for a mine owner is low at renewal. |
One customer category and one contract dominate future revenue. A change in SECL's scope, such as the planned shift of part of the work to the Kanchan project, directly affects Sical's revenue timing. [Analyst View]
Competitive Position
Incomplete peer data. Peer figures below are undated aggregator snapshots. EV/EBITDA for peers, CONCOR, Adani Ports, JSW Infrastructure, Mahindra Logistics and VRL were Not Available — not found. [Fact]
Peer snapshot
| Company | Market cap (₹ cr) | P/E | RoE | Note |
|---|---|---|---|---|
| Sical Logistics | 740 to 760 | 10 to 11.5 | 1.6% | P/E flattered by one-off gains. EBITDA margin 18.8%. |
| Transport Corporation of India | 6,245 | 13.7 | 18.4% | Value Research |
| Gateway Distriparks | 2,803 | 11.5 | 11.2% | Q1 FY27 EBITDA margin 21.9% |
| Allcargo Logistics | 1,417 | 47.2 | 1.4% | Motilal Oswal |
| Snowman Logistics | 683 | 128.8 | 0.8% | Motilal Oswal |
Sical's earnings multiple looks cheap beside Allcargo and Snowman but not beside Gateway or TCI. Its returns on equity are far below TCI's and Gateway's. Dates of peer snapshots differ, so this is a rough guide only. [Analyst View]
Competitors by business
| Business | Competitors found |
|---|---|
| Container freight stations and ICDs | Gateway Distriparks (says CFS has "plateaued" and is moving to ICDs), CONCOR (building joint ventures at Dadri and Kathuwas), Allcargo Terminals (Farukhnagar), Adani Logistics (Pali, Patli) |
| Rail container operations | CONCOR is the main incumbent. JSW Infrastructure is entering. Pristine plans to own another licence through DLI India. |
| Mining services | Dilip Buildcon won a large Northern Coalfields overburden contract in 2018. Other contractors not found. |
| Market share | No sourced CFS or mining-contractor share data |
Industry
- Major port cargo grew 7.1% to 915 million tonnes in FY26 and 8% in the first half of FY27. [Fact]
- Coal India output rose 8.4% to 50.4 million tonnes in July 2026. Overburden removal in April to July was up 2.9%. [Fact]
- India's logistics cost is estimated at 7.8 to 8.9% of GDP against 13 to 14% in older estimates. The National Logistics Policy targets single digits. [Fact]
- Mining contractor market size and private freight terminal policy details: Not Available.
Five forces [Analyst View]
| Force | Strength | Reason |
|---|---|---|
| Rivalry | High | Large listed CFS players, CONCOR and multiple mining contractors. |
| Buyer power | High | State miners tender contracts. Shipping lines choose CFS sites. |
| Supplier power | Medium | Lessors and banks price funding. Fuel is volatile. |
| New entrants | Medium | Capital and approvals matter. Rail-linked land is scarce near Chennai. |
| Substitutes | Low | Few alternatives to road, rail and CFS handling at a port. |
Moat durability. Weak to moderate. The Chennai rail-linked park and long mining contracts help, but both are tied to a few counterparties. [Analyst View]
Risks & Red Flags
| Risk | Category | Severity | Explanation | Mitigant |
|---|---|---|---|---|
| Profit depends on asset sales | Financial | High | FY26 profit before exceptionals was ₹1.5 cr. A ₹55.6 cr land gain created the profit, and Q1 FY27 profit probably includes another property gain. | Operating EBITDA is genuinely higher: ₹78 cr in FY26. |
| Mining margin compression | Business | High | Mining EBITDA margin fell from 29.8% to 19.7% in a year. Fuel and geopolitical disruption cited. | Terminals margin about 22%. |
| Customer concentration | Business | High | SECL is about 88% of the order book on an unverified basis. All mining customers are state-owned. | 11.5-year SECL tenor; CCL and SAIL add diversity. |
| Related-party credit support | Governance | High | Letter of comfort for promoter debt, guarantees for subsidiaries, equipment bought from the promoter and ₹157 cr of related-party debt (one source). | Arm's-length claims and shareholder votes for material items. |
| Promoter pledge | Governance | Medium | A pledge for the promoter's own loan was reportedly released in Aug 2026, then a new pledge on 14.92% of equity took effect on 23 Sep to secure an Axis Bank loan. | Pledge secures Sical's own refinancing. |
| Funding and leverage | Financial | Medium | About ₹430 cr of borrowings, gross debt to EBITDA about 5.5x, more leases for equipment and no current credit rating. | Debt to equity improved from 4.1x to about 1.6x. Rates of 8.25 to 9.25%. |
| Thin management | Governance | Medium | No managing director or CEO. CFO and company secretary changed in 2026. | Experienced whole-time director. |
| Disclosure and process | Governance | Medium | Failed special resolutions in Jun 2025. Fine for a related-party disclosure lapse in Dec 2025. | Fine paid, board reviewed. |
| Contingent exposure | Regulatory | Medium | VOC Port royalty dispute at the PSA Sical joint venture is ₹1,250 cr to over ₹2,000 cr. Sical's exposure is not quantified. FY26 contingent liabilities not found. | PSA reportedly exited the terminal. |
| Exchange surveillance | Market | Medium | ASM restriction since 22 Jun 2026 and three 5% upper circuits in July. Thin free float of about 26%. | Company says ASM reflects insolvency-resolved status. |
| Warehousing drag | Business | Low | Flat revenue at 7% margin. | Only 13% of revenue. |
| Legacy history | Governance | Low | 2019 to 2022 defaults and liquidation of the iron ore terminal entity. Plan completed in 2025. | Debt largely settled under the plan. |
| Information quality | Data | Medium | Profit, shareholding and pledge figures conflict across sources, and the exchange filings were not opened. | Verification list in Tab 14. |
Currency and rates. Rupee exposure is limited. Interest cost matters more, given roughly ₹430 cr of borrowings at 8.25 to 9.25%. Fuel exposure is real but the pass-through terms are Not Available. [Analyst View]
Concall Highlights & Guidance
No concall exists. No earnings-call transcript or audio was found for any quarter. Sical publishes a press release and investor presentation. There is therefore no analyst Q&A to review. The only direct management quote found is from the Q1 FY27 press release. [Fact]
Quarter by quarter
| Quarter (declared) | Headline | Commentary |
|---|---|---|
| Q4 FY25 (29 May 2025) | Revenue ₹81 cr (+83%), loss ₹4.2 cr. FY25 loss ₹33.5 cr. | No commentary found. |
| Q1 FY26 (about 9 Aug 2025) | Revenue ₹97.5 cr (+132%), loss ₹4.4 cr | No commentary found. |
| Q2 FY26 (about 12 Nov 2025) | PAT ₹11.7 cr (₹13.1 cr in one source) | Profit led by ₹29.6 cr other income including ₹28.5 cr land-sale profit. One report links the quarter to the final instalment under the insolvency plan. |
| Q3 FY26 (about 24 Feb 2026) | Revenue ₹93 cr, PAT ₹48 cr | Profit from ₹55.6 cr land-sale gain. Pre-exceptional PBT was −₹6.5 cr. Rights issue announced. Chennai logistics park opened in December. |
| Q4 FY26 (29 May 2026) | Revenue ₹105 cr, loss ₹9 to 10 cr. FY26 revenue ₹386 cr, EBITDA ₹78 cr. | Presentation cites debt to equity of 1.6x against 4.1x. Chennai CFS had a record month in March. |
| Q1 FY27 (14 Aug 2026) | Revenue ₹133 cr (+36%), EBITDA ₹25 cr (+9%), margin 18.8% | Mining +62% on higher Nigahi production share. Terminals +24% on the Chennai park. ₹150 cr of equipment funding approved. |
Management quote, Q1 FY27 (Chairman Satish Kumar Reddy). "Despite operational disruptions arising from geopolitical developments and elevated fuel costs during the quarter, we achieved EBITDA growth of 9% YoY." He also said the company "started FY27 with revenue growth of 36% year-on-year." [Fact]
Guidance
No quantitative guidance on revenue, EBITDA, capex, debt or volumes was found for any quarter. The only forward-looking items are stated intentions: expanding equipment capacity, using Chennai capacity, and selling ₹111 cr of assets within 12 months. A credibility check against outcomes is therefore Not Available. [Fact]
| Stated item | Date | Outcome |
|---|---|---|
| Rights issue of about ₹93 cr to meet 25% public holding | Feb 2026 | Completed. Promoter fell to 73.5%. Proceeds reported fully used by Jun 2026. |
| Reduce debt to equity | FY26 | 1.6x against 4.1x, per the company |
| Up to ₹150 cr equipment loans and leases | Aug 2026 | Tata Capital ₹72 cr lease signed 31 Jul. ICICI and Bajaj drawdown not confirmed. |
| Asset sales of ₹111 cr within 12 months | 2026 | Madhavaram sale of ₹18 cr done in Jun 2026 |
Tone and tensions [Analyst View]
- The tone is a turnaround story: revenue +74%, EBITDA +264%, lower leverage.
- The one quote defends margins against outside shocks and does not address the 4.7 point margin fall.
- FY26 profit was land-led, yet the headline was profit. Profit before exceptionals was ₹1.5 cr.
- The pledge release was reported in August, then a new pledge came in September.
Growth, Outlook & Valuation
Revenue visibility
₹4,600 crMining order book at 1 Apr 2026
+₹574 crCCL and SAIL awards since then
~₹5,170 crEstimated book, basis unverified
~13xThat book to FY26 revenue of ₹386 cr
Large but concentrated. SECL's ₹4,038 cr (₹3,422 cr before GST) over about 11.5 years is roughly ₹300 cr a year, close to all of FY26 revenue. Revenue is expected to start with FY27, and part of the work moves to the Kanchan project from Q2 FY27 subject to SECL approval. Book-to-bill and the share of revenue contracted are Not Available. [Est.]
Expansion and funding
| Item | Detail |
|---|---|
| Equipment | Tata Capital ₹72 cr lease for 60 months. Up to ₹50 cr ICICI loans and ₹100 cr Bajaj Finance leases approved in August. |
| Refinancing | Axis Bank ₹115 cr, including an ₹85 cr term loan at 9.25% repaying Aditya Birla Finance debt. |
| Chennai logistics park | Operating since Dec 2025. Capex amount and capacity not found. |
| Asset sales | About ₹111 cr planned within 12 months. Land sales so far: ₹29 cr, ₹33 cr and ₹18 cr. |
| Management guidance numbers | Not Available. Only the Chairman's note that FY27 started with 36% revenue growth. |
Catalysts [Analyst View]
Next 12 months
- Q2 FY27 results, expected mid-November. The first read on SECL revenue and margins.
- Confirmed pledge position and the Pristine group IPO.
- First drawdowns of equipment funding and fleet additions.
- Reduction in surveillance status.
3 to 5 years
- Full ramp of the SECL contract.
- Chennai rail-linked park filling up.
- Possible rail licence integration with Pristine's DLI India.
- A credit rating that lowers funding costs.
Analyst views
No sell-side coverage was found. Only aggregator and promotional views exist. [Fact]
| Source | View | Target |
|---|---|---|
| TipRanks | One analyst, Hold (undated) | ₹106 |
| MarketsMojo | Quantitative grade: Sell (Aug 2026), then Hold | NA |
| Univest (promotional blog) | Own model, Jun 2026 | ₹81 to ₹105 |
Valuation (latest dated figures, late September 2026)
| Metric | Value | Note |
|---|---|---|
| Price | ₹91 to 93 | ₹91.19 on 30 Sep (Trendlyne); ₹93.00 on 21 Sep (Anand Rathi) |
| Market cap | ₹727 to 758 cr | Sources differ by date |
| 52-week range | ₹61.7 to 124.3 | Anand Rathi |
| P/E, trailing | 10.4 to 11.5 | Includes ₹55.6 cr land gain |
| P/E excluding that gain [Est.] | ~50x | Trailing PAT of about ₹70 cr less ₹55.6 cr leaves about ₹14 cr |
| P/B | 4.7 to 5.0 | Value Research, Anand Rathi |
| EV/EBITDA | ~15x | Value Research. My calculation on about ₹80 cr trailing EBITDA gives about 14.6x, using gross debt because cash was not found. |
| Dividend | None found | |
| 3-year average multiples | NA | Not Available |
−18%1-month return (21 Sep)
+43%6-month return
+12%1-year return
+8%3-year return
Returns are as of 21 Sep 2026 (Anand Rathi). A different source gives different compound rates as of 7 Aug 2026. The stock was about ₹63 on 2 Apr 2026.
What the price assumes. The headline multiple looks low only because of a one-off gain. On underlying profit the stock is expensive. The valuation rests on SECL revenue arriving at 18 to 20% EBITDA margins and on financing costs staying near 9%. [Analyst View]
Final Verdict
Business qualityMedium
Management qualityWeak
Financial qualityWeak to medium
ValuationFair to expensive
Overall viewNeutral, cautious
Opinion. The turnaround and the mining order book are real. Reported profit overstates earning power, the mining margin is falling and the controlling shareholder's credit and pledges are entangled with the company. I would wait for the September quarter and the pledge disclosure. [Analyst View]
Bull case
- SECL work ramps and revenue passes ₹600 cr a year at around 18 to 20% margin.
- The Chennai park fills up and terminals grow with rail-linked demand.
- A credit rating and lower borrowing costs ease the funding strain.
Bear case
- Mining margins drift toward 15% and interest costs absorb most of EBITDA.
- One-off gains fade and reported profit falls to a small figure.
- Pledge or related-party issues hurt confidence, and surveillance limits trading.
Base case, 12 to 18 months
Revenue grows strongly on mining, but margin stays near 17 to 20%. Reported profit is lumpy because of asset sales. The stock stays volatile within the recent range. [Analyst View] This is a judgment, not a forecast. No consensus estimates exist.
Five things to remember
- FY26 profit before exceptional items was only about ₹1.5 cr.
- The order book is about ₹5,170 cr, about 88% from one customer at the earlier count.
- Q1 FY27 EBITDA rose 9% on 36% revenue growth, and margin fell to 18.8%.
- No current credit rating, and a pledge on 14.92% of equity is reported.
- No managing director or CEO.
Five questions before investing
- What exactly is in Q1 FY27 PAT beyond operations?
- Is the pledge released or newly created, and who is the borrower?
- What are Sical's fleet, capex needs and expected interest cost for the SECL ramp?
- What is in the ₹157 cr of related-party debt, and on what terms?
- What is Sical's exposure to the VOC Port royalty dispute?
Sources
What could not be accessed. NSE and BSE filing pages, Screener, the company site and Quartr could not be read directly, and Financial Modeling Prep needs a higher plan. Every source below was reached through web search summaries. NSE filing links appear because they surfaced in results, and their contents were not opened. No earnings-call transcript exists. All sources were accessed on 14 Oct 2026. Search was limited to roughly 45 queries per research area.
Company filings and press releases (NSE)
Results and financial data
Insolvency, control and credit
Contracts, industry and peers
Data conflicts and open items
- Q1 FY27 profit is ₹20.08 cr in one source and ₹21.21 cr in others. A ₹42.3 cr EBITDA and 31.95% margin in one article contradicts the company's ₹25 cr and 18.8%, and is not used.
- FY26 profit is ₹45.40 cr attributable to owners and ₹49.28 cr before minority interest. Both are internally consistent.
- Q4 FY26 loss ranges from ₹8.7 cr to ₹9.95 cr, depending on basis.
- Pledge: reported fully released on 26 Aug 2026 by one aggregator, with a new pledge on 14.92% of equity from 23 Sep 2026 per two others. Not confirmed in a filing.
- Borrowings at Mar-26 differ across sources: about ₹434 cr (Multibagg) and ₹276 cr long-term (InsolvencyTracker). Debt to equity is 1.6x per the company and 1.85x per InsolvencyTracker.
- The ₹150 cr "raise" is board-approved debt and lease funding (ICICI ₹50 cr, Bajaj Finance ₹100 cr), reported by a few outlets and not checked against the board outcome filing. The only equity raise was the ₹93 cr rights issue.
- Rights-issue ratio: 2 for 9 is consistent with the share count. One site says 11 for 5.
- The ₹287.57 per share 2023 allotment price in one source cannot be reconciled and is not used.
- Not found: FY22 to FY24 balance sheets, capex, cash, depreciation, finance cost, tax, EPS, number of shareholders, FY26 contingent liabilities, related-party amounts, fleet size, customer split, current credit rating, and a Q2 FY27 board date.
- Next filings to read: the board outcome of 14 Aug 2026, the FY26 annual report, the latest pledge disclosure under SEBI takeover rules, the rights-issue letter of offer and the Q2 FY27 results.