Sical Logistics Ltd Q2FY26: From Insolvency to Gati Shakti Glory – The ₹2,854 Lakh Land Profit and the Resurrection of a Coffee Day Survivor

1. At a Glance

Sical Logistics Ltd, once the logistics arm of the Coffee Day empire, is back in the game — and this time, it’s literally digging gold from its dredgers and mines. After emerging from insolvency in 2023, this 1955-born logistics dinosaur seems to have found its second wind. The Q2FY26 results read like a dramatic movie script: sales at ₹89.8 crore, up 83.6% YoY, and PAT at ₹11.7 crore, swinging from losses to profit. A ₹2,854 lakh land-sale profit helped it look like a phoenix wrapped in logistics tape.

At ₹93.1 per share (as of 24 Nov 2025), with a market cap of ₹607 crore and an EV of ₹1,173 crore, this “IBC graduate” is now under fresh scrutiny — part pride, part paranoia. The promoters, Pristine Malwa Logistics Park Pvt Ltd, hold a heavy 89.9% stake, but over56.8% of it is pledged, because why keep your blood pressure low, right?

ROE? A dramatic-396%, and ROCE at-1.29%— a true Coffee Day legacy of caffeine-fueled chaos. Still, this company has pulled off an 83% QoQ revenue growth and a 175% profit jump. After surviving NCLT, its next task is surviving logistics competition from players like Blue Dart and TCI.

Can this logistics survivor truly reclaim its lost highway? Let’s unpack the chaos.

2. Introduction

If there was an award for the “Most Reincarnated Company of the Decade,” Sical Logistics would be on the podium. This company has literally done a “Vanvaas + Comeback” arc worthy of Indian mythology — from being buried under the Coffee Day debt mountain to re-emerging under the Pristine Logistics umbrella.

Back in 2021, Sical was dragged intoCorporate Insolvency Resolution Process (CIRP)by NCLT Chennai. Cut to January 2023 — a new board, a new owner, and a new lease of life. It’s now part ofPristine Logistics & Infraprojects Ltd, which itself is known for multimodal logistics, rail terminals, and hardcore infra muscle.

Since then, Sical’s management has been in cleanup mode — selling land, renegotiating debt, and commissioning cargo terminals under theGati Shaktiinitiative. Yes, the same Gati Shakti that the government loves to talk about at every infrastructure conference.

Despite a decade of shrinking sales (-26% over 5 years), the company’s new promoters are making bold moves: they got a ₹38 crore HDFC term loan, leased new commercial equipment, and even secured Southern Railway’s nod to start a Gati Shakti Cargo Terminal atAnuppampattuin Nov 2025.

The tone is clear — Sical isn’t dead; it was just under “reconstruction.” And if the Coffee Day ghost stays quiet, this could be one of the most fascinating comebacks in India’s logistics space.

3. Business Model – WTF Do They Even Do?

Sical Logistics calls itself an “integrated logistics solutions provider.” Translation: if something heavy moves in India, they want to be the ones moving it — from ports to mines, from warehouses to offshore rigs.

The company runs across six business verticals:

1. Container Freight Stations (CFS)– They manage cargo handling, storage, and customs clearance. Think of it as India’s answer to DHL’s backend — but with desi jugaad.
2. Coastal Shipping– For goods that prefer sailing over traffic jams.
3. Container Rail– Hauling cargo across India’s tracks through Pristine’s network.
4. Integrated Logistics– Bundling warehousing, transport, and cargo management.
5. Mining– Where they actually dig up earth (and sometimes financial losses).
6. Offshore Logistics– Providing dredgers and support vessels for oil and gas projects.

Sical claims to handle over25 million tonnes of bulk cargoand0.5 million TEUsof containers every year. It also operates a cutter suction dredger — because who doesn’t like owning a ship that eats mud for a living?

In FY23, only two divisions were active:mining(for Northern Coalfields) anddredging(for ONGC and Swan LNG). But in FY25, the rebirth is visible — the company’s Q2FY26 PAT flipped positive, revenues jumped, and dredging projects are once again floating.

So yes, this is not your pizza-delivery logistics startup. It’s an old-school, steel-and-concrete, port-to-rail type of business that smells like diesel and revival.

4. Financials Overview

Commentary:From a loss-making zombie