1. At a Glance
S J Logistics (India) Ltd (SJLL) has officially graduated from being a humble freight forwarder to a global supply chain player with its own vessel operations. From road, rail, and air — the company has now literally gone “overboard.” With amarket cap of ₹678 crore,current price ₹443, and a P/E of just11x, SJLL looks like that disciplined student everyone ignored until they started their own business and became rich.
InQ2 FY26, SJLL clocked₹157 crore in revenue(+26.5% YoY) and₹18.1 crore in PAT(+42.5% YoY). TheEBITDA marginstands at a healthy18%, which in logistics language means “we’re not just moving boxes, we’re minting profits.”
And the kicker? TheirROCE is 36.6%,ROE 31.9%, anddebt-to-equity only 0.32— the financial equivalent of a truck running smoothly on premium diesel. For a company that got listed just in December 2023, this trajectory looks less like a startup and more like a cargo rocket launch.
2. Introduction
Let’s be honest — when you hear “logistics company,” you probably imagine some dusty godown and a guy shouting, “Load karo, bhai!” But S J Logistics isn’t your average desi transporter. It’s amultimodal operatorthat moves cargo through air, ocean, and inland routes across continents.
Born in2003, this Chennai-based freight specialist has spent two decades quietly mastering every link of the logistics chain — from customs clearance to warehousing to project cargo so big it looks like it belongs in a Fast & Furious movie.
After its₹48 crore IPO in December 2023, SJLL didn’t sit idle. It quickly began expanding its NVOCC operations (that’s Non-Vessel Operating Common Carrier for those who skipped shipping school) and recently evenstarted operating its own vessels. That’s right — from booking ships to owning one.
In FY25, the company’srevenue shot up 85.5% YoY to ₹502 crore, whilePAT jumped 126%. With such velocity, the company seems to have found the rare balance between scale and profitability that most logistics startups only dream of.
3. Business Model – WTF Do They Even Do?
In short: if it moves, SJ Logistics moves it better.
They’re what the logistics world calls aMultimodal Transport Operator (MTO)— which means they don’t just ship goods; they design the entire journey. From picking up yarn in Tiruppur to delivering machinery in Chile, SJLL manages everything from packing to port clearance to the final door delivery.
Their seven-segment service model includes:
- Project Cargo:Handling oversized, critical, and high-value items — think windmill blades, transformers, or infrastructure equipment. Basically, things that need special prayers before moving.
- Ocean Freight Forwarding:Their bread and butter — focused on yarn, textiles, engineering goods, and power equipment.
- Air Freight Forwarding:For time-sensitive cargo that can’t afford traffic jams.
- Customs Clearance:Because Indian bureaucracy can delay even light-speed shipping.
- Inland Transportation:Trucking goods from factories to ports and back.
- NVOCC Operations:Acting as a mini shipping line — now expanded toAfrica and Russia(2025).
- Warehousing & Door Delivery:Managing inventory at Bhiwandi — because all roads in Indian logistics somehow lead to Bhiwandi.
With clients acrossSouth America, Europe, Gulf, and Southeast Asia, SJLL isn’t just another domestic player — it’s a full-blown international operator with an active passport.
4. Financials Overview (Quarterly Data)
Data Type:Quarterly Consolidated Figures (₹ crore)
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 157 | 124 | 126 | 26.5% | 24.6% |
| EBITDA | 28 | 18 | 22 | 55.5% | 27.3% |
| PAT | 18.1 | 12.7 | 14.2 | 42.5% | 27.5% |
| EPS (₹) | 11.85 | 8.78 | 9.33 | 35.0% | 27.0% |
Annualised EPS:₹47.4P/E (based on CMP ₹443):~9.3x (against industry average 25.9x)
Commentary:Margins are up, profits are up, and the CFO probably has a reason to smile for once. The company’s quarterly OPM touched18%, proving that efficient execution pays better than expensive consultants.
5. Valuation Discussion – Fair Value Range (Educational)
Let’s crunch some logistics math.
a)P/E Method
- Current EPS (TTM): ₹40.3
- Industry P/E: ~25.9
- SJLL P/E: 11.0If it rerates halfway to industry average → Fair Value Range = ₹40.3 × (15–22) =₹605–₹885
b)EV/EBITDA Method
- EV = ₹756 Cr
- EBITDA (TTM) = ₹94 Cr
- EV/EBITDA = 8.0Peer average ~12x → Fair Value = ₹94 × (9–12) =₹846–₹1,128 Cr EV,Implyingper share value ₹495–₹660
c)DCF Snapshot (Simplified)
Assuming 20% CAGR in cash flows for 5 years, discount rate 12%, terminal growth 3% — intrinsic range:₹480–₹620
📢Disclaimer:This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
If logistics had a Netflix show, SJLL’s 2025–26 season would be titled“Cargo Wars: The Vessel Awakens.”
- Started Vessel Operations (Nov 2025):Yes, they’re now sailing their own ships — cutting dependence on third-party carriers.
- Expanded NVOCC to Africa & Russia (Jul 2025):Talk about geopolitical diversification.
- ₹42 Cr Order (Aug 2025):From a power transmission company — 4–6 months execution timeline.
- ₹22 Cr Logistics Order (Mar 2025):Another contract in the bag.
- Acquisition (Apr 2025):100% of UAE-based S J Logisol Shipping LLC — adding an international presence and a tax-efficient hub.
- PSU Registrations (2024–25):Company registered with multiple PSUs — ready to handle their cargo chaos.
Basically, SJLL is turning into the Amazon Prime of industrial logistics — fast, flexible, and now self-shipping.
7. Balance Sheet (₹ crore)
| Metric | Mar 2023 | Mar 2024 | Sep 2025 |
|---|---|---|---|
| Total Assets | 81 | 150 | 363 |
| Net Worth (Equity + Reserves) | 31 | 112 | 255 |
| Borrowings | 34 | 13 | 81 |
| Other Liabilities | 16 | 25 | 27 |
| Total Liabilities | 81 | 150 | 363 |
Balance Sheet Banter:
- Assets more than4x in 2 years— clearly not a garage startup anymore.
- Borrowings rising, but so is net worth — a balanced weight gain story.
- Liabilities neatly matching assets — auditors can sleep peacefully (for now).
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash Flow |
|---|---|---|---|---|
| Mar 2023 | -6 | -5 | 12 | +1 |
| Mar 2024 | -39 | +5 | +35 | 0 |
| Mar 2025 | -52 | -4 | +55 | -0 |
Translation:Cash from operations is negative because growth eats working capital like a buffet. Financing cash flow is positive — thanks to equity issuance and borrowings. Essentially, SJLL is playing the “expand first, collect later” game — the logistics version of a teenager’s UPI balance.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE | — | 31.9% | 32% |
| ROCE | 31% | 37% | 36.6% |
| P/E | — | 11.0 | — |
| PAT Margin | 5% | 8% | 12% |
| Debt/Equity | 1.09 | 0.13 | 0.32 |
Verdict:Financially, SJLL is a Ferrari disguised as a tempo. Low leverage, high returns, expanding margins — the numbers scream “execution excellence.”
10. P&L Breakdown – Show Me the Money
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | 149 | 13 | 8 |
| FY24 | 271 | 30 | 23 |
| FY25 | 502 | 76 | 52 |
Comedy version:2023 – “We’re learning.”2024 – “We’re growing.”2025 – “We’re global, baby!”
In just two years, revenue more than tripled, and profits grew 6x — rare in logistics, where many companies struggle to stay above toll-tax margins.
11. Peer Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E | ROCE (%) |
|---|---|---|---|---|
| Container Corp | 2,354 | 380 | 29.7 | 13.9 |
| Delhivery | 2,559 | -50 | 223 | 2.5 |
| Blue Dart | 1,549 | 81 | 50.8 | 16.3 |
| Transport Corp | 1,205 | 113 | 19.3 | 20.5 |
| VRL Logistics | 797 | 50 | 19.9 | 15.7 |
| S J Logistics | 560 | 61 | 11.0 | 36.6 |
SJ Logistics beats peers onprofit growthandROCE, yet trades at half their valuation. The market hasn’t priced in its shipping pivot — classic small-cap undervaluation setup (educational note, not a pitch).
12. Miscellaneous – Shareholding and Promoters
| Category | Sep 2025 |
|---|---|
| Promoters | 49.1% |
| FIIs | 0.24% |
| DIIs | 2.19% |
| Public | 48.47% |
Promoter Cast:
- Rajen Hasmukhlal Shah– 36.91%, the logistics captain who’s now literally running
- ships.
- Asmita Shah & Jeet Shah– family team steering the business.
- Recent entries:Rupanki & Prashant Shah, possibly taking “family business” too literally.
No pledges, steady holding, and fresh FII entry — a sign the smart money just found the cargo bay.
13. Corporate Governance – Angels or Devils?
Auditor shuffle in FY24:A.A. Mohare & Co.resigned; replaced byMYSP & Associates LLP. Happens in growing firms, but always worth watching.
No pledging, consistent filings, and transparent con-call updates every quarter. The company even uploadedaudio recordingsfor analysts — rare for an SME stock. For once, transparency isn’t just a buzzword; it’s an export item.
14. Industry Roast and Macro Context
The Indian logistics sector is like the Indian railways — chaotic, massive, and somehow still moving forward. From e-commerce deliveries to industrial freight, everyone wants a piece of the ₹15 lakh crore logistics pie.
The sector’s digital push (e-invoicing, FASTag, unified logistics platform) is reducing inefficiencies, while private players like SJLL are riding the Make-in-India export wave.
While giants like Delhivery burn cash like a bonfire, SJ Logistics quietly profits with discipline. It’s like comparing a Tesla Cybertruck to an old-school Volvo truck — one makes headlines, the other makes money.
15. EduInvesting Verdict
SJ Logistics (India) Ltd is the rare breed of SME that looks more mature than its listed peers. In just 24 months, it transformed from a traditional freight forwarder into an integrated global logistics platform with sea legs.
Strengths:
- Strong FY25 performance (Revenue ₹502 Cr, PAT ₹52 Cr)
- 36% ROCE, 32% ROE — elite return ratios
- Debt under control
- Rapid diversification (vessel ops, NVOCC expansion, warehousing, PSU onboarding)
- Global network across 20+ countries
Weaknesses:
- Negative operating cash flows — classic sign of growth outpacing receipts.
- No dividend — investors might start asking, “Bhai, paisa kab milega?”
- SME liquidity risks — thin trading volumes can cause price swings.
Opportunities:
- Entry into vessel ownership = margin booster
- Expansion into PSU logistics = steady long-term contracts
- Warehouse network = recurring rental income
Threats:
- Global freight volatility (thanks to Red Sea drama)
- Currency exposure due to multi-country ops
- Competition from giants like TCI, VRL, and Delhivery
SWOT Summary:
| Strength | Weakness | Opportunity | Threat |
|---|---|---|---|
| Strong returns, global ops | Negative cash flow | Vessel ownership, PSUs | Freight & FX volatility |
In essence, SJ Logistics isn’t just delivering cargo; it’s delivering compounding returns — quietly, efficiently, and globally.
Written by EduInvesting Team | 25 Nov 2025
SEO Tags:S J Logistics, Logistics Industry, Multimodal Transport, Freight Forwarding, NVOCC, SME Logistics India
1. At a Glance
S J Logistics (India) Ltd (SJLL) has officially graduated from being a humble freight forwarder to a global supply chain player with its own vessel operations. From road, rail, and air — the company has now literally gone “overboard.” With amarket cap of ₹678 crore,current price ₹443, and a P/E of just11x, SJLL looks like that disciplined student everyone ignored until they started their own business and became rich.
InQ2 FY26, SJLL clocked₹157 crore in revenue(+26.5% YoY) and₹18.1 crore in PAT(+42.5% YoY). TheEBITDA marginstands at a healthy18%, which in logistics language means “we’re not just moving boxes, we’re minting profits.”
And the kicker? TheirROCE is 36.6%,ROE 31.9%, anddebt-to-equity only 0.32— the financial equivalent of a truck running smoothly on premium diesel. For a company that got listed just in December 2023, this trajectory looks less like a startup and more like a cargo rocket launch.
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