S J Logistics (India) Ltd Q2 FY26 – ₹157 Cr Revenue, ₹28.4 Cr EBITDA, ₹18.1 Cr PAT: The Freight Forwarder Who Just Found Its Sea Legs 🚢📦
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 a market cap of ₹678 crore, current price ₹443, and a P/E of just 11x, SJLL looks like that disciplined student everyone ignored until they started their own business and became rich.
In Q2 FY26, SJLL clocked ₹157 crore in revenue (+26.5% YoY) and ₹18.1 crore in PAT (+42.5% YoY). The EBITDA margin stands at a healthy 18%, which in logistics language means “we’re not just moving boxes, we’re minting profits.”
And the kicker? Their ROCE is 36.6%, ROE 31.9%, and debt-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 a multimodal operator that moves cargo through air, ocean, and inland routes across continents.
Born in 2003, 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 even started operating its own vessels. That’s right — from booking ships to owning one.
In FY25, the company’s revenue shot up 85.5% YoY to ₹502 crore, while PAT 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 a Multimodal 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 to Africa and Russia (2025).
Warehousing & Door Delivery: Managing inventory at Bhiwandi — because all roads in Indian logistics somehow lead to Bhiwandi.
With clients across South 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)
Source table
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: ₹47.4 P/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 touched 18%, 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: 11.0 If 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 = 8.0 Peer average ~12x → Fair Value = ₹94 × (9–12) = ₹846–₹1,128 Cr EV, Implying per 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)
Source table
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 than 4x in 2 years — clearly not a garage startup anymore.
Borrowings rising, but so is net worth — a balanced weight gain story.
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?
Source table
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.”
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
Source table
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 on profit growth and ROCE, 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
Source table
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.
