1. At a Glance – The Logistics Company That Wants To Mine Lithium
Market Cap: ₹3,998 Cr
Current Price: ₹25.8
3-Month Return: 7.97%
1-Year Return: 57.1%
ROCE: 5.45%
ROE: 0.35%
Debt: ₹449 Cr
TTM Sales: ₹706 Cr
TTM PAT: ₹-15.5 Cr
EV/EBITDA: 89.9
Let’s get this straight.
A company doing ₹706 Cr in sales, with a TTM loss of ₹15.5 Cr, negative operating margin of -44.6%, and ROE of 0.35%… is valued at ₹3,998 Cr.
Yes. You read that correctly.
On top of that, EV/EBITDA is sitting at 89.9. Even Silicon Valley startups would blush.
But wait — Q3 FY26 (Dec 2025 quarter) shows Sales of ₹119 Cr and PAT of ₹13.9 Cr. EPS: ₹0.09.
So are we looking at a turnaround… or just a quarter where “Other Income” did the heavy lifting again?
And just when you think it’s a simple coal logistics company, it announces plans to invest up to USD 100 million in lithium and rare earth mining globally.
Logistics + Petrol Pumps + Coal Mining + Media + Bio Power + Lithium + Rare Earths.
This isn’t diversification.
This is a buffet.
The real question: Is Sindhu Trade Links building an empire — or a PowerPoint presentation?
Let’s investigate.
2. Introduction – Coal Today, Lithium Tomorrow
Sindhu Trade Links started as a transportation and logistics player. Moving coal, operating tippers, loaders — classic Indian infra support story.
But over time, the company expanded into:
- Petrol pump operations (IOCL dealership in Korba)
- Fuel transportation tankers
- Media business (through subsidiary)
- Finance operations
- Overseas coal mining
- Bio-mass power generation
- And now… lithium and rare earth mining
You’re not reading a conglomerate from the 1990s.
This is one listed entity.
In FY23 revenue mix:
- Transport & Logistics: 63%
- Oil & Lubricants: 15%
- Oil Drilling: 8%
- Finance Operations: 4%
- Interest & Other Income: 10%
Translation?
Core logistics is majority, but “Other Income” and side hustles are significant contributors.
Now here’s the spicy part:
Earnings include Other Income of ₹364 Cr (TTM).
₹364 Cr.
When your TTM Sales are ₹706 Cr.
Let that sink in.
Is the business running trucks… or accounting entries?
And if core operating margin is negative, what exactly is funding this valuation?
Are we investing in a logistics operator or
