1. At a Glance – Coffee Day Hangover Meets Coal Contracts
Sical Logistics Ltd is currently trading at ₹68.9, commanding a market cap of ₹1,488 crore, with a 3-month return of -6.75% and 1-year return of -18.7%.
Now hold your calculator tightly.
- TTM Sales: ₹362 crore
- TTM PAT: ₹60 crore
- Q3 FY26 Sales: ₹93 crore
- Q3 FY26 PAT: ₹48 crore
- Operating Margin (Q3): 19%
- Debt: ₹607 crore
- ROE: -396%
- ROCE: -1.29%
- Price to Book: 566x
Yes. Five hundred and sixty-six times book value. Not a typo.
After surviving Corporate Insolvency Resolution Process (CIRP), the company is back with a rights issue of ₹93.03 crore at ₹64 per share. Promoters are holding 89.87%, but 56% of that is pledged.
One quarter shows profit fireworks. Balance sheet still looks like it survived a cyclone.
Is this a turnaround trailer? Or just a good quarter powered by “Other Income” and accounting gymnastics?
Let’s investigate like forensic accountants with a sense of humour.
2. Introduction – The Comeback Kid from Insolvency Court
Founded in 1955, Sical Logistics has been in the business of moving things before half of us were born. Coal, iron ore, containers, over-dimensional cargo — basically, if it’s heavy, they’ll move it.
But then came the plot twist.
In FY21, the company entered Corporate Insolvency Resolution Process (CIRP) under NCLT Chennai. The board was dissolved. New management took charge in January 2023.
Imagine your school principal being replaced mid-term because the school ran out of money. That was Sical.
Post-CIRP, operations were limited. In FY23, they carried out only:
- Overburden removal at Northern Coalfields
- Dredging work for Swan LNG port and ONGC pipeline trenching
Revenue collapsed. Losses ballooned.
But now?
Q3 FY26 shows ₹93 crore revenue and ₹48 crore PAT. That’s a massive jump compared to earlier quarters.
Question for you:
Is this operational revival? Or accounting recovery?
Because remember — this company had ₹-70 crore reserves as of Mar 2025 and net worth issues.
This is
