1. At a Glance

S J Logistics (India) Ltd (SJLL) is the friend who suddenly gets rich but still borrows money for chai. In FY25, profits skyrocketed 150% TTM, ROE strutted at 32%, and the operating margin hit 16% – yet, dividend payout remains a proud 0%. The company is a multimodal transport operator with a passport full of stamps, shipping project cargo and freight across continents. Stock P/E is 11.4 – cheap compared to peers – but the market’s love story cooled after the ₹725 high, now chilling at ₹418.

2. Introduction

Picture this: A logistics company so diversified it could probably deliver a wedding cake to Antarctica without it melting. Founded in 2003, SJ Logistics started small but now flexes as a global operator moving goods across South America, Europe, the Gulf, and South East Asia.

In the last three years, they’ve turned their P&L into a financial gym session – bulking revenue from ₹149 Cr in FY23 to ₹502 Cr in FY25, with operating profits growing nearly six-fold. And yet, shareholders who dreamed of a fat dividend cheque are still waiting like it’s the Indian railways “expected arrival” time.

3. Business Model (WTF Do They Even Do?)

SJLL is not your average courier boy. They are a Multimodal Transport Operator – think “Swiggy for freight” but on a global scale.
Their offerings:

• Ocean & Air Freight Forwarding – The big cargo boys.
• Customs Clearance – Because bureaucracy needs a middleman.
• Inland Transport & Warehousing – Where goods nap before the next journey.
• Door Delivery & NVOCC – Container leasing and delivery, even to hard-to-reach spots.

Membership in networks like ALN, America Alliance, and PPL means they’re basically in the logistics version of the Avengers.

4. Financials Overview

Annualised EPS (Q1 FY26 EPS ₹9.33 × 4) = ₹37.32, giving a P/E of ~11.2.
FY25 Snapshot:

• Revenue: ₹502 Cr (YoY +85%)
• EBITDA: ₹76 Cr (15% margin)
• PAT: ₹52 Cr (YoY +126%)
• ROCE: 36.6% | ROE: 31.9%

This is the kind of growth that makes competitors nervous and analysts suspicious. The only “meh” – negative cash from operations three years in a row (FY23: -₹6 Cr, FY24: -₹39 Cr, FY25: -₹52 Cr). Translation: Growing fast, but burning cash like a Diwali night.

5. Valuation (Fair Value Range)