Opening Hook
If you thought logistics was about dusty warehouses and cranky customs officers, S J Logistics (SJLOGISTIC) just turned it into a quarterly action movie. In Q1 FY26, revenue took off faster than your courier guy when you say “bhaiya jaldi.” Air cargo and NVOCC are the new box office hits in the portfolio, and margins are climbing like a container ship up a tide chart. Consolidated revenue hit ₹12,576 lakh, up 24.9% year-on-year (Investor Presentation, Aug 12, 2025). Why it matters? Because this is no sleepy freight forwarder—it’s morphing into a tech-enabled, asset-light global player with multiple engines of growth.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue up 24.9% – containers clearly moving faster than paperwork• EBITDA margin up 370 bps – asset-light doesn’t mean profit-light• PAT up 32.9% – every crate counts• Air cargo & NVOCC launched – new lanes, new money• Warehousing footprint ~38,910 sq. ft. – Bhiwandi flex in full effect
MANAGEMENT’S KEY COMMENTARY
On growth:“Q1 FY26 revenue grew 24.9% y-o-y.” Translation – Demand’s up, and we’re riding the wave.
On margins:“EBITDA margin at 17.7%, up 370 bps.” Translation – Turns out, margin expansion isn’t just for software companies.
On air cargo:“₹411 lakh revenue, 8 airline tie-ups.” Translation – If it flies, we’ll bill it.
On NVOCC:“₹421 lakh revenue in debut quarter.” Translation – We’re a shipping line without the ship headaches.
On PSU relationships:“Deepening government logistics niche.” Translation – We’re making friends in high places (and ports).
On expansion:“Acquiring rights over large multi-user warehouses.” Translation – Bigger sheds, faster turnarounds.
On tech:“Adopting AI, IoT for visibility.” Translation – Containers will soon track themselves, maybe track you too.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹12,576 lakh (+24.9%) | ₹2,221.9 lakh (+57.2%) | 17.7% (+370 bps) |
Revenue:Ocean cargo still the anchor, but air & NVOCC are the surprise plot twists.EBITDA:Asset-light model + better route control = fatter sidekick.Margins:Freight mix shift + pricing power made this quarter a melodrama with a happy ending.
ANALYST QUESTIONS
Air cargo scalability?Tie-ups with 8 airlines, global expansion planned.NVOCC margins?Higher than forwarding, due to route control.CapEx?Focused on warehouse expansion, still asset-light.Competition?Global networks, niche ODC cargo expertise keep edge.Sector tailwinds?Government infra push, PSU orders, export diversification.
Translation – growth levers are in place, but execution speed matters.
GUIDANCE & OUTLOOK
SJ
