S J Logistics (India) Ltd H1 FY26 Results – From Freight Forwarder to Global Disruptor: ₹283 Cr Revenue, ₹28.4 Cr EBITDA, Vessel Ops Kickoff, NVOCC Goes Worldwide
1. At a Glance
Hold onto your spreadsheets — S J Logistics (India) Ltd (SJLL) has been on a turbo-charged logistics rollercoaster that’s making even seasoned analysts check their seatbelts twice. The company, trading at ₹369 as of December 2025, boasts a market cap of ₹564 crore, a P/E ratio of just 9.18, and a ROE of 31.9% that screams operational muscle. In H1 FY26, SJLL clocked a revenue of ₹282.9 crore with an EBITDA of ₹28.4 crore, showing that the freight game isn’t just about containers and customs — it’s about consistency and compounding.
In Q2 FY26 alone, revenue jumped 26.5% YoY to ₹157 crore, while PAT surged 42.4% to ₹18.1 crore. For a company that listed just a year ago, that’s basically logistics puberty turning into a profit party. And yes, they just launched direct vessel operations, taking “multimodal” to “multi-universal.”
The stock is down ~44% YoY, thanks to SME investors expecting miracles every quarter, but fundamentally, SJLL’s trajectory looks more like a planned docking than a crash. With ROCE at 36.6% and Debt-to-Equity at 0.32, it’s the financial equivalent of a truck that hauls cash instead of cargo.
2. Introduction
There are logistics companies — and then there’s S J Logistics, the kind that looks at a shipping container and says, “Let’s make it global.”
Founded in 2003, the company has quietly built an empire of freight forwarding, project cargo, customs clearance, inland transportation, and NVOCC services spanning five continents. The fact that they’re handling oversized and overambitious cargo for sectors like power transmission, engineering, and pharma shows that this is not your local lorry-walla setup.
The company’s transition from a service provider to a full-blown integrated logistics ecosystem has been nothing short of cinematic. From getting its IATA license in July 2024 to launching its own vessel operations in 2025, SJLL is basically evolving faster than India’s freight corridors.
What’s fascinating? Their sales shot up 82% in FY24, profits grew 67%, and EBITDA margin climbed from 9% to 17% within two years. That’s not luck — that’s what happens when you go from moving containers to moving strategy.
3. Business Model – WTF Do They Even Do?
If you’ve ever tried to send something across India and it arrived six months later, you’ll understand why SJ Logistics exists.
SJLL is a Multimodal Transport Operator (MTO) offering everything a cargo could ever dream of: air, sea, land — and maybe soon, teleportation. They do Project Cargo, Air & Ocean Freight Forwarding, Customs Clearance, Inland Transportation, Warehousing, and even Door Delivery — because in logistics, the last mile is where the last smile happens.
Their Project Cargo division handles over-dimensional and high-value shipments — imagine moving an entire windmill blade through Indian traffic. Their Ocean Freight Forwarding business specializes in yarn and yarn products (which form 51% of revenue) — apparently, India’s textile boom has found its freight soulmate.
The NVOCC business (Non-Vessel Operating Common Carrier) gives them access to Gulf and African routes via partnerships with Good Voyage Shipping Services, and recently, SJLL expanded this arm into Africa and Russia, which is either genius diversification or pure logistics adrenaline.
Oh, and just to prove they’re serious, they’ve started warehousing operations in Bhiwandi — the Las Vegas of Indian supply chains.
4. Financials Overview
Let’s talk numbers that move faster than their cargo ships.
Source table
Metric
Latest Qtr (Sep FY26)
YoY Qtr (Sep FY25)
Prev Qtr (Jun FY26)
YoY %
QoQ %
Revenue
157
124
126
26.5%
24.6%
EBITDA
28
18
22
55.6%
27.3%
PAT
18.1
12.7
14
42.4%
29.3%
EPS (₹)
11.85
8.78
9.33
35.0%
27.0%
Commentary: SJLL’s financials are running smoother than customs paperwork stamped in advance. Revenue growth of 26.5% and PAT growth of 42% are textbook examples of operational leverage at work. The EBITDA margin has held steady at 18%, showing pricing power even as they expand globally.
Annualized EPS based on Q2 = ₹11.85 × 4 = ₹47.4, giving a forward P/E of ~7.8x — which, in logistics valuation terms, is like getting a Ferrari for the price of a forklift.
5. Valuation Discussion – Fair Value Range Only
Let’s decode the freight math behind this moving valuation:
📦 Educational Fair Value Range: ₹500 – ₹700 per share This fair value range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
Vessel Operations Launched: November 2025 marked SJLL’s official move into direct vessel operations — the logistics equivalent of owning your own highway.
One Response
1)kindly create a separate tab for SME stocks.