S J Logistics (India) Limited Q2 FY26 Concall Decoded: 1,400% NVOCC Growth, Vessel Dreams & Management Playing 4D Chess
1. Opening Hook
While most logistics companies are still blaming geopolitics, fuel prices, and Mercury being in retrograde, SJ Logistics quietly decided to… buy control of the ocean. Yes, in a quarter where global freight lanes were coughing, SJ showed up with 26% revenue growth, 60%+ EBITDA growth, and casually announced, “We’re adding four vessels.”
This wasn’t a “rates improved” story. This was a “we stopped begging shipping lines for slots” story. From freight forwarding to NVOCC to straight-up vessel operations, management basically said: Why rent the highway when you can own the lane?
Margins expanded, project cargo stayed immune to rate tantrums, and Libya somehow became bullish. Read on—because this concall was less earnings call, more logistics masterclass with mild flexing.
2. At a Glance
Revenue up 26.5% (₹157.1 cr): Growth without rate-cycle crutches.
EBITDA up 61.4% (₹28.4 cr): Operating leverage finally showed up to work.
EBITDA margin at 18.1%: Asset-light, but profit-heavy.
PAT up 42.5% (₹18.1 cr): Discipline > discounts.
NVOCC revenue up 1,400%: From side hustle to main character energy.
3. Management’s Key Commentary
“This has been another strong quarter supported by consistent execution.” (Translation: We didn’t get lucky; we planned this.) 😏
“NVOCC revenue grew from ₹2.1 cr to ₹31.9 cr.” (Translation: Blink and you missed a 14x jump.) 🚀
“We have commenced direct vessel operations.” (Translation: We’re done begging mainline operators.)
“Vessel operations give us control over scheduling and space.” (Translation: No more ‘sorry, no slots available’ emails.) 😌
“Project cargo is insulated from freight rate volatility.” (Translation: Infrastructure doesn’t care about spot rates.)
“We are targeting 30–40% of revenue from vessel operations.” (Translation: This is no side project.) ⚓
“We prefer to under-promise and over-deliver.” (Translation: Please don’t screenshot guidance.)
