S J Logistics (India) Ltd: FY2026 Revenue & Vessel Launch
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Revenue hit ₹654 cr in FY26, up 30% from ₹502 cr a year earlier. PAT landed at ₹76 cr against ₹52 cr, a 44% jump.
The tension is volume and mix: Ocean Cargo (yarn & commodities) is stable. Project/ODC cargo—heavy, niche, infrastructure-linked—is the growth engine, up 40% in H1. NVOCC, the non-vessel carrier service, exploded to ₹32 cr in H1 (from ₹2 cr), a 1,400% sprint.
The ship arrived. Literally: in November 2025, the company started direct vessel operations via a Dubai subsidiary, Swiss Express Service route. Margins expanded 379 bps YoY to 17.9% EBITDA in H1. But cash from operations stayed skeletal—₹21 cr for the full year.
The question: does a forwarding shop with ambitions to be a shipper keep the margins intact once the fleet ramps?
2. Introduction
SJ Logistics is incorporated in 2003, home-based in Thane. The business: forwarding, freight, project cargo, warehousing, and lately, vessel ops.
The market is fragmented, ruthless, and indexed to global container rates. The company has stayed small and specialized—project cargo and yarn commodities, where spot rates matter less and long-term relationships matter more. The IPO came in December 2023 at ₹48 cr, landing on the NSE Emerge SME platform. By mid-2024, share price was ₹279. By June 2025, it touched ₹525. Then the market rethought; by June 2026, it was ₹368.
Three things happened in FY26: Warrant conversions brought fresh capital (₹22 cr). The company acquired S J Logisol Shipping LLC in Dubai for ₹56 lakh. And the November concall revealed the full scope: NVOCC is breaking out, project cargo is roaring, and the board has committed to 4 chartered vessels by year-end 2025—since that’s past, they’re now operating them.
The press note on May 28 said: “revenue above ₹650 cr; EBITDA up 59%, PAT up 44%, vessel operations started.”
3. Business Model: WTF Do They Even Do?
The portfolio splits into five:
Ocean Freight Forwarding: the backbone. Yarn and textiles (₹107 cr, H1 FY26, flat YoY). Heavy, low-margin, low-volatility stuff. ODC / tires / project cargo was ₹127 cr in H1, up 40% YoY—transmission towers, earth-moving equipment, Africa and Latin America the playgrounds. This segment is how the company claims “structural insulation” from rate cycles.
NVOCC (Non-Vessel Operating Common Carrier): acts as the middleman. Middle East, Gulf, Red Sea, Mediterranean, Africa, Russia. H1 FY26: ₹32 cr (from ₹2 cr). Management: “we could’ve done ₹50 cr with more space; vessel control removes the bottleneck.” In plainer terms, they lease capacity from real ships, rebrand it, and sell it on. Now they’re building their own.
Direct Vessel Operations: the pivot. Launched Swiss Express Service (Kandla → Jebel Ali → Jeddah → Alexandria, looping Russia/Turkey/Libya). Four chartered vessels by Dec 2025. Small, practical, ~1,100 TEU each (700 TEU real with heavy cargo). They’re targeting 80–90% fill from their own NVOCC/forwarding customers; the rest, opportunistic slot sales. Container-light model; plans to add open-tops and flat racks for project cargo (meaning they can actually monetise those huge transmission towers they were forwarding for others).
Air Freight: ₹7.5 cr in H1. Licensed for IATA in July 2024. Mentioned, not yet discussed as material.
Warehousing: 38,910 sq ft capacity, referenced once in investor data, dormant-looking for now.
The business is multimodal, meaning the company is betting it can capture the entire journey—inland to customs to ocean to inland at destination. That is the moat they’re testing. Scale? ₹654 cr in FY26. Market cap, ₹562 cr.
Management guided to “around 35% growth in top line” and “12% to 12.5% PAT margin or more” for FY26 overall. They framed margin expansion as “improved network efficiency and operational discipline.” H1 saw 17.9% EBITDA margin (1,520 bps higher YoY). Management linked further upside to shipping: “this shipping operation will definitely give an advantage.”
For FY27, they expect vessel ops to contribute “around 30% to 40% of
