1. At a Glance
A rising SME logistics player, S J Logistics is hauling in profits faster than your Swiggy order—ROCE at 36%, revenue doubled in 2 years. But beware the 141 debtor days, zero dividends, and mysterious net cash flows.
2. Introduction with Hook
Imagine if Amazon Prime delivery had the financial hustle of Wolf of Wall Street. That’s SJ Logistics.
- FY25 Revenue: ₹502 Cr (from ₹149 Cr in FY23)
- FY25 Net Profit: ₹52 Cr (up from ₹8 Cr in FY23)
- But… 141 debtor days and rising public shareholding whisper: “Dude, check the books.”
3. Business Model (WTF Do They Even Do?)
SJLL offers a full-stack supply chain:
- Freight Forwarding (Sea + Air)
- Customs Clearance
- Warehousing
- NVOCC
- Project Cargo (a fancy way to say “big, weird stuff”)
Serves across continents: South America, Europe, Gulf, and SE Asia. Also part of global agency networks like ALN, PPL, and America Alliance.
A classic “Asset-light, ambition-heavy” logistics setup.
4. Financials Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | ₹149 Cr | ₹271 Cr | ₹502 Cr |
| PAT | ₹8 Cr | ₹23 Cr | ₹52 Cr |
| OPM | 9% | 11% | 15% |
| ROE | — | 31% | 32% |
| ROCE | — | 31% | 36% |
| EPS | ₹27.98 | ₹15.61 | ₹34.35 |
YoY Growth
- Sales: 85% CAGR
- PAT: 150% CAGR
- Market Cap: ₹671 Cr (12.8x P/E)
5. Valuation
Let’s break it down:
| Method | Fair Value |
|---|---|
| P/E of 20x (for a clean logistics co) | ₹700–₹800 |
| P/E of 30x (if growth sustains) | ₹1,050+ |
| Industry Median P/E: 30.44x | ₹1,050 |
| Conservative due to SME & liquidity | ₹500–₹600 |
EduInvesting FV Band: ₹500 – ₹800
Room to grow, but don’t trip over those working capital crates.
6. What’s Cooking – News, Triggers, Drama
- July 2025: Expansion of NVOCC ops to Africa and Russia (read: betting on geopolitically spicy routes).
- Promoter Warrants Converted @ ₹576 = Confidence… or pre-exit prep?
- Analyst meet buzz, but no unpublished info (we see you, SEBI).
- Shareholders increased from 1.5k → 3.6k in 1 year. That’s not organic love—that’s brochure marketing.
7. Balance Sheet
| FY | Equity | Reserves | Debt | Assets |
|---|---|---|---|---|
| FY23 | ₹3 Cr | ₹28 Cr | ₹34 Cr | ₹81 Cr |
| FY24 | ₹14 Cr | ₹98 Cr | ₹13 Cr | ₹150 Cr |
| FY25 | ₹15 Cr | ₹202 Cr | ₹61 Cr | ₹297 Cr |
Key Notes:
- Raised equity via warrants
- Jump in debt (₹13 Cr → ₹61 Cr) in FY25
- Fixed assets up to ₹41 Cr → possibly warehousing infra?
8. Cash Flow – Sab Number Game Hai
| FY | CFO | CFI | CFF | Net |
|---|---|---|---|---|
| FY23 | ₹-6 Cr | ₹-5 Cr | ₹12 Cr | ₹+1 Cr |
| FY24 | ₹-39 Cr | ₹+5 Cr | ₹35 Cr | ₹0 Cr |
| FY25 | ₹-52 Cr | ₹-4 Cr | ₹55 Cr | ₹-0 Cr |
Conclusion:
Profits may be real, but cash is hiding behind a stack of unpaid invoices. Negative CFO = 🚩.
9. Ratios – Sexy or Stressy?
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE | — | 31% | 32% |
| ROCE | — | 31% | 36% |
| Debtor Days | 120 | 107 | 141 |
| Working Capital Days | 137 | 132 | 157 |
Verdict:
ROE and ROCE are Olympic level. But debtor days creeping into red-alert zone.
10. P&L Breakdown – Show Me the Money
| FY | Sales | Expenses | OPM | PAT | EPS |
|---|---|---|---|---|---|
| FY23 | ₹149 Cr | ₹136 Cr | 9% | ₹8 Cr | ₹27.98 |
| FY24 | ₹271 Cr | ₹241 Cr | 11% | ₹23 Cr | ₹15.61 |
| FY25 | ₹502 Cr | ₹427 Cr | 15% | ₹52 Cr | ₹34.35 |
Note: EPS drop in FY24 is due to equity base expanding. Real growth intact.
11. Peer Comparison
| Company | MCap (₹Cr) | P/E | OPM % | ROCE % | Sales |
|---|---|---|---|---|---|
| Concor | ₹47,312 | 36.0 | 21.7% | 13.7% | ₹8,887 Cr |
| Blue Dart | ₹16,375 | 64.8 | 15.2% | 17.2% | ₹5,720 Cr |
| VRL | ₹5,639 | 31.8 | 18.1% | 15.7% | ₹3,160 Cr |
| SJ Logistics | ₹671 | 12.8 | 15.0% | 36.4% | ₹502 Cr |
Conclusion:
In terms of returns, SJ is punching above its weight.
In terms of scale—it’s still a freshman in a senior class.
12. Miscellaneous – Shareholding, Promoters
| Date | Promoter % | FII % | DII % | Public % |
|---|---|---|---|---|
| Mar 2024 | 49.64% | 0.00% | 2.98% | 47.38% |
| Mar 2025 | 47.95% | 0.25% | 2.02% | 49.77% |
Trend Watch:
- Promoters diluted slightly (warrants converted?)
- Public love growing fast
- But still no dividend… stingy much?
13. EduInvesting Verdict™
S J Logistics is that underrated hustler at the port—making connections, moving tonnage, and turning out profit margins that would make a PE firm blush. But while the earnings are legit, the working capital cycle is hella stretched. High debtor days, negative cash flow, and recent debt uptick signal caution.
Fair Value? ₹500–₹800 band if momentum sustains and receivables improve.
Until then, it’s a solid logistics play—just make sure you don’t get stuck at customs.
Metadata
– Written by EduInvesting Research Team | 18 July 2025
– Tags: S J Logistics, SME Logistics, Freight Forwarding, Supply Chain India, Working Capital, NVOCC, Promoter Warrants, EduInvesting Premium
