Sical Logistics Ltd Q1FY26 – When Coffee Day’s Stepchild Tries to Drive a Truck with Square Wheels
1. At a Glance
Sical Logistics Ltd (SLL), once the proud logistics arm of the Coffee Day empire, is now that washed-up uncle everyone invites to weddings but nobody lets touch the cash box. The stock trades at ₹104, giving it a market cap of ~₹678 crore. But here’s the punchline: ROE is -396%, book value is negative (₹-0.73), and debt stands tall at ₹608 crore. Sales for FY25 clocked ₹277 crore with an OPM of 15.5%, but PAT was a loss of ₹29 crore. The company carries a debt-to-equity ratio of 17.7—so high it makes PSU banks sweat. Promoter holding is 89.9%, but 56.7% of that is pledged, meaning more than half the family silver is already in the pawn shop.
2. Introduction
Imagine a logistics company that once promised “end-to-end solutions” but ended up in end-to-end insolvency proceedings. That’s Sical. Born in 1955, it carried coal, iron ore, containers, and even dredged the seabed for oil majors. Then came Coffee Day’s financial storm, and Sical was swept into NCLT’s insolvency pipeline in FY21.
A resolution plan was approved in 2023, and a new board replaced the old guard. But revival hasn’t been easy. From handling 25+ million tons of bulk cargo annually, Sical today is mostly known for patchy mining contracts and one lonely dredger working on ONGC’s trenching projects.
The stock itself? Volatile. Down 44% over one year, up 130% over three years—classic CIRP rollercoaster. Investors who buy it are either turnaround junkies or unaware retail folks who confuse “logistics” with Delhivery’s growth story.
Mining & Overburden Removal – Digging coal mines for NCL.
Road & Rail Transport – Moving bulk cargo across states.
Offshore Logistics – Dredging and marine support for LNG and oil companies.
Warehousing & Shipping – Because why leave any buzzword untouched?
Today, reality is leaner. Post-CIRP, operations narrowed to:
Mining overburden removal (Amlori OCP for Northern Coalfields).
Offshore dredging for Swan LNG and ONGC trenching.
That’s it. From “integrated logistics solutions” to “one mine, one dredger.” Like going from Reliance Retail to running a paan shop.
4. Financials Overview
Quarterly Snapshot (₹ crore)
Source table
Metric
Latest Qtr (Q1FY26)
Same Qtr Last Yr
Prev Qtr
YoY %
QoQ %
Revenue
97.5
41.9
81.1
+132%
+20%
EBITDA
22.9
1.5
8.6
+1,415%
+167%
PAT
-4.4
-17.7
2.1
+75%
NA
EPS (₹)
-0.67
-2.75
0.33
+76%
NA
Annualised EPS = -₹0.67 × 4 = -₹2.68. P/E = Not meaningful. Book value = negative, so PB ratio = Not meaningful. Basically, your Excel refuses to calculate.
Commentary: Topline is reviving post-CIRP, but losses continue. EBITDA looks fancy, but finance costs and depreciation swallow profits whole.
Question: would you trust a logistics company whose net worth is negative, but whose stock still trades at ₹100+?
