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Sical Logistics Limited (SICALLOG)

₹85.00 +1.05% last close, 16 Oct

📊 NSE: SICALLOG 🏢 Logistics Solution Provider 📢 Latest filing: 09 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Sical Logistics' revenue was ₹133 Cr (+35.9% year on year, +26.1% on the previous quarter), and net profit ₹21.2 Cr (against a loss a year earlier); the operating margin was 18.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹133	+35.9%	+26.1%
Operating profit	₹24.9	+8.8%	+28.4%
Net profit	₹21.2	from loss	from loss
EPS (₹)	2.86	from loss	from loss
Operating margin	18.8%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Sical Logistics Submits Demat Compliance Certificate for Q2 FY27 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 09 Oct 2026, 06:03 PM

Sical Logistics Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Cameo Corporate Services Limited confirms that dematerialization requests received during the quarter were processed and certificates were cancelled within stipulated timelines. This is a purely procedural regulatory filing with no financial or operational impact on the company.

Compliance certificate submitted under Regulation 74(5) of SEBI regulations
Covers the quarter ended September 30, 2026
Confirmation issued by RTA Cameo Corporate Services Limited dated October 05, 2026
All received securities confirmed processed and cancelled within stipulated time limits

💡 No action required. Investors should track upcoming Q2 FY27 financial results and operational updates for business developments.

Pristine Logistics Acquires 73.41% Stake in Sical via Internal Amalgamation Scheme

🟡 NEUTRAL ⭐ 4/10

M&A 📅 06 Oct 2026, 12:25 PM

Pristine Logistics & Infraprojects Limited has acquired 5,85,72,399 equity shares (representing 73.41% stake) of Sical Logistics Limited on October 05, 2026. This acquisition occurred pursuant to a Scheme of Amalgamation sanctioned by the Regional Director (Northern Region I), merging Pristine Malwa Logistics Park Private Limited into Pristine Logistics & Infraprojects Limited. Prior to this, Pristine Logistics held 0.00% directly, and the transfer reflects an internal corporate restructuring within the promoter group. Because this is an amalgamation within existing promoter entities, net overall promoter holding remains consistent with historical levels (~73.5%).

Pristine Logistics & Infraprojects acquired 5,85,72,399 shares representing 73.41% shareholding
Pre-acquisition holding for the direct entity was 0 (0.00%)
Acquisition executed on October 05, 2026 pursuant to a sanctioned Scheme of Amalgamation
Amalgamation sanctioned by Regional Director, Northern Region I, New Delhi Bench

💡 Monitor upcoming quarterly shareholding patterns to confirm promoter entity consolidations. No immediate fundamental business action required as this is an internal shareholding reorganisation.

Pristine Logistics Acquires 5.86 Cr Sical Logistics Shares via Internal Amalgamation

🟡 NEUTRAL ⭐ 3/10

M&A 📅 05 Oct 2026, 06:27 PM

Pursuant to a Regional Director-approved Scheme of Amalgamation, Pristine Malwa Logistics Park Private Limited has merged into Pristine Logistics & Infraprojects Limited. Consequently, 5,85,72,399 equity shares of Sical Logistics Limited have been transferred directly to Pristine Logistics & Infraprojects Limited. This represents an inter-se promoter group transfer exempt under Regulation 10(1)(d)(iii) of SEBI SAST Regulations, 2011. There is no change in the aggregate promoter shareholding in Sical Logistics.

Transfer of 5,85,72,399 equity shares of Sical Logistics Limited to Pristine Logistics & Infraprojects Limited
Shareholding of transferor Pristine Malwa Logistics Park falls from 5,85,72,399 shares to 0
Shareholding of transferee Pristine Logistics & Infraprojects increases from 0 to 5,85,72,399 shares
Transaction conducted pursuant to Regional Director-sanctioned Scheme of Amalgamation with SEBI SAST Regulation 10 exemption

💡 Track the upcoming quarterly shareholding patterns of Sical Logistics to confirm the updated direct promoter entity details.

Sical Logistics wins ₹39.23 Cr iron ore mining & transport contract from SAIL

🟢 POSITIVE ⭐ 6/10

OTHER 📅 04 Oct 2026, 10:10 AM

Sical Logistics Limited has received an Award Letter dated October 03, 2026, from Steel Authority of India Limited (SAIL) valued at ₹39.23 crore excluding GST. The scope covers excavation and transportation of iron ore, ICW, and subgrade ore from Dalli Mech. Mine (phase #6). The contract execution runs from October 05, 2026, to November 18, 2028 (approximately 25 months). The contract value represents approximately 9.3% of the company's TTM revenue of ₹421 crore, adding steady revenue visibility to its mining logistics operations.

Received contract award worth ₹39,22,92,000 (₹39.23 Cr) excluding GST from SAIL
Contract duration spans from 05.10.2026 to 18.11.2028 (~25 months)
Work entails excavation and transportation of iron ore/ICW/subgrade ore at Dalli Mech. Mine- phase #6
Order size represents ~9.3% of Sical's TTM revenue of ₹421 Cr

💡 Track execution commencement from October 5, 2026, and assess operational profitability in upcoming quarterly logistics segments against diesel cost variations.

Sical Logistics Shareholders Approve All 4 AGM Resolutions with 100% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 10:15 PM

Sical Logistics concluded its 71st Annual General Meeting held on September 30, 2026, passing all four agenda resolutions. Shareholders approved the adoption of FY26 financial statements, the reappointment of director Sanjay Mawar, and the appointment of CNGSN & Associates LLP as statutory auditors. Additionally, a special resolution approving remuneration for Independent Director Sharad Kumar exceeding 50% of total non-executive director remuneration was approved. All resolutions were carried with 100% of votes cast in favour (60,926,177 votes), with promoter participation at 100% of their holding.

All 4 resolutions approved with 60,926,177 votes in favour (100% of polled votes) and only 145 votes against (0%)
Total voter turnout represented 76.36% of the company's total outstanding shares (79,784,870 shares)
Promoter group voted 100% of their 58,641,903 shares in favour of all items
Special resolution passed approving remuneration for Independent Director Sharad Kumar for FY 2026-27

💡 Track upcoming Q2 FY27 earnings releases to gauge operational turnaround and execution on integrated mining and warehousing logistics projects.

Sical Logistics Shareholders Approve All 4 AGM Resolutions with 100% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 10:06 PM

All 4 resolutions approved with 60,926,177 votes in favour (100% of polled votes) and only 145 votes against (0%)
Total voter turnout represented 76.36% of the company's total outstanding shares (79,784,870 shares)
Promoter group voted 100% of their 58,641,903 shares in favour of all items
Special resolution passed approving remuneration for Independent Director Sharad Kumar for FY 2026-27

💡 Track upcoming Q2 FY27 earnings releases to gauge operational turnaround and execution on integrated mining and warehousing logistics projects.

Promoter Pristine Malwa Logistics Pledges 1.19 Cr Shares Valued at ₹114.78 Cr

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 25 Sep 2026, 05:22 PM

Sical Logistics Limited announced that its promoter entity, Pristine Malwa Logistics Park Private Limited, created a pledge on 1,19,00,000 equity shares on September 23, 2026. The transaction value of the pledged shares is reported at ₹1,14,77,55,000, representing approximately 7.6% of the company's total market capitalization of ₹1,511 Cr. Pristine Malwa continues to hold 5,86,41,903 equity shares, representing 73.5% of total share capital, with 20.3% of its holding now pledged. The disclosure was filed under Regulation 7(2) of SEBI PIT Regulations.

1,19,00,000 equity shares pledged by promoter Pristine Malwa Logistics Park Private Limited
Value of pledged shares reported at ₹1,14,77,55,000
Pledge represents 20.3% of the promoter's 5,86,41,903 equity shares (73.5% total holding)
Pledge creation took place on September 23, 2026, and was intimated on September 25, 2026

💡 Monitor for subsequent disclosures regarding the purpose of the promoter borrowing, any debt servicing risks, or further encumbrance of promoter holdings.

Promoter Pledges 1.19 Cr Shares to Secure Rs 85 Cr Refinancing Term Loan for Sical Logistics

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 15 Sep 2026, 05:17 PM

Sical Logistics Limited announced that its immediate holding company and promoter, Pristine Malwa Logistics Park Private Limited, executed a deed of pledge on September 15, 2026. The promoter created a first-priority pledge over 1,19,00,000 equity shares in favor of CTL Trusteeship Limited to secure a term loan refinancing facility of up to Rs 85 crore availed by the company from Axis Bank. The facility represents approximately 25.4% of Sical's total debt of Rs 335 crore. There is no immediate change in control or management, though voting rights transfer to the trustee upon an event of default.

Promoter Pristine Malwa Logistics Park pledged 1,19,00,000 equity shares of the company.
Pledge secures a term loan refinancing facility of up to Rs 85 crore from Axis Bank Limited.
Security trustee CTL Trusteeship Limited holds the first-priority security interest until obligations are discharged.
The Rs 85 crore refinancing represents ~25.4% of total outstanding debt of Rs 335 crore.

💡 Monitor whether the refinancing lowers overall borrowing costs and track upcoming debt servicing metrics in quarterly results.

Sical Logistics Dispatches AGM Notice and FY26 Annual Report Weblink to Shareholders

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Sep 2026, 08:45 PM

Sical Logistics has dispatched letters containing the weblink and QR code for accessing its 71st Annual General Meeting Notice and FY25-26 Annual Report. This dispatch is addressed to shareholders whose email addresses are not registered with the company, its RTA, or Depositories. The filing is purely procedural under SEBI Listing Regulations 30 and 36(1)(b) and contains no new financial metrics or operational updates.

Dispatched weblink and QR code for the 71st Annual General Meeting notice
Covers the Annual Report for Financial Year 2025-26
Applies to shareholders without registered email IDs with RTA or Depositories (NSDL/CDSL)
Filing made under Regulations 30 and 36(1)(b) of SEBI LODR

💡 Shareholders can access the FY26 Annual Report via the company website (sical.in) to review detailed operational statements ahead of the 71st AGM.

Shareholders Approve ₹85 Cr Loan Refinance Security and ₹5.61 Cr ECLGS Mortgage

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Sep 2026, 08:25 PM

Sical Logistics Limited announced the approval of all three postal ballot resolutions by shareholders on September 4, 2026. The resolutions cover material related-party transactions, including holding company Pristine Malwa providing corporate guarantees and pledging shares (1.25x security cover) for Sical's ₹85 crore Axis Bank term loan refinancing. Additionally, shareholders approved creating a mortgage on the land and building of subsidiary SMART to secure a ₹5.6083 crore working capital term loan from HDFC Bank under ECLGS 5.0. All resolutions passed comfortably with over 99.7% of votes cast in favour.

Shareholders approved securing and guaranteeing an Axis Bank term loan refinancing facility of up to ₹85,00,00,000 (₹85 crore)
Pristine Malwa Logistics Park to provide share pledge of up to 1.25x security cover and an unconditional corporate guarantee for the ₹85 crore facility
Approval granted for mortgage on land and building of subsidiary SMART for a ₹5,60,83,000 (₹5.61 crore) working capital term loan from HDFC Bank under ECLGS 5.0
All resolutions passed with >99.7% majority during remote e-voting concluded on September 04, 2026

💡 Monitor terms of the ₹85 crore debt refinancing and its impact on the company's interest outgo and debt servicing, given its high D/E ratio of 2.12.

Sical Logistics Concludes Postal Ballot Voting on Material Related-Party Transactions

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 05:36 PM

Sical Logistics Limited announced the conclusion of remote e-voting for its postal ballot notice on September 04, 2026. The company sought shareholder approval for three key resolutions: material related-party transactions (RPTs) with step-down subsidiary Sical Multimodal and Rail Transport Limited, creation of a mortgage on the subsidiary's land and building, and material RPTs with its holding company, Pristine Malwa Logistics Park Private Limited. The voting results and Scrutinizer's report will be declared and submitted separately.

Remote e-voting window was open from August 06, 2026 (09:00 a.m. IST) to September 04, 2026 (05:00 p.m. IST)
Resolution 1 sought approval for material related-party transactions with step-down material subsidiary Sical Multimodal and Rail Transport Limited
Resolution 2 sought approval for mortgage creation on land and building of Sical Multimodal and Rail Transport Limited
Resolution 3 sought approval for material related-party transactions with immediate holding company Pristine Malwa Logistics Park Private Limited
Scrutinizer M/s. KRA & Associates will submit the final voting report to declare results

💡 Track the upcoming disclosure of the Scrutinizer's voting results to confirm whether the related-party transactions and mortgage resolutions were formally approved.

Sical Logistics Schedules 71st AGM for September 30, 2026; E-Voting Cut-Off Sept 18

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 04:10 PM

Sical Logistics Limited has issued the notice for its 71st Annual General Meeting (AGM), scheduled to be held virtually on September 30, 2026, at 01:30 PM IST. The cut-off date for determining shareholder eligibility for remote e-voting is Friday, September 18, 2026. Remote e-voting will be open from September 27, 2026 (09:00 AM) to September 29, 2026 (05:00 PM). The company has also circulated its Annual Report for FY2025-26.

71st AGM convened for Wednesday, September 30, 2026, at 01:30 PM via Video Conferencing.
Cut-off date for remote e-voting eligibility set as Friday, September 18, 2026.
Remote e-voting window active from Sunday, September 27, 2026 (09:00 AM) to Tuesday, September 29, 2026 (05:00 PM).

💡 Eligible shareholders holding shares on or before September 18, 2026, may participate in e-voting on the resolutions between September 27 and September 29, 2026.

Sical Logistics Bags Rs 534.73 Cr Mining Contract from Central Coalfields for 5 Years

🟢 POSITIVE ⭐ 9/10

EXPANSION 📅 01 Sep 2026, 08:39 PM

Sical Logistics Limited has received a Letter of Acceptance (LoA) dated September 01, 2026, from Central Coalfields Limited for a mining contract valued at Rs 534.73 crore (inclusive of 18% GST). The scope includes hiring of heavy earth moving machinery (HEMM) for overburden (OB) removal and extraction of 91.036 LTe coal in the Dhori Area, Jharkhand. The contract execution span is 5 years (1,825 days). At Rs 534.73 crore, the total contract value represents approximately 127% of the company's TTM revenue of Rs 421 crore, providing strong medium-term revenue visibility.

Received Letter of Acceptance for a contract worth Rs 534,73,08,872.24 (inclusive of 18% GST)
Contract duration is 5 years (1,825 days) awarded by Central Coalfields Limited
Scope covers 201.355 L CuM re-handling + 336.533 L CuM hard OB removal and extraction of 91.036 LTe coal across 143 Ha patch
Total contract value represents ~127% of Sical Logistics' TTM revenue of Rs 421 crore

💡 Track mobilization timelines, initial equipment deployment capex, and execution progress in upcoming quarterly earnings updates.

Sical Logistics Appoints D. Rangaswamy & Co. as Internal Auditor for FY27; Sets AGM for Sept 30

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 04:55 PM

Sical Logistics Limited announced the appointment of M/s. D. Rangaswamy & Co., Chartered Accountants, as its Internal Auditor for the financial year 2026-27, effective September 1, 2026. Additionally, the Board approved the notice convening the company's 71st Annual General Meeting (AGM) scheduled for September 30, 2026. These administrative actions follow standard governance processes and have no direct operational or financial impact.

Appointed M/s. D. Rangaswamy & Co., Chartered Accountants, as Internal Auditor for FY 2026-27.
Appointment finalized and effective from September 01, 2026.
Convened the 71st Annual General Meeting (AGM) to be held on September 30, 2026, at 01:30 PM via video conferencing.

💡 Track the upcoming 71st AGM resolutions and proceedings on September 30, 2026, along with subsequent quarterly operational updates.

Sical Logistics Appoints Internal Auditor for FY27; Schedules 71st AGM for September 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 04:47 PM

Sical Logistics Limited announced the outcomes of its Board Meeting held on September 01, 2026. The Board approved the appointment of M/s. D. Rangaswamy & Co., Chartered Accountants, as the Internal Auditor for FY 2026-27 based on Audit Committee recommendations. Additionally, the company approved convening its 71st Annual General Meeting (AGM) on September 30, 2026, at 01:30 PM via video conferencing.

Appointed M/s. D. Rangaswamy & Co. as Internal Auditor for FY 2026-27
Scheduled the 71st Annual General Meeting for September 30, 2026, at 01:30 PM
Meeting commenced at 02:40 PM and concluded at 04:00 PM on September 01, 2026

💡 Track the upcoming AGM notice and resolutions ahead of the September 30, 2026 meeting for any strategic updates or shareholder voting items.

View All SICALLOG Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations decreased by 39.2% from INR 66.17 Cr in FY24 to INR 40.22 Cr in FY25. Consolidated total income for FY25 was reported at INR 240.92 Cr. The decline is attributed to operational challenges and liquidity constraints.

Geographic Revenue Split

100% of revenue is generated within India. The company reports that services are not rendered outside India, and therefore no separate geographical segments are reported.

Profitability Margins

Net Profit Margin worsened from -69.40% in FY24 to -109.50% in FY25. Operating Profit Margin remained thin but showed a marginal increase from 0.22% in FY24 to 0.25% in FY25. Return on Net Worth declined from -48.23% to -87.71% due to heavy losses.

EBITDA Margin

Operating Profit Margin was 0.25% in FY25, a slight improvement of 3 basis points from 0.22% in FY24. Core profitability remains under pressure due to high finance costs and a 39.2% drop in standalone revenue.

Capital Expenditure

Not disclosed in available documents. The company mentions plans to expand warehousing and distribution capacity but does not provide specific INR Cr figures for planned Capex.

Credit Rating & Borrowing

The Debt-Equity ratio deteriorated significantly from 5.67 in FY24 to 14.86 in FY25. Total liabilities to financial creditors classified as current amounted to INR 260.78 Cr as of March 31, 2025. Interest coverage ratio improved slightly from 0.46 to 0.62 despite high finance costs.

⚙️ Operational Drivers

Raw Materials

Diesel, power, and lubricants represent the primary operating cost drivers for the logistics and dredging fleet, though specific percentage of total cost for each is not disclosed.

Import Sources

Not disclosed in available documents. Operations are primarily concentrated in India.

Capacity Expansion

The company is focusing on expanding warehousing and distribution capacity and enhancing efficiency in container freight operations. Current installed capacity in MT or units is not specified.

Raw Material Costs

Operating cost risk is high due to dependence on diesel and power. These costs are managed through escalation clauses in contracts and route optimization. Standalone total expenses were INR 111.31 Cr in FY25, down 20.2% from INR 139.52 Cr in FY24.

Manufacturing Efficiency

Not disclosed in available documents. The company focuses on service-based metrics like operational efficiency in multimodal offerings.

Logistics & Distribution

Distribution and logistics are the core business. Current Ratio declined from 0.67 to 0.36, indicating severe liquidity constraints in managing current obligations.

📈 Strategic Growth

Growth Strategy

Growth is targeted through strengthening presence in integrated mining logistics, expanding warehousing and distribution capacity, and building resilience in dredging services. The strategy involves disciplined bidding, embedding technology (digitalization and automation), and prioritizing ESG-compliant operations to win contracts.

Products & Services

Integrated logistics services, mining logistics, warehousing, distribution, container freight station operations, and dredging services.

Brand Portfolio

Sical, Pristine (Parent Group)

New Products/Services

The company is focusing on technology-enabled solutions tailored to regional demand and ESG-compliant logistics offerings to differentiate in contract awards.

Market Expansion

Expansion is focused on regional demand within India, specifically targeting government-supported multimodal logistics parks and integrated mining sectors.

Strategic Alliances

Sical Sattva Rail Terminals Private Limited (Jointly controlled entity). The company is now a 'Pristine Group Company' following restructuring.

🌍 External Factors

Industry Trends

The industry is shifting toward digitalization, automation, and ESG compliance. Government-supported multimodal logistics parks are emerging as large-scale alternatives to traditional setups.

Competitive Landscape

Faces competition from government-supported multimodal logistics parks and other integrated logistics providers in competitive bidding processes.

Competitive Moat

Moat is built on integrated multimodal offerings and a technology-first approach. Sustainability is linked to the ability to provide flexible, technology-enabled solutions tailored to regional demand.

Macro Economic Sensitivity

Highly sensitive to inflation and interest rates, which impact demand and compress margins. Interest coverage remains low at 0.62.

Consumer Behavior

Increased demand for temperature-sensitive goods handling and technology-enabled tracking in the supply chain.

Geopolitical Risks

Exposed to regulatory and country risks within India, including changes in customs procedures and port operation frameworks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by regulatory frameworks related to integrated logistics, port operations, and customs procedures. Compliance is monitored through robust internal systems.

Environmental Compliance

The company has adopted a comprehensive Environmental, Sustainability, EHSQ, Human Rights, and Security Policy across all group entities to reduce environmental impact.

Legal Contingencies

Retained earnings as of March 31, 2025, were a negative INR 2,056.23 Cr (Consolidated), reflecting accumulated losses. Specific values for pending court cases were not disclosed in the provided text.