Sical cuts borrowings as FY26 operating cash reaches Rs 52.3 crore

Sical Logistics Limited cut combined borrowings by Rs 98.1 crore to Rs 433.5 crore at March 2026 and generated Rs 52.3 crore of net operating cash in FY26, 2.6 times FY25's Rs 20.0 crore. The change combined a steep reduction in current borrowings with higher operating profit before working-capital changes.

Did Sical cut total borrowings in FY26?

Sical cut combined current and non-current borrowings by Rs 98.1 crore in FY26, to Rs 433.5 crore at March 2026 from Rs 531.6 crore at March 2025. Current borrowings declined by Rs 217.8 crore to Rs 76.3 crore, while non-current borrowings increased by Rs 119.7 crore to Rs 357.2 crore. The reported movement therefore shifted more of Sical's borrowings into the non-current category.

The abridged cash-flow statement records an Rs 87.9 crore net outflow from financing activities in FY26, which management describes as reflecting debt reduction. That financing outflow was substantially larger than the Rs 3.1 crore outflow reported in FY25. The presentation does not provide a facility-by-facility reconciliation between financing cash flows and the balance-sheet movement in borrowings.

Lease liabilities were reported separately from borrowings and declined in aggregate to Rs 51.6 crore at March 2026 from Rs 76.2 crore a year earlier. Non-current lease liabilities fell to Rs 38.7 crore from Rs 64.2 crore, while current lease liabilities rose to Rs 12.9 crore from Rs 12.0 crore. Combined borrowings and lease liabilities consequently declined by Rs 122.7 crore to Rs 485.1 crore.

How much operating cash did Sical generate in FY26?

Sical generated Rs 52.3 crore of net cash from operating activities in FY26, compared with Rs 20.0 crore in FY25. The source describes the FY26 result as 2.6 times the prior-year level. Operating profit before working-capital changes increased to Rs 84.3 crore from Rs 27.4 crore, while profit before tax turned positive at Rs 57.1 crore after a Rs 30.7 crore loss before tax in FY25.

Cash generated from operations, before the income-tax line, rose to Rs 59.4 crore in FY26 from Rs 12.7 crore in FY25. Working-capital changes remained a cash outflow in both years but reduced to Rs 11.1 crore from Rs 14.7 crore. The FY26 cash-flow statement then records Rs 7.1 crore of income tax paid, resulting in net operating cash of Rs 52.3 crore.

The cash-flow improvement accompanied higher reported operating performance in FY26. Revenue increased 74% year on year to Rs 385.7 crore from Rs 221.8 crore, and earnings before interest, tax, depreciation and amortisation, or EBITDA, excluding other income, increased 264% to Rs 78.3 crore from Rs 21.5 crore. EBITDA margin was 20%, compared with 10% in FY25.

What changed in Sical's March 2026 balance sheet?

Sical's total assets increased to Rs 907.3 crore at March 2026 from Rs 857.6 crore at March 2025, while total equity rose to Rs 269.6 crore from Rs 129.6 crore. Other equity moved to a positive Rs 51.5 crore from negative Rs 70.0 crore, and equity share capital increased to Rs 79.8 crore from Rs 65.3 crore. Non-controlling interest was Rs 138.3 crore, against Rs 134.4 crore a year earlier.

Current assets increased to Rs 297.5 crore from Rs 174.0 crore, while non-current assets declined to Rs 609.7 crore from Rs 683.6 crore. Sical reported an Rs 111.3 crore asset held for sale at March 2026, whereas the March 2025 balance sheet did not report an amount in that line. Trade receivables rose to Rs 96.0 crore from Rs 72.1 crore, while cash and bank balances decreased to Rs 66.0 crore from Rs 86.5 crore.

The non-current asset decline included capital work in progress falling to Rs 4.2 crore from Rs 52.1 crore and right-of-use assets decreasing to Rs 44.0 crore from Rs 70.3 crore. Property, plant and equipment also fell to Rs 506.6 crore from Rs 526.5 crore. On the liabilities side, total current liabilities declined to Rs 166.1 crore from Rs 376.0 crore, alongside the reduction in current borrowings.

How did financing and investing flows affect Sical's cash balance?

Sical's cash and cash equivalents fell by Rs 15.7 crore in FY26 to Rs 31.3 crore, despite the Rs 52.3 crore operating cash inflow. The cash-flow statement reports an Rs 87.9 crore financing outflow, partly offset by Rs 19.9 crore generated from investing activities. In FY25, investing activities used Rs 63.8 crore and financing activities used Rs 3.1 crore, producing a Rs 46.9 crore decrease in cash and cash equivalents.

Sical began FY26 with Rs 47.0 crore of cash and cash equivalents and ended the year with Rs 31.3 crore. The closing cash-equivalent figure differs from the Rs 66.0 crore of cash and bank balances reported on the March 2026 balance sheet. The presentation reports both measures but does not provide a reconciliation between them.

The FY26 financing outflow exceeded the operating cash inflow by Rs 35.6 crore, which explains why cash and cash equivalents declined even as operating cash increased. The reported Rs 19.9 crore investing inflow also marked a reversal from the Rs 63.8 crore investing outflow in FY25. These flows, together with the balance-sheet borrowing movements, show that the FY26 improvement in operations occurred alongside significant funding and asset-side changes.

Conclusion

Sical's FY26 disclosures show both improved operating cash generation and lower combined borrowings. Net cash from operating activities rose by Rs 32.3 crore to Rs 52.3 crore as operating profit before working-capital changes reached Rs 84.3 crore, while total borrowings fell by Rs 98.1 crore. The reduction came from a Rs 217.8 crore fall in current borrowings that more than offset a Rs 119.7 crore increase in non-current borrowings.

The next disclosed matter to watch is the Rs 111.3 crore asset held for sale that appeared on the March 2026 balance sheet, with no amount reported in that category a year earlier. Investors can also track whether Sical sustains operating cash generation above FY26's Rs 52.3 crore while financing outflows continue and cash and cash equivalents remain below the Rs 47.0 crore opening FY26 balance.