Sical Logistics in FY26: turnaround numbers, a bigger mining book, and a new rail linked logistics park

Sical Logistics Limited closed FY26 with a visible turnaround in operating performance, supported by a sharp rise in mining logistics revenue and a steadier contribution from terminals and warehousing. On an audited consolidated basis, the company reported revenue of INR 3,857 million for FY26, up 74 percent year on year, and EBITDA of INR 783 million, up 264 percent. The EBITDA margin expanded to 20 percent, compared with 10 percent in FY25.

The FY26 presentation positions this as a continuation of a post acquisition revival phase following Pristine Group’s acquisition in January 2023. The company also highlighted a rights issue of INR 930.3 million in FY26 undertaken to meet the minimum public shareholding requirement of 25 percent.

What drove FY26 performance

The FY26 revenue mix was explicitly disclosed: mining logistics at 43 percent, terminals at 36 percent, and warehousing and 3PL at 21 percent. In absolute terms, mining logistics revenue rose to INR 1,648 million in FY26 from INR 402 million in FY25. Warehousing and 3PL revenue increased to INR 815 million from INR 620 million. The terminals segment, which includes both CFS and MMLP under a combined disclosure, reported revenue of INR 1,399 million for FY26 versus INR 1,200 million in FY25.

Quarterly revenue in FY26 ranged from INR 898 million to INR 1,052 million, while quarterly EBITDA ranged from INR 179 million to INR 229 million. The presentation shows FY26 margins holding near the 19 to 24 percent range across quarters, materially above the prior year’s quarterly EBITDA levels.

Segment view: mining logistics, terminals, and warehousing

Mining logistics is presented as support for mining customers through downstream logistics, including bulk material handling, transportation, and overburden removal for PSU mining companies. As of 1 April 2026, the company disclosed an order book in hand of INR 46,000 million. It also stated that seven projects have been executed since 2014 and that it has 150 plus million cubic metres per annum overburden removal capability.

In terminals, Sical operates three container freight stations at Chennai, Tuticorin, and Visakhapatnam. FY26 CFS volumes were disclosed at 148,192 TEUs in Chennai, 27,492 TEUs in Tuticorin, and 24,362 TEUs in Vizag. The presentation also states that Chennai CFS has been recognized as the top performing CFS in the Southern region by NICDC Logistics Data Services across FY23 to FY26, and that Chennai CFS has 10 percent plus market share.

A meaningful new operational milestone in FY26 is the commercial commencement of the Chennai Multi-Modal Logistics Park in December 2025. The presentation describes it as the first private rail linked logistics park in Chennai, spread across 82 acres, with rail siding and container yard facilities. The company also states it has a land parcel in Bengaluru to develop an upcoming 65 plus acre rail linked MMLP, including rail siding, warehousing, container yard, customs clearance facility and value added logistics zones, though a commissioning date is not disclosed.

Warehousing and 3PL is described as an asset light model using leasing and partnerships, supported by 20 warehouses with a cumulative area of 1.2 million square feet, including temperature controlled warehousing. Operational metrics disclosed include 20,000 plus SKUs handled per month and 1,400 plus outbound vehicles per month. The company also stated it recently entered the national super stockist model in the pharmaceutical sector.

Balance sheet and cash flow: improving operations, still a leveraged structure

The audited consolidated cash flow statement shows net cash from operating activities of INR 523 million in Mar-26, up from INR 200 million in Mar-25. Cash generated from operations was INR 594 million, while income tax paid was INR 71 million. Investing activities contributed net inflows of INR 199 million, while financing activities were an outflow of INR 879 million.

On the balance sheet, total assets stood at INR 9,073 million at Mar-26 versus INR 8,576 million at Mar-25. Cash and bank balances were INR 660 million at Mar-26 compared with INR 865 million at Mar-25. Trade receivables increased to INR 960 million from INR 721 million.

Borrowings shifted in mix. Non current borrowings increased to INR 3,572 million from INR 2,375 million, while current borrowings reduced to INR 763 million from INR 2,941 million. The balance sheet also shows an asset held for sale of INR 1,113 million at Mar-26, with no additional detail in the presentation.

Strategy and market context highlighted by the company

The company frames its growth strategy around four themes: expanding in coal mining overburden removal, capturing under served southern rail linked logistics corridors, scaling CFS and warehousing and 3PL markets, and benefiting from policy support.

On industry outlook, the presentation cites projected coal production growth from 998.0 million tonnes in FY24 to 1,290.0 million tonnes in FY29P, and overburden removal volume growth from 11.0 billion cubic metres in FY20 to FY24E to 16.6 billion cubic metres in FY25 to FY29P. For CFS and ICD, it cites an India market size of INR 65 billion in FY25E growing to INR 85 billion by FY30P. For industrial warehousing, it cites INR 1,400 billion in FY25 growing to INR 2,359 billion by FY30 at an 11 percent CAGR.

The presentation also points to the National Logistics Policy and its target to reduce logistics costs to 8 percent of GDP by 2030, along with the National Rail Policy’s stated aim to increase rail’s share of freight to 45 percent. PM Gati Shakti is presented as an enabler for integrated infrastructure execution.

Takeaways from the FY26 presentation

FY26 numbers show a clear operating recovery, with higher revenue, materially stronger EBITDA, and improved operating cash flows. The mix is diversified, but mining logistics stands out as the main growth driver in FY26, supported by a disclosed order book of INR 46,000 million as of 1 April 2026.

At the same time, the company’s history includes a period of liquidity stress and insolvency in March 2021, followed by asset write downs during FY21 to FY23. Investors will likely track sustainability of margins, working capital discipline as receivables rise, the trajectory of borrowings, and the ramp up of the newly commercialised Chennai MMLP alongside progress on the planned Bengaluru development.