Sical mining order book exceeds Rs 4,200 crore in September 2026

Sical disclosed a mining-logistics order book exceeding Rs 4,200 crore as of 30 September 2026, supported by the Rs 3,422.2 crore SECL Porda-Chimtampani Mining Project, which was in progress for 140 months. The company also listed the Rs 534.7 crore CCL Dhori Project as a 60-month pipeline contract.

What is Sical’s mining-logistics order book?

Sical’s mining-logistics order book was more than Rs 4,200 crore as of 30 September 2026. The presentation identifies this as work in hand for the mining vertical, which handles minerals and overburden and whose reported revenue includes income from dredging.

The mining order book relates to work for public-sector mining customers and follows seven projects executed since 2014. Sical identifies Damodar Valley Corporation, Northern Coalfields Limited, Mahanadi Coalfields Limited and Coal India Limited as major clients, while its disclosed services include bulk-material handling, transportation and overburden removal.

The order-book figure is distinct from revenue recognised in a financial year. Mining-logistics revenue was Rs 164.8 crore in FY26, compared with Rs 40.2 crore in FY25, so the work-in-hand figure disclosed at September 2026 exceeded FY26 mining revenue by more than 25 times.

Which projects support Sical’s mining order book?

Sical’s largest disclosed project in progress is the SECL Porda-Chimtampani Mining Project, with a contract value of Rs 3,422.2 crore and a duration of 140 months. The project appears in the 2026 project list without a contract quantity, unlike several earlier opencast-project contracts.

The CCL Dhori Project is the other 2026 entry, with a stated value of Rs 534.7 crore and a 60-month duration. Sical classifies Dhori as pipeline rather than in progress, and states that its quoted contract value includes 18% goods and services tax, or GST.

Nigahi OCP, or opencast project, is another material contract under execution, carrying a contract quantity of 472.5 million tonnes and a value of Rs 2,656 crore. Porda-Chimtampani and Dhori have no quantities disclosed, meaning the presentation permits comparison of their value and duration but not their volumes.

How much did Sical’s mining revenue grow in FY26?

Sical’s mining-logistics revenue rose 4.1 times to Rs 164.8 crore in FY26 from Rs 40.2 crore in FY25. The Rs 124.6 crore increase uses the company’s mining revenue definition, which includes revenue from the dredging business.

The mining revenue increase occurred during a wider recovery in Sical’s audited consolidated results. Consolidated revenue increased to Rs 385.7 crore in FY26 from Rs 221.1 crore in FY24, while earnings before interest, tax, depreciation and amortisation, or EBITDA, excluding other income, rose to Rs 78.3 crore from Rs 10.1 crore.

Mining revenue of Rs 164.8 crore in FY26 also exceeded the Rs 139.9 crore terminal revenue reported for that year. The comparison has different business scopes: terminal revenue combines container freight stations and multi-modal logistics parks, while mining revenue includes dredging.

What mining-logistics work does Sical perform?

Sical performs downstream mining logistics through bulk-material handling, transportation and the removal of overburden for public-sector mining companies. Its listed mining contracts include opencast projects, where overburden removal enables access to mineral deposits.

The seven completed projects listed from 2014 to 2018 ranged from the Rs 58 crore Lajkura OCP contract in 2014 to the Rs 1,582 crore Almohri OCP contract in 2018. Lajkura covered 14.2 million tonnes over 24 months, while Almohri covered 145 million tonnes over 60 months.

Sical describes its mining model as service-driven and capital-efficient, with limited incremental capital expenditure, or capex. That is management’s description rather than a forecast, but the disclosed project durations, ranging from 24 months for Lajkura to 140 months for Porda-Chimtampani, show that revenue conversion depends on project execution over multiple years.

How does mining fit within Sical’s other businesses?

Sical operates three verticals: mining logistics, terminals, and warehousing and third-party logistics, or 3PL. The mining vertical carries the more than Rs 4,200 crore order book, while the terminals vertical includes container freight stations, or CFS, and multi-modal logistics parks, or MMLP.

Terminal revenue increased 17% to Rs 139.9 crore in FY26 from Rs 120 crore in FY25. Chennai CFS handled 148,192 twenty-foot equivalent units, or TEUs, in FY26, up 14% year on year; Vizag handled 24,362 TEUs, up 31%; and Tuticorin handled 27,492 TEUs, down 10%.

Sical commercially commenced its Chennai MMLP in December 2025 on an 82-acre site, described as Chennai’s first private rail-linked logistics park. Separately, it disclosed a 65-plus-acre land parcel in Bengaluru that it plans to develop into an MMLP, a business initiative separate from the mining-project order book.

Conclusion

Sical’s disclosed mining order book of more than Rs 4,200 crore provides visibility over a project portfolio led by the Rs 3,422.2 crore Porda-Chimtampani contract and the Rs 2,656 crore Nigahi OCP. Mining revenue rose to Rs 164.8 crore in FY26 from Rs 40.2 crore in FY25, while the company’s terminal revenue was Rs 139.9 crore.

The next disclosed developments are execution of the 140-month Porda-Chimtampani project and progress on the 60-month Dhori pipeline contract. Sical also plans to develop its 65-plus-acre Bengaluru MMLP site, after commercially commencing its Chennai MMLP in December 2025.