Sical Q2 EBITDA falls 47% as mining profitability collapses

Sical Logistics Limited reported Q2FY27 consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 9.57 crore, down 47.2% year on year, even as revenue rose 17.4% to Rs 105.46 crore. Mining Logistics EBITDA fell 96.2% to Rs 40 lakh after monsoon-season production shortfalls; the presentation also cited higher fuel and fixed costs.

Why did Sical’s Q2 EBITDA fall despite higher revenue?

Sical’s Q2FY27 EBITDA fell because Mining Logistics generated Rs 40 lakh of EBITDA, compared with Rs 10.33 crore in Q2FY26, despite the segment’s revenue increasing to Rs 47.70 crore. Sical attributed the margin pressure to a production shortfall during the monsoon season, while its performance summary cited prolonged rainfall, higher fuel costs and fixed costs as pressures on consolidated margins.

The decline was concentrated in Mining Logistics rather than shared across all three operating segments. Total EBITDA decreased from Rs 18.11 crore in Q2FY26 to Rs 9.57 crore in Q2FY27, while Terminals EBITDA increased from Rs 7.02 crore to Rs 8.18 crore and Warehousing & 3PL EBITDA rose from Rs 76 lakh to Rs 99 lakh. EBITDA in the presentation excludes other income.

Mining Logistics revenue rose 31.3% in Q2FY27, but its EBITDA declined 96.2%, showing the difference between the segment’s reported top-line growth and its profitability during the monsoon period. The Rs 9.93 crore year-on-year reduction in Mining Logistics EBITDA was larger than the combined Rs 1.39 crore EBITDA increase reported by Terminals and Warehousing & 3PL.

Which Sical businesses drove Q2FY27 revenue growth?

Sical’s Q2FY27 revenue growth was led by Mining Logistics, whose revenue rose 31.3% year on year to Rs 47.70 crore. Consolidated revenue increased to Rs 105.46 crore from Rs 89.81 crore, while Terminals revenue rose 13.3% to Rs 38.57 crore and Warehousing & 3PL revenue declined 1.3% to Rs 19.19 crore.

Mining Logistics accounted for Rs 11.38 crore of the Rs 15.65 crore increase in consolidated Q2 revenue. The segment includes income from Sical’s dredging business, according to the presentation. Terminals contributed a Rs 4.52 crore revenue increase, while Warehousing & 3PL reduced the quarterly increase by Rs 25 lakh.

The segment comparison also shows why higher revenue did not translate into higher group EBITDA in Q2FY27. Terminals produced Rs 38.57 crore of revenue and Rs 8.18 crore of EBITDA, while Warehousing & 3PL reported Rs 19.19 crore of revenue and Rs 99 lakh of EBITDA. Mining Logistics, despite its Rs 47.70 crore revenue base, reported only Rs 40 lakh of EBITDA following the production disruption.

How did Sical’s first-half performance compare with Q2?

Sical’s H1FY27 revenue increased 27.1% to Rs 238.04 crore from Rs 187.35 crore in H1FY26, a faster growth rate than the 17.4% reported for Q2FY27. H1FY27 EBITDA nevertheless fell 15.8% to Rs 34.52 crore from Rs 41.05 crore, as Mining Logistics EBITDA declined 38.4% to Rs 14.40 crore.

Mining Logistics revenue rose 47.9% to Rs 118.67 crore in H1FY27, compared with Rs 80.21 crore in H1FY26, including dredging income. Terminals revenue rose 18.6% to Rs 82.99 crore from Rs 70.00 crore, whereas Warehousing & 3PL revenue decreased 2.0% to Rs 36.38 crore from Rs 37.13 crore.

The earnings pattern was less severe over H1 than in Q2 because Mining Logistics EBITDA was Rs 14.40 crore for the six months, compared with Rs 4.53 crore for the first quarter implied by the H1 and Q2 figures. Terminals EBITDA rose 12.5% to Rs 17.92 crore in H1FY27, while Warehousing & 3PL EBITDA increased 29.3% to Rs 2.23 crore.

What is Sical doing to support new mining projects?

Sical has received a Letter of Acceptance from Central Coalfields Limited for the Dhori project, a five-year contract valued at Rs 534.70 crore including 18% tax. The work covers overburden removal and coal extraction at the SDOC Mine in the Dhori Area, and the presentation does not provide a revenue-recognition schedule for the contract.

Sical added Rs 77.90 crore of mining fleet capacity in Q2FY27 to support mobilisation for new mining projects. The additions comprised Rs 13.70 crore of owned assets and Rs 64.20 crore of leased equipment, primarily dumpers, following a quarter in which Mining Logistics EBITDA was Rs 40 lakh.

Sical also reported Rs 91 crore of Tata Capital credit facilities, comprising an Rs 81 crore lease facility and an Rs 10 crore working-capital demand loan. Separately, it raised an Rs 85 crore Axis Bank term loan and used the proceeds to repay Rs 83.30 crore of existing borrowings.

The promoter shareholding structure changed administratively with effect from 1 October 2026, when Pristine Malwa Logistics Park was amalgamated with Pristine Logistics & Infraprojects Ltd. Sical said the promoter stake was consolidated under Pristine Logistics & Infraprojects Ltd at 73.41%, with no change in aggregate promoter holding.

Conclusion

Sical’s Q2FY27 results showed that revenue growth did not protect operating earnings when Mining Logistics production was disrupted by the monsoon. Consolidated revenue increased 17.4% to Rs 105.46 crore, led by a 31.3% rise in Mining Logistics revenue, but total EBITDA fell 47.2% to Rs 9.57 crore as segment EBITDA reduced 96.2% to Rs 40 lakh. Higher EBITDA in Terminals and Warehousing & 3PL only partly offset that decline.

The next disclosed operating focus is mobilisation and execution of new mining work, including the five-year Dhori contract valued at Rs 534.70 crore including tax and supported by Rs 77.90 crore of Q2FY27 fleet additions. Investors can monitor whether the new fleet, Rs 81 crore lease facility and Rs 10 crore working-capital loan support project execution, and whether the monsoon-related production shortfall identified in Q2FY27 recedes.