S J Logistics revenue rises to Rs 383.38 crore in H1 FY27

S J Logistics (India) Limited reported consolidated revenue from operations of Rs 383.38 crore for the half year ended September 30, 2026, up from Rs 282.90 crore a year earlier, while profit before tax reached Rs 57.76 crore from Rs 41.62 crore. The results were approved by the board on November 12, 2026.

How did S J Logistics perform in H1 FY27?

S J Logistics increased consolidated revenue from operations by Rs 100.49 crore to Rs 383.38 crore in H1 FY27, compared with Rs 282.90 crore in the half year ended September 30, 2025. That represents calculated year-on-year growth of about 35.5%, based on the reported figures.

S J Logistics reported other income of Rs 38.39 lakh for the half year ended September 30, 2026, taking total income to Rs 383.77 crore, compared with Rs 283.08 crore a year earlier. Profit before exceptional and extraordinary items and tax was Rs 57.76 crore, versus Rs 41.62 crore in H1 FY26.

S J Logistics disclosed no exceptional or extraordinary item for the six months ended September 30, 2026, so the reported profit before tax remained Rs 57.76 crore. The Rs 16.14 crore year-on-year increase in pre-tax profit was smaller than the Rs 100.49 crore rise in revenue, while the filing provides only one reportable business segment.

What costs did S J Logistics report against revenue?

S J Logistics reported purchase of services of Rs 296.06 crore in H1 FY27, its largest disclosed expense category against revenue from operations of Rs 383.38 crore. Employee-benefit expense was Rs 6.81 crore, depreciation and amortisation expense was Rs 5.67 crore, finance cost was Rs 10.86 crore, and other expenses were Rs 6.76 crore.

S J Logistics’ disclosed expense categories show that purchase of services was Rs 87.33 crore below H1 FY27 revenue from operations before employee costs, depreciation, finance costs and other expenses. The supplied half-year statement does not present a reliably readable H1 FY26 comparison for each expense category, so it does not support a like-for-like year-on-year cost analysis by category.

S J Logistics prepared the September 30, 2026 results under Accounting Standard 25, or AS 25, for interim financial reporting. The notes state that companies listed on small and medium enterprise exchanges are exempt from compulsory adoption of Indian Accounting Standards, or Ind AS, under the cited Ministry of Corporate Affairs notifications.

How did S J Logistics’ balance sheet change?

S J Logistics’ consolidated balance-sheet total increased to Rs 597.28 crore at September 30, 2026, from Rs 480.70 crore at March 31, 2026. Reserves and surplus rose to Rs 358.08 crore from Rs 280.15 crore, while share capital increased to Rs 15.82 crore from Rs 15.29 crore.

Long-term borrowings increased to Rs 102.78 crore at September 30, 2026 from Rs 77.26 crore at March 31, 2026. Short-term borrowings rose to Rs 61.36 crore from Rs 39.36 crore over the same period, showing that both longer-dated and short-term funding were higher at the half-year date.

On the asset side, S J Logistics reported property, plant and equipment of Rs 110.89 crore at September 30, 2026, up from Rs 98.57 crore at March 31, 2026. Other long-term assets increased to Rs 103.97 crore from Rs 63.84 crore, while short-term loans and advances rose to Rs 131.01 crore from Rs 70.45 crore.

Trade receivables increased by Rs 7.41 crore to Rs 248.02 crore at September 30, 2026. Cash and bank balances were Rs 1.74 crore, compared with Rs 2.96 crore at March 31, 2026, while other current assets rose to Rs 52.20 lakh from Rs 40.93 lakh.

What does S J Logistics’ cash flow show?

S J Logistics reported net cash flow from operating activities of negative Rs 26.31 crore for the half year ended September 30, 2026. The cash-flow statement records Rs 57.77 crore of profit before tax and extraordinary items, but working-capital movements included a Rs 7.41 crore increase in trade and other receivables and a Rs 8.98 crore decrease in trade and other payables.

S J Logistics generated Rs 59.76 crore of net cash flow from financing activities in H1 FY27. This included Rs 25.52 crore of long-term borrowings taken, including lease obligations, Rs 22.01 crore of net short-term borrowings taken and Rs 22.90 crore of share-capital proceeds, partly offset by Rs 10.66 crore of interest expense.

S J Logistics reported a negative Rs 1.27 crore net change in cash and cash equivalents during the six-month period, with the measure ending at Rs 1.66 crore versus Rs 2.93 crore at the beginning of the year. The Rs 1.74 crore balance-sheet line for cash and bank balances is separately presented from the cash-flow statement’s cash-and-cash-equivalents measure.

What was the effect of S J Logistics’ warrant conversion?

S J Logistics converted the remaining 5.30 lakh convertible warrants into an equal number of fully paid equity shares during H1 FY27. The warrants were issued at Rs 576 each, including a premium of Rs 566 per warrant, under a board-approved September 11, 2024 issue of 7 lakh warrants aggregating to Rs 40.32 crore.

S J Logistics received Rs 22.90 crore on conversion, representing the outstanding 75% of the issue price for the 5.30 lakh warrants. The warrants had originally been allotted to the promoter, paid-up share capital increased by Rs 53 lakh, and no convertible warrants remained outstanding at September 30, 2026.

S J Logistics’ audit committee reviewed the unaudited consolidated results before board approval on November 12, 2026. MYSP & Associates LLP issued a limited-review report dated November 12, 2026 that contained no qualification or modification; the auditor stated that a limited review is narrower in scope than an audit.

Conclusion

S J Logistics’ half-year filing records higher revenue and pre-tax profit for the period ended September 30, 2026, alongside a Rs 116.58 crore increase in total assets from March 31, 2026. The balance-sheet expansion coincided with higher reserves, Rs 22.90 crore of warrant-conversion proceeds, and increases in both long-term and short-term borrowings.

The next results will show whether revenue growth beyond Rs 383.38 crore is sustained and how the September 30, 2026 positions develop, including Rs 131.01 crore of short-term loans and advances, Rs 248.02 crore of trade receivables and Rs 164.14 crore of combined borrowings. The filing does not disclose a forecast or target for these items.