SICALLOG - Sical Logistics

📊 NSE: SICALLOG 🏢 Miscellaneous 📅 Last Updated: 12/14/2025 13:21

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue from operations decreased by 39.2% from INR 66.17 Cr in FY24 to INR 40.22 Cr in FY25. Consolidated total income for FY25 was reported at INR 240.92 Cr. The decline is attributed to operational challenges and liquidity constraints.

Geographic Revenue Split

100% of revenue is generated within India. The company reports that services are not rendered outside India, and therefore no separate geographical segments are reported.

Profitability Margins

Net Profit Margin worsened from -69.40% in FY24 to -109.50% in FY25. Operating Profit Margin remained thin but showed a marginal increase from 0.22% in FY24 to 0.25% in FY25. Return on Net Worth declined from -48.23% to -87.71% due to heavy losses.

EBITDA Margin

Operating Profit Margin was 0.25% in FY25, a slight improvement of 3 basis points from 0.22% in FY24. Core profitability remains under pressure due to high finance costs and a 39.2% drop in standalone revenue.

Capital Expenditure

Not disclosed in available documents. The company mentions plans to expand warehousing and distribution capacity but does not provide specific INR Cr figures for planned Capex.

Credit Rating & Borrowing

The Debt-Equity ratio deteriorated significantly from 5.67 in FY24 to 14.86 in FY25. Total liabilities to financial creditors classified as current amounted to INR 260.78 Cr as of March 31, 2025. Interest coverage ratio improved slightly from 0.46 to 0.62 despite high finance costs.

⚙️ Operational Drivers

Raw Materials

Diesel, power, and lubricants represent the primary operating cost drivers for the logistics and dredging fleet, though specific percentage of total cost for each is not disclosed.

Import Sources

Not disclosed in available documents. Operations are primarily concentrated in India.

Capacity Expansion

The company is focusing on expanding warehousing and distribution capacity and enhancing efficiency in container freight operations. Current installed capacity in MT or units is not specified.

Raw Material Costs

Operating cost risk is high due to dependence on diesel and power. These costs are managed through escalation clauses in contracts and route optimization. Standalone total expenses were INR 111.31 Cr in FY25, down 20.2% from INR 139.52 Cr in FY24.

Manufacturing Efficiency

Not disclosed in available documents. The company focuses on service-based metrics like operational efficiency in multimodal offerings.

Logistics & Distribution

Distribution and logistics are the core business. Current Ratio declined from 0.67 to 0.36, indicating severe liquidity constraints in managing current obligations.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

Growth is targeted through strengthening presence in integrated mining logistics, expanding warehousing and distribution capacity, and building resilience in dredging services. The strategy involves disciplined bidding, embedding technology (digitalization and automation), and prioritizing ESG-compliant operations to win contracts.

Products & Services

Integrated logistics services, mining logistics, warehousing, distribution, container freight station operations, and dredging services.

Brand Portfolio

Sical, Pristine (Parent Group)

New Products/Services

The company is focusing on technology-enabled solutions tailored to regional demand and ESG-compliant logistics offerings to differentiate in contract awards.

Market Expansion

Expansion is focused on regional demand within India, specifically targeting government-supported multimodal logistics parks and integrated mining sectors.

Strategic Alliances

Sical Sattva Rail Terminals Private Limited (Jointly controlled entity). The company is now a 'Pristine Group Company' following restructuring.

🌍 External Factors

Industry Trends

The industry is shifting toward digitalization, automation, and ESG compliance. Government-supported multimodal logistics parks are emerging as large-scale alternatives to traditional setups.

Competitive Landscape

Faces competition from government-supported multimodal logistics parks and other integrated logistics providers in competitive bidding processes.

Competitive Moat

Moat is built on integrated multimodal offerings and a technology-first approach. Sustainability is linked to the ability to provide flexible, technology-enabled solutions tailored to regional demand.

Macro Economic Sensitivity

Highly sensitive to inflation and interest rates, which impact demand and compress margins. Interest coverage remains low at 0.62.

Consumer Behavior

Increased demand for temperature-sensitive goods handling and technology-enabled tracking in the supply chain.

Geopolitical Risks

Exposed to regulatory and country risks within India, including changes in customs procedures and port operation frameworks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by regulatory frameworks related to integrated logistics, port operations, and customs procedures. Compliance is monitored through robust internal systems.

Environmental Compliance

The company has adopted a comprehensive Environmental, Sustainability, EHSQ, Human Rights, and Security Policy across all group entities to reduce environmental impact.

Legal Contingencies

Retained earnings as of March 31, 2025, were a negative INR 2,056.23 Cr (Consolidated), reflecting accumulated losses. Specific values for pending court cases were not disclosed in the provided text.