Sical Logistics Limited

Industrials — Integrated Freight & Logistics · NSE

₹85.00+₹0.88 (+1.05%)

DalalBaazaar Score

54 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Sical Logistics Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Sical Logistics Limited provides integrated logistics solutions in India.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees38

Annual revenue₹386 Cr

How does it make money?

Turns over ₹386 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 38 employees supports ₹10.15 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin12.9%

Net margin11.9%

Revenue / employee₹10.15 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?Little sign of one

Returns on capital of 12.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE12.7%

ROE34.9%

Peer median ROE15.2%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -2% while net margin moved -106% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-2%

Margin effect-106%

DalalBaazaar Score

54/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 0.5% a year

Quality vs. Valuation

Company Quality

52/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

70/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

9.6x

Sector Median

88.8x

median of 3 sector peers

🟢Against its sector it trades 89% below the peer median of 88.8x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

88.8x median of 3 peers · -89%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

9.6x

P/B

4.00x

EV/EBITDA

23.0x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 5.7% to 12.9% over 3 years.
Return on equity is rising
ROE has improved from -1558.2% to 34.9%.
Return on capital is rising
ROCE has improved from -142.0% to 12.7%.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 210% against revenue growth of -2% — customers are taking longer to pay.

Red Flags

3 items require attention · 3 high

🔴High leverageFinancial
Debt/Equity of 1.80x — earnings must service borrowings before shareholders see anything.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 210% against revenue up -2% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 5.7% to 12.9%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 89% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 9.8x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Sales are being booked faster than collected
Receivables are up 210% against revenue up -2%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 11%✓ 12.9%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA falls below 3x✗ 9.8x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
3Free cash flow remains positive✗ -₹51 Cr
Profit that never becomes cash eventually stops being profit.
4Interest cover stays above 3x✗ 2.5x
How much operating profit can fall before interest stops being comfortably covered.
5ROCE stays above 10%✓ 12.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹678 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

9.6x

Cheap

Cheap against the generic band

P/B Ratio

4.00x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹8.85

Profitable

Profitable on a per-share basis

ROE

34.9%

Strong

Strong capital efficiency

ROCE

12.7%

Moderate

Moderate return on the capital in the business

Debt/Equity

1.80x

High

High leverage

Revenue Growth (YoY)

35.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

236.9%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹51 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹85

Operating Margin

12.5%

Average

Average margins

Net Margin

17.5%

Good

Strong bottom-line conversion

Current Ratio

1.79

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.41

Defensive

Steadier than the market

52W Range Position

40%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

88.9 / 98.1

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

31.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹392 Cr	₹221 Cr	₹222 Cr	₹386 Cr	-0.5%
EBITDA	₹22 Cr	-₹1 Cr	₹0 Cr	₹50 Cr	+30.4%
EBITDA Margin	5.7%	-0.6%	0.2%	12.9%	—
PAT (Net Profit)	-₹834 Cr	-₹25 Cr	-₹33 Cr	₹46 Cr	—
EPS	₹-115.26	₹-3.15	₹-3.99	₹6.54	—
ROE	-1558.2%	-86.4%	—	34.9%	—
ROCE	-142.0%	-0.9%	-3.4%	12.7%	—
Total Debt	₹481 Cr	₹507 Cr	₹608 Cr	₹485 Cr	+0.3%
Free Cash Flow	-₹5 Cr	-₹8 Cr	-₹64 Cr	-₹51 Cr	—

🟡 Revenue has been broadly flat over 3 years (-0.5% a year).

🟢 EBITDA has grown at 30.4% a year over 3 years.

🟢 EBITDA Margin has risen from 5.7% to 12.9% over 3 years (+7.2 pts).

🟢 PAT (Net Profit) has turned positive, from -₹834 Cr to ₹46 Cr.

🟢 EPS has turned positive, from ₹-115.26 to ₹6.54.

🟢 ROE has risen from -1558.2% to 34.9% over 3 years (+1593.1 pts).

🟢 ROCE has risen from -142.0% to 12.7% over 3 years (+154.7 pts).

🟡 Total Debt has been broadly flat over 3 years (0.3% a year).

Balance Sheet & Cash Flow — FY2026

Total Assets

₹907 Cr

Total Liabilities

₹638 Cr

Total Debt

₹485 Cr

Cash & Equivalents

₹18 Cr

Operating Cash Flow

₹52 Cr

Capex

-₹103 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

80.2%

Corporate Actions

Ex-Dividend Date

19 Aug 2002

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive2 mixed1 negative2 general

Sical Logistics Gets ₹39.22 Crore SAIL Award; Shares Rise 3.35%

HDFC Sky, 05 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Sical Logistics Share Price Forecast to 2030

Univest, 29 Jul

Sical Logistics promoter pledges 1.19 crore shares to secure ₹85 crore loan

scanx.trade, 28 SeptOwnership

🔴Potentially negativePromoter selling or pledging is a signal worth understanding, though the reason is often personal rather than about the business.

Sical Logistics shares locked in 5% upper limit on ₹4,038-cr SECL order

Business Standard, 13 Jan

Sical Logistics Q4 Revenue Climbs to ₹105 Cr as Losses Surge 300% YoY

Sahi, 29 MayResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Sical Logistics bags ₹39 crore contract from SAIL for iron ore excavation, transportation

CNBC TV18, 04 OctOrder win

🟢Potentially positiveAn order or contract win, which adds to future revenue. How much depends on its size against annual sales and on when it is executed.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong14.5/20

🟡Financial HealthAdequate9.2/20

🔴GrowthWeak2.4/20

🟢ProfitabilityStrong12.9/15

🟢ValuationAttractive11/15

🔴RiskHigh3.7/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 11%12.9%
✗Debt / EBITDA falls below 3x9.8x
✗Free cash flow remains positive-₹51 Cr
✗Interest cover stays above 3x2.5x
✓ROCE stays above 10%12.7%