S J Logistics (India) Limited

Sector n/a · NSE

₹457.00−₹10.50 (−2.25%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by 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. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 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

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

How does it make money?

Turns over ₹654 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹18 left at the operating level before interest, tax and depreciation.

EBITDA margin18.3%

Net margin11.6%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 29.4%. Returns that high normally get competed away; when they persist, something is protecting them. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE29.4%

ROE25.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +339% while net margin moved +109% 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+339%

Margin effect+109%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

75/ 100

Good

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

Valuation

88/ 100

Cheap

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

A good business currently available at an undemanding price — the combination this framework is built to look for.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

6.8x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 9.0% to 18.3% over 3 years.
Return on capital is rising
ROCE has improved from 22.2% to 29.4%.
High return on capital employed
ROCE of 29.4% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention3

Debt is rising
Total debt is up 252% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 393% against revenue growth of 339% — customers are taking longer to pay.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 252% over 3 years, from ₹34 Cr to ₹118 Cr.
🔴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 393% against revenue up 339% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 29.4% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 9.0% to 18.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 393% against revenue up 339%. 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

1Revenue growth stays above 48% a year✓ 63.8% CAGR
Latest reported year was 30.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 16%✓ 18.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹40 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 26%✓ 29.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 9 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
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹699 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

Not available

No data

Source didn't return this field

ROE

25.0%

Strong

Strong capital efficiency

ROCE

29.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.39x

Low

Conservative leverage

Revenue Growth (YoY)

30.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

44.4%

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

-₹40 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹457

Gross Margin

19.3%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

11.6%

Good

Strong bottom-line conversion

Current Ratio

3.22

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

313.7 / 320.3

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

54.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹149 Cr	₹271 Cr	₹502 Cr	₹654 Cr	+63.8%
EBITDA	₹13 Cr	₹30 Cr	₹76 Cr	₹120 Cr	+107.3%
EBITDA Margin	9.0%	10.9%	15.1%	18.3%	—
PAT (Net Profit)	₹8 Cr	₹23 Cr	₹52 Cr	₹76 Cr	+109.4%
EPS	₹5.7	₹20.03	—	—	—
ROE	26.3%	20.2%	24.1%	25.0%	—
ROCE	22.2%	25.9%	27.9%	29.4%	—
Total Debt	₹34 Cr	₹13 Cr	₹61 Cr	₹118 Cr	+52.2%
Free Cash Flow	-₹6 Cr	-₹41 Cr	-₹52 Cr	-₹40 Cr	—

🟢 Revenue has grown at 63.8% a year over 3 years.

🟢 EBITDA has grown at 107.3% a year over 3 years.

🟢 EBITDA Margin has risen from 9.0% to 18.3% over 3 years (+9.3 pts).

🟢 PAT (Net Profit) has grown at 109.4% a year over 3 years.

🔴 ROE has fallen from 26.3% to 25.0% over 3 years (-1.3 pts).

🟢 ROCE has risen from 22.2% to 29.4% over 3 years (+7.2 pts).

🔴 Total Debt has grown at 52.2% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹481 Cr

Total Liabilities

₹178 Cr

Total Debt

₹118 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹21 Cr

Capex

-₹62 Cr

Recent News

1 positive1 mixed4 general

SJ Logistics (India) Q1 FY27 Results Preview

Univest, 09 JulResults

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

S J Logistics (India) Ltd Key Financial Ratios – Valuation, Profitability & More

Value Research, 03 Sept

SJ Logistics approves higher borrowing limits at EGM

scanx.trade, 04 Oct

RAJVI LOGITRADE LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 12 Oct

Patel Integrated Logistics Limited (NSE:PATINTLOG) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

Simply Wall Street, 13 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

S J LOGISTICS (INDIA) LTD Share Price

Upstox, 30 Mar

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

🟢Business QualityStrong15.4/20

🟢Financial HealthStrong13/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong13.1/15

🟡ValuationFair7.5/15

🔴RiskHigh2.5/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 48% a year63.8% CAGR
✓EBITDA margin holds above 16%18.3%
✗Free cash flow remains positive-₹40 Cr
✓Debt / EBITDA stays below 2x1.0x
✓ROCE stays above 26%29.4%