Sical Logistics Reports Robust FY26 Performance, Secures Major Mining Order

Sical Logistics achieved revenue of ₹385.7 crore and EBITDA of ₹78.3 crore in FY26.

Reader Takeaway: Strong revenue and EBITDA growth, coupled with a massive order win, signal a positive turnaround for the logistics firm.

What just happened

Sical Logistics Limited announced its financial results for the fiscal year ended March 31, 2026 (FY26), showcasing significant improvements. Revenue from operations surged by 73.9% year-on-year to ₹385.7 crore. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) witnessed a substantial jump of 263.7% to ₹78.3 crore, with EBITDA margins expanding by over 10 percentage points to 20.3% from 9.7% in FY25. The company also announced securing a new overburden removal order worth ₹3,422.2 crore from South Eastern Coalfields Limited for its Porda-Chimtopani Open Cast Project, with an estimated timeline of 11 years.

Why this matters

These results signify a strong operational and financial turnaround for Sical Logistics. The substantial increase in revenue and profitability, alongside margin expansion, indicates improved operational efficiency and cost management. The large order win provides significant long-term revenue visibility and boosts confidence in the company's core mining logistics segment. Furthermore, a marked reduction in the debt-to-equity ratio from 4.1x to 1.6x strengthens the balance sheet and improves financial health.

The backstory

In the previous fiscal year, FY25, Sical Logistics had reported revenues of ₹221.8 crore and EBITDA of ₹21.5 crore. The company has been working on a strategy to improve its financial standing, which included non-core asset sales and a rights issue. The rights issue, with a ratio of 11:5, also helped address the minimum public shareholding requirements.

What changes now

The successful execution of the new ₹3,422.2 crore order will be crucial for Sical Logistics' future growth. The improved financial metrics and reduced debt levels position the company for potentially greater operational capacity and expansion. Investors will be looking for sustained performance across its key segments: Mining Logistics, Terminals, and Warehousing & 3PL.

Risks to watch

While the outlook is positive, risks include the timely and efficient execution of the large 11-year contract, potential fluctuations in commodity prices affecting mining activities, and competition within the logistics sector. Ensuring continued operational efficiency and cost control will be paramount.

Peer comparison

While specific peer financials for FY26 are not yet available, Sical Logistics' performance, particularly its margin expansion and significant order win, appears strong relative to its recent historical performance. The logistics sector is competitive, with companies focusing on integrated solutions and efficiency. Sical's focus on mining logistics and terminals positions it in specialized segments.

Context metrics (time-bound)

• Revenue (FY26): ₹385.7 crore (up 73.9% YoY)
• EBITDA (FY26): ₹78.3 crore (up 263.7% YoY)
• EBITDA Margin (FY26): 20.3% (up from 9.7% in FY25)
• Debt-to-Equity Ratio (FY26): 1.6x (down from 4.1x in FY25)
• New Order Value: ₹3,422.2 crore (11-year tenure)

What to track next

Investors should closely monitor the progress on the execution of the new South Eastern Coalfields order, further improvements in operational efficiency, and any new business development initiatives. Continued deleveraging and profitable growth across all business segments will be key indicators.