Financial Performance
Sical Logistics Limited reported a significant turnaround in FY26 with consolidated net profit of ₹4,928 lakhs compared to a loss of ₹2,583 lakhs in FY25. This improvement was primarily driven by an exceptional gain of ₹5,559 lakhs from the sale of land and buildings. Revenue from operations increased to ₹38,568 lakhs (FY25: ₹22,182 lakhs) while profit before tax and exceptional items improved to ₹150 lakhs from a loss of ₹4,039 lakhs in the previous year.
Resolution Plan Implementation
The company successfully completed implementation of its NCLT-approved resolution plan, making the final tranche payment of ₹22,600 lakhs to financial creditors during FY26. The resolution plan, approved by NCLT Chennai Bench on December 8, 2022, resulted in the extinguishment of all pre-CIRP period litigations (except bank guarantees) and included equity infusion of ₹6,500 lakhs plus Re. 1 by the Successful Resolution Applicant.
Corporate Actions & Capital Structure
The company raised ₹9,303 lakhs through a rights issue of 1,45,35,790 equity shares at ₹64 per share, achieving the minimum public shareholding requirement of 25%. The promoter amalgamation between Pristine Malwa Logistics Park Private Limited and Pristine Logistics & Infraprojects Limited is underway, which will result in the latter becoming the promoter upon completion.
New Business Development
Sical Logistics received a letter of acceptance from South Eastern Coalfields Limited for an overburden excavation and removal project at Porda Chimtapani Opencast Project in Chhattisgarh, valued at approximately ₹403,800 lakhs (inclusive of GST) for a duration of 11 years and 7 months.
Related Party Transactions
Significant related party transactions included borrowings from group entities: Kanpur Logistics Park Pvt. Ltd. (₹13,000 lakhs outstanding), Pristine Logistics & Infraprojects Ltd (₹3,683 lakhs), and Pristine Malwa Logistics Park Private Limited (₹1,747 lakhs), all carrying 12.5% interest. Interest expenses to these entities totaled ₹2,136 lakhs for FY26.
Governance & Compliance
The 71st AGM is scheduled for September 30, 2026, with agenda items including re-appointment of directors and appointment of new statutory auditors. The company faced minor regulatory penalties for delays in achieving minimum public shareholding and submission deadlines, all of which have been paid. The board recommended no dividend for FY26, with profits transferred to retained earnings.
Financial Position
Total equity improved to ₹26,957 lakhs (March 2025: ₹12,963 lakhs) while total borrowings reduced to ₹43,344 lakhs (March 2025: ₹53,159 lakhs). Key financial ratios showed significant improvement, particularly debt-equity ratio (1.85 vs 14.86) and interest coverage ratio (2.52 vs 0.62), reflecting strengthened financial position post-resolution plan implementation.