Revenue and Operating Performance Trends
Over the seven-year period ending March 2025, Sical Logistics’ net sales have shown a steep decline from ₹1,524.94 crores in 2019 to ₹221.82 crores in 2025. The company’s total operating income mirrored this trend, falling sharply after peaking in 2019. This contraction reflects a significant reduction in business scale or operational capacity. Despite this, the operating profit before other income (PBDIT excl. other income) improved from negative territory in the early 2020s to a positive ₹21.48 crores in 2025, indicating some operational stabilisation. Including other income, operating profit rose to ₹40.58 crores in 2025, up from ₹34.11 crores the previous year, suggesting that non-operating income has played a supportive role in recent profitability.
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Profitability and Margins
Despite improvements in operating profit, Sical Logistics has consistently reported net losses since 2020. The consolidated net profit was negative ₹33.49 crores in 2025, worsening from a loss of ₹24.82 crores in 2024. Earnings per share have remained negative over this period, reflecting ongoing challenges in generating shareholder returns. The operating profit margin excluding other income improved to 9.68% in 2025 from 7.51% in 2024, yet the net profit margin remained negative at -11.72%. These figures underscore persistent difficulties in translating operational gains into bottom-line profitability, partly due to high interest expenses and depreciation charges.
Balance Sheet and Financial Position
The company’s total liabilities have decreased from ₹2,757.62 crores in 2020 to ₹857.04 crores in 2025, indicating some deleveraging. However, total debt remains substantial at ₹531.59 crores in 2025. Shareholders’ funds have turned negative again in 2025, reflecting accumulated losses and negative reserves. The book value per share has declined sharply to negative ₹0.73 in 2025 from a positive ₹4.40 in 2024. On the asset side, net block values have steadily decreased, and capital work in progress has been significantly reduced from earlier years, suggesting a slowdown in capital expenditure or asset investments.
Cash Flow and Liquidity
Cash flow from operating activities has diminished over the years, standing at ₹20 crores in 2025 compared to ₹292 crores in 2020. Investing activities have consistently been cash outflows, with ₹63 crores spent in 2025. Financing activities have also seen net outflows recently, reflecting repayments or reduced borrowings. The closing cash and cash equivalents dropped to ₹47 crores in 2025 from ₹93 crores in 2024, signalling tighter liquidity. Net current assets remain negative, indicating working capital pressures.
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Summary and Outlook
Sical Logistics’ historical performance reveals a company grappling with declining revenues, persistent losses, and a weakened balance sheet. While recent years show some operational improvement and stabilisation in margins, the overall financial health remains fragile. The company’s ability to manage debt levels, improve profitability, and generate positive cash flows will be critical for future recovery. Investors should carefully weigh these factors alongside sector dynamics before considering exposure to Sical Logistics.
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