Sical Logistics Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sical Logistics Ltd trades at ₹113, in a downtrend and 105 weeks into that stage. That is +38.9% against its own 200-day average. It sits at 100% of a 52-week range of ₹64 to ₹113. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 12 straight weeks.

Today the stock is in a downtrend — week 105 of stage 4. At ₹113 it trades +38.9% versus its 200-day average and sits at 100% of its 52-week range (₹64–₹113).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +4% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 12 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Sical Logistics Ltd trades at 691.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 94.8×, measured across 3.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 691.0× is about the priciest it has ever traded, against a long-run median of 94.8× measured over 3.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sical Logistics Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 10 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

54.3/100 — rank 6 of 18 in Logistics · 70% evidence confidence

Sical Logistics Ltd scores 54.3 out of 100 against the 18 companies it is compared with in Logistics, ranking 6. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 28.2 + 9.4 + 8.5 + 8.2 = 54.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sical Logistics Ltd reported ₹105 Cr of revenue in the Mar 26 quarter, +29.6% year on year. That is the 6th straight quarter of year-on-year growth. Over 10 years it has compounded at −7.6% a year. The last full year, FY26, came in at ₹386 Cr. The last four reported quarters add to ₹386 Cr.

FY26 revenue came in at ₹386 Cr (+73.9% on the year), capping 10 years at −7.6% compound. The latest quarter (Mar 26) printed ₹105 Cr, +29.6% year on year — the 6th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +83.1% growth against the decade's −7.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +73.9% over the last 4 quarters against +32.1%/yr over the last 8 — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sical Logistics Ltd's operating margin is 18.5% in the Mar 26 quarter, +7.9 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −11.0% to 20.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 18.5%, +7.9 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −11.0%–20.0%, and FY26's 20.0% is the top of that band — a record year.

Why the margin moved: operating margin went +7.9 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sical Logistics Ltd posted a net loss of ₹8.8 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹49.0 Cr. The 10-year compound rate is 9.9%. That loss is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹2.1 Cr. 8 of the last 12 reported quarters were loss-making.

Mar 26 profit was ₹−8.8 Cr, −512.2% year on year. On the full year, FY26 printed ₹49.0 Cr (null), and the 10-year compound rate is 9.9%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 224% of Sical Logistics Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹52.0 Cr of operating cash against ₹49.0 Cr of profit. After ₹−53.0 Cr of capital spending, ₹105 Cr was left as free cash.

FY26: operating cash of ₹52.0 Cr against reported profit of ₹49.0 Cr, leaving free cash of ₹105 Cr after ₹−53.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 224% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 224%: the cash cycle tightened 63 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sical Logistics Ltd's cash conversion cycle runs 91 days in FY26, down from 154 days in FY21. Capital spending ran ₹82.0 Cr over the last 3 years. At FY26 sales of ₹386 Cr each day of that cycle holds about ₹1.1 Cr, so roughly ₹96.0 Cr sits inside the business at any moment.

FY26: debtors at 91 days (an asset-light business — no inventory to speak of) — for a full cycle of 91 days, tighter than FY21's 154.

In money terms: at FY26 sales of ₹386 Cr, each day of the cycle holds about ₹1.1 Cr — so the 91-day loop keeps roughly ₹96.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹82.0 Cr over the last 3 fiscal years against ₹128 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Sical Logistics Ltd earns a ROCE of 10% in FY26. That is up from a trough of −11% in FY22. Return on invested capital clears the cost of that capital by −7.4 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.7% net margin on 0.43× asset turns.

FY26 ROCE is 10%, recovered from a FY22 trough of −11% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 12.7% net margin × 0.43× asset turns × 6.87× balance-sheet leverage ≈ 37.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 4.6% − 12.0% = a −7.4 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Sical Logistics Ltd carries total debt of ₹485 Cr against shareholder equity of ₹270 Cr as of Mar 26, a debt-to-equity of 1.80. On the annual view that ratio went from −2.77 in FY21 to 1.80 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹485 Cr against shareholder equity of ₹270 Cr — a debt-to-equity of 1.80. On the annual view, debt-to-equity went from −2.77 (FY21) to 1.80 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 20.3 points of Sical Logistics Ltd over 8 quarters, the biggest move on the register. That takes promoters to 73.5% of the company. Foreign institutions moved +3.1 points over the same window, to 3.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −20.3 points over 8 quarters to 73.5%; Foreign institutions: +3.1 points over 8 quarters to 3.1%; Domestic institutions: +0.1 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−20.3 points), absorbed on the other side by foreign institutions (+3.1 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sical Logistics Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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