Sical Logistics Ltd

Issue Overview

• Type: rights issue of equity shares; no revision or undersubscription noted.
• Total issue size and net proceeds: no revision or undersubscription reported.
• Main objectives: repay borrowings, general corporate purposes, and issue expenses.

Utilisation of Proceeds

• Utilisation is as per offer document with no material deviations.
• Repayment: fully utilised; General Corporate Purpose: partially utilised; Issue Expenses: partially utilised.
• Unutilised funds are held in dedicated bank accounts; deployment shows no outside-objects usage.
• Delay in implementation: none; all objects reported completed or on track.

Governance and Compliance

• All government/statutory approvals for the objects obtained.
• No material adverse events or governance concerns reported.

GCP

• GCP utilisation: 12.23 crore; 6.93 crore used in the current quarter.
• Board approval for GCP allocation not explicitly stated in the MA.

Utilisation deviation (Rights Issue)

• Statement on deviation in utilisation of funds raised through the rights issue.
• Funds raised: Rs 9,303 lakhs (gross proceeds) from rights issue.
• Allotment date: March 12, 2026; report for quarter ended June 30, 2026.
• Deviation status: Yes; actual issue-related expenses were lower than allocated.
• Unutilized funds deployed to general corporate purposes beyond original allocation.
• Variation recorded: 3.00% due to deployment of unutilized funds.
• Audit committee reviewed the statement on August 14, 2026.
• Monitoring agency: Brickwork Ratings India Private Limited.
• Statement hosted on the company's website.

Financial highlights

• Consolidated revenue from operations: Rs 1,326 million in Q1FY27, up 35.9% YoY.
• Consolidated EBITDA: Rs 250 million, up 8.8% YoY; EBITDA margin 18.8%.
• Mining Logistics revenue Rs 710 million; growth 61.7% YoY.
• Terminals revenue Rs 444 million; growth 23.6% YoY.
• Warehousing & 3PL revenue Rs 172 million; -2.8% YoY.

Balance sheet actions and outlook

• Banking facilities of Rs 1,150 million executed with Axis Bank to support refinancing.
• SECL Porda-Chimtapani project expected to contribute revenue from Q2FY27.
• SECL revised work order reallocating partial contract to Kanchan-OCM; start Q2FY27.
• Outlook positive with healthy Mining Logistics order book and traction in terminals.

Business Overview

• Integrated logistics provider with mining, CFS, terminals, rail, and warehousing.
• Post-Pristine acquisition, governance and financial discipline improved; expanding MMLP and rail-linked logistics.
• Chennai MMLP commenced operations December 2025.
• Rights issue in FY26 supported 25% public float requirement.
• SECL Porda-Chimtapani OCP reallocation Rs 776.9 Mn.

Key Operational Highlights

• Consolidated revenue Rs 1,325.8 Mn; +36% YoY.
• Mining Logistics revenue Rs 710 Mn; +61.7% YoY; Nigahi JV share 35%.
• Terminals revenue Rs 444 Mn; +23.6% YoY; Chennai MMLP contributed Rs 54 Mn.
• Warehousing & 3PL revenue Rs 172 Mn; EBITDA Rs 12 Mn.
• Non-core asset sale Rs 180 Mn; Axis Bank facilities Rs 1,150 Mn; working capital Rs 300 Mn.

Financial Performance

• Consolidated Revenue Rs 1,325.8 Mn; YoY 35.9% (Q1FY27).
• EBITDA Rs 249.5 Mn; EBITDA Margin 18.8%.
• PAT Rs 212.1 Mn; PAT Margin 16.0%.
• PBT before Exceptional Items Rs 50.7 Mn; Exceptional Items Rs 174.0 Mn.
• PBT after Exceptional Items Rs 224.8 Mn; Tax Rs 12.7 Mn.

Capital Structure & Liquidity

• New Axis Bank facility Rs 1,150 Mn to refinance debt and bolster liquidity.
• 9-year term loan Rs 850 Mn secured at 9.25% p.a. (refinancing impact).
• Rs 300 Mn working capital facility for cash credit and guarantees.

Strategic Priorities & Outlook

• Turnaround phase with governance discipline and revival of cargo volumes.
• Chennai MMLP commercialised; Bangalore MMLP planned.
• Expand CFS, Warehousing & 3PL; leverage rail-linked corridors.
• Domestic policy tailwinds: National Logistics Policy supports margin expansion.

Risks & Mitigation

• Input-cost pressure and geopolitical tensions affecting operations.
• Contractual delays and regulatory changes; mitigated by diversified mix.
• Debt levels and refinancing risks managed via new facilities and asset sales.

Governance & Leadership

• Promoter amalgamation: Pristine Malwa merged into Pristine Logistics & Infraprojects (Apr 2026).
• Board includes independent directors with industry experience; strong governance emphasis.

Standalone results

• Revenue from operations: Rs 7,108 lakhs.
• Total income: Rs 7,228 lakhs.
• Total expenses: Rs 7,133 lakhs.
• Profit before exceptional item: Rs 95 lakhs.
• Exceptional item: Rs 1,740 lakhs.
• Profit after exceptional item before tax: Rs 1,835 lakhs.
• Profit for the period: Rs 1,835 lakhs.
• EPS (basic and diluted): Rs 2.62.

Consolidated results

• Revenue from operations: Rs 13,258 lakhs.
• Total income: Rs 13,384 lakhs.
• Total expenses: Rs 12,877 lakhs.
• Profit before exceptional item: Rs 507 lakhs.
• Exceptional item: Rs 1,740 lakhs.
• Profit after exceptional item before tax: Rs 2,248 lakhs.
• Current tax: Rs 2 lakhs.
• Deferred tax: Rs 105 lakhs.
• Profit for the period: Rs 2,124 lakhs.
• EPS (basic and diluted): Rs 2.86.

Financing actions

• Board approved commercial equipment loan up to Rs 50 crore from ICICI Bank.
• Board approved lease facility up to Rs 100 crore from Bajaj Finance.

Notes & segment disclosures

• Single logistics services segment; no separate geography reporting.
• Interim results prepared under Ind AS 34; June 30, 2026 quarter.
• Independent auditor: SRSV & Associates; limited review confirms no material misstatement.
• Exceptional item includes sale of land & building at Madhavaram Chennai for Rs 1,740 lakhs.

Meeting reschedule

• Board meeting postponed and rescheduled to Friday, August 14, 2026.
• Original date of the meeting was August 12, 2026.
• Agenda remains to consider and approve unaudited results for quarter ended June 30, 2026.
• Reason for rescheduling: unforeseen and unavoidable circumstances.

Dematerialisation processing and listing

• Dematerialisation requests processed; confirmations of accepted/rejected sent to depositories.
• Dematerialised securities have been listed on the exchanges where previously issued securities are listed.
• Physical certificates for dematerialisation were mutilated and cancelled; depository name substituted as registered owner within the prescribed timeline.

CFO resignation

• The resigning CFO is K. Rajavel.
• The resignation takes effect at close of business on July 9, 2026.
• The reason is to devote full time to Sical Multimodal and Rail Transport Limited, the material subsidiary.
• There are no other material reasons stated.
• Board acceptance of the resignation is not stated.
• No interim or new CFO has been disclosed.