SJLOGISTIC

S J Logistics (I financials

Market cap
₹502 Cr
Sector
Services
Calls analysed
3
Latest concall · Q2 FY26 · call held 18 Nov 2025

S J Logistics (I Q2 FY26

Q2 FY26 Revenue ₹157.1 cr +27%Q2 FY26 EBITDA ₹28.4 cr +61%Q2 FY26 EBITDA Margin 18.1% Q2 FY26 PAT ₹18.1 cr +43%

What went well

  • Q2 FY26 Revenue grew 26.5% YoY to ₹157.1 crores, demonstrating strong performance.
  • Q2 FY26 EBITDA increased 61.4% YoY to ₹28.4 crores, with EBITDA margin expanding by 391 bps to 18.1%.
  • H1 FY26 NVOCC revenue surged by 1427% to ₹31.93 crores, reflecting successful expansion and market traction.

What to watch

  • Working capital intensity is expected to increase in the next 2-4 quarters due to chartered vessel operations.
  • Geopolitical conditions are acknowledged as a factor, though the diversified business model acts as a buffer.
Read the full call →

Guidance record · Q2 FY26

what the last two calls moved 7 tracked 0 delivered 0 missed 7 open
  • FY26 Top Line Growth diluted said Q4 FY25 Promised: much better growth Q2 FY26: Narrowed target to 'around 35% growth'
  • NVOCC Container Count on track said Q4 FY25 Promised: 4000 containers during this year Q2 FY26: Reported having around 3000 containers currently

All 7 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 91.9%, net profit up 71.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q4 FY26
Revenue103 101 145 136 186 +81%126 +25%186 +28%261 +92%
EBITDA9 14 18 20 27 +200%22 +57%31 +72%43 +115%
Net profit8 11 12 14 16 +100%14 +27%17 +42%24 +71%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −22.0% 1Y

₹250₹300₹350₹400₹450Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 18 Nov 2025

1Y: ₹406.85 on 10 Sept 2025 → ₹317.35. High ₹449.65 (21 Nov 2025), low ₹230.4 (30 Mar 2026).

How the price took the results

close before → close after

Q2 FY26
+2.1%
18 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Year endingFY25
Revenue₹568 Cr
Operating profit₹79 Cr
Operating margin13.9%
Interest₹6 Cr
Depreciation₹2 Cr
Net profit₹53 Cr
Net margin9.3%
Cash from operations₹-52 Cr
Free cash flow₹-52 Cr
ROCE27.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹2 Cr₹2 Cr₹3 Cr₹14 Cr₹15 Cr₹15 Cr
Reserves₹11 Cr₹13 Cr₹22 Cr₹78 Cr₹240 Cr₹201 Cr
Borrowings₹27 Cr₹26 Cr₹30 Cr₹7 Cr₹81 Cr₹102 Cr
Other liabilities₹9 Cr₹9 Cr₹11 Cr₹13 Cr₹27 Cr₹24 Cr
Total liabilities₹49 Cr₹51 Cr₹65 Cr₹113 Cr₹363 Cr₹343 Cr
Fixed assets₹8 Cr₹8 Cr₹7 Cr₹3 Cr₹63 Cr₹64 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹1 Cr₹7 Cr₹7 Cr₹4 Cr₹7 Cr
Other assets₹41 Cr₹42 Cr₹51 Cr₹104 Cr₹296 Cr₹271 Cr
Total assets₹49 Cr₹51 Cr₹65 Cr₹113 Cr₹363 Cr₹343 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters added +2.05 pp while the public trimmed −1.09 pp. The shareholder count grew 6% to 4,225.

Promoters
50.8%
FIIs
0.2%
DIIs
1.1%
Public
47.9%

Since Jun 2025

  • Promoters +2.05 pp
  • Public −1.09 pp
  • DIIs −0.96 pp

How it drifted, 10 quarters

Over this window DIIs fell from 3.0% to 1.1% — −1.9 pp.

Mar '24Mar '25Jun '26

Ownership split by quarter, oldest first. Mar '24: Promoters 49.6%, DIIs 3.0%, Public 47.4%.Jun '24: Promoters 49.6%, FIIs 0.0%, DIIs 1.4%, Public 49.0%.Sep '24: Promoters 49.6%, FIIs 0.0%, DIIs 0.8%, Public 49.5%.Dec '24: Promoters 47.5%, FIIs 0.0%, DIIs 1.8%, Public 50.6%.Mar '25: Promoters 48.0%, FIIs 0.3%, DIIs 2.0%, Public 49.8%.Jun '25: Promoters 48.8%, FIIs 0.2%, DIIs 2.0%, Public 49.0%.Sep '25: Promoters 49.1%, FIIs 0.2%, DIIs 2.2%, Public 48.5%.Dec '25: Promoters 49.1%, FIIs 0.2%, DIIs 1.8%, Public 48.8%.Mar '26: Promoters 49.1%, FIIs 0.2%, DIIs 1.8%, Public 48.9%.Jun '26: Promoters 50.8%, FIIs 0.2%, DIIs 1.1%, Public 47.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 5 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of S J Logistics (I above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rajen Hasmukhlal Shah 39.03%+2.12 pp
Asmita Rajen Shah 5.46%−0.19 pp
Anagha Mahesh Bhoir 5.26%−0.18 pp
Mahesh Atmaram Bhoir 5.26%−0.18 pp
Jeet Rajen Shah 2.47%−0.08 pp
Shruti Rajen Shah 1.83%−0.07 pp
Rupanki Prashant Shah 1.38%unchanged
Sandeep Singh 1.19%unchanged
Pavan Prashantbhai Shah Huf 0.32%unchanged
Prashant Arvindlal Shah 0.32%unchanged
Rajen Hasmukhlal Shah Huf 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth the price implies
-8.0% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹317.35

Change the assumptions yourself →

All earnings calls (3)

Read the Q2 FY26 call →

Learn to analyse S J Logistics (I

Guides on how to read this kind of business and the numbers that matter.