Sical Logistics RI review - (Not Rated)

•    The company is engaged in the business of providing integrated logistics and warehousing and distribution services.
•    The company is operating in a highly competitive and fragmented segments.
•    Though it has turned the corner for the reported periods, its NAV of Rs. 7.75 as of December 31, 2025, indicates carried forward losses.
•    Based on its recent financial data, the issue appears aggressively priced.
•    There is no harm in skipping this High Risk/Low Return pricey bet.

ABOUT COMPANY:
Sical Logistics Ltd., (SLL) is engaged in the business of providing services primarily under two verticals, being, (i) integrated logistics, and (ii) warehousing and distribution.

Its heavy reliance on integrated logistics means that any disruptions whether due to operational, regulatory, or environmental challenges could significantly impact its ability to meet client expectations and maintain financial stability. Such disruptions may arise from issues, inter alia, failure to obtain necessary permits, authorizations, or permissions, right of-way challenges, or external factors, inter alia, force majeure, prolonged power outages, or government-mandated shutdowns. 

Additionally, disruptions in its transportation network due to poor road infrastructure, vehicle breakdowns, or employee and third party-related issues could further affect operations. While the company has not experienced any such instance in the nine-month period ended December 31, 2025 and the last three Fiscals, there is no assurance that it will not face any such instance in the future.

Any failure to successfully provide services under the integrated logistics vertical, whether on account of internal or external factors, could adversely affect its business, financial condition, cash flows and results of operations. As of December 31, 2025, it had 421 employees on its payroll, and additional 249 contract labourers.

ISSUE DETAILS:
The company is coming out with its Rights Issue (RI) of 14535790 equity shares of Rs. 10 each at fixed price of Rs. 64 per share to mobilize Rs. 93.03 cr. This RI is being made to only public shareholders. The RI has opens for subscription on February 26, 2026, and will close on March 10, 2026. The company is offering RI in the ratio of 11 for 5 to its eligible stakeholders as of the record date of February 18, 2026. The company is asking full money on application for number of shares applied. Post allotment, RI shares will be listed on BSE and NSE. The company is spending Rs. 4.65 cr. for this RI process, and from the net proceeds, it will utilize Rs. 69.77 cr. for repayment/prepayment of certain borrowings, and Rs. 18.61 cr. for general corporate purposes.

The RI is solely lead managed by the company itself., and Cameo Corporate Services Ltd. is the registrar to the issue. 

Post-RI, company’s current paid-up equity capital of Rs. 65.25 cr. will stand enhanced to Rs. 79.78 cr. Based on the RI pricing, the company is looking for a market cap of Rs. 510.62 cr. 

FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidated basis) posted total income / net profit/ - (loss), of Rs. 238.60 cr. / Rs. – (24.82) cr. (FY24), Rs. 240.92 cr. / Rs. – (33.49) cr. (FY25). For 9M of FY26 ended on December 31, 2025, it earned a net profit of Rs. 55.35 cr. on a total income of Rs. 280.51 cr. Its NAV stands at Rs. 7.75 against FV of Rs. 10, indicating carried forward losses.

DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It has already adopted a dividend policy, based on its financial performance and future prospects. 

SCRIP PERFORMANCE: BASED ON BSE WEBSITE DATA: SCRIP CODE: 520086 (FV Rs. 10).
The scrip last closed on cum-right basis at Rs. 85.16 on February 17, 2026, and opened on an ex-right basis at Rs. 67.07 on February 18, 2026. Since then, it has marked a high/low of Rs. 72.45 / Rs. 65.25. The scrip last closed at Rs. 67.99 as of February 24, 2026. For the last 52 weeks’ it has posted a high/low of Rs. 104.58 / Rs. 65.12.  The counter is currently under IRP: Stage 1.

The promoters’ holding has been at 0%% for the last quarter ended December 31, 2025 against 89.87% for the quarter ended September 30, 2025. The counter is currently well managed by vested interests and traded above the RI price, to tempt investors.