Sical Logistics posts ₹11.2 Cr consolidated loss in Q2 FY27 despite 17% revenue growth

Sical Logistics (consolidated, primary basis) swung to a net loss of ₹11.2 Cr in Q2 FY27 (owners' share -₹12.0 Cr, EPS -₹1.38) against a profit of ₹13.1 Cr a year ago (EPS ₹2.01) and ₹21.2 Cr last quarter (EPS ₹2.86), even as revenue from operations grew 17.4% YoY to ₹105.5 Cr — though it fell 20.5% QoQ from ₹132.6 Cr. The headline YoY swing is steeper than the underlying trend, however: Q2 FY26's reported profit was propped up by an outsized ₹29.6 Cr other-income line that closely matches a 'profit on sale of fixed assets' adjustment in the cash-flow statement — not classified as exceptional by the company. Stripping that out, last year's core pre-tax result was closer to a ₹15.6 Cr loss, meaning this quarter's ₹10.7 Cr core pre-tax loss is actually a roughly one-third narrower core loss YoY. The QoQ read cuts the other way: Q1 FY27's ₹21.2 Cr reported PAT included a disclosed ₹17.4 Cr exceptional gain, and even excluding it Q1's core PAT was still a positive ~₹3.8 Cr — so the slide into this quarter's ₹11.2 Cr loss reflects a genuine sequential deterioration in the core business, not just a one-off base effect. The pressure sits squarely on the cost line: consolidated total expenses rose 16.8% YoY to ₹123.1 Cr, with cost of services up roughly 40% YoY to ₹79.8 Cr — outrunning the 17.4% revenue growth and flipping operating profit into an operating loss. Balance-sheet data points to rising lease-driven costs as a contributor: right-of-use assets jumped to ₹116.4 Cr from ₹44.0 Cr at FY26-end and non-current lease liabilities rose to ₹89.2 Cr from ₹38.7 Cr, pushing up depreciation and finance charges even before the ₹91 Cr lease and working-capital facility the company signed with Tata Capital on October 27, 2026 — a post-quarter event that will likely add further finance cost from Q3 FY27. Standalone (secondary basis) posted a wider loss of ₹13.2 Cr (EPS -₹1.65) than the consolidated number, implying subsidiaries partly cushioned the holding company's losses this quarter. There is no management guidance or outlook on record for this company, and the print carries no formal press commentary beyond the standard Reg 30 board-outcome filing — so neither can be graded against this result. No analyst previews or consensus estimates for this specific quarter turned up in search, consistent with thin coverage (3 analysts per public trackers) on a small-cap name; vsStreet is marked unknown rather than assumed. Separately, the filing itself now carries 'A Pristine Group Company' branding, consistent with the October 2026 Pristine Logistics merger/share-acquisition events in the company's own record — a promoter-group change that sits alongside, but is not shown to have directly caused, this quarter's operating swing.