Sunsky Logistics Swings to ₹82.12 Lakh Net Loss in H1FY27 Despite Revenue Doubling

Sunsky Logistics reported a net loss of ₹82.12 lakh for the half year ended September 30, 2026, compared with a profit of ₹104.65 lakh in the preceding half, even as total revenue doubled to ₹2,537.15 lakh. ScanX reported the results, which the board approved on October 29, 2026.

Sunsky Logistics' Revenue Doubles as Costs Outpace Growth

Revenue from operations nearly doubled to ₹2,523.57 lakh in H1FY27 from ₹1,222.81 lakh in the corresponding period last year. Total expenses surged to ₹2,585.66 lakh, producing a loss before tax of ₹48.51 lakh. Freight, handling and servicing costs rose to ₹1,712.89 lakh, while new road transportation direct expenses accounted for ₹481.68 lakh, a line item that was nil in the prior year's comparable period. Finance costs climbed to ₹113.52 lakh from ₹30.08 lakh, and depreciation and amortization jumped to ₹119.28 lakh from ₹5.49 lakh, partly due to a change in the depreciation method for trucks from Written Down Value to Straight-Line effective April 1, 2026.

The statutory auditors, Ankit M. Shah & Co., issued a qualified review report regarding a fraud incident. During the half-year, the company remitted USD 4.87 lakh (approximately ₹470 lakh) to an unrelated bank account based on fraudulent payment instructions appearing to originate from its US service provider's email. The amount has been recognized as a "Fraud Recovery Claim" under Other Current Assets, and management expects full recovery through legal actions and bank recall requests, hence no provision has been made. The auditors noted that evidence of virtual certainty for recovery is not yet available under AS 29.

Sunsky Logistics' IPO Funding and Borrowing Levels

Sunsky Logistics is an Ahmedabad-based freight forwarding and logistics company serving exporters and importers with ocean freight, air freight, customs clearance, warehousing and inland haulage across India, the US, China, the UAE, the Netherlands and Australia, according to akta.pro company records. The same records show the company filed its prospectus and DRHP with SEBI for an initial public offering in September 2025, after receiving an In-Principal Approval Letter dated August 6, 2025. The company raised ₹1,683.60 lakh through its SME IPO in October 2025. As of September 30, 2026, long-term borrowings stood at ₹1,332.99 lakh, up from ₹961.99 lakh in March 2026, and short-term borrowings increased to ₹808.16 lakh from ₹463.96 lakh. The board did not recommend a dividend for the period, citing the need to conserve resources for capital expansion projects.

Sunsky Logistics' AGM and Board Approvals

Sunsky Logistics' 6th AGM on September 22, 2026, passed all four ordinary resolutions unanimously, with total votes polled at 8,815,500 and the promoter group voting 8,336,250 shares in favor, ScanX reported. The scrutinizer's report confirmed zero votes against any resolution. On August 24, 2026, the board approved its director's report for the financial year ended March 31, 2026, and finalized key auditor appointments, ScanX reported.

What Comes Next for Sunsky Logistics

The company said management expects full recovery of the ₹470 lakh through ongoing legal actions and bank recall requests. The board approved the unaudited standalone results on October 29, 2026.