MAHLOG

Mahindra Logistics share price & financials

PAN-India 3PL running contract logistics, B2B express, last-mile delivery, freight forwarding and mobility.

Price: ₹354.95
Market cap: ₹4.1k Cr
Sector: Services
Calls analysed: 7

Latest concall · Q1 FY27 · call held 21 Jul 2026

Mahindra Logistics Limited Q1 FY27

Revenue ₹2,003 cr +23%Reported EBITDA ₹115 cr +51%PAT ₹25.4 cr Gross Margin 9.7%

What went well

Consolidated revenue grew by 23% Y-o-Y to ₹2,003 crores, reflecting broad-based strength across businesses.
PAT turned profitable at ₹25.4 crores in Q1 FY27, a significant improvement from a loss of ₹10.8 crores in Q1 FY26.
Adjusted EBITDA increased by 76% Y-o-Y to ₹57 crores, with adjusted EBITDA margin expanding by 85 bps to 2.8%.

What to watch

Freight Forwarding revenue declined by 39% Y-o-Y to ₹45 crores due to customer attrition and geopolitical crises.
Contract Logistics gross margin diluted by 46 bps Y-o-Y due to manpower shortages, site ramp-up, and minimum wage revisions.

Read the full call →

What Mahindra Logistics Limited does

Mahindra Logistics is a Mumbai-headquartered third-party logistics (3PL) provider that manages outsourced supply-chain and transport operations across five business lines: Contract Logistics (integrated warehousing and distribution, in-factory logistics, milk-run and JIT/JIS transport for manufacturers), Express (tech-led B2B parcel/PTL network operated under the Rivigo brand via subsidiary MESPL), Last Mile Delivery (intra-city fulfilment for e-commerce and quick-commerce), Freight Forwarding (ocean and air freight with customs clearance on international trade lanes), and Mobility (managed vehicle fleets for enterprise and consumer transport). It earns fee-based income by running warehouses, processing centres, line-haul trucking and delivery fleets on behalf of roughly 100 large enterprise customers, with Mahindra & Mahindra group companies among its largest clients.

Segments

Contract Logistics (SCM)
Express
Last Mile Delivery
Freight Forwarding
Mobility

Warehousing space managed: ~19 Mn sq ft (incl. 4+ Mn sq ft sustainable/green warehousing)
Fleet deployed: 7,000+ vehicles, including 1,500+ EVs
Operating locations: ~600 across India
Processing centres: 220+
Pin codes served (Express network): 19,000+ (direct + ODA)
Enterprise customers served: ~100

Headquarters Mumbai, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 3 delivered 3 missed 4 open

Long-term Return on Equity (ROE) went quiet said Q4 FY25 Promised: Achieve an 18%-ish ROE in the long term. Q1 FY27: The long-term ROE ambition was not mentioned again.
White Space Cost Reduction on track said Q2 FY26 Promised: Reduce white space cost by about 95% by September 2026. Q1 FY27: Management confirmed they are 'firmly on track' to achieve the 95% reduction from the 1.6M sq ft baseline by the September '26 deadline.
Express Business EBITDA Breakeven delivered, diluted said Q4 FY25 Promised: Achieve EBITDA breakeven by end of Q2 FY26 by adding 6,000-7,000 tons/month. Q4 FY26: Achieved EBITDA profit of ₹2.2 crores. The goal was met, but the original Q2 FY26 timeline was missed by two quarters.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.3%, net profit up 411.1% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	1,521	1,594	1,570	1,625	1,685 +11%	1,898 +19%	1,791 +14%	2,003 +23%
Expenses	1,455	1,521	1,492	1,548	1,600	1,795	1,679	1,888
EBITDA	66	74	78	76	85 +29%	103 +39%	112 +44%	115 +51%
Margin	4%	5%	5%	5%	5%	5%	6%	6%
Other income	2	6	2	5	3	-2	4	10
Interest	19	22	21	23	22	17	14	14
Depreciation	54	59	58	65	72	72	70	72
Profit before tax	-5	-1	1	-6	-5 +0%	12 +1300%	32 +3100%	39 +750%
Tax rate	93%	531%	671%	62%	55%	52%	30%	29%
Net profit	-10	-7	-5	-9	-8 +20%	6 +186%	22 +540%	28 +411%
EPS	-1.08	-0.91	-0.68	-1.09	-1.04	0.33	2.03	2.56

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 +20.9% 1Y

1Y: ₹328.5 on 10 Sept 2025 → ₹397.2. High ₹442.7 (23 Apr 2026), low ₹279.55 (20 Jan 2026).

How the price took the results

close before → close after

Q1 FY27: −0.5%; 21 Jul
Q4 FY26: −8.3%; 24 Apr
Q3 FY26: +14.9%; 28 Jan
Q2 FY26: −2.3%; 28 Oct

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

Revenue grew 10.9% a year over 3 years, FY23 to FY26. Operating margin held at 5.4%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹5.1k Cr	₹5.5k Cr	₹6.1k Cr	₹7.0k Cr
Operating profit	₹260 Cr	₹230 Cr	₹284 Cr	₹376 Cr
Operating margin	5.1%	4.2%	4.7%	5.4%
Interest	₹52 Cr	₹68 Cr	₹81 Cr	₹76 Cr
Depreciation	₹189 Cr	₹208 Cr	₹226 Cr	₹279 Cr
Net profit	₹25 Cr	₹-53 Cr	₹-30 Cr	₹11 Cr
Net margin	0.5%	-1.0%	-0.5%	0.2%
ROCE	7.0%	3.0%	6.0%	7.0%

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 ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹72 Cr	₹72 Cr	₹72 Cr	₹72 Cr	₹99 Cr	₹99 Cr
Reserves	₹496 Cr	₹475 Cr	₹490 Cr	₹420 Cr	₹1.0k Cr	₹1.1k Cr
Borrowings	₹269 Cr	₹402 Cr	₹834 Cr	₹739 Cr	₹676 Cr	₹650 Cr
Other liabilities	₹849 Cr	₹1.0k Cr	₹1.2k Cr	₹1.2k Cr	₹1.3k Cr	₹1.3k Cr
Total liabilities	₹1.7k Cr	₹2.0k Cr	₹2.6k Cr	₹2.5k Cr	₹3.1k Cr	₹3.1k Cr
Fixed assets	₹361 Cr	₹501 Cr	₹830 Cr	₹836 Cr	₹1.1k Cr	₹1.1k Cr
Capital work in progress	₹3 Cr	₹14 Cr	₹4 Cr	₹16 Cr	₹24 Cr	₹24 Cr
Investments	₹55 Cr	₹118 Cr	₹100 Cr	₹6 Cr	₹11 Cr	₹125 Cr
Other assets	₹1.3k Cr	₹1.3k Cr	₹1.6k Cr	₹1.6k Cr	₹2.0k Cr	₹1.8k Cr
Total assets	₹1.7k Cr	₹2.0k Cr	₹2.6k Cr	₹2.5k Cr	₹3.1k Cr	₹3.1k 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.

Mutual funds in MAHLOG

Filings to Aug 2026

0 new, 0 added, 1 trimmed, 0 sold out — net −2.76 L shares (−5.2%).

Held by funds: ₹195 Cr; 1 schemes
Biggest holder: Nippon India Multi Cap Fund; ₹195 Cr · 0.3% of that fund

Scheme	Holding	Last month	Held since
Nippon India Multi Cap Fund Nippon India Mutual Fund	₹195 Cr	−2.76 L	Feb '18

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 1 trimmed — net −2.76 L shares (−5.2%)

Funds are sitting on: -3%; vs est. average cost
Held by funds: ₹195 Cr; 1 schemes · ≈ 4.4% of the company

Shares held by these funds +15%

Aug '23 52.70 L shares Jul '26

All earnings calls (6)

Read the Q1 FY27 call →

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