Mahindra Logistics Limited has informed the Exchange about Transcript. In compliance with Regulation 30(6) read with Schedule III and other applicable provisions of the SEBI Listing Regulations, please find enclosed the transcript of the earnings conference call of the Company for the second quarter and half year ended 30 September 2025, held on Tuesday, 28 October 2025, with several Analysts/Institutional Investors/Funds. the Questions & Answers.
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Mahindra Logistics filed the transcript of its Q2 FY26 earnings call held on October 28, 2025. Revenue grew 11% year-on-year to INR1,685 crores, while consolidated gross margin improved to 10.1% from 9.2% last year. The company used proceeds from a INR749 crore rights issue to slash consolidated debt from INR601 crores to just INR73 crores, which will save INR40-45 crores annually in interest costs. The loss-making Express business (MESPL) became gross margin positive for the first time since acquisition, with tonnage up 7% year-on-year and yield improvement of about INR0.90 per kg. Management also reported a 20%+ reduction in warehousing white space this quarter and reiterated its target to cut white space cost by 95% by September 2026, while introducing new CFO Isha Dalal to investors.
The dramatic debt reduction and visible margin improvements across segments strengthen the balance sheet and signal a credible path to profitability, especially with the Express business finally turning a corner. New CFO Isha Dalal's maiden call reinforced a clear focus on cost discipline, yield management and white space cleanup, which should be taken positively by shareholders watching the turnaround story.