NSE: MAHLOG · BSE: 540768
MAHINDRA LOGISTIC LIMITED
Operates as a third-party logistics provider through two segments. Supply Chain Management generated ₹6,613.03 cr in FY26 (94.3% of segment revenue), covering Contract Logistics, B2B Express under the Rivigo brand, Freight Forwarding and Last Mile Delivery for corporate clients. Enterprise Mobility Services contributed ₹400.17 cr (5.7%), running corporate transportation fleets including an Alyte-branded taxi service being launched at Noida International Airport. The anchor customer is the promoter group, Mahindra and Mahindra, whose wallet share rose to roughly 60% from sub-50% on strong auto and tractor volumes. In Q1 FY27, Contract Logistics revenue grew 26% YoY to ₹1,623 cr, B2B Express revenue grew 58% to ₹152 cr with gross margin swinging from -₹3.6 cr to +₹9.2 cr, and Mobility revenue grew 38% to ₹111 cr; consolidated revenue was ₹2,003 cr and PAT was ₹25.4 cr versus a ₹10.8 cr loss a year earlier. Costs are dominated by other operating expenses at 88.5% of revenue, with employees at 6.1%, depreciation at 4.0% and capex at 2.0%; the company raised ₹749.27 cr via a rights issue to fund growth. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Supply Chain Management (94%), Enterprise Mobility Services (6%). Asset-light third-party logistics services business with two segments; contract-led revenue model undergoing margin-led turnaround
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,083 | 5,128 | 5,506 | 6,105 | 6,999 |
| EBITDA (ex other income) | 198 | 260 | 233 | 284 | 369 |
| margin % | 4.8 | 5.1 | 4.2 | 4.7 | 5.3 |
| Owners' profit | 37 | 26 | (55) | (36) | 2 |
| EPS, as reported (₹) | 5.16 | 3.65 | (7.60) | (4.97) | 0.25 |
| ROE % · ROCE % | 5.9 · 8.6 | 4.4 · 7.7 | (10.5) · 4.0 | (6.6) · 6.1 | 0.9 · 6.4 |
| Debt / equity (x) | 0.06 | 0.72 | 0.67 | 0.93 | 0.04 |
| Cash from operations | 200 | 119 | 227 | 343 | 254 |
| Capex | (106) | (71) | (71) | (181) | (139) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | 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 | 1,898 | 1,791 | 2,003 |
| Profit before tax | (5) | (1) | 1 | (6) | (5) | 12 | 32 | 39 |
| Net profit | (10) | (7) | (5) | (9) | (8) | 6 | 22 | 28 |
| EPS (₹) | (1.50) | (1.25) | (0.93) | (1.50) | (1.20) | 0.33 | 2.04 | 2.56 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Supply Chain Management | 6,613 | 94.3 |
| Enterprise Mobility Services | 290 | 4.1 |
| Enterprise Mobility Service | 111 | 1.6 |
| Total, before eliminations | 7,013 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 31,836 | 25.5 | 2.44 | 13.5 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,831 | 308.0 | 2.98 | 29.4 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,055 | 106.0 | 9.77 | 67.6 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,159 | 35.4 | 5.72 | 10.7 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,668 | 14.5 | 2.56 | 12.0 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,919 | 76.3 | 2.39 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,707 | 17.6 | 4.12 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED ◆ | 4,257 | 115.0 | 3.55 | 10.9 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 115.0 | 15.6 | 47 of 51 | 8% |
| P/B | 3.5 | 1.6 | 35 of 40 | 13% |
| ROCE | 2.0 | 7.7 | 45 of 55 | 19% |
| ROE | 0.9 | 6.0 | 33 of 40 | 18% |
| Debt / Equity | 0.0 | 0.3 | 6 of 40 | 87% |
| EBITDA margin | 6.3 | 8.7 | 31 of 43 | 29% |
| Revenue growth | 23.3 | 9.5 | 13 of 42 | 71% |
| Profit growth | 394.8 | 22.5 | 3 of 35 | 94% |
| Market cap | 4257 | 121 | 8 of 56 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Nippon India Mutual Fund cuts Mahindra Logistics stake by 1.39% | ownership changes | medium | — | — |
| 27 Oct 2026 · Q2 profit improves as Rivigo reaches EBITDA break-even | investor communications | medium | — | — |
| 24 Oct 2026 · Mahindra Logistics posts Q2 profit of Rs 28.93 crore; revenue Rs 2,095 crore | compliance | minimal | — | — |
| 23 Oct 2026 · Mahindra Logistics concludes Q2 and H1 FY27 analyst call | investor communications | low | — | — |
| 23 Oct 2026 · Rights issue funds used as planned; ₹50.34 crore remain | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 profit turns positive as revenue rises 24% | investor communications | medium | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 24%, PAT reaches Rs 26.2 crore | compliance | low | — | — |
| 23 Oct 2026 · Q2 revenue up 24.3%; profit swings to ₹28.87 crore | results | high | — | — |
| 7 Oct 2026 · Quarterly Demat Compliance Certificate Filed with Exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Outcome of PL Capital Conference analyst meetings disclosed | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.