- Home
- Results news
- Mahindra Logistics
- Q2 FY27 results
Mahindra Logistics Q2 FY27 results: net profit ₹28.87 crore vs ₹8.36 crore loss, revenue up 24.3%
Mahindra Logistics Limited reported consolidated revenue of ₹2,095 crore for Q2 FY27, up 24.3% from a year ago. EBITDA rose to ₹123.96 crore and the company posted a net profit of ₹28.87 crore, compared with a net loss of ₹8.36 crore in Q2 FY26.
Key points
- Consolidated revenue was ₹2,095 crore in Q2 FY27, up 24.3% from Q2 FY26 and 4.6% from Q1 FY27.
- EBITDA was ₹123.96 crore, up 45.7% from a year earlier, while the margin rose 0.9 percentage points to 5.9%.
- The company reported a net profit of ₹28.87 crore and basic EPS of ₹2.64, versus a net loss of ₹8.36 crore and EPS of negative ₹1.2 a year ago.
- For H1 FY27, revenue was ₹4,098.31 crore and profit after tax was ₹56.7 crore, compared with a net loss of ₹17.8 crore in H1 FY26.
- Supply Chain Management revenue rose 23.9% to ₹1,976.15 crore, while Enterprise Mobility Services revenue increased 32.0% to ₹123.82 crore.
How did Mahindra Logistics perform in Q2 FY27?
Mahindra Logistics reported consolidated revenue of ₹2,095 crore for Q2 FY27, compared with ₹1,685 crore in Q2 FY26 and ₹2,003 crore in Q1 FY27. EBITDA was ₹123.96 crore, with a margin of 5.9%, against ₹85.08 crore and 5.0% a year earlier and ₹115.42 crore and 5.8% in the previous quarter.
Profit before tax was ₹40.36 crore in Q2 FY27, against a loss of ₹5.37 crore in Q2 FY26 and ₹39.11 crore in Q1 FY27. The company reported a net profit of ₹28.87 crore and basic EPS of ₹2.64, compared with a net loss of ₹8.36 crore and EPS of negative ₹1.2 a year earlier.
On a standalone basis, revenue was ₹1,713.75 crore, up 25.4%, while profit after tax was ₹37.63 crore against ₹3.79 crore in the year-ago quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,095 | 2,003 | 1,685 | +24.3% | +4.6% |
| Other income | 8.42 | 9.83 | 2.94 | +186.4% | −14.3% |
| Total expenses | 2,063 | 1,974 | 1,694 | +21.8% | +4.6% |
| EBITDA | 123.96 | 115.42 | 85.08 | +45.7% | +7.4% |
| EBITDA margin | 5.9% | 5.8% | 5.0% | +0.9 pp | +0.1 pp |
| Profit before tax | 40.36 | 39.11 | −5.37 | turned to profit | +3.2% |
| Tax | 11.43 | 11.23 | 2.95 | +287.5% | +1.8% |
| Net profit | 28.87 | 27.83 | −8.36 | turned to profit | +3.7% |
| EPS (₹) | 2.64 | 2.56 | −1.20 | turned to profit | +3.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mahindra Logistics' costs and profit?
Other income increased to ₹8.42 crore from ₹2.94 crore in Q2 FY26, while total expenses rose to ₹2,063 crore from ₹1,694 crore. Employee cost was ₹122 crore, up ₹15.54 crore, and depreciation was ₹76.58 crore, up ₹4.86 crore from the year-ago quarter.
Other expenses rose by ₹355.74 crore to ₹1,849 crore, compared with an increase of ₹410.16 crore in revenue. Finance costs fell by ₹6.23 crore to ₹15.44 crore from ₹21.67 crore. The company reported no exceptional item in Q2 FY27.
Tax expense was ₹11.43 crore, up ₹8.48 crore from ₹2.95 crore in Q2 FY26. The filing does not state why the cost lines or tax changed beyond presenting the reported differences.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 122 | 106.46 | +15.54 | +14.6% |
| Finance costs | 15.44 | 21.67 | −6.23 | −28.7% |
| Depreciation | 76.58 | 71.72 | +4.86 | +6.8% |
| Other expenses | 1,849 | 1,494 | +355.74 | +23.8% |
| Total expenses | 2,063 | 1,694 | +369.91 | +21.8% |
| Other income | 8.42 | 2.94 | +5.48 | +186.4% |
| Tax | 11.43 | 2.95 | +8.48 | +287.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹4,098.31 crore, up 23.8% from ₹3,309.86 crore in H1 FY26, while total income was ₹4,116.56 crore, up 24.1% from ₹3,317.87 crore.
Profit before tax moved to ₹79.47 crore from a loss of ₹11.15 crore. Profit after tax was ₹56.7 crore, compared with a net loss of ₹17.8 crore, and basic EPS was ₹5.2 against negative ₹2.62 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,098 | 3,310 | +23.8% |
| Profit before tax | 79.47 | −11.15 | turned to profit |
| Net profit | 56.70 | −17.80 | turned to profit |
| EPS (₹) | 5.20 | −2.62 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹3,439.47 crore, compared with ₹3,108.02 crore at 31 March 2026, while total equity was ₹1,234.44 crore against ₹1,199.26 crore. Borrowings rose to ₹55.3 crore from ₹43.66 crore, and cash fell to ₹87.22 crore from ₹107.12 crore.
Trade receivables were ₹731.82 crore, compared with ₹689.59 crore at the previous balance-sheet date, and trade payables were ₹1,343.68 crore against ₹1,118.65 crore. Operating cash flow for H1 FY27 was ₹233.3 crore, compared with an outflow of ₹35.61 crore in H1 FY26.
Investing cash flow was an outflow of ₹114.93 crore, compared with an outflow of ₹241.88 crore a year earlier, while financing cash flow was an outflow of ₹138.27 crore against an inflow of ₹254.32 crore. Capital expenditure was ₹63.3 crore, compared with ₹75.38 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,439 | 3,108 |
| Total equity | 1,234 | 1,199 |
| Borrowings | 55.30 | 43.66 |
| Cash and equivalents | 87.22 | 107.12 |
| Inventories | 0 | 0 |
| Trade receivables | 731.82 | 689.59 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 233.30 | −35.61 |
| Cash from investing | −114.93 | −241.88 |
| Cash from financing | −138.27 | 254.32 |
| Capital expenditure | 63.30 | 75.38 |
Source: Company's results filing (XBRL).
How has Mahindra Logistics done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters. Across the available period, revenue bottomed at ₹1,569.51 crore in Q4 FY25 and reached ₹2,095.43 crore in Q2 FY27, the latest and highest quarterly figure shown.
Profit after tax turned positive in Q3 FY26 and reached ₹28.87 crore in Q2 FY27, compared with a low of a net loss of ₹9.44 crore in Q1 FY26. EBITDA margin reached its low of 4.6% in Q3 FY25 and stood at 5.9% in Q2 FY27, after peaking at 6.3% in Q4 FY26.
Which businesses drove the quarter?
Supply Chain Management reported revenue of ₹1,976.15 crore, up 23.9% from ₹1,595.42 crore in Q2 FY26. Segment EBIT was ₹35.83 crore, compared with a loss of ₹6.93 crore in the year-ago quarter, and the EBIT margin was 1.8%.
Enterprise Mobility Services reported revenue of ₹123.82 crore, up 32.0% from ₹93.79 crore in Q2 FY26. EBIT rose to ₹4.53 crore from ₹1.56 crore, while the EBIT margin was 3.7%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Supply Chain Management | 1,976 | +23.9% | 35.83 | 1.8% |
| Enterprise Mobility Services | 123.82 | +32.0% | 4.53 | 3.7% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026 on 23 October 2026. The filing also included the segment-wise report, statement of assets and liabilities, cash-flow statement, notes and the statutory auditor’s unmodified limited-review report.
The same-day filings did not announce a dividend, fund raise or appointment. The accompanying investor presentation described the company’s operations, business segments and financial highlights.
What did Mahindra Logistics' management say?
Management said the business was moving from turnaround to acceleration. Hemant Sikka said: “The business is now moving from turnaround to acceleration, from fixing the past to building the future.” MESPL, the Rivigo express business, became EBITDA-positive during Q2 and for H1 FY27, and management expects PAT positivity over the next few months to one quarter from October 2026.
Management expects year-on-year growth for LMD from Q3 FY27 following the earlier portfolio recalibration. It maintained a 100 bps improvement in contract-logistics gross margin from the FY26 exit level over the medium term, and said FY27 capex would remain closer to INR100 crore, plus or minus INR10 crore, with INR110 crore as a practical figure.
Management said technology-transformation execution would begin around Q4 FY27, with a phased rollout from transportation to MESPL and then warehousing. It also expects freight-forwarding results in FY28. The company identified risks from unrecovered manpower inflation, recurring festive-season costs, geopolitical disruption in freight forwarding, MESPL’s exposure to cyclical automotive and manufacturing demand, and uneven monsoon conditions.
How did Mahindra Logistics shares react?
The stock moved within 30 minutes of the filing appearing: it was down 0.1% after five minutes, up 1.4% after 15 minutes and down 2.3% after 30 minutes. On the reaction day, it closed 4.2% below the previous close, compared with a 1.4% decline for the Logistics Solution Provider industry median.
Earlier reaction-day moves were mixed: the stock rose 13.4% on 27 January 2026 and 2.0% on 20 July 2026, but fell 9.3% on 23 April 2026, 2.4% on 27 October 2025 and 5.8% on 21 October 2024.
| After the filing | Stock | Logistics Solution Provider median |
|---|---|---|
| 5 minutes | −0.1% | |
| 15 minutes | +1.4% | |
| 30 minutes | −2.3% | |
| Reaction day | −4.2% | −1.4% |
| Next day | +2.0% | −1.9% |
| 5 days | +7.9% | −1.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 20 July 2026 | +2.0% |
| 23 April 2026 | −9.3% |
| 27 January 2026 | +13.4% |
| 27 October 2025 | −2.4% |
| 21 July 2025 | −2.4% |
| 21 April 2025 | +1.6% |
| 27 January 2025 | −2.1% |
| 21 October 2024 | −5.8% |
Source: MarketPing price-reaction measurement.
How did other Logistics Solution Provider companies do?
Sixteen other Logistics Solution Provider companies had filed for the quarter by 4 November 2026. Their median revenue growth was 12.2%, while 11 companies grew more slowly than Mahindra Logistics and five grew faster than Mahindra Logistics.
Among the 14 peers for which profit was compared, 11 reported higher profit. Mahindra Logistics’ Q2 FY27 revenue growth of 24.3% was above the peer median of 12.2%.
| Mahindra Logistics revenue growth (YoY) | +24.3% |
|---|---|
| Median of 16 other Logistics Solution Provider companies | +12.2% |
| Companies with slower revenue growth than Mahindra Logistics | 11 of 16 |
| Companies with faster revenue growth than Mahindra Logistics | 5 of 16 |
| Companies whose net profit rose | 11 of 14 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mahindra Logistics' revenue in Q2 FY27?
Revenue from operations was ₹2,095 crore, up 24.3% from ₹1,685 crore in Q2 FY26 (consolidated).
Did Mahindra Logistics make a profit in Q2 FY27?
Yes. Net profit was ₹28.87 crore, against a net loss of ₹8.36 crore in Q2 FY26.
What was Mahindra Logistics' EPS in Q2 FY27?
Basic earnings per share were ₹2.64, against a loss of ₹1.20 in Q2 FY26.
How did Mahindra Logistics shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.2% from the previous close; the median Logistics Solution Provider stock moved −1.4%.
When did Mahindra Logistics announce its Q2 FY27 results?
On 23 October 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 23 October 2026) · PDF
- The earnings call (27 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.