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Mahindra Logistics (MAHLOG) investor relations material
Mahindra Logistics Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary28 Oct, 2025
Executive summary
Completed a comprehensive business review focused on operational excellence, cost optimization, and site-level economics to drive long-term margin growth.
Achieved consolidated revenue of ₹1,685.27 Cr in Q2 FY26, up 11% year-over-year, with gross margin improving 22% YoY to ₹170 Cr and EBITDA up 28% YoY to ₹85 Cr.
Express logistics business became gross margin positive for the first time since acquisition, with ongoing efforts to reach EBITDA positivity.
Rights issue of ₹749.27 Cr completed, proceeds used for debt repayment and strengthening the balance sheet.
PAT remained negative at -₹10.4 Cr, impacted by a one-time provision for doubtful debts due to customer bankruptcy.
Financial highlights
Revenue for Q2 FY26 increased by 11% year-over-year to ₹1,685.27 Cr; H1 FY26 revenue was ₹3,309.86 Cr, up from ₹2,941.12 Cr year-over-year.
Gross margin for Q2 FY26 at 10.1%, up from 9.2% in Q2 FY25; EBITDA margin improved to 5.0% from 4.4% year-over-year.
PAT loss for the quarter was ₹10.4 Cr, marginally improved versus last year, impacted by a one-time provision for doubtful debts.
Warehousing segment revenue rose 20% year-over-year to ₹333 Cr due to new site additions and volume ramp-up.
Standalone revenue for Q2 FY26 was ₹1,366.91 Cr, up from ₹1,235.92 Cr in Q2 FY25.
Outlook and guidance
Focus remains on yield improvement, operational excellence, customer retention, and network optimization for the second half of the year.
No new built-to-suit warehouse space planned; future expansion to be asset-light and demand-driven.
Continued investment in technology, sustainability, and expansion in high-growth segments.
Earnings per share for comparative periods have been retrospectively adjusted for the rights issue.
Future rental cost trajectory and white space impact
Express business path to EBITDA positive?
Remaining debt and future capital allocation
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Next Mahindra Logistics earnings date
Investor Day 202520 Nov, 2025
Next Mahindra Logistics earnings date
Investor Day 202520 Nov, 2025
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Frequently asked questions
Mahindra Logistics Ltd offers integrated logistics services including warehousing, transportation, freight forwarding, and supply chain management. It serves automotive, consumer goods, e-commerce, and other sectors across India. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.
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