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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.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.
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