Mahindra Logistics (MAHLOG) Q2 25/26 earnings summary

Executive summary

• Conducted a comprehensive business review focusing on operational execution, cost optimization, and site-level economics to drive margin growth.

• Achieved consolidated revenue of ₹1,685 crore in Q2 FY26, up 11% year-over-year, with gross margin up 22% and EBITDA up 28%.

• Express logistics/B2B Express segment turned gross margin positive for the first time since acquisition, with ongoing efforts to reach EBITDA positivity.

• Rights issue of ₹749 crore completed, significantly reducing consolidated debt and strengthening the balance sheet.

• Unaudited consolidated and standalone financial results for Q2 and H1 FY2026 were approved and reviewed by the Board and auditors on 27 October 2025.

Financial highlights

• Q2 FY26 consolidated revenue from operations was ₹1,685.27 crore, up from ₹1,521.10 crore in Q2 FY25; H1 FY26 revenue was ₹3,309.86 crore, up from ₹2,941.12 crore year-over-year.

• Warehousing segment revenue rose 20% year-over-year to ₹333 crore.

• Consolidated gross margin improved to 10.1% from 9.2% year-over-year; EBITDA for the quarter was ₹85.1 crore, up from ₹66.4 crore year-over-year.

• PAT loss for the quarter was ₹8.36 crore, marginally improved year-over-year; includes a one-time provision of ₹4.8 crore for doubtful debts.

• Standalone revenue from operations for Q2 FY26 was ₹1,366.91 crore, up from ₹1,235.92 crore 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 BTS warehouse space planned; future expansion to be asset-light and based on customer commitments.

• 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.