Mahindra Logistics (MAHLOG) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue grew 14.1% year-over-year to INR 1,594.2 crore, led by strong performance in contract logistics, outbound logistics, and last mile delivery, with continued volume growth in cross-border and last mile segments despite pricing headwinds.

• Automotive sector saw strong passenger vehicle performance and accelerating EV demand, while two-wheelers and farm sectors showed early recovery signs; consumer durables and telecom benefited from seasonal and tariff-driven growth.

• Board and auditors approved unaudited consolidated and standalone results for Q3 and 9M FY25, with no material misstatements reported.

• Focus on expanding transportation, green logistics, and technology, with new warehousing in key regions and margin expansion initiatives.

• Order intake remained positive, with strong pipeline in contract logistics, new business wins in mobility and express, and significant growth from Whizzard consolidation.

Financial highlights

• Q3 FY25 consolidated revenue was INR 1,594.2 crore, up 14.1% year-on-year; gross margin for Q3 was 9.2%, with gross profit at INR 147 crore.

• EBITDA for Q3 FY25 was INR 73.7 crore, up 40.9% year-on-year; consolidated net loss for Q3 was INR 9.03 crore, narrowing from INR 17.41 crore in Q3 FY24.

• 9M FY25 consolidated revenue was INR 4,535.32 crore, up 12% year-on-year; EBITDA rose to INR 206 crore, with net loss reduced to INR 29.1 crore.

• Standalone Q3 FY25 revenue was INR 1,326.85 crore; standalone net profit was INR 11.62 crore.

• Consolidated EBITDA margin for Q3 FY25 was 4.62%, up from 3.74% in Q3 FY24; basic EPS for Q3 FY25 was -1.25.

Outlook and guidance

• Prioritizing growth in integrated logistics, leveraging acquisitions, and focusing on margin expansion through productivity and technology.

• Targeting 18% return on equity by FY26, with continued emphasis on digital platforms, customer service, and non-M&M business expansion.

• CPL contract logistics business is well positioned for growth with a strong order board and new projects expected in the next two quarters.

• Express business expects positive momentum from ongoing initiatives, with a focus on driving volume to achieve EBITDA break-even in the next two quarters.

• White space in warehousing is expected to reduce to 700,000–1,000,000 sq ft by Q1 next year as new contracts are executed.