Mahindra Logistics (MAHLOG) Q3 25/26 earnings summary

Executive summary

• Achieved profitability in Q3 FY26 after 11 consecutive quarters of losses, driven by improved execution, cost management, and disciplined growth strategies.

• Leadership and operating teams stabilized, enabling faster decision-making and stronger customer responsiveness.

• Disciplined exits from unviable relationships and selective investments in high-return opportunities are underway.

• Unaudited consolidated and standalone financial results for Q3 and nine months ended 31 December 2025 were approved and reviewed by the Board and auditors.

Financial highlights

• Q3 FY26 consolidated revenue was ₹1,898.03 crore, up 19% YoY and 13% QoQ, driven by strong volume growth in auto, farm, express, mobility, and freight.

• EBITDA for Q3 FY26 rose 40% YoY to ₹102.8 crore, with margin improving to 5.4%.

• Gross margin expanded by 76 bps YoY to 10%, with gross margin at ₹189.1 crore, up 28% YoY.

• PAT for Q3 FY26 was ₹6.01 crore; operational PAT (excluding exceptional items) was ₹9.2 crore; reported PAT was ₹3.3 crore after a statutory impact.

• For 9MFY26, revenue grew 15% YoY to ₹5,207.89 crore, EBITDA up 28% to ₹264.1 crore, and gross margin up 21% to ₹512.7 crore.

Outlook and guidance

• Scaling profitability remains the top near-term priority, with ongoing pricing corrections and cost interventions.

• Management expects to build on current momentum, focusing on profitable growth, customer satisfaction, and a high-quality revenue base.

• Committed to reducing whitespace by 95% by September 2026, with progress ahead of glide path.

• The company continues to monitor regulatory changes, especially regarding new Labour Codes, and will assess future accounting implications as guidance emerges.

• Long-term vision statement to be shared after further stabilization.