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 discipline, and a focused growth strategy.

• Leadership and operational teams stabilized, enabling faster decision-making and improved 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, with strong volume growth in auto, farm, express, mobility, and freight businesses.

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

• Gross margin increased to 10% in Q3 FY26, up from 9.2% YoY.

• Net profit after tax for Q3 FY26 was ₹6.01 crore; operational PAT (excluding exceptional items) was ₹9.2 crore.

• For the nine months ended 31 December 2025, consolidated revenue was ₹5,207.89 crore, up from ₹4,535.32 crore YoY.

Outlook and guidance

• Focus remains on sustained profitability, margin expansion, and disciplined capital investments.

• 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.