Mahindra Logistics (MAHLOG) Q4 24/25 earnings summary

Executive summary

• Leadership transition announced: Rampraveen Swaminathan steps down as CEO, Hemant Sikka appointed as new CEO, bringing extensive experience from Mahindra's farm sector leadership.

• FY2025 was marked by economic headwinds, regulatory uncertainties, and global disruptions, impacting sector growth and demand cycles.

• Achieved 8% YoY revenue growth in Q4 FY25, led by 3PL contract logistics and Express; full-year revenue up 11% YoY, driven by new accounts and offerings.

• Board approved audited consolidated and standalone results for Q4 and FY ended 31 March 2025; auditors issued unmodified opinions on both sets of results.

• MLL Global Logistics Limited, a UK subsidiary, initiated voluntary dissolution in March 2025.

Financial highlights

• Q4 FY25 consolidated revenue at INR 1,570 Cr, up 8% YoY; full-year FY25 revenue at INR 6,104.8 Cr, up 11% YoY.

• Q4 FY25 EBITDA at INR 89 Cr (core), INR 78 Cr (consolidated); Q4 PAT at INR 17 Cr (core), INR -7 Cr (consolidated).

• FY25 consolidated EBITDA at INR 284 Cr, up 24% YoY; PAT at INR -35.9 Cr, improved from INR -54.7 Cr in FY24.

• Gross margin for Q4 FY25 at 9.5%, up 4 bps YoY; FY25 gross margin at 9.4%.

• Basic and diluted EPS (consolidated) for FY25 stood at Rs. (4.97), improved from Rs. (7.60) in FY24.

Outlook and guidance

• Targeting Rs. 10,000 Cr revenue by FY26, with focus on integrated logistics, technology, and automation.

• Board recommended a dividend of Rs. 2.50 per share, reflecting confidence in future prospects.

• Express business targeting 6,000–7,000 tons per month for EBITDA breakeven, expected by end of Q2 FY2026.

• Aiming for 18% ROE by FY26 through core growth, MESPL turnaround, and value creation from synergies.

• Expansion plans for warehousing paused; focus on absorption and bespoke, back-to-back client projects.