Mahindra Logistics (MAHLOG) Q4 25/26 earnings summary

Executive summary

• Returned to PAT profitability in FY 2026 after two years of losses, driven by operational discipline, strategic focus, and improved execution, with positive customer feedback and a stable leadership structure.

• E-commerce and quick commerce business scaled to over INR 1,000 crore in annual revenue, with strong growth in these segments.

• Annual audited consolidated and standalone financial results for the year and quarter ended 31 March 2026 were approved, with statutory auditors issuing an unmodified opinion.

• The Board recommended a dividend of Rs. 2.50 per share, subject to shareholder approval.

Financial highlights

• FY26 consolidated revenue grew 15% YoY to INR 6,999.3 crore; Q4 FY26 revenue was INR 1,791.4 crore, up 14% YoY.

• Q4 FY26 consolidated PAT was INR 20.2 crore vs loss of INR 6.7 crore YoY; full-year PAT at INR 10.57 crore vs loss of INR 30 crore.

• Q4 FY26 consolidated gross margin expanded to 10.5% from 9.5% YoY; full-year gross margin at 10%.

• Q4 FY26 EBITDA was INR 112.4 crore (6.3% margin), up 45% YoY; full-year EBITDA up 33% to INR 376.5 crore.

• Basic and diluted EPS for FY26 were Rs. 0.25, compared to Rs. (4.78) in FY25.

Outlook and guidance

• Margin expansion and operating leverage benefits expected to continue, with focus on scaling contract logistics, Express turnaround, and leveraging technology.

• Leadership is committed to profitable growth and aims to become the top logistics provider in India.

• No further pruning expected in last mile delivery; focus on profitable growth.

• Continued cautious approach amid global uncertainties and inflationary pressures.

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