This document is an earnings presentation for Mahindra Logistics Limited (MLL) for the first quarter of FY27 (ended 30 June 2026), submitted to the BSE and NSE in compliance with SEBI Listing Regulations (Regulation 30). The presentation includes unaudited standalone and consolidated financial results subjected to a limited review.

Financial Performance Highlights (Consolidated)

  • Revenue: Reported consolidated revenue of ₹2,002.9 Crore for Q1 FY27, representing a growth of 23.3% Year-over-Year (YoY) from ₹1,624.6 Crore in Q1 FY26. Sequentially, revenue grew 11.8% from ₹1,791.4 Crore in Q4 FY26.
  • Gross Margin (GM): Gross margin stood at ₹194.5 Crore for the quarter, up 27% YoY from ₹153.3 Crore. The Gross Margin percentage was 9.7%, compared to 9.4% in Q1 FY26 and 10.5% in Q4 FY26.
  • EBITDA: EBITDA excluding Other Income (OI) was ₹115.4 Crore, a 51.4% increase YoY from ₹76.2 Crore. The EBITDA margin was 5.8% for Q1 FY27, compared to 4.7% in Q1 FY26 and 6.3% in Q4 FY26.
  • Adjusted EBITDA: After subtracting rent expenses of ₹58.6 Crore, the Adjusted EBITDA was ₹56.9 Crore (2.8% margin). This compares to ₹32.3 Crore (2.0% margin) in Q1 FY26 and ₹57.2 Crore (3.2% margin) in Q4 FY26.
  • Profit After Tax (PAT): PAT (after Joint Venture and Non-Controlling Interest) was ₹27.8 Crore, a significant improvement from a loss of ₹9.4 Crore in Q1 FY26. Basic EPS was ₹2.6.

Segment-Wise Business Performance (Q1 FY27 vs Q1 FY26)

  • Supply Chain Management (SCM) / Contract Logistics: Revenue was ₹1,623.1 Cr (up 25.9% YoY), Gross Margin was ₹165.5 Cr (up 20.5% YoY), and EBITDA was ₹111.7 Cr (up 30.8% YoY). This segment operates ~19 Mn Sq. Ft. of warehousing space for ~100 customers.
  • Express (B2B Express & PTL): Revenue was ₹152.4 Cr (up 57.6% YoY). The segment achieved a significant Gross Margin turnaround to +₹9.2 Cr from negative ₹3.6 Cr YoY. EBITDA loss narrowed to ₹1.6 Cr from a loss of ₹11.8 Cr YoY. The network serves 19,000+ pin codes.
  • Last Mile Delivery: Revenue was ₹71.2 Cr (down 16.2% YoY), as the company prioritized profitable business. Gross Margin improved 62% YoY to ₹6.3 Cr, and EBITDA was ₹2.6 Cr, a turnaround from a loss of ₹0.5 Cr YoY. The fleet consists of 7,000+ vehicles, including 1,200+ EVs.
  • Freight Forwarding (Ocean/Air): Revenue was ₹45.3 Cr (down 38.6% YoY). Gross Margin was ₹4.6 Cr (down 33.8% YoY), and EBITDA was ₹0.3 Cr (down 65.1% YoY). The focus is on rebuilding momentum.
  • Mobility Solutions: Revenue was ₹111.0 Cr (up 38.2% YoY), driven by new B2B customers and a recently launched B2C airport taxi business at Noida airport. Gross Margin was ₹8.9 Cr (up 1.9% YoY), and EBITDA was ₹2.5 Cr (up 7.5% YoY). The segment deploys 5,000+ vehicles daily.

Management Commentary

Mr. Hemant Sikka, Managing Director and CEO, stated that Q1 FY27 reflects the continued momentum of the company's transformation journey, citing strong revenue growth, a return to healthy profitability, and improved business fundamentals. He attributed this to disciplined execution, sharper customer-level economics, and a relentless focus on operational excellence. The outlook remains focused on profitable growth, intelligent scale, and superior customer experience.

Other Disclosures

  • The company reiterated its investment thesis, highlighting its profitable business with Mahindra & Mahindra, its position in the E-commerce/Quick-commerce segment (~₹1,000 Cr p.a. revenue), and ongoing margin expansion initiatives.
  • Corporate Social Responsibility and sustainability efforts were highlighted, including a commitment to be Carbon Neutral by 2040. Initiatives include 1,200+ EVs deployed, 4.4 Mn Sq. Ft. of solar-powered warehouses, and 5 IGBC Gold/Platinum certified buildings.
  • The earnings presentation is also available on the company's website at the provided weblink.