• Type of Event: The document is a transcript of the Q2 and H1 FY27 earnings conference call held with Analysts/Institutional Investors/Funds.
  • Date and Time: The call was held on Friday, 23 October 2026. A specific time was not mentioned in the transcript.
  • Purpose: The purpose was to discuss the financial results and business performance for the second quarter and half year ended 30 September 2026.
  • Earnings Announcement: The call was held after the earnings announcement, as referenced by the company's earlier intimation dated 28 September 2026 and the outcome dated 23 October 2026.
  • Management Participants: Mr. Hemant Sikka (Managing Director and Chief Executive Officer) and Ms. Isha Dalal (Chief Financial Officer) were the primary management attendees, along with members of the senior management team. The call was moderated by Mr. Mandar Chavan from SGA.
  • Availability of Materials: The financial results and an investor presentation were posted on the company's website and stock exchanges prior to the call. The text transcript and audio recordings of the earnings call were uploaded to the company's website at: https://mahindralogistics.com/investor-interaction/recording-amp-transcript/.
  • UPSI Statement: The company explicitly stated that "No Unpublished Price Sensitive Information was shared/discussed by the Company during the earnings conference call."

Financial Highlights & Strategic Themes:

  • The financial period discussed is Q2 and H1 FY27 (ended 30 September 2026).
  • Consolidated Performance: Revenue grew 24% YoY to INR 2,095 Cr. PAT was INR 26 Cr, a significant improvement from a loss of INR 10 Cr in Q2 FY26. EBITDA was INR 124 Cr (5.9% margin), up from INR 85 Cr (5.0% margin) a year ago. ROCE for H1 improved to 12.9% from 1.7% in H1 FY26. The company has a net cash position of INR 308 Cr.
  • Business Segment Performance:
  • Contract Logistics: Revenue grew 28% YoY to INR 1,688 Cr. EBITDA was INR 115 Cr. The whitespace reduction target (95% reduction from June 2025 levels) was achieved.
  • Express Logistics (MESPL/Rivigo): Achieved its first-ever EBITDA-positive quarter with a profit of INR 2.3 Cr (vs. a loss of INR 9.1 Cr in Q2 FY26). Revenue grew 69% YoY to INR 169 Cr. The next milestone is to achieve PAT positivity.
  • Last-Mile Delivery (LMD): Revenue was INR 68 Cr. The business pivoted from a 'no-loss strategy' to a 'growth strategy' after demonstrating improved profitability (EBITDA of INR 1.6 Cr vs. INR 0.4 Cr YoY).
  • Freight Forwarding: Revenue grew 12% QoQ to INR 50.6 Cr but was down 44% YoY due to external disruptions and a recent leadership transition. EBITDA was INR 1.7 Cr.
  • Mobility: Revenue grew 33% YoY to INR 119 Cr. EBITDA was INR 3.4 Cr.
  • Forward-Looking Statements: Management discussed a approved tech transformation project (phased implementation starting Q4 FY27) to create a unified platform. Capex guidance for FY27 is approximately INR 100-110 Cr, focused on contract logistics. The goal for the express business is to achieve PAT positivity, though it is viewed as a multi-year growth story requiring continued investment.

Additional Notes Section

  • The document is an enclosure to a regulatory filing submitted to the BSE and NSE. The filing itself is an intimation letter dated 27 October 2026, which includes this transcript as its attachment.
  • The transcript itself contains extensive financial data from the quarterly results, including detailed segment-wise revenue and profitability figures, as well as management commentary on performance drivers and strategy.
  • The transcript includes a full Q&A session with analysts from firms including Prabhudas Lilladher, Avendus Spark, Nuvama, Elara Capital, and others, covering topics such as margin outlook, growth drivers, and capital allocation.