Date: 23 October 2026

Financial Performance Overview

Mahindra Logistics Ltd. announced its unaudited consolidated financial results for the quarter ended 30 September 2026.

Q2 FY27 Consolidated Performance

Revenue: ₹2,095 crores, representing a 24% year-over-year (YoY) increase and a 5% quarter-over-quarter (QoQ) increase.

EBITDA: ₹124 crores, showing a 46% YoY growth and 7% QoQ growth. The EBITDA margin expanded by 90 basis points YoY to 5.9%.

Profit After Tax (PAT): ₹26.2 crores, which is an improvement of ₹37 crores YoY.

Earnings Per Share (Diluted): ₹2.64, compared to ₹(1.20) in Q2 FY26 and ₹2.55 in Q1 FY27.

H1 FY27 Performance

Return on Capital Employed (ROCE): 12.9% for H1 FY27, a significant improvement from 1.7% in H1 FY26.

Segment-Wise Performance Breakdown

Contract Logistics Business: Grew 28% YoY, driven by volume growth for key customers including the M&M Auto business. EBITDA grew in line with revenue, demonstrating profitable growth through judicious contract selection, operating efficiencies, and cost discipline.

Express Business (MESPL): Achieved a significant turnaround with 69% YoY growth and 11% sequential (QoQ) growth. MESPL achieved its first EBITDA-positive quarter after acquisition, attributed to sustained yield improvement, volume growth, and a sharp focus on unit economics.

Last Mile Delivery: Delivered revenue of ₹68 crores in Q2 FY27. The business prioritized quality and margins over topline growth. EBITDA improved YoY to ₹1.6 crores compared to ₹0.4 crores in Q2 FY26.

Mobility Business: Expanded by 33% YoY, driven by new customer additions in the B2B segment. The business also achieved margin expansion.

Freight Forwarding Business: Grew 12% QoQ and expanded profitability. The company noted a strengthened leadership team positioning the business for stronger growth while maintaining high service levels and operational discipline.

Management Commentary

Mr. Hemant Sikka, Managing Director and CEO, commented on the performance:

  • Q2 FY27 was a strong quarter with revenue growing 24% YoY and PAT improving 3.5 times to ₹26 crore.
  • The results reflect the benefits of sharper execution, stronger operating discipline, and a clear focus on profitable growth.
  • The company is focused on improving both the quality and sustainability of growth across its portfolio.
  • The focus on profitable growth is reflected in improving capital efficiency, with ROCE increasing to 12.9% in H1FY27 from 1.7% in H1FY26.
  • MESPL achieving EBITDA positivity in both Q2 and H1 FY27 marks an important milestone in its turnaround journey.
  • Contract Logistics successfully reduced whitespace in line with commitments.
  • The progress is described as structural and broad-based, with a continued focus on profitable growth, operational excellence, and long-term value creation.

Key Financial Metrics Summary

| Metric | Q2 FY27 | YoY Change | QoQ Change |

| Revenue | ₹2,095 cr | +24% | +5% |

| EBITDA | ₹124 cr | +46% | +7% |

| EBITDA Margin | 5.9% | +90 bps | - |

| PAT | ₹26.2 cr | +₹37 cr | - |

| Diluted EPS | ₹2.64 | - | - |

| H1 ROCE | 12.9% | - | - |