Mahindra Logistics Ltd.

•

mahindralogistics.comBSE: 540768NSE: MAHLOG

Market Cap₹ 3,938 Cr.

Current Price

High / Low₹ 450 / 275

Stock P/E102.3

Book Value₹ 121

Price to Book2.81

Dividend Yield0.63 %

ROCE10.4 %

ROE1.3 %

Face Value₹ 10

Add ratio to table

ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Supply Chain Management: 94.7% • Enterprise Mobility Services: 5.3%

AI Sector View

AI GENERATED

Services

Buy

Broad services remain in expansion. Services PMI was 54.1 (Aug/26), export of services grew 13.0% YoY (2026-06), and urban employment was still positive at 2.0% YoY (2026-07), although airport passenger traffic was -2.0% YoY (2026-06). FPI inflows of INR 7081 crore over 3 months to 2026-08-31 support the constructive sector view.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Latest quarter profit grew 394.8% YoY, showing strong momentum
Company has delivered good sales growth of 16.5% CAGR over last 5 years
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (76.5% of PBT)
Company has a low return on equity of -5.1% over last 3 years
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -11.36x)
Company has a low return on capital employed of 7.9%
Interest coverage is weak at 1.4x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ServicesLogisticsLogistics

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	CONCOR	499.80	30.65	38065.66	1.72	268.90	0.61	2159.76	0.28	13.63	20.41
2.	DELHIVERY	438.60	351.36	32864.05	0.00	31.91	-64.96	2930.73	27.76	2.97	4.75
3.	SHADOWFAX	253.25	133.05	14862.94	0.00	654.00	6732.86	13581.20	1806.32	11.58	6.76
4.	BLACKBUCK	629.05	67.88	11459.23	0.00	42.17	25.14	204.17	42.17	12.75	24.35
5.	TCI	859.95	14.47	6607.09	1.16	106.60	-0.56	1248.50	9.58	20.52	12.30
6.	TVSSCS	130.35	88.81	5751.35	0.00	22.48	-96.84	3335.22	28.66	11.51	6.75
7.	VRLLOG	231.45	18.88	4048.92	0.00	805.30	1509.31	8788.40	1080.70	26.47	21.23
8.	MAHLOG	396.65	102.33	3937.84	0.63	278.30	3048.09	20028.80	1132.85	10.40	5.76
9.	SINDHUTRAD	24.08	47.98	3712.96	0.00	38.74	-79.39	129.21	-21.85	12.80	45.34
10.	GATEWAY	53.34	10.91	2665.10	6.09	51.27	-17.56	549.30	-0.21	17.99	21.31
11.	TCIEXP	513.50	23.94	1974.11	1.36	20.49	5.24	313.40	9.29	13.92	10.03
12.	ALLCARGO	12.15	60.66	1819.80	0.00	140.00	241.47	5460.00	43.06	8.70	13.00

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,293	1,365	1,397	1,451	1,420	1,521	1,594	1,570	1,625	1,685	1,898	1,791	2,003
	1,227	1,311	1,345	1,394	1,354	1,455	1,521	1,492	1,548	1,600	1,795	1,679	1,974
Operating Profit	67	54	52	57	66	66	74	78	76	85	103	112	29
OPM %	5.15%	3.93%	3.74%	3.90%	4.67%	4.36%	4.62%	4.95%	4.69%	5.05%	5.42%	6.27%	1.46%
	6	7	6	3	6	2	6	2	5	3	-2	4	10
Interest	18	17	16	17	19	19	22	21	23	22	17	14	14
Depreciation	54	52	51	51	55	54	59	58	65	72	72	70	72
Profit before Tax	1	-8	-10	-9	-2	-5	-1	1	-6	-5	12	32	39
Tax %	1556.14%	-89.23%	-71.37%	-29.18%	-213.60%	-93.36%	-545.54%	670.97%	-62.63%	-54.93%	51.52%	29.95%	28.75%
Net Profit	0	0	0	0	-8	-10	-7	-5	-9	-8	6	22	28
	-1.19	-2.21	-2.42	-1.78	-1.29	-1.44	-1.21	-0.90	-1.50	-1.20	0.33	2.04	2.56

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,667	3,416	3,851	3,471	3,264	4,141	5,128	5,506	6,105	6,999	7,378
	2,590	3,298	3,700	3,313	3,130	3,957	4,875	5,281	5,825	6,631	7,048
Operating Profit	76	118	151	158	134	183	254	225	279	368	330
OPM %	2.86%	3.45%	3.93%	4.56%	4.11%	4.43%	4.94%	4.08%	4.58%	5.26%	4.47%
	10	8	8	14	15	14	22	26	20	18	15
Interest	3	4	3	18	20	30	52	68	81	75	66
Depreciation	15	20	22	73	90	142	190	209	226	278	286
Profit before Tax	68	102	133	81	39	26	35	-27	-8	33	78
Tax %	32.03%	36.08%	35.06%	31.70%	25.56%	42.76%	20.61%	-93.69%	-291.13%	68.12%	38.62%
Net Profit	46	65	87	55	29	15	27	-53	-30	11	48
EPS	6.62	9.04	11.97	7.67	4.16	2.43	3.64	-7.60	-4.97	0.23	—
Dividend Payout %	0.00%	16.67%	15.02%	19.47%	59.72%	81.86%	68.47%	-32.90%	-50.30%	1083.19%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 16%
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: -24%
5 Years:: -40%
3 Years:: -56%

STOCK PRICE CAGR

10 Years:: —
5 Years:: -10%
3 Years:: 2%
1 Year:: 21%

RETURN ON EQUITY

10 Years:: 6%
5 Years:: -2%
3 Years:: -5%
Last Year:: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	68	71	71	72	72	72	72	72	72	99
Minority Interest	5	7	6	5	3	0	-1	12	16	24
	280	348	427	458	482	464	483	414	364	1,070
	28	26	29	149	206	308	710	611	720	464
Trade Payables	399	486	600	617	766	868	1,048	1,111	1,100	1,119
	24	33	54	100	136	236	200	213	262	278
Total Liabilities	804	972	1,186	1,402	1,665	1,949	2,511	2,432	2,535	3,055
	62	66	71	231	361	501	830	836	930	1,147
Capital Work in Progress	1	1	3	15	2	0	3	16	46	24
	58	50	81	3	55	118	100	6	23	125
	0	0	0	0	0	1	0	0	0	0
	0	0	0	0	0	0	0	702	625	690
Cash & Bank	50	66	70	100	198	134	126	71	76	200
	633	789	961	1,053	1,049	1,194	1,452	801	836	869
Total Assets	804	972	1,186	1,402	1,665	1,949	2,511	2,432	2,535	3,055

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	18	82	137	118	242	254	193	227	343	254
Cash from Investing	-3	0	-95	36	-108	-140	-310	-54	-155	-316
Cash from Financing	4	4	-11	-76	-87	-117	183	-276	-148	105
	-33	16	-11	45	98	-66	-8	-104	41	42

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.03	58.03	58.03	57.97	57.97	59.60	59.60	59.58	59.58
	5.51	4.95	5.02	5.22	4.79	3.86	4.40	4.82	4.09
	17.51	18.22	15.92	13.85	13.87	13.65	12.33	13.86	14.44
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	18.95	18.81	21.03	22.96	23.37	22.89	23.67	21.74	21.90

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-02

General Updates

2026-09-02 - Mahindra Logistics Limited has informed the Exchange about intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ESG Rating received from NSE Sustainability Ratings & Analytics Ltd. Detailed intimation is attached.

2026-09-02

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-02 - Mahindra Logistics Limited has informed the Exchange about Outcome of meeting with Analyst/Institutional Investors/Funds.

2026-08-28

Credit Rating

2026-08-28 - Mahindra Logistics Limited has informed the Exchange about Credit Rating

2026-08-28

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-28 - Mahindra Logistics Limited has informed the Exchange about Schedule of meet scheduled on 2 September 2026 pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015

2026-08-24

General Updates

2026-08-24 - Mahindra Logistics Limited has informed the Exchange about allotment of 54,919 Equity Shares of the Company in terms of exercise of the Restricted Stock Units under the Mahindra Logistics Employee Restricted Stock Unit Plan 2018. Detailed intimation in this regard is attached.

2026-08-01

General Updates

2026-08-01 - Mahindra Logistics Limited has informed the Exchange about intimation under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ESG Ratings received from Crisil ESG Ratings & Analytics Limited. Detailed Disclosure is attached.

2026-07-27

General Updates

2026-07-27 - Mahindra Logistics Limited has informed the Exchange about the ESG Rating received from ESG Risk Assessments & Insights Limited. Detailed disclosure is attached.

2026-07-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-27 - Mahindra Logistics Limited has informed the Exchange about transcript of the earnings conference call of the Company for the first quarter ended 30 June 2026, held on Tuesday, 21 July 2026. Detailed disclosure is attached.

2026-07-23

General Updates

2026-07-23 - Mahindra Logistics Limited has informed the Exchange about ESG Rating under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) ESG Rating. Detailed disclosure is attached.

News

Recent coverage and analyst commentary for MAHLOG

Loading news…

🤖

AI Stock Analyst

Mahindra Logistics Ltd.

🔒

Sign in to Chat with AI

✨ Sign In to Chat

Free 5nance Account

Name

CONCOR

499.80

30.65

38065.66

1.72

268.90

0.61

2159.76

0.28

13.63

20.41

DELHIVERY

438.60

351.36

32864.05

0.00

31.91

-64.96

2930.73

27.76

2.97

4.75

SHADOWFAX

253.25

133.05

14862.94

0.00

654.00

6732.86

13581.20

1806.32

11.58

6.76

BLACKBUCK

629.05

67.88

11459.23

0.00

42.17

25.14

204.17

42.17

12.75

24.35

TCI

859.95

14.47

6607.09

1.16

106.60

-0.56

1248.50

9.58

20.52

12.30

TVSSCS

130.35

88.81

5751.35

0.00

22.48

-96.84

3335.22

28.66

11.51

6.75

VRLLOG

231.45

18.88

4048.92

0.00

805.30

1509.31

8788.40

1080.70

26.47

21.23

MAHLOG

396.65

102.33

3937.84

0.63

278.30

3048.09

20028.80

1132.85

10.40

5.76

SINDHUTRAD

24.08

47.98

3712.96

0.00

38.74

-79.39

129.21

-21.85

12.80

45.34

GATEWAY

53.34

10.91

2665.10

6.09

51.27

-17.56

549.30

-0.21

17.99

21.31

TCIEXP

513.50

23.94

1974.11

1.36

20.49

5.24

313.40

9.29

13.92

10.03

ALLCARGO

12.15

60.66

1819.80

0.00

140.00

241.47

5460.00

43.06

8.70

13.00

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,293

1,365

1,397

1,451

1,420

1,521

1,594

1,570

1,625

1,685

1,898

1,791

2,003

1,227

1,311

1,345

1,394

1,354

1,455

1,521

1,492

1,548

1,600

1,795

1,679

1,974

Operating Profit

103

112

OPM %

5.15%

3.93%

3.74%

3.90%

4.67%

4.36%

4.62%

4.95%

4.69%

5.05%

5.42%

6.27%

1.46%

-2

Interest

Depreciation

Profit before Tax

-8

-10

-9

-2

-5

-1

-6

-5

Tax %

1556.14%

-89.23%

-71.37%

-29.18%

-213.60%

-93.36%

-545.54%

670.97%

-62.63%

-54.93%

51.52%

29.95%

28.75%

Net Profit

-8

-10

-7

-5

-9

-8

-1.19

-2.21

-2.42

-1.78

-1.29

-1.44

-1.21

-0.90

-1.50

-1.20

0.33

2.04

2.56

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,667

3,416

3,851

3,471

3,264

4,141

5,128

5,506

6,105

6,999

7,378

2,590

3,298

3,700

3,313

3,130

3,957

4,875

5,281

5,825

6,631

7,048

Operating Profit

118

151

158

134

183

254

225

279

368

330

OPM %

2.86%

3.45%

3.93%

4.56%

4.11%

4.43%

4.94%

4.08%

4.58%

5.26%

4.47%

Interest

Depreciation

142

190

209

226

278

286

Profit before Tax

102

133

-27

-8

Tax %

32.03%

36.08%

35.06%

31.70%

25.56%

42.76%

20.61%

-93.69%

-291.13%

68.12%

38.62%

Net Profit

-53

-30

EPS

6.62

9.04

11.97

7.67

4.16

2.43

3.64

-7.60

-4.97

0.23

—

Dividend Payout %

0.00%

16.67%

15.02%

19.47%

59.72%

81.86%

68.47%

-32.90%

-50.30%

1083.19%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-1

280

348

427

458

482

464

483

414

364

1,070

149

206

308

710

611

720

464

Trade Payables

399

486

600

617

766

868

1,048

1,111

1,100

1,119

100

136

236

200

213

262

278

Total Liabilities

804

972

1,186

1,402

1,665

1,949

2,511

2,432

2,535

3,055

231

361

501

830

836

930

1,147

Capital Work in Progress

118

100

125

702

625

690

Cash & Bank

100

198

134

126

200

633

789

961

1,053

1,049

1,194

1,452

801

836

869

Total Assets

804

972

1,186

1,402

1,665

1,949

2,511

2,432

2,535

3,055

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

137

118

242

254

193

227

343

254

Cash from Investing

-3

-95

-108

-140

-310

-54

-155

-316

Cash from Financing

-11

-76

-87

-117

183

-276

-148

105

-33

-11

-66

-8

-104

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

58.03

57.97

59.60

59.58

5.51

4.95

5.02

5.22

4.79

3.86

4.40

4.82

4.09

17.51

18.22

15.92

13.85

13.87

13.65

12.33

13.86

14.44

Government

0.00

18.95

18.81

21.03

22.96

23.37

22.89

23.67

21.74

21.90

Mahindra Logistics Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Mahindra Logistics Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI