Mahindra Logistics Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Supply Chain Management: 96.0% • Enterprise Mobility Services: 4.0%
AI Sector View
AI GENERATEDServices
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.
PROS
- Company is almost debt free
- Latest quarter profit grew 350.3% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.97x)
- Company has been maintaining a healthy dividend payout of 57.7%
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (31.3% of PBT)
- Company has a low return on equity of 6.6% over last 3 years
- Interest coverage is weak at 2.0x - earnings barely cover interest
- Equity base is being diluted - shares outstanding up 37.8%
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| CONCOR | 509.50 | 31.24 | 38804.43 | 1.69 | 268.90 | 0.61 | 2159.76 | 0.28 | 13.63 | 20.41 |
| DELHIVERY | 450.60 | 360.91 | 33757.46 | 0.00 | 31.91 | -64.96 | 2930.73 | 27.76 | 2.97 | 4.75 |
| SHADOWFAX | 251.35 | 132.02 | 14747.47 | 0.00 | 654.00 | 6732.86 | 13581.20 | 1806.32 | 11.58 | 6.76 |
| BLACKBUCK | 581.20 | 62.72 | 10587.56 | 0.00 | 42.17 | 25.14 | 204.17 | 42.17 | 12.75 | 24.35 |
| TCI | 868.00 | 14.61 | 6668.94 | 1.15 | 106.60 | -0.56 | 1248.50 | 9.58 | 20.52 | 12.30 |
| TVSSCS | 124.75 | 84.99 | 5504.27 | 0.00 | 22.48 | -96.84 | 3335.22 | 28.66 | 11.51 | 6.75 |
| VRLLOG | 231.45 | 18.90 | 4048.92 | 0.00 | 805.30 | 1509.31 | 8788.40 | 1080.70 | 26.47 | 21.23 |
| MAHLOG | 402.05 | 103.73 | 3991.45 | 0.62 | 278.30 | 3048.09 | 20028.80 | 1132.85 | 10.40 | 5.76 |
| SINDHUTRAD | 24.89 | 49.59 | 3837.86 | 0.00 | 38.74 | -79.39 | 129.21 | -21.85 | 12.80 | 45.34 |
| GATEWAY | 53.43 | 10.93 | 2669.60 | 6.08 | 51.27 | -17.56 | 549.30 | -0.21 | 17.99 | 21.31 |
| TCIEXP | 539.65 | 25.16 | 2074.64 | 1.30 | 20.49 | 5.24 | 313.40 | 9.29 | 13.92 | 10.03 |
| ALLCARGO | 12.76 | 63.71 | 1911.17 | 0.00 | 140.00 | 241.47 | 5460.00 | 43.06 | 8.70 | 13.00 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,051 | 1,136 | 1,160 | 1,183 | 1,157 | 1,236 | 1,327 | 1,293 | 1,346 | 1,367 | 1,545 | 1,414 | 1,655 | |
| 968 | 1,062 | 1,089 | 1,119 | 1,085 | 1,167 | 1,250 | 1,213 | 1,267 | 1,285 | 1,452 | 1,315 | 1,624 | |
| Operating Profit | 83 | 74 | 71 | 64 | 72 | 69 | 77 | 80 | 79 | 82 | 93 | 99 | 30 |
| OPM % | 7.92% | 6.51% | 6.14% | 5.40% | 6.19% | 5.59% | 5.80% | 6.16% | 5.85% | 6.01% | 6.02% | 7.01% | 1.84% |
| 5 | 6 | 2 | 2 | 4 | 2 | 4 | 1 | 2 | 2 | -1 | 3 | 8 | |
| Interest | 12 | 11 | 10 | 12 | 13 | 12 | 15 | 14 | 16 | 17 | 14 | 12 | 12 |
| Depreciation | 45 | 44 | 44 | 44 | 48 | 47 | 51 | 50 | 56 | 63 | 62 | 61 | 63 |
| Profit before Tax | 31 | 26 | 19 | 10 | 14 | 12 | 15 | 17 | 9 | 5 | 15 | 29 | 39 |
| Tax % | 26.07% | 27.19% | 33.63% | 21.64% | 25.62% | 26.44% | 24.40% | 24.86% | 25.81% | 25.98% | 25.78% | 26.38% | 25.22% |
| Net Profit | 23 | 19 | 13 | 8 | 10 | 9 | 12 | 13 | 6 | 4 | 11 | 21 | 29 |
| 3.19 | 2.59 | 1.74 | 1.09 | 1.42 | 1.14 | 1.55 | 1.75 | 0.89 | 0.44 | 1.15 | 2.16 | 2.92 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,589 | 3,220 | 3,666 | 3,261 | 2,959 | 3,631 | 4,459 | 4,530 | 5,013 | 5,672 | 5,981 | |
| 2,521 | 3,116 | 3,528 | 3,113 | 2,838 | 3,452 | 4,186 | 4,242 | 4,717 | 5,326 | 5,676 | |
| Operating Profit | 68 | 104 | 138 | 148 | 121 | 179 | 273 | 288 | 295 | 346 | 305 |
| OPM % | 2.62% | 3.23% | 3.76% | 4.53% | 4.09% | 4.92% | 6.12% | 6.36% | 5.89% | 6.10% | 5.09% |
| 9 | 7 | 7 | 13 | 12 | 10 | 18 | 19 | 13 | 13 | 13 | |
| Interest | 0 | 0 | 0 | 14 | 17 | 26 | 41 | 44 | 54 | 59 | 55 |
| Depreciation | 9 | 13 | 15 | 66 | 83 | 130 | 169 | 178 | 196 | 242 | 249 |
| Profit before Tax | 68 | 97 | 130 | 81 | 33 | 33 | 80 | 86 | 58 | 58 | 88 |
| Tax % | 33.81% | 36.15% | 35.21% | 31.66% | 26.50% | 25.24% | 19.78% | 27.55% | 25.23% | 26.08% | 25.74% |
| Net Profit | 45 | 62 | 84 | 55 | 24 | 24 | 65 | 62 | 44 | 43 | 66 |
| EPS | 6.51 | 8.78 | 11.80 | 7.68 | 3.33 | 3.39 | 8.94 | 8.60 | 6.03 | 4.34 | — |
| Dividend Payout % | 0.00% | 17.16% | 15.23% | 19.46% | 74.69% | 58.81% | 27.89% | 29.06% | 41.45% | 57.66% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 14%
- 3 Years:
- 8%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 1%
- 5 Years:
- 12%
- 3 Years:
- -13%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- -9%
- 3 Years:
- 2%
- 1 Year:
- 22%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 7%
- 3 Years:
- 7%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 281 | 348 | 422 | 459 | 480 | 493 | 549 | 597 | 626 | 1,372 | |
| 0 | 0 | 0 | 119 | 180 | 267 | 455 | 350 | 436 | 398 | |
| Trade Payables | 390 | 456 | 574 | 571 | 719 | 836 | 893 | 933 | 950 | 910 |
| 19 | 24 | 37 | 91 | 117 | 160 | 166 | 148 | 202 | 216 | |
| Total Liabilities | 758 | 899 | 1,103 | 1,312 | 1,567 | 1,827 | 2,135 | 2,100 | 2,285 | 2,994 |
| 28 | 31 | 44 | 210 | 346 | 474 | 551 | 529 | 592 | 778 | |
| Capital Work in Progress | 1 | 1 | 3 | 15 | 2 | 0 | 3 | 0 | 46 | 6 |
| 70 | 63 | 99 | 21 | 76 | 137 | 260 | 332 | 419 | 855 | |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 509 | 462 | 510 | |
| Cash & Bank | 49 | 65 | 70 | 99 | 197 | 131 | 115 | 15 | 43 | 152 |
| 610 | 739 | 888 | 966 | 946 | 1,083 | 1,205 | 714 | 723 | 694 | |
| Total Assets | 758 | 899 | 1,103 | 1,312 | 1,567 | 1,827 | 2,135 | 2,100 | 2,285 | 2,994 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 19 | 69 | 131 | 114 | 230 | 260 | 214 | 249 | 382 | 256 | |
| Cash from Investing | 1 | 8 | -92 | 35 | -105 | -150 | -148 | -103 | -226 | -601 |
| Cash from Financing | -0 | 6 | -10 | -71 | -77 | -121 | -14 | -245 | -127 | 364 |
| -33 | 16 | -11 | 44 | 98 | -66 | -16 | -99 | 28 | 19 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Mahindra Logistics Limited has informed the Exchange about Outcome of meeting with Analyst/Institutional Investors/Funds.
2026-08-28 - Mahindra Logistics Limited has informed the Exchange about Credit Rating
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 - 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 - 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 - 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 - 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 - 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
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