Mahindra Logistics Ltd.

•

mahindralogistics.comBSE: 540768NSE: MAHLOG

Market Cap₹ 3,991 Cr.

Current Price

High / Low₹ 450 / 275

Stock P/E60.9

Book Value₹ 151

Price to Book2.24

Dividend Yield0.62 %

ROCE10.1 %

ROE4.0 %

Face Value₹ 10

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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 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 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

ServicesLogisticsLogistics

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

S.No.	Name
1.	CONCOR	509.50	31.24	38804.43	1.69	268.90	0.61	2159.76	0.28	13.63	20.41
2.	DELHIVERY	450.60	360.91	33757.46	0.00	31.91	-64.96	2930.73	27.76	2.97	4.75
3.	SHADOWFAX	251.35	132.02	14747.47	0.00	654.00	6732.86	13581.20	1806.32	11.58	6.76
4.	BLACKBUCK	581.20	62.72	10587.56	0.00	42.17	25.14	204.17	42.17	12.75	24.35
5.	TCI	868.00	14.61	6668.94	1.15	106.60	-0.56	1248.50	9.58	20.52	12.30
6.	TVSSCS	124.75	84.99	5504.27	0.00	22.48	-96.84	3335.22	28.66	11.51	6.75
7.	VRLLOG	231.45	18.90	4048.92	0.00	805.30	1509.31	8788.40	1080.70	26.47	21.23
8.	MAHLOG	402.05	103.73	3991.45	0.62	278.30	3048.09	20028.80	1132.85	10.40	5.76
9.	SINDHUTRAD	24.89	49.59	3837.86	0.00	38.74	-79.39	129.21	-21.85	12.80	45.34
10.	GATEWAY	53.43	10.93	2669.60	6.08	51.27	-17.56	549.30	-0.21	17.99	21.31
11.	TCIEXP	539.65	25.16	2074.64	1.30	20.49	5.24	313.40	9.29	13.92	10.03
12.	ALLCARGO	12.76	63.71	1911.17	0.00	140.00	241.47	5460.00	43.06	8.70	13.00

Detailed Comparison with:

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

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

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Mahindra Logistics Ltd.

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Free 5nance Account

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

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

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%

-1

Interest

Depreciation

Profit before Tax

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

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

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

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%

Interest

Depreciation

130

169

178

196

242

249

Profit before Tax

130

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

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

281

348

422

459

480

493

549

597

626

1,372

119

180

267

455

350

436

398

Trade Payables

390

456

574

571

719

836

893

933

950

910

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

210

346

474

551

529

592

778

Capital Work in Progress

137

260

332

419

855

509

462

510

Cash & Bank

197

131

115

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

131

114

230

260

214

249

382

256

Cash from Investing

-92

-105

-150

-148

-103

-226

-601

Cash from Financing

-0

-10

-71

-77

-121

-14

-245

-127

364

-33

-11

-66

-16

-99

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

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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