Mahindra Logistics Q2 Revenue Jumps 24% to ₹2,095 Crore as Express Business Turns EBITDA Positive

Mahindra Logistics Ltd reported consolidated revenue of ₹2,095 crore for Q2 FY27, up 24% year-on-year, with EBITDA rising 46% to ₹124 crore and PAT at ₹26.2 crore against a loss in the prior-year quarter. The contract logistics business grew 28%, while the acquired express business achieved its first EBITDA-positive quarter. ROCE for H1 FY27 improved to 12.9% from 1.7% a year earlier, reflecting what management described as a shift "from turnaround to acceleration."

<p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">Mahindra Logistics Ltd has reported a strong second-quarter performance for FY27, with consolidated revenue reaching ₹2,095 crore, a 24% increase year-on-year and 5% higher sequentially, according to the company's unaudited results approved by its board on 23 October 2026 . The result marks a continuation of the recovery trajectory the integrated logistics provider has been pursuing, and it comes at a time when India's logistics sector is navigating elevated fuel costs, freight volatility, and supply chain disruption linked to the Gulf crisis.<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/61c9a7b9-e641-4468-8813-782aff46eea9.pdf#1" target="_blank" rel="noreferrer" aria-label="15" style="color: rgb(57, 100, 254); transition: box-shadow 0.2s cubic-bezier(0.4, 0, 0.2, 1); border-color: rgba(255, 255, 255, 0); border-width: 2px 3px; margin-left: -3px; margin-right: -3px; text-decoration: none; position: relative;"></a><p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">Profitability improved at a faster rate than revenue. EBITDA rose 46% year-on-year to ₹124 crore, with the margin expanding 90 basis points to 5.9% . Profit after tax came in at ₹26.2 crore, a swing of ₹37 crore compared with the prior-year quarter, when the company reported a loss. Diluted earnings per share stood at ₹2.64, against a negative ₹1.20 in Q2 FY26 and ₹2.55 in the preceding quarter . The PAT figure represents a 3.5x improvement year-on-year, which management attributed to sustained operating and financial discipline.<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/61c9a7b9-e641-4468-8813-782aff46eea9.pdf#1" target="_blank" rel="noreferrer" aria-label="15" style="color: rgb(57, 100, 254); transition: box-shadow 0.2s cubic-bezier(0.4, 0, 0.2, 1); border-color: rgba(255, 255, 255, 0); border-width: 2px 3px; margin-left: -3px; margin-right: -3px; text-decoration: none; position: relative;"></a><p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">The contract logistics segment, the company's largest business, grew 28% year-on-year, driven by volume growth from key customers including the Mahindra & Mahindra automotive business. EBITDA in the segment grew in line with revenue, which the company framed as evidence of "judicious contract selection, operating efficiencies and cost discipline" . The segment's performance is notable because contract logistics is typically a lower-margin, relationship-driven business where volume growth does not automatically translate into margin expansion.<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/61c9a7b9-e641-4468-8813-782aff46eea9.pdf#1" target="_blank" rel="noreferrer" aria-label="15" style="color: rgb(57, 100, 254); transition: box-shadow 0.2s cubic-bezier(0.4, 0, 0.2, 1); border-color: rgba(255, 255, 255, 0); border-width: 2px 3px; margin-left: -3px; margin-right: -3px; text-decoration: none; position: relative;"></a><p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">The express business, acquired by Mahindra Logistics and operating as MESPL, achieved its first EBITDA-positive quarter since acquisition. Revenue grew 69% year-on-year and 11% sequentially, with the company attributing the milestone to "sustained yield improvement, volume growth and sharp focus on unit economics" . The turnaround of the express business has been a key priority for management, and the EBITDA-positive result represents a tangible milestone in that effort rather than a projected outcome.<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/61c9a7b9-e641-4468-8813-782aff46eea9.pdf#1" target="_blank" rel="noreferrer" aria-label="15" style="color: rgb(57, 100, 254); transition: box-shadow 0.2s cubic-bezier(0.4, 0, 0.2, 1); border-color: rgba(255, 255, 255, 0); border-width: 2px 3px; margin-left: -3px; margin-right: -3px; text-decoration: none; position: relative;"></a><p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">Other segments contributed to the broad-based improvement. The last-mile delivery business reported revenue of ₹68 crore, with EBITDA improving to ₹1.6 crore from ₹0.4 crore a year earlier, reflecting a deliberate prioritisation of "business quality and margins over topline" . The mobility business expanded 33% year-on-year on new B2B customer additions, with margin expansion. Freight forwarding grew 12% sequentially and expanded profitability .<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/61c9a7b9-e641-4468-8813-782aff46eea9.pdf#1" target="_blank" rel="noreferrer" aria-label="15" style="color: rgb(57, 100, 254); transition: box-shadow 0.2s cubic-bezier(0.4, 0, 0.2, 1); border-color: rgba(255, 255, 255, 0); border-width: 2px 3px; margin-left: -3px; margin-right: -3px; text-decoration: none; position: relative;"></a><p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">Capital efficiency improved markedly. Return on capital employed for H1 FY27 stood at 12.9%, compared with 1.7% in the same period a year earlier . Hemant Sikka, Managing Director and CEO of Mahindra Logistics, framed the result as evidence that the company's progress is "structural and broad-based" and that it is moving "from turnaround to acceleration," with a focus on "profitable growth, operational excellence and long-term value creation" .<a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/61c9a7b9-e641-4468-8813-782aff46eea9.pdf#1" target="_blank" rel="noreferrer" aria-label="15" style="color: rgb(57, 100, 254); transition: box-shadow 0.2s cubic-bezier(0.4, 0, 0.2, 1); border-color: rgba(255, 255, 255, 0); border-width: 2px 3px; margin-left: -3px; margin-right: -3px; text-decoration: none; position: relative;"></a><p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">For India's logistics sector, the results carry a broader signal. Mahindra Logistics is one of the country's largest integrated third-party logistics providers, and its performance is a proxy for underlying demand across automotive, e-commerce, FMCG, and manufacturing supply chains. The 24% revenue growth, achieved against a backdrop of elevated freight costs and global trade disruption, suggests that domestic logistics demand remains resilient even as the external environment becomes more challenging. The improvement in ROCE is particularly relevant for a capital-intensive sector where returns have historically lagged.<p class="ds-markdown-paragraph" style="margin: 16px 0px; color: rgb(15, 17, 21); font-family: quote-cjk-patch, Inter, system-ui, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Oxygen, Ubuntu, Cantarell, "Open Sans", "Helvetica Neue", sans-serif; font-size: 16px;">Looking ahead, the durability of the recovery will depend on whether the volume growth in contract logistics can be sustained and whether the express business can build on its first EBITDA-positive quarter. Management's language of "acceleration" sets an expectation that the current quarter represents a platform rather than a peak. For a logistics sector still absorbing the cost implications of the Hormuz disruption and domestic fuel pricing, Mahindra Logistics' performance provides a counterpoint: domestic supply chain demand, at least for integrated providers with diversified customer bases, remains a source of growth even as the external trade environment deteriorates.

Mahindra Logistics Q2 Revenue Jumps 24% to ₹2,095 Crore as Express Business Turns EBITDA Positive

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