Mahindra Logistics Ltd
Mahindra Logistics Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
The short version
Contract logistics revenue grew 11% YoY in Q2 FY26, driven by Auto, Farm, and e-commerce segments, indicating stable demand. Express business is focused on becoming EBITDA positive as soon as possible with ongoing yield management and improved customer mix; gross margin turned positive recently.
From Mahindra Logistics Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Contract logistics revenue grew 11% YoY in Q2 FY26, driven by Auto, Farm, and e-commerce segments, indicating stable demand.
- Freight forwarding showed volume growth but faced rate pressure.
- Express business revenue increased 14% YoY with improved yield and first-ever gross margin positivity, targeting EBITDA positivity soon.
- Mobility segment grew 16% YoY in revenue with profitable operations.
- Last-mile delivery (Whizzard) revenue up significantly with positive PAT.
- 2x2 Logistics showed steady revenue and PAT growth.
- Warehouse space additions mainly in East India (Calcutta, Guwahati, Agartala) focused on Ready-To-Move (RTM) format.
- No immediate plans for new Build-to-Suit (BTS) warehouse addition unless client commits back-to-back.
- Strong focus on customer satisfaction and operational excellence to drive sustainable volume and yield growth.
2 more points from Mahindra Logistics Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Mahindra Logistics has largely completed its warehouse expansion, with most leases and associated depreciation costs at peak and built out as of the current quarter.
- No new Build-to-Suit (BTS) warehouse space additions are planned in the near future; recent space additions, especially in East India, were previously committed.
- Future expansion is expected primarily through Ready-to-Move (RTM) warehouse spaces, which do not involve long-term landlord commitments.
- The company continues to add some assets marginally based on business needs under its asset-right strategy.
2 more points from Mahindra Logistics Ltd's call on capex
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Mahindra Logistics Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹2.1K Cr, net profit ₹29 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Mahindra Logis.'s management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were Mahindra Logistics Ltd Q2 FY26 results?
Contract logistics revenue grew 11% YoY in Q2 FY26, driven by Auto, Farm, and e-commerce segments, indicating stable demand. Express business is focused on becoming EBITDA positive as soon as possible with ongoing yield management and improved customer mix; gross margin turned positive recently.
What is Mahindra Logistics Ltd share price analysis?
Mahindra Logistics Ltd currently shows a neutral. The stock trades at a P/E of 103.2 with a market cap of ₹4,065 Cr. Investors should review the full earnings analysis for detailed insights.
Is Mahindra Logistics Ltd planning capital expenditure?
Mahindra Logistics has largely completed its warehouse expansion, with most leases and associated depreciation costs at peak and built out as of the current quarter.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.