Mahindra Logistics LimitedQ2 FY27 Results & Financial Update
Mahindra Logistics Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,095.43 Cr, PAT ₹28.87 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Mahindra Logistics Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Mahindra Logistics Limited posted consolidated revenue of Rs. 2,095.43 crores for Q2 FY27, representing a 24.34% year-on-year increase from Rs. 1,685.27 crores in Q2 FY26 and a 4.62% sequential expansion from Rs. 2,002.88 crores in Q1 FY27.
Total consolidated income for the quarter stood at Rs. 2,103.85 crores, compared to Rs. 1,688.21 crores in the corresponding period of the previous year.
Profit after tax (PAT) for Q2 FY27 reached Rs. 28.87 crores, marking a substantial recovery compared to the year-ago period and a slight increase over the Rs. 27.83 crores recorded in Q1 FY27.
Diluted earnings per share (EPS) for the quarter stood at Rs. 2.64, compared to Rs. (1.20) in Q2 FY26 and Rs. 2.55 in the preceding first quarter.
s, consolidated EBITDA reached Rs. 124 crores for the quarter, up 46% year-on-year, while EBITDA margin expanded by 90 basis points year-on-year to 5.9%.
Return on capital employed (ROCE) for H1 FY27 improved significantly to 12.9%, compared to 1.7% in H1 FY26, driven by operating discipline and capital efficiency.
01 · Business model
What does Mahindra Logistics do?
Mahindra Logistics Limited is an integrated third-party logistics (3PL) service provider specializing in supply chain management and enterprise mobility.
The company serves over 400 corporate customers across diverse sectors including automobile, engineering, consumer goods, and e-commerce.
It operates on an asset-right business model, delivering customized and technology-enabled supply chain and people mobility solutions.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹2,095.43 Cr | ₹1,685.27 Cr | ₹2,002.88 Cr |
| Total income | ₹2,103.85 Cr | ₹1,688.21 Cr | ₹2,012.71 Cr |
| Profit before tax | ₹40.30 Cr | ₹-5.41 Cr | ₹39.06 Cr |
| Profit after tax | ₹28.87 Cr | ₹-8.36 Cr | ₹27.83 Cr |
| EPS | ₹2.64 | ₹-1.20 | ₹2.56 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 1.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 1.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹8.42 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was broad-based across business segments, led by strong volume growth in Contract Logistics from key customers including the Mahindra & Mahindra automotive business.
The Express Business (MESPL) recorded 69% year-on-year and 11% sequential growth, while the Mobility business expanded 33% year-on-year driven by new customer additions in the B2B segment.
What drove margins
Consolidated EBITDA margins expanded by 90 basis points year-on-year to 5.9%, supported by judicious contract selection, operating efficiencies, cost discipline, and yield improvements in the express segment.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Grew 28% year-on-year driven by volume growth for key customers including M&M Auto, while successfully reducing whitespace.
Achieved its first EBITDA-positive quarter post-acquisition, supported by sustained yield improvement, volume growth, and a sharp focus on unit economics.
Delivered revenue of Rs. 68 crores in Q2 FY27, prioritizing business quality and margins over topline, with EBITDA improving to Rs. 1.6 crores from Rs. 0.4 crores in Q2 FY26.
Expanded by 33% year-on-year with margin expansion, supported by new customer additions in the B2B segment.
Grew 12% sequentially quarter-on-quarter and expanded profitability under a strengthened leadership team.
05 · Reported developments
What changed operationally
MESPL achieved EBITDA positivity in both Q2 and H1 FY27, marking an important milestone in its turnaround journey.
H1 FY27 ROCE improved to 12.9% from 1.7% in H1 FY26, reflecting stronger capital productivity.
06 · Beyond the numbers
What changed beyond the numbers
Reported update
Leadership Commentary
Managing Director and CEO Hemant Sikka noted that the progress is structural and broad-based as the company transitions from turnaround to acceleration.
07 · Previous-quarter changes
What changed since the previous quarter
Revenue grew by 4.62% sequentially from Rs. 2,002.88 crores in Q1 FY27 to Rs. 2,095.43 crores in Q2 FY27.
08 · Key Q&A
The quarter, answered directly
What does Mahindra Logistics do?
Mahindra Logistics Limited is an integrated third-party logistics (3PL) service provider specializing in supply chain management and enterprise mobility.
What is the clearest takeaway from Q2 FY27?
Mahindra Logistics Limited posted consolidated revenue of Rs. 2,095.43 crores for Q2 FY27, representing a 24.34% year-on-year increase from Rs. 1,685.27 crores in Q2 FY26 and a 4.62% sequential expansion from Rs. 2,002.88 crores in Q1 FY27.
What drove revenue or demand?
Revenue growth was broad-based across business segments, led by strong volume growth in Contract Logistics from key customers including the Mahindra & Mahindra automotive business.
What mattered most for margins or profitability?
Consolidated EBITDA margins expanded by 90 basis points year-on-year to 5.9%, supported by judicious contract selection, operating efficiencies, cost discipline, and yield improvements in the express segment.
What changed operationally beyond the headline numbers?
Managing Director and CEO Hemant Sikka noted that the progress is structural and broad-based as the company transitions from turnaround to acceleration.
What should the next disclosure help confirm?
Monitor whether MESPL sustains positive EBITDA generation in subsequent quarters.
09 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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10 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Express Business Profitability Sustainability: Monitor whether MESPL sustains positive EBITDA generation in subsequent quarters.
- 02
Return Ratio Trajectory: Track H2 FY27 ROCE performance against the H1 FY27 level of 12.9%.
Learn the metrics
Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.