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Mahindra Logistics Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary28 Oct, 2025
Executive summary
Conducted a comprehensive business review focusing on operational execution, cost optimization, and site-level economics to drive margin growth.
Achieved consolidated revenue of ₹1,685 crore in Q2 FY26, up 11% year-over-year, with gross margin up 22% and EBITDA up 28%.
Express logistics/B2B Express segment turned gross margin positive for the first time since acquisition, with ongoing efforts to reach EBITDA positivity.
Rights issue of ₹749 crore completed, significantly reducing consolidated debt and strengthening the balance sheet.
Unaudited consolidated and standalone financial results for Q2 and H1 FY2026 were approved and reviewed by the Board and auditors on 27 October 2025.
Financial highlights
Q2 FY26 consolidated revenue from operations was ₹1,685.27 crore, up from ₹1,521.10 crore in Q2 FY25; H1 FY26 revenue was ₹3,309.86 crore, up from ₹2,941.12 crore year-over-year.
Warehousing segment revenue rose 20% year-over-year to ₹333 crore.
Consolidated gross margin improved to 10.1% from 9.2% year-over-year; EBITDA for the quarter was ₹85.1 crore, up from ₹66.4 crore year-over-year.
PAT loss for the quarter was ₹8.36 crore, marginally improved year-over-year; includes a one-time provision of ₹4.8 crore for doubtful debts.
Standalone revenue from operations for Q2 FY26 was ₹1,366.91 crore, up from ₹1,235.92 crore in Q2 FY25.
Outlook and guidance
Focus remains on yield improvement, operational excellence, customer retention, and network optimization for the second half of the year.
No new BTS warehouse space planned; future expansion to be asset-light and based on customer commitments.
Continued investment in technology, sustainability, and expansion in high-growth segments.
Earnings per share for comparative periods have been retrospectively adjusted for the rights issue.
Future rental cost trajectory and white space impact
Express business path to EBITDA positive?
Remaining debt and future capital allocation
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Next Mahindra Logistics earnings date
Q3 25/2627 Jan, 2026
Next Mahindra Logistics earnings date
Q3 25/2627 Jan, 2026
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Frequently asked questions
Mahindra Logistics Ltd offers integrated logistics services including warehousing, transportation, freight forwarding, and supply chain management. It serves automotive, consumer goods, e-commerce, and other sectors across India. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.
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