Mahindra Logistics (MAHLOG) Q4 25/26 earnings summary

Executive summary

• Returned to PAT profitability in FY 2026 after two years of losses, marking a successful turnaround and operational reset.

• Q4 FY26 marked continued momentum in transformation, with improved execution, operational rigor, and customer-level economics, leading to positive customer feedback and a stable leadership structure.

• Stronger performance was seen in contract logistics, meaningful progress in Express turnaround, and growth in e-commerce and quick commerce segments.

• Annual audited consolidated and standalone financial results for the year and quarter ended 31 March 2026 were approved, with statutory auditors issuing an unmodified opinion on both sets of results.

• The Board recommended a dividend of Rs. 2.50 per share, subject to shareholder approval.

Financial highlights

• FY26 consolidated revenue grew 15% YoY to INR 6,999.3 crore, with Q4 revenue at INR 1,791.4 crore, up 14% YoY.

• Q4 gross margin expanded to 10.5% from 9.5% YoY; full-year gross margin at 10% vs. 9.4% in FY25.

• Q4 reported EBITDA at INR 112.4 crore (up from INR 78 crore YoY); full-year reported EBITDA at INR 376.5 crore (up 33% YoY).

• Q4 PAT at INR 22.36 crore vs. loss of INR 6.7 crore YoY; full-year PAT at INR 10.57 crore vs. loss of INR 30 crore.

• Basic and diluted EPS for FY26 were Rs. 0.25, compared to Rs. (4.78) in FY25.

Outlook and guidance

• Margin expansion and operating leverage benefits expected to continue accruing.

• Express business targeted for mid- to high-teens revenue growth; focus on EBITDA improvement and calibrated PAT progression.

• Prudent and cautious approach maintained amid global uncertainties.

• Leadership is committed to profitable growth, not just scale, and aims to become the top logistics provider in India.

• The Board recommended a final dividend of Rs. 2.50 per share, reflecting confidence in future prospects.