Mahindra Logistics Q2 FY27 Revenue Surges 24% to ₹2,095 Crores

Mahindra Logistics Limited (MLL), a prominent provider of integrated logistics and mobility solutions in India, has announced its unaudited consolidated financial results for the second quarter and half-year ended September 30, 2026. The company showcased a strong financial performance marked by significant growth across its diverse business segments and a disciplined focus on profitability.

For Q2 FY27, Mahindra Logistics reported a consolidated revenue of ₹2,095 crores, representing a substantial 24% year-on-year (YoY) increase and a 5% quarter-on-quarter (QoQ) rise. The company's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached ₹124 crores, reflecting a 46% YoY and 7% QoQ growth. Furthermore, the YoY EBITDA margin expanded by 90 basis points to 5.9%. Profit After Tax (PAT) stood at ₹26.2 crores, highlighting an impressive increase of ₹37 crores compared to the previous year. The diluted Earnings Per Share (EPS) was reported at ₹2.64, a notable improvement from ₹(1.20) in Q2 FY26. Return on Capital Employed (ROCE) for H1 FY27 also saw a dramatic improvement, reaching 12.9% compared to just 1.7% in H1 FY26.

The robust revenue growth was broad-based across various business units. The Contract Logistics Business experienced a 28% YoY growth, heavily driven by increased volumes from key customers, including the Mahindra & Mahindra (M&M) Auto business. The company noted that EBITDA growth in this segment aligned closely with revenue, showcasing an ongoing commitment to profitable growth achieved through operating efficiencies, cost discipline, and judicious contract selection.

Significantly, the Express Business (MESPL) is demonstrating strong turnaround traction with a 69% YoY and 11% sequential growth. MESPL achieved its first EBITDA-positive quarter post-acquisition, attributed to volume growth, sustained yield improvement, and a sharp focus on unit economics. The Last Mile Delivery segment prioritized business quality and margins over pure topline growth, delivering a revenue of ₹68 crores in Q2 FY27 and improving its EBITDA to ₹1.6 crores from ₹0.4 crores in Q2 FY26.

Additionally, the Mobility business expanded by 33% YoY, fueled by margin expansion and new B2B customer additions. The Freight Forwarding business grew by 12% QoQ, expanding its profitability as a strengthened leadership team positions it for future growth while maintaining high service levels and operational discipline.

Commenting on the performance, Mr. Hemant Sikka, Managing Director and CEO of Mahindra Logistics Ltd., stated: "Q2 FY27 was a strong quarter, with revenue growing 24% YoY and PAT improving 3.5 times to 26 crore. These results reflect the benefits of sharper execution, stronger operating discipline and a clear focus on profitable growth. We are increasingly focused on improving both the quality and sustainability of growth across the portfolio. Our focus on profitable growth is also reflected in improving capital efficiency. ROCE increased to 12.9% in H1FY27 from 1.7% in H1FY26, demonstrating stronger capital productivity and our commitment to creating long-term shareholder value. Further, MESPL achieved EBITDA positivity in both Q2 and H1 FY27, marking an important milestone in its turnaround journey. Contract Logistics continued to deliver strong growth while successfully reducing whitespace in line with our commitments. Across businesses, improving productivity, service levels and customer outcomes are strengthening our competitive position. The progress we are seeing is structural and broad-based. As we move from turnaround to acceleration, our focus remains on profitable growth, operational excellence and long-term value creation."

Mahindra Logistics, which operates as a third-party logistics (3PL) service provider using an "asset-right" business model, currently serves over 400 corporate customers across industries such as automobile, engineering, consumer goods, and e-commerce. The earnings call discussing these robust financial results was held on October 23, 2026, and was represented by Mr. Hemant Sikka alongside Ms. Isha Dalal, the Chief Financial Officer.