Mahindra Logistics Q2 FY27 Earnings Call Transcript Released
Mahindra Logistics reported Q2 FY27 revenue of ₹2,095 crores, up 24% YoY, with PAT at ₹26 crores vs. a ₹10 crore loss YoY. Its express business (MESPL/Rivigo) turned EBITDA-positive. Contract logistics revenue grew 28% YoY. ROCE improved to 12.9% in H1 FY27.
The announcement details a strong financial turnaround with significant improvements in profitability and the achievement of key milestones like EBITDA positivity in the express logistics segment. This indicates a positive shift in the company's performance and future prospects, which is material for investors.
The company reported significant year-on-year improvements in revenue, profitability (PAT and EBITDA), and key financial metrics like ROCE. The express logistics business achieving EBITDA positivity is a major positive development. The outlook and strategic initiatives discussed also point towards continued growth and value creation.
Mahindra Logistics Limited (MAHLOG) has released the transcript of its earnings conference call held on October 23, 2026, for the second quarter and half year ended September 30, 2026. The call, which included participation from Analysts/Institutional Investors/Funds, detailed the company's financial performance and business updates.
During the call, the management highlighted a significant turnaround, with Profit After Tax (PAT) increasing to ₹26 crores compared to a loss of ₹10 crores in the prior year. Revenue grew by 24% year-on-year. The company's focus on profitable growth was evident in the improved Return on Capital Employed (ROCE), which rose to 12.9% in H1 FY27 from 1.7% in H1 FY26.
A key highlight was the performance of its B2B express logistics business, MESPL (Rivigo), which turned EBITDA-positive during the quarter and for H1 FY27. This milestone was attributed to scale, operating leverage, and disciplined execution. The contract logistics segment continued its strong growth, driven by new customer additions and increased wallet share. Whitespace reduction targets were met, with vacant space reduced to 5% of June 2025 levels.
The mobility business also showed profitable growth, with revenue up 33% year-on-year. The last-mile delivery business is now pivoting towards growth after focusing on a no-loss strategy, with gross margins improving significantly. The freight forwarding business is rebuilding momentum with a strengthened leadership team.
Consolidated revenue for Q2 FY27 reached ₹2,095 crores, a 24% increase year-on-year. Consolidated EBITDA stood at ₹124 crores, up from ₹85 crores in Q2 FY26, with an improved EBITDA margin of 5.9%. The company generated free cash flow of ₹52 crores in H1 FY27, a significant improvement from a negative ₹210 crores in H1 FY26. ROCE improved to 12.9% and ROE to 8.7% in H1 FY27.
Management discussed future growth drivers, including new client acquisitions, increasing wallet share, expansion in e-commerce and manufacturing verticals, and the strategic pivot of the last-mile delivery business towards growth. Investments in a new tech platform for both MLL and MESPL were also discussed, aiming to simplify operations, automate processes, reduce costs, and enhance customer experience.
Capex for the current year is planned at approximately ₹100-110 crores, primarily focused on contract logistics and the 2x2 joint venture for car carriers.
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