Mahindra Logistics Limited (MAHLOG)

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Mahindra Logistics Limited (MAHLOG) · mywealthgrid

About

Mahindra Logistics Limited operates as a logistics solutions provider in transport services, with quarterly revenues of ₹1.3–₹2 Cr (market cap ₹4,022.56 Cr). Recent operations show consistent cash generation via annual dividends (2022–2026) despite significant earnings volatility across quarters.

Face value: ₹10

Market cap

₹4,131 Cr

P/E

107.3×

P/B

3.5×

Dividend yield

1.2%

ROE

0.3%

ROCE

Debt / equity

0.04

OPM

5.4%

EPS (TTM)

₹3.9

Book value

₹118.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin of 5.38% leaves minimal buffer for fuel, labour, and regulatory cost inflation typical in transport logistics.
Earnings volatility: -₹8.36 Cr loss (Sep 2025) to ₹29 Cr profit (Jun 2026) within recent quarters. Verify what triggered the loss and whether operational issues have resolved.
PE of 104.54 on thin fundamentals (ROE 0.28%, quarterly EPS ₹0.33–2.92): verify whether valuation premium is justified by forward growth.
Verify customer concentration, competitive positioning, cost-pass mechanisms with clients, and structural drivers of thin 5–7% OPM.

Generated analysis · source review pending

Growth drivers

Jun 2026 net profit of ₹29 Cr (highest in recent data) and revenue of ₹2,002.88 Cr show operational inflection after Sep 2025 loss.
Revenues sustained at ₹1.4–2 Cr across 2026 quarters, indicating consistent demand and operational run-rate at scale.
Annual dividends paid 2022–2026 despite earnings swings suggest underlying cash generation. Verify free-cash-flow trends and working-capital efficiency vs. reported profit volatility.
Verify: whether 5–7% OPM reflects commodity pricing in core segments, and if higher-margin specialised segments (cold chain, pharma, automotive) are growing within the company.

Generated analysis · source review pending

2,192 historical price candles were omitted because the exchange source has not been verified.

₹416.4-2.2%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 16.5% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of -5.9% (3-yr avg)
−Thin operating margin of 5.4%
−Profit declined 40.2% a year over the last 5 years
−Weak interest coverage of 1.5×
−Expensive at 107.3× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

36/100

Business quality: 23
Growth: 46

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,667	3,416	3,851	3,471	3,264	4,083	5,128	5,506	6,105	6,999
COGS	—	—	—	0	0	9	7	0	0	0
	2,590	3,001	3,372	3,313	3,130	3,876	4,864	5,278	5,821	6,623
	76	—	—	158	134	198	257	228	284	376
OPM %	2.9%	—	—	4.5%	4.1%	4.8%	5%	4.1%	4.7%	5.4%
Depreciation	15	20	22	73	90	135	190	209	226	278
Interest	3	4	3	18	20	30	52	68	81	75
	10	6	8	14	15	12	16	22	16	10
Profit before tax	68	102	133	81	39	46	32	-27	-8	33
Tax	22	37	47	26	10	11	7	26	22	23
Tax %	32%	36.1%	35.1%	31.9%	25.8%	24.6%	22.4%	93.7%	291.1%	68.1%
	46	65	87	55	29	35	25	-53	-30	11
PAT margin %	1.7%	1.9%	2.3%	1.6%	0.9%	0.9%	0.5%	-1%	-0.5%	0.2%
EPS (₹)	—	—	—	7.7	4.2	5.2	3.7	-7.6	-5	0.3
EPS adjusted (₹)	6.7	9	12	7.7	4.2	5.2	3.7	-7.6	-5	0.2
	—	—	—	19.5%	59.7%	38.8%	68.5%	—	—	1,000%
Annual report	—	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	68	71	71	72	72	72	72	72	72	99
Reserves	280	348	427	473	496	519	490	420	366	1,076
Minority interest	—	—	—	—	3	0	—	12	16	24
	28	26	29	29	26	38	401	339	424	44
	441	540	678	848	1,081	1,303	1,590	1,634	1,702	1,865
Total equity & liabilities	817	986	1,205	1,422	1,679	1,931	2,553	2,477	2,580	3,108
	57	62	—	227	361	485	830	836	930	1,147
CWIP	1	1	—	15	2	0	3	16	46	24
Investments	58	54	78	58	55	116	100	6	23	125
	701	870	1,128	1,122	1,261	1,329	1,620	1,619	1,582	1,811
Total assets	817	986	1,205	1,422	1,679	1,931	2,553	2,477	2,580	3,108

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Supply Chain Management	6,613.03	23.53	2,959.47	1,807.08	1,152.39	2.04
Enterprise Mobility Services	400.17	9.82

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	—	4.6%	4.1%	4.8%	5.1%	4.2%	4.7%	5.4%
EBIT margin %	—	2.4%	1.4%	1.5%	1.4%	0.4%	0.9%	1.4%
PAT margin %	2.3%	1.6%	0.9%	0.9%	0.5%	-1%	-0.5%	0.2%
Working capital
Receivable days	49	56	54	43	46	47	37	36
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	89	81	79	77	69	62
NWC days	—	—	-35	-38	-32	-30	-32	-26
Leverage
Current ratio	—	—	1.34	1.24	1.07	1	1.02	1.16
Debt to EBITDA	—	0.19	0.2	0.19	1.55	1.48	1.49	0.12
Debt to equity	0.06	0.05	0.05	0.06	0.71	0.69	0.97	0.04
Interest coverage	-4.1	5.6	3.1	2.6	1.7	0.6	0.9	1.5
Asset turnover	3.2	2.44	1.94	2.11	2.01	2.22	2.37	2.25
Return ratios
Return on assets %	7.2%	3.9%	1.7%	1.8%	1%	-2.1%	-1.2%	0.3%
Return on capital employed %	—	—	8.1%	9.2%	8.6%	3.5%	6.6%	8%
Return on equity %	17.4%	10.1%	5.1%	5.9%	4.4%	-10.8%	-6.9%	0.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.04%	58.04%	58.04%	58.03%	58.03%	58.03%	57.97%	57.97%	59.6%	59.6%	59.58%	59.58%
	12.08%	5.93%	5.77%	5.51%	4.94%	5.01%	5.21%	4.8%	3.86%	4.4%	4.82%	4.1%
	14.62%	15.73%	17.39%	17.51%	18.21%	15.92%	13.86%	13.86%	13.65%	12.33%	13.86%	14.43%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	15.26%	20.3%	18.8%	18.95%	18.82%	21.04%	22.96%	23.37%	22.89%	23.67%	21.74%	21.89%
No. of shareholders	—	—	—	—	—	—	—	—	80,924	79,138	75,954	75,213

Promoter holding up 1.54 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
Amit BohraEmployees/Designated Employees	BuyOthers	4,947	₹13.7 L	0.01% → 0.01%	20 Aug 20257(2)
Mahindra & Mahindra LimitedPromoters	BuyOthers	1,73,00,670	₹479.23 cr

14 deals · 16 Sept 2021 – 28 Jan 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Jan 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	5,45,617	₹336.69	₹18.37 Cr
28 Jan 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	5,45,617	₹336.48	₹18.36 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,69,948	₹423.57	₹19.91 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,69,948	₹422.76	₹19.87 Cr
8 Dec 2023	GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Bulk	NSE	Sell	5,92,042	₹376.19	₹22.27 Cr
18 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,59,485	₹416.80	₹19.15 Cr
18 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,59,485	₹416.20	₹19.12 Cr
13 Mar 2023	FIRST SENTIER INVESTORS ICVC-SI ASIA PACIFIC SUSTAINABILITY FUND	Bulk	BSE	Sell	6,46,500	₹366.23	₹23.68 Cr
13 Mar 2023	FIRST SENTIER INVESTORS ICVC-SI ASIA PACIFIC SUSTAINABILITY FUND	Bulk	NSE	Sell	6,04,210	₹366.11	₹22.12 Cr
1 Sept 2022	FIRST ST INVTS ICVC STEWART INV ASIA PACIFIC SUSTAINABILITY FD	Bulk	NSE	Sell	3,68,238	₹480.31	₹17.69 Cr

1–10 of 14

1 / 2

Mr. Anish D ShahNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Hemant SikkaExecutive Director-CEO-MD
Mr. Naveen Raju KollaickalNon-Executive - Non Independent Director
Mr. Darius D PandoleNon-Executive - Independent Director
Mr. Ranu VohraNon-Executive - Independent Director
Ms. Avani Vishal DavdaNon-Executive - Independent Director
Ms. Malvika S SinhaNon-Executive - Independent Director
Mr. Ameet Pratapsinh HarianiNon-Executive - Independent Director
Ms. Isha DalalChief Financial Officer
Mr. Jignesh ParikhCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 5 fund houses

Held by these funds

7.9%

of the company's equity

All mutual funds

12.75%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

6 schemes · 5 fund houses

		Shares
Multi Cap FundNEW	Nippon India Mutual Fund	49.94 L	195.5	0.35%	5.035%	—
Portfolio of Kotak Infrastructure & Economic Reform FundNEW	Kotak Mahindra Mutual Fund	14.22 L	55.66	2.23%	1.433%	—
INFRASTRUCTURE FUND	Tata Mutual Fund	6.74 L	26.37	1.3%	0.679%	-0
Small Cap FundNEW	Helios Mutual Fund	4.98 L	19.5	1.12%	0.502%	—
Portfolio of Kotak Transportation & Logistics Fund	Kotak Mahindra Mutual Fund	2.48 L	9.69	1.79%	0.249%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	118	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPTREC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results23 Oct 2026 · in 22 daysresults

9

Final dividend10 Jul 2026 · ex-date₹2.5
Final dividend11 Jul 2025 · ex-date₹2.5
Final dividend12 Jul 2024 · ex-date₹2.5
Final dividend14 Jul 2023 · ex-date₹2.5
Final dividend21 Jul 2022 · ex-date₹2
Final dividend19 Jul 2021 · ex-date₹2.5
Final dividend23 Jul 2020 · ex-date₹1.5
Final dividend23 Jul 2019 · ex-date₹1.8
Final dividend25 Jul 2018 · ex-date₹1.5

2

Board meeting to consider results23 Oct 2026
Board meeting to consider results20 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

28 Sept 2026, 3:19 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	—	4.6%	4.1%	4.8%	5.1%	4.2%	4.7%	5.4%
EBIT margin %	—	2.4%	1.4%	1.5%	1.4%	0.4%	0.9%	1.4%
PAT margin %	2.3%	1.6%	0.9%	0.9%	0.5%	-1%	-0.5%	0.2%
Working capital
Receivable days	49	56	54	43	46	47	37	36
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	89	81	79	77	69	62
NWC days	—	—	-35	-38	-32	-30	-32	-26
Leverage
Current ratio	—	—	1.34	1.24	1.07	1	1.02	1.16
Debt to EBITDA	—	0.19	0.2	0.19	1.55	1.48	1.49	0.12
Debt to equity	0.06	0.05	0.05	0.06	0.71	0.69	0.97	0.04
Interest coverage	-4.1	5.6	3.1	2.6	1.7	0.6	0.9	1.5
Asset turnover	3.2	2.44	1.94	2.11	2.01	2.22	2.37	2.25
Return ratios
Return on assets %	7.2%	3.9%	1.7%	1.8%	1%	-2.1%	-1.2%	0.3%
Return on capital employed %	—	—	8.1%	9.2%	8.6%	3.5%	6.6%	8%
Return on equity %	17.4%	10.1%	5.1%	5.9%	4.4%	-10.8%	-6.9%	0.9%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Container Corporation Of India LimitedCONCORCONCOR	₹33,663 Cr	₹33,687 Cr	₹9,085 Cr	₹1,962 Cr	21.5%	₹1,242 Cr	13.7%	12.5%	9.8%	10
Delhivery LimitedDELHIVERYDELHIVERY	₹29,952 Cr	₹29,955 Cr	₹11,145 Cr	₹633 Cr	6.1%	₹94 Cr	1.5%	2.8%	1.6%	7
Shadowfax Technologies LimitedSHADOWFAXSHADOWFAX	₹15,982 Cr	₹15,982 Cr	₹4,202 Cr	₹212 Cr	5%	₹112 Cr	2.7%	9.6%	10.4%	10
Blue Dart Express LimitedBLUEDARTBLUEDART	₹10,657 Cr	₹10,857 Cr	₹6,357 Cr	₹1,016 Cr	15.5%	₹287 Cr	4%	19.1%	14.8%	-17
Shiprocket LimitedSHIPROCKETSHIPROCKET	₹8,730 Cr	₹8,972 Cr	₹2,024 Cr	₹-67 Cr	-3.3%	₹-79 Cr	-3.9%	-3.1%	-5.4%	—
Transport Corporation Of India LimitedTCITCI	₹6,727 Cr	₹6,946 Cr	₹5,026 Cr	₹531 Cr	10.5%	₹460 Cr	9.4%	16.5%	19.5%	40
Tvs Supply Chain Solutions LimitedTVSSCSTVSSCS	₹5,666 Cr	₹6,776 Cr	₹11,746 Cr	₹830 Cr	7.1%	₹65 Cr	1.1%	7.9%	6%	-169
Vrl Logistics LimitedVRLLOGVRLLOG	₹4,986 Cr	₹5,441 Cr	₹3,356 Cr	₹685 Cr	20.2%	₹267 Cr	7.4%	18.8%	21.3%	12
Afcom Holdings LtdAFCOMAFCOM	₹4,251 Cr	₹4,314 Cr	₹583 Cr	₹234 Cr	40.1%	₹122 Cr	20.9%	36.7%	36%	73
Mahindra Logistics LimitedMAHLOGMAHLOG	₹4,131 Cr	₹4,174 Cr	₹7,378 Cr	₹416 Cr	5.4%	₹38 Cr	0.2%	8%	0.3%	-26
Gateway Distriparks LimitedGATEWAYGATEWAY	₹2,592 Cr	₹2,884 Cr	₹2,211 Cr	₹478 Cr	21.7%	₹244 Cr	11.7%	11.2%	11.4%	-278
Tci Express LimitedTCIEXPTCIEXP	₹1,938 Cr	₹1,971 Cr	₹1,264 Cr	₹129 Cr	10.1%	₹82 Cr	6.6%	13.7%	10.3%	44

Date	Category	Subject	Filing
28 Sept 2026, 3:19 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
28 Sept 2026, 12:56 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
28 Sept 2026, 12:31 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 12:14 pm	Board Meeting	Board Meeting Intimation for Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Second Quarter And Half Year Ended 30 September 2026 And Any Other Matters.	PDF
2 Sept 2026, 10:27 pm	Company Update General	Intimation Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating	PDF
2 Sept 2026, 5:30 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
28 Aug 2026, 4:36 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
28 Aug 2026, 11:20 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-34	12	95	85	294	200	119	227	343	254
	-3	0	-95	36	-108	-150	-310	-53	-155	-316
	4	4	-11	-76	-87	-116	183	-276	-148	105
Net cash flow	-33	16	-11	45	98	-66	-8	-102	41	42
Free cash flow	—	—	—	—	223	94	48	156	162	115
CFO / Operating profit %	-44.8%	—	—	54%	218.8%	101.1%	46%	99.1%	120.8%	67.4%

Mahindra Logistics Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Upcoming and recent1

Dividends9

Board meetings2

Announcements

Upcoming and recent1

Dividends9

Board meetings2

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Enterprise Mobility Services · revenue

1

9

2

1

9

2