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Mahindra Logistics Ltd

MAHLOG
NSE
403.50
1.36%
Last Updated:
30 Apr '26, 4:00 PM
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Mahindra Logistics Ltd

MAHLOG
NSE
403.50
1.36%
30 Apr '26, 4:00 PM
Company Overview
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6M
Price
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Quick Ratios

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Mkt Cap
Market Capitalization
4,004Cr
Close
Close Price
403.50
Industry
Industry
Logistics - Warehousing/Supply Chain
PE
Price To Earnings
PS
Price To Sales
0.57
Revenue
Revenue
6,999Cr
Rev Gr TTM
Revenue Growth TTM
14.65%
PAT Gr TTM
PAT Growth TTM
-135.21%
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Quarterly Results

Consolidated
Standalone
Numbers
Percentage
QuarterJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue
RevenueCr
1,2931,3651,3971,4511,4201,5211,5941,5701,6251,6851,8981,791
Growth YoY
Revenue Growth YoY%
7.82.95.114.09.811.514.18.214.410.819.114.1
Expenses
ExpensesCr
1,2271,3111,3451,3941,3541,4551,5211,4921,5481,6001,7951,679
Operating Profit
Operating ProfitCr
67545257666674787685103112
OPM
OPM%
5.23.93.73.94.74.44.65.04.75.05.46.3
Other Income
Other IncomeCr
6763626253-24
Interest Expense
Interest ExpenseCr
181716171919222123221714
Depreciation
DepreciationCr
545251515554595865727270
PBT
PBTCr
1-8-10-9-3-5-11-6-51232
Tax
TaxCr
9773556643610
PAT
PATCr
-8-15-16-12-8-10-7-5-9-8622
Growth YoY
PAT Growth YoY%
-160.8-229.8-1,082.0-6,055.05.537.855.755.4-19.913.0182.8521.1
NPM
NPM%
-0.6-1.1-1.2-0.8-0.6-0.6-0.5-0.3-0.6-0.50.31.3
EPS
EPS
-1.1-2.0-2.2-1.6-1.2-1.4-1.1-0.8-1.4-1.20.32.0

Profit & Loss

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue
RevenueCr
2,6673,4163,8513,4713,2644,1415,1285,5066,1056,999
Growth
Revenue Growth%
28.112.7-9.9-6.026.923.97.410.914.7
Expenses
ExpensesCr
2,5903,2963,7003,3133,1303,9564,8695,2775,8216,623
Operating Profit
Operating ProfitCr
76120151158134184260229284376
OPM
OPM%
2.93.53.94.64.14.55.14.24.75.4
Other Income
Other IncomeCr
106814151416221610
Interest Expense
Interest ExpenseCr
34318203052688175
Depreciation
DepreciationCr
1520227390142190209226278
PBT
PBTCr
6810213381392635-26-833
Tax
TaxCr
2237472610117262223
PAT
PATCr
46658755291527-52-3011
Growth
PAT Growth%
41.632.8-36.0-47.4-48.482.1-289.942.4135.3
NPM
NPM%
1.71.92.31.60.90.40.5-0.9-0.50.1
EPS
EPS
6.78.311.07.03.82.23.3-6.9-4.50.3

Balance Sheet

Consolidated
Standalone
Numbers
Percentage
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
Equity CapitalCr
68717172727272727299
Reserves
ReservesCr
2803484274734964754904203661,076
Current Liabilities
Current LiabilitiesCr
4315276767349201,1301,4281,4441,3721,418
Non Current Liabilities
Non Current LiabilitiesCr
333325138196299565529754491
Total Liabilities
Total LiabilitiesCr
8179861,2051,4221,6871,9752,5532,4772,5803,108
Current Assets
Current AssetsCr
6687829829851,2041,2521,3821,3401,3981,638
Non Current Assets
Non Current AssetsCr
1492042234374837241,1711,1371,1821,470
Total Assets
Total AssetsCr
8179861,2051,4221,6871,9752,5532,4772,5803,108

Cash Flow

Consolidated
Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow
Operating Cash FlowCr
-34129585294191119227343254
Investing Cash Flow
Investing Cash FlowCr
-30-9536-108-140-310-54-155-316
Financing Cash Flow
Financing Cash FlowCr
44-11-76-87-117183-276-148105
Net Cash Flow
Net Cash FlowCr
-3316-114598-66-8-1044142
Free Cash Flow
Free Cash FlowCr
-57-25612422510057165167
CFO To PAT
CFO To PAT%
-74.118.3109.6154.01,006.51,268.1435.4-435.7-1,144.32,399.3
CFO To EBITDA
CFO To EBITDA%
-44.810.062.854.0218.8103.646.099.0120.867.4

Ratios

Consolidated
Standalone
Financial YearMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Valuation Ratios
Valuation Ratios
Market Cap
Market CapitalizationCr
03,4483,7361,6154,1543,6412,5472,9461,8863,292
Price To Earnings
Price To Earnings
0.053.943.629.3138.3207.697.00.00.01,437.6
Price To Sales
Price To Sales
0.01.01.00.51.30.90.50.50.30.5
Price To Book
Price To Book
0.08.27.53.07.36.74.56.04.32.8
EV To EBITDA
EV To EBITDA
-0.328.524.410.831.521.212.515.89.48.3
Profitability Ratios
Profitability Ratios
GPM
GPM%
100.0100.0100.0100.0100.099.899.9100.0100.013.9
OPM
OPM%
2.93.53.94.64.14.55.14.24.75.4
NPM
NPM%
1.71.92.31.60.90.40.5-0.9-0.50.1
ROCE
ROCE%
19.023.826.013.47.15.96.23.45.68.9
ROE
ROE%
13.315.617.410.25.12.84.9-10.6-6.80.9
ROA
ROA%
5.66.67.23.91.70.81.1-2.1-1.20.3
Operational Ratios
Operational Ratios
Solvency Ratios
Solvency Ratios
Liquidity Ratios
Liquidity Ratios
### **Overview** Mahindra Logistics Limited (MLL) is one of India’s largest integrated logistics and enterprise mobility solutions providers. Operating under an **asset-right (asset-light)** business model, the company leverages a robust network of over 1,500 business associates for warehousing, fleet operations, and logistics services. MLL serves more than 400 domestic and multinational clients across automotive, e-commerce, FMCG, pharma, telecom, engineering, and retail sectors. The company is part of the Mahindra Group and aims to become a **₹10,000 crore logistics service provider by 2025–26**. MLL operates in **two primary business segments**: - **Supply Chain Management (SCM)**: Contract logistics, B2B express, last-mile delivery, and cross-border freight. - **Mobility Services**: Enterprise mobility, B2C cab services (Alyte & Meru), and tech-enabled premium transport solutions. --- ### **Recent Strategic Developments (2024–2025)** #### **Nov 2025 – Premium Mobility Launch: Alyte Prive** - MLL launched **Alyte Prive**, a **premium B2C tech-enabled mobility service** targeting airport transfers, intracity rides, and outstation travel in **Delhi NCR**. - The service emphasizes **comfort, technology, and sustainability**, supported by a 4.99/5 customer satisfaction rating. - Planned expansion includes **Noida International Airport**, aligning with regional infrastructure development. #### **Nov 2025 – Strategic Shift to Operational Consolidation** - The company is transitioning from rapid expansion to **operational consolidation**, focusing on: - Improving infrastructure utilization - Enhancing asset efficiency - Strengthening execution capabilities - Launched an **800,000-sq-ft facility in Nashik** and began **8 new client projects** in manufacturing and e-commerce. - Secured repeat expansion orders from **Cummins, Bosch, Amazon, Flipkart, and Mahindra**, demonstrating strong client retention and execution. #### **Oct 2025 – ‘Go-East’ Expansion & Northeast Development** - Advanced its **‘Go-East’ strategy** by developing **1 million sq ft of multi-client warehousing** in eastern India. - This expansion will: - Extend **express logistics coverage to over 800 new pin codes** - Generate **2,000+ local jobs**, with **50% workforce diversity** - Offer end-to-end logistics—**first, mid, and last-mile**, milk runs, and long-haul transport - Key infrastructure highlights: - **Guwahati Warehouse (300,000 sq ft)**: Largest **Grade-A multi-client** warehouse in North East India; includes a **Community Center of Excellence** in collaboration with the Logistics Skill Council. - **Agartala Hub (130,000 sq ft)**: Enables **cross-border trade with Bangladesh** and serves Mizoram, Meghalaya, and Manipur via **just-in-time fulfillment**. #### **Infrastructure & Government Initiatives** - Eastern India’s logistics growth is driven by: - **Eastern Dedicated Freight Corridor** - **Bharatmala Project** - **Kolkata-Haldia port modernization** - **Maitri Setu, Akhaura-Agartala rail link** - MLL is building a **future-ready, unified logistics ecosystem** in the region, capitalizing on India’s evolving trade corridors and export potential. --- ### **Core Capabilities & Operations** #### **Warehousing & Contract Logistics** - As of March 31, 2025: - **Total managed warehousing space**: **20.78 million sq ft** - **Multi-client warehouses**: **5.29 million sq ft** - **Built-to-Suit (BTS) facilities**: ~**5.2 million sq ft** - Top states by capacity: - Maharashtra (4.4M sq ft) - Tamil Nadu (2.83M sq ft) - Haryana (1.64M sq ft) - Telangana & Gujarat also major hubs - Key BTS clients: **Zepto (0.5M sq ft in Luhari)**, **Dr. Reddy’s**, **Johnson & Johnson** #### **Freight Forwarding & Cross-Border** - Operated via subsidiaries: - **Lords Freight**: Full-service freight forwarding, customs clearance, project cargo, DG/OD shipments - **V-Link**: Air charter and logistics services (headquartered in Dubai) - Handles: - **10,000+ TEUs** annually (ocean freight) - **5,000+ tonnes** in air freight - Global presence in **50+ trade lanes**, supported by **100+ international partners** - Notable project: **Oversized refinery equipment transport (100 tonnes each) from Hamburg to Mumbai** within 32 days #### **Last-Mile & Express Logistics** - **eDeL**: India’s **largest EV-based last-mile delivery network** - Operates **6,000+ eDeL EVs** (2W, 3W, 4W) - Covers **4,000+ pin codes** - Supports sustainability via **GLEC-certified Emissions Analytics Report (EAR)** - **Whizzard**: MLL holds **64.1% stake**; growing **10x in 3 years**, enables micro-fulfillment and D2K delivery - **B2B Express Network**: - Covers **19,000+ pin codes** - 260+ processing centers & branches - Integrated with **Rivigo’s PTL network** for enhanced reach and tech #### **Technology & Innovation** - **LogiOne Platform**: Proprietary, **integrated tech ecosystem** combining: - TMS, WMS, route & load optimization - Freight management, last-mile tracking - Unified data lake & AI-driven analytics - **ULIP (Universal Logistics Integration Platform)**: Enables real-time data exchange across operations - **Emerging Tech Pilots**: Drones, AGVs, IoT, blockchain & automation - **Catapult Incubator**: - 4 editions launched, engaged **750+ startups** - Incubated **31 startups**, deployed **21 solutions** in live operations --- ### **Strategic Acquisitions & Joint Ventures** - **2022–2024 Acquisitions**: - **Rivigo (B2B Express)**: Pan-India PTL network with 200+ branches, advanced tech - **Meru Cabs (Mobility)**: Airport, on-demand, and outstation services - **Whizzard (Last-Mile)**: Tech-driven, micro-distribution network covering 3,000+ pincodes - **Joint Ventures**: - **Seino MLL Logistics (with Seino Holdings, Japan)**: Targets Japanese OEMs in India; combines MLL’s domestic reach with Seino’s processes and tech --- ### **Sustainability & ESG** - **eDeL Emissions Analytics Report (EAR)**: Tracks shipment-level carbon emissions (GLEC certified) - **Solar-powered warehouses**: Facilities in **Hyderabad (energy-positive), Bhiwandi, Luhari** - **EV Leadership**: - Deployed **6,000+ EVs** in last-mile and mobility - Developing **charging & battery swap infrastructure** - **Target: 30% of fleet EV by 2026** - **Eco-Pallets**: Made from recycled materials, 10-year lifespan - **Community Development**: Community centers in Bhiwandi & Guwahati for local employment training --- ### **Strategic Pillars & Long-Term Vision** MLL’s strategy is built on four pillars: 1. **Integrated Solutions** - Over **25% of Contract Logistics revenue** from integrated offerings - >50% of top 100 clients use **2+ services** 2. **Expanded Offerings** - Growth in **quick commerce, D2C, D2K, micro-fulfillment** 3. **Digitisation & Technology** - Embedded in all operations via LogiOne, ULIP, AI, IoT 4. **Operational Excellence** - Focus on **asset utilization, network optimization, cost efficiency**