Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹4,004Cr
Logistics - Warehousing/Supply Chain
Rev Gr TTM
Revenue Growth TTM
14.65%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

MAHLOG
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 7.8 | 2.9 | 5.1 | 14.0 | 9.8 | 11.5 | 14.1 | 8.2 | 14.4 | 10.8 | 19.1 | 14.1 |
| 1,227 | 1,311 | 1,345 | 1,394 | 1,354 | 1,455 | 1,521 | 1,492 | 1,548 | 1,600 | 1,795 | 1,679 |
Operating Profit Operating ProfitCr |
| 5.2 | 3.9 | 3.7 | 3.9 | 4.7 | 4.4 | 4.6 | 5.0 | 4.7 | 5.0 | 5.4 | 6.3 |
Other Income Other IncomeCr | 6 | 7 | 6 | 3 | 6 | 2 | 6 | 2 | 5 | 3 | -2 | 4 |
Interest Expense Interest ExpenseCr | 18 | 17 | 16 | 17 | 19 | 19 | 22 | 21 | 23 | 22 | 17 | 14 |
Depreciation DepreciationCr | 54 | 52 | 51 | 51 | 55 | 54 | 59 | 58 | 65 | 72 | 72 | 70 |
| 1 | -8 | -10 | -9 | -3 | -5 | -1 | 1 | -6 | -5 | 12 | 32 |
| 9 | 7 | 7 | 3 | 5 | 5 | 6 | 6 | 4 | 3 | 6 | 10 |
|
Growth YoY PAT Growth YoY% | -160.8 | -229.8 | -1,082.0 | -6,055.0 | 5.5 | 37.8 | 55.7 | 55.4 | -19.9 | 13.0 | 182.8 | 521.1 |
| -0.6 | -1.1 | -1.2 | -0.8 | -0.6 | -0.6 | -0.5 | -0.3 | -0.6 | -0.5 | 0.3 | 1.3 |
| -1.1 | -2.0 | -2.2 | -1.6 | -1.2 | -1.4 | -1.1 | -0.8 | -1.4 | -1.2 | 0.3 | 2.0 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | 28.1 | 12.7 | -9.9 | -6.0 | 26.9 | 23.9 | 7.4 | 10.9 | 14.7 |
| 2,590 | 3,296 | 3,700 | 3,313 | 3,130 | 3,956 | 4,869 | 5,277 | 5,821 | 6,623 |
Operating Profit Operating ProfitCr |
| 2.9 | 3.5 | 3.9 | 4.6 | 4.1 | 4.5 | 5.1 | 4.2 | 4.7 | 5.4 |
Other Income Other IncomeCr | 10 | 6 | 8 | 14 | 15 | 14 | 16 | 22 | 16 | 10 |
Interest Expense Interest ExpenseCr | 3 | 4 | 3 | 18 | 20 | 30 | 52 | 68 | 81 | 75 |
Depreciation DepreciationCr | 15 | 20 | 22 | 73 | 90 | 142 | 190 | 209 | 226 | 278 |
| 68 | 102 | 133 | 81 | 39 | 26 | 35 | -26 | -8 | 33 |
| 22 | 37 | 47 | 26 | 10 | 11 | 7 | 26 | 22 | 23 |
|
| | 41.6 | 32.8 | -36.0 | -47.4 | -48.4 | 82.1 | -289.9 | 42.4 | 135.3 |
| 1.7 | 1.9 | 2.3 | 1.6 | 0.9 | 0.4 | 0.5 | -0.9 | -0.5 | 0.1 |
| 6.7 | 8.3 | 11.0 | 7.0 | 3.8 | 2.2 | 3.3 | -6.9 | -4.5 | 0.3 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 68 | 71 | 71 | 72 | 72 | 72 | 72 | 72 | 72 | 99 |
| 280 | 348 | 427 | 473 | 496 | 475 | 490 | 420 | 366 | 1,076 |
Current Liabilities Current LiabilitiesCr | 431 | 527 | 676 | 734 | 920 | 1,130 | 1,428 | 1,444 | 1,372 | 1,418 |
Non Current Liabilities Non Current LiabilitiesCr | 33 | 33 | 25 | 138 | 196 | 299 | 565 | 529 | 754 | 491 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 668 | 782 | 982 | 985 | 1,204 | 1,252 | 1,382 | 1,340 | 1,398 | 1,638 |
Non Current Assets Non Current AssetsCr | 149 | 204 | 223 | 437 | 483 | 724 | 1,171 | 1,137 | 1,182 | 1,470 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | -34 | 12 | 95 | 85 | 294 | 191 | 119 | 227 | 343 | 254 |
Investing Cash Flow Investing Cash FlowCr | -3 | 0 | -95 | 36 | -108 | -140 | -310 | -54 | -155 | -316 |
Financing Cash Flow Financing Cash FlowCr | 4 | 4 | -11 | -76 | -87 | -117 | 183 | -276 | -148 | 105 |
|
Free Cash Flow Free Cash FlowCr | -57 | -25 | 61 | 24 | 225 | 100 | 57 | 165 | 167 | |
| -74.1 | 18.3 | 109.6 | 154.0 | 1,006.5 | 1,268.1 | 435.4 | -435.7 | -1,144.3 | 2,399.3 |
CFO To EBITDA CFO To EBITDA% | -44.8 | 10.0 | 62.8 | 54.0 | 218.8 | 103.6 | 46.0 | 99.0 | 120.8 | 67.4 |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 3,448 | 3,736 | 1,615 | 4,154 | 3,641 | 2,547 | 2,946 | 1,886 | 3,292 |
Price To Earnings Price To Earnings | 0.0 | 53.9 | 43.6 | 29.3 | 138.3 | 207.6 | 97.0 | 0.0 | 0.0 | 1,437.6 |
Price To Sales Price To Sales | 0.0 | 1.0 | 1.0 | 0.5 | 1.3 | 0.9 | 0.5 | 0.5 | 0.3 | 0.5 |
Price To Book Price To Book | 0.0 | 8.2 | 7.5 | 3.0 | 7.3 | 6.7 | 4.5 | 6.0 | 4.3 | 2.8 |
| -0.3 | 28.5 | 24.4 | 10.8 | 31.5 | 21.2 | 12.5 | 15.8 | 9.4 | 8.3 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 99.8 | 99.9 | 100.0 | 100.0 | 13.9 |
| 2.9 | 3.5 | 3.9 | 4.6 | 4.1 | 4.5 | 5.1 | 4.2 | 4.7 | 5.4 |
| 1.7 | 1.9 | 2.3 | 1.6 | 0.9 | 0.4 | 0.5 | -0.9 | -0.5 | 0.1 |
| 19.0 | 23.8 | 26.0 | 13.4 | 7.1 | 5.9 | 6.2 | 3.4 | 5.6 | 8.9 |
| 13.3 | 15.6 | 17.4 | 10.2 | 5.1 | 2.8 | 4.9 | -10.6 | -6.8 | 0.9 |
| 5.6 | 6.6 | 7.2 | 3.9 | 1.7 | 0.8 | 1.1 | -2.1 | -1.2 | 0.3 |
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**