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Mahindra Logistics Ltd.
(MAHLOG)
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Rating:58Neutral
Price Target:
₹451.00
▲(8.40% Upside)
Action:Reiterated
Date:10/28/26
The score is supported by improving operational momentum and management’s constructive outlook (profitability/returns and cash generation improving) alongside a technically positive trend (price above major moving averages). This is tempered by only moderate underlying financial quality due to historically volatile/very thin profitability and a sharply reduced 2026 free cash flow, plus a demanding valuation (high P/E and low yield).
Positive Factors
Revenue and EBITDA Growth
Strong revenue growth combined with higher EBITDA indicates improving operating scale and execution across the business. If sustained, this progression can strengthen earnings capacity, support reinvestment, and provide a more durable foundation for profitability over the next several quarters.
Negative Factors
Thin and Volatile Profitability
Very thin profitability leaves limited protection against cost inflation, pricing pressure, or weaker volumes. Although recent quarterly results improved, the prior swing from profits to losses and near break-even earnings shows that sustained margin expansion remains necessary before earnings become consistently resilient.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and EBITDA Growth
Strong revenue growth combined with higher EBITDA indicates improving operating scale and execution across the business. If sustained, this progression can strengthen earnings capacity, support reinvestment, and provide a more durable foundation for profitability over the next several quarters.
Read all positive factors
Mahindra Logistics Ltd. (MAHLOG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹42.78B
Dividend Yield0.58%
Average Volume (3M)33.79K
Price to Earnings (P/E)57.0
Beta (1Y)1.44
Revenue Growth20.30%
EPS GrowthN/A
CountryIN
Employees3,988
SectorGeneral
Sector StrengthN/A
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)7.57
Shares Outstanding99,277,405
10 Day Avg. Volume52,369
30 Day Avg. Volume33,787
Financial Highlights & Ratios
PEG Ratio-12.67
Price to Book (P/B)2.59
Price to Sales (P/S)0.44
P/FCF Ratio26.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.4
Revenue Forecast (FY)₹81.27B
Mahindra Logistics Ltd. Business Overview & Revenue Model
Company Description
Mahindra Logistics Ltd. offers comprehensive logistics and people transportation solutions, operating across India and internationally. The company's business is structured into two main divisions: Supply Chain Management (SCM) and Enterprise Mobi...
Mahindra Logistics Ltd. Earnings Call Summary
Earnings Call Date:Oct 23, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Feb 01, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with broad-based revenue growth, a return to profitability, improved cash generation and returns, EBITDA positivity in Rivigo, successful white-space reduction, and growth across contract logistics and mobility. The main challenges were freight forwarding's 44% year-over-year revenue decline, labor-cost pressure, festive capacity costs, flat year-over-year consolidated gross margin, and the need for further execution before Rivigo reaches PAT positivity. Management remained confident in the company's multi-year growth strategy and operational improvement plans.Positive Updates
Strong Consolidated Revenue and Profitability Improvement
Q2 FY 2027 revenue increased 24% year over year to INR 2,095 crores. PAT rose to INR 26 crores from a loss of INR 10 crores a year ago and INR 25 crores in the previous quarter.
Negative Updates
Freight Forwarding Year-on-Year Revenue Decline
Freight forwarding revenue declined 44% year over year, reflecting external disruptions and customer attrition during the recent leadership transition. Management said the business is in a build phase in H2 and that the main results of the rebuilding effort are expected in FY 2028.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Consolidated Revenue and Profitability Improvement
Q2 FY 2027 revenue increased 24% year over year to INR 2,095 crores. PAT rose to INR 26 crores from a loss of INR 10 crores a year ago and INR 25 crores in the previous quarter.
Read all positive updates
Company Guidance
Management said MESPL’s next milestone is PAT positive, which it expects to achieve over the “next few months and quarter,” while describing the business as a “multi-year growth story,” a “decade story,” and saying it will require “few more years of work”; MESPL is expected to improve performance every quarter, but “this is not a thing which will play out fully in next six months or one year.” Contract logistics gross-margin improvement remains targeted at “100 bps” over the “medium term,” which “does not mean two quarters, four quarters,” and “will not” be visible “within two quarters, within one year.” CapEx is guided at “closer to INR 100 crore kind of a number, plus minus INR 10 crore here and there,” or “INR 110 crore kind of a number,” with “almost half the amount” spent in H1, mainly in contract logistics and 2x2. LMD is pivoting to growth, with growth expected “very soon” and “even in the medium term,” while freight forwarding will be in a “build phase” in H2, with the “real kind of work” in FY 2028; the company also expects year-on-year growth in LMD as it enters Q3 and has an internal new-business target of 3.5x, with H1 “doing better than that.”Mahindra Logistics Ltd. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
55
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 77.88B | 69.99B | 61.05B | 55.06B | 51.28B | 41.31B |
| Gross Profit | 52.43B | 62.94B | 1.92B | 1.71B | 1.98B | 1.32B |
| EBITDA | 3.94B | 3.86B | 3.00B | 2.51B | 2.76B | 1.98B |
| Net Income | 750.80M | 22.90M | -358.50M | -547.40M | 262.80M | 175.60M |
Balance Sheet | ||||||
| Total Assets | 34.39B | 31.08B | 25.80B | 24.77B | 25.53B | 19.75B |
| Cash, Cash Equivalents and Short-Term Investments | 3.63B | 3.23B | 966.10M | 769.10M | 1.93B | 2.52B |
| Total Debt | 7.21B | 6.50B | 8.69B | 7.39B | 8.34B | 4.02B |
| Total Liabilities | 22.05B | 19.09B | 21.26B | 19.73B | 19.93B | 14.29B |
| Stockholders Equity | 12.05B | 11.75B | 4.38B | 4.92B | 5.62B | 5.46B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.15B | 1.62B | 1.56B | 483.70M | 949.80M |
| Operating Cash Flow | 0.00 | 2.54B | 3.43B | 2.27B | 1.19B | 1.91B |
| Investing Cash Flow | 0.00 | -3.16B | -1.55B | -542.90M | -3.10B | -1.40B |
| Financing Cash Flow | 0.00 | 1.05B | -1.48B | -2.76B | 1.83B | -1.17B |
Mahindra Logistics Ltd. Technical Analysis
Positive
416.05
Price Trends
403.65
Positive
393.54
Positive
380.79
Positive
Market Momentum
0.93
Negative
59.58
Neutral
72.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHLOG, the sentiment is Positive. The current price of 416.05 is above the 20-day moving average (MA) of 407.65, above the 50-day MA of 403.65, and above the 200-day MA of 380.79, indicating a bullish trend. The MACD of 0.93 indicates Negative momentum. The RSI at 59.58 is Neutral, neither overbought nor oversold. The STOCH value of 72.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAHLOG.
Mahindra Logistics Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹66.11B | 14.62 | ― | 1.16% | 11.54% | 5.66% | |
64 Neutral | ₹101.41B | 35.31 | ― | 0.58% | 9.23% | 15.83% | |
58 Neutral | ₹42.78B | 56.98 | ― | 0.58% | 20.30% | ― | |
57 Neutral | ₹13.76B | 52.08 | ― | 3.82% | -86.94% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹49.17B | 76.40 | ― | ― | 16.89% | 28.73% | |
52 Neutral | ₹288.12B | 305.56 | ― | ― | 23.10% | -53.19% |
* General Sector Average
IN:MAHLOG
Mahindra Logistics Ltd.
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19.32%
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Mahindra Logistics Ltd. Corporate Events
Mahindra Logistics Publishes Q2 and Half-Year FY2026 Financial Results in Newspapers
Oct 24, 2026
Mahindra Logistics Ltd. has notified the stock exchanges that it has published extracts of its unaudited consolidated financial results for the second quarter and half year ended 30 September 2026 in the Mumbai editions of Business Standard and Sa...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.