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Mahindra Logistics Ltd.
(MAHLOG)
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Rating:56Neutral
Price Target:
₹425.00
▲(2.15% Upside)
Action:Reiterated
Date:08/06/26
The score is held back primarily by weak and unstable profitability and a sharp drop in free cash flow in the most recent year, despite consistent revenue growth and improved leverage. Technicals are supportive with price above key moving averages and positive momentum indicators, but valuation is a major headwind given the very high P/E and low dividend yield.
Positive Factors
Consistent Revenue Growth
Sustained top-line expansion across 2022–2026 indicates improving scale and customer traction in contract logistics, transportation and mobility. Durable revenue growth supports fixed-cost absorption, bargaining power with suppliers, and the ability to invest in network capacity and technology over the medium term.
Negative Factors
Volatile Profitability
Earnings have swung from profits to multi-year losses and only returned to near break-even in 2026. Such profit volatility undermines predictability of earnings, weakens ability to fund long-term investments internally, and raises risk that small adverse demand or cost shocks could push the business back into loss.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Revenue Growth
Sustained top-line expansion across 2022–2026 indicates improving scale and customer traction in contract logistics, transportation and mobility. Durable revenue growth supports fixed-cost absorption, bargaining power with suppliers, and the ability to invest in network capacity and technology over the medium term.
Read all positive factors
Mahindra Logistics Ltd. (MAHLOG) vs. iShares MSCI India ETF (INDA)
Market Cap
₹40.25B
Dividend Yield0.62%
Average Volume (3M)30.49K
Price to Earnings (P/E)109.0
Beta (1Y)1.50
Revenue Growth16.93%
EPS GrowthN/A
CountryIN
Employees3,988
SectorGeneral
Sector StrengthN/A
IndustryIntegrated Freight & Logistics
Share Statistics
EPS (TTM)3.73
Shares Outstanding99,277,405
10 Day Avg. Volume4,835
30 Day Avg. Volume30,492
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)₹80.28B
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...
How the Company Makes Money
Mahindra Logistics primarily makes money by delivering outsourced logistics and mobility services under customer contracts, earning service fees tied to volumes handled, resources deployed, and service-level commitments.
1) Contract logistics (wa...
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 | 73.78B | 69.99B | 61.05B | 55.06B | 51.28B | 41.31B |
| Gross Profit | 52.09B | 62.94B | 1.92B | 1.71B | 1.98B | 1.32B |
| EBITDA | 3.54B | 3.86B | 3.00B | 2.51B | 2.76B | 1.98B |
| Net Income | 384.80M | 22.90M | -358.50M | -547.40M | 262.80M | 175.60M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 31.08B | 25.80B | 24.77B | 25.53B | 19.75B |
| Cash, Cash Equivalents and Short-Term Investments | 3.23B | 3.23B | 966.10M | 769.10M | 1.93B | 2.52B |
| Total Debt | 0.00 | 6.50B | 8.69B | 7.39B | 8.34B | 4.02B |
| Total Liabilities | -11.99B | 19.09B | 21.26B | 19.73B | 19.93B | 14.29B |
| Stockholders Equity | 11.99B | 11.75B | 4.38B | 4.92B | 5.62B | 5.46B |
Cash Flow | ||||||
| Free Cash Flow | -1.11B | 1.15B | 1.62B | 1.56B | 483.70M | 949.80M |
| Operating Cash Flow | -356.10M | 2.54B | 3.43B | 2.27B | 1.19B | 1.91B |
| Investing Cash Flow | -2.42B | -3.16B | -1.55B | -542.90M | -3.10B | -1.40B |
| Financing Cash Flow | 2.54B | 1.05B | -1.48B | -2.76B | 1.83B | -1.17B |
Mahindra Logistics Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | ₹66.77B | 14.62 | ― | 1.15% | 9.59% | 6.92% | |
64 Neutral | ₹118.10B | 41.33 | ― | 0.50% | 9.23% | 15.83% | |
62 Neutral | ₹18.65B | 68.07 | ― | 3.82% | -86.94% | ― | |
56 Neutral | ₹40.25B | 109.03 | ― | 0.62% | 16.93% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹343.19B | 363.41 | ― | ― | 23.10% | -53.19% | |
53 Neutral | ₹57.56B | 89.45 | ― | ― | 16.89% | 28.73% |
* General Sector Average
IN:MAHLOG
Mahindra Logistics Ltd.
405.45
86.31
27.05%
IN:ALLCARGO
Allcargo Logistics Limited
12.45
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8.54%
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4,977.40
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IN:DELHIVERY
Delhivery Limited
458.10
-16.90
-3.56%
IN:TCI
Transport Corporation of India Limited
869.10
-288.73
-24.94%
IN:TVSSCS
TVS Supply Chain Solutions Ltd.
130.45
-1.15
-0.87%
Mahindra Logistics Ltd. Corporate Events
Mahindra Logistics Receives Independent Grade B ESG Score from SES ESG
Jul 23, 2026
Mahindra Logistics Limited disclosed that SES ESG Research Pvt. Ltd., a SEBI-registered ESG rating provider, has independently assigned the company an adjusted ESG score of 69.7, corresponding to a Grade B. The rating, based on publicly available ...
Mahindra Logistics Publishes Q1 FY27 Earnings Call Details for Investors
Jul 21, 2026
Mahindra Logistics Ltd. operates in the logistics and supply chain industry, offering integrated transportation, warehousing, and value-added services across India. The company serves a diversified base of corporate and institutional clients and i...
Mahindra Logistics moves AGM, annual report access fully online for FY 2025-26
Jun 23, 2026
Mahindra Logistics Limited has notified stock exchanges that it has issued detailed letters to shareholders whose email addresses are not registered, providing the exact web links to its Integrated Annual Report for FY 2025-26 and the notice of it...
Mahindra Logistics Updates Markets on Investor Roadshow Engagement
Jun 9, 2026
Mahindra Logistics Ltd. informed stock exchanges that it participated in a non-deal roadshow in Mumbai hosted by Elara Capital, engaging in physical meetings with several analysts, institutional investors, and funds. During these interactions, man...
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.