MAHLOG - Mahindra Logistics Limited Share Price

Transport Services

₹304.15+0.85(+0.28%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Mahindra Logistics Limited do?

Logistics Solution Provider•Services•Small Cap

Mahindra Logistics Limited provides integrated logistics and mobility solutions in India and internationally. It operates through two segments, Supply Chain Management (SCM) and Enterprise Mobility Services (EMS). The company offers logistics solutions comprising of solutions and services, including transportation and distribution, warehousing, in-factory logistics, and value-added services, as well as provides inventory control and storage management services. It also offers contract logistics, B2B express, last mile delivery, and freight forwarding services. In addition, the company provides information technology, information technology-enabled service, business process outsourcing, financial services, consulting, and e-commerce related services to telecom and manufacturing industries. Further, it offers integrated technology services, such as application-based interactions for route planning and optimization, round-the-clock control tower operations for tracking vehicles and passengers, and electric vehicle telematics. Additionally, the company provides cab on demand, airport pickup and transfer, outstation, and upkeep services under Alyte and Meru brand. It also provides freight forwarding services for exports and imports, customs brokerage operations, project cargo services, and charters; and logistics and transportation services to original equipment manufacturers for carrying finished automobiles. The company serves domestic and multinational companies operating in various industry verticals, auto and farm, manufacturing, E-commerce, consumer goods, pharmaceuticals, telecom, and commodities. Mahindra Logistics Limited was founded in 2000 and is based in Mumbai, India. The company is a subsidiary of Mahindra & Mahindra Limited.

Industry Group:Transport Services

Employees:3,740

Website:www.mahindralogistics.com

The Good, Bad and Ugly

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Dilution Rank

Balance Sheet

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Category	MAHLOG	Transport
PE	-59.67	-570.40
PS	0.36	1.60
Growth	12.3 %	9.1 %

Shareholder Name	Holding %
Mahindra & Mahindra Limited	57.97%
Nippon Life India Trustee Ltd-A/C Nippon India Multi Cap Fund	5.45%
Kotak Infrastructure & Economic Reform Fund	3.14%
Steinberg India Emerging Opportunities Fund Limited	2.63%
Uti-Transportation And Logistics Fund	2.01%
Tata Mid Cap Growth Fund	1.72%

Income Statement for Mahindra Logistics

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	7.4%	1,327	1,236	1,157	1,183	1,160	1,136
Other Income	582%	4.41	1.5	3.96	2.03	1.77	5.9
Total Income	7.6%	1,331	1,237	1,161	1,185	1,162	1,142
Cost of Materials	-	0	0	0	0	0.02	0
Employee Expense	4.2%	76	73	71	64	76	73
Finance costs	27.3%	15	12	13	12	10	11
Depreciation and Amortization	8.7%	51	47	48	44	44	44
Other expenses	7.3%	1,174	1,094	1,014	1,055	1,012	989
Total Expenses	7.3%	1,316	1,226	1,147	1,175	1,143	1,116
Profit Before exceptional items and Tax	27.3%	15	12	14	10	19	26
Exceptional items before tax	-	0	0	0	0	0.01	0
Total profit before tax	27.3%	15	12	14	10	19	26
Current tax	-44.2%	3.75	5.93	4.07	6.43	5.72	6.6
Deferred tax	74.1%	0	-2.86	-0.55	-4.26	0.62	0.36
Total tax	32.9%	3.75	3.07	3.52	2.17	6.34	6.96
Total profit (loss) for period	45.9%	12	8.54	10	7.86	13	19
Other comp. income net of taxes	-0.9%	-0.07	-0.06	-0.07	0.84	-0.07	-0.06
Total Comprehensive Income	47.1%	12	8.48	10	8.7	12	19
Earnings Per Share, Basic	244.4%	1.62	1.18	1.42	1.09	1.74	2.59
Earnings Per Share, Diluted	238.9%	1.61	1.18	1.42	1.09	1.73	2.58
Debt equity ratio	-	02	0	-	-	-	-
Debt service coverage ratio	0.1%	0.0112	0.01	-	-	-	-
Interest service coverage ratio	-0.9%	0.0511	0.06	-	-	-	-

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	1.6%	4,530	4,459	3,631	2,959	3,261	3,666
Other Income	9.1%	13	12	9.56	16	13	7.27
Total Income	1.6%	4,543	4,471	3,641	2,975	3,274	3,673
Cost of Materials	-110.6%	0.41	6.58	9.81	0	0	0
Employee Expense	-1.4%	285	289	282	280	291	251
Finance costs	7.5%	44	41	26	17	14	0.16
Depreciation and Amortization	5.4%	178	169	130	83	66	15
Other expenses	1.7%	3,952	3,887	3,160	2,558	2,822	3,277
Total Expenses	1.5%	4,459	4,393	3,608	2,938	3,194	3,542
Profit Before exceptional items and Tax	7.8%	84	78	33	37	81	130
Exceptional items before tax	-70%	1.51	2.7	0	-4	0	0
Total profit before tax	7.6%	86	80	33	33	81	130
Current tax	50%	28	19	10	9.56	24	51
Deferred tax	-50.8%	-4.7	-2.78	-2.17	-0.91	1.36	-4.7
Total tax	53.3%	24	16	8.25	8.65	26	46
Total profit (loss) for period	-4.7%	62	65	24	24	55	84
Other comp. income net of taxes	-311.8%	0.64	1.17	-0.77	0.07	0.34	0.07
Total Comprehensive Income	-4.6%	63	66	24	24	55	85
Earnings Per Share, Basic	-4.6%	8.6	8.97	3.4	3.35	7.72	11.85
Earnings Per Share, Diluted	-4.5%	8.58	8.94	3.39	3.33	7.68	11.8

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	4.8%	1,594	1,521	1,420	1,451	1,397	1,365
Other Income	619.2%	6.25	1.73	5.67	2.88	2.26	6.58
Total Income	5.1%	1,600	1,523	1,426	1,454	1,399	1,371
Cost of Materials	-	0	0	0	0	0.02	0
Employee Expense	-3.8%	101	105	102	94	108	103
Finance costs	16.7%	22	19	19	17	16	17
Depreciation and Amortization	9.4%	59	54	55	51	51	52
Other expenses	5.1%	1,419	1,350	1,252	1,300	1,237	1,208
Total Expenses	4.8%	1,602	1,528	1,428	1,463	1,413	1,380
Profit Before exceptional items and Tax	64.5%	-1.12	-4.97	-2.5	-9.22	-13.39	-8.17
Exceptional items before tax	-	0	0	0	0	3.82	0
Total profit before tax	64.5%	-1.12	-4.97	-2.5	-9.22	-9.57	-8.17
Current tax	-42%	4.29	6.67	4.67	6.34	5.86	6.67
Deferred tax	127.1%	1.82	-2.03	0.67	-3.65	0.97	0.62
Total tax	40.4%	6.11	4.64	5.34	2.69	6.83	7.29
Total profit (loss) for period	22.1%	-7.26	-9.61	-7.84	-11.91	-17.11	-15.61
Other comp. income net of taxes	-0.9%	-0.07	-0.06	-0.07	0.83	-0.06	-0.06
Total Comprehensive Income	21.9%	-7.33	-9.67	-7.91	-11.08	-17.17	-15.67
Earnings Per Share, Basic	10%	-1.25	-1.5	-1.29	-1.78	-2.42	-2.21
Earnings Per Share, Diluted	10%	-1.25	-1.5	-1.29	-1.78	-2.42	-2.21
Debt equity ratio	0%	096	0.01	-	-	-	-
Debt service coverage ratio	-0.2%	083	0.01	-	-	-	-
Interest service coverage ratio	0.4%	0.0334	0.03	-	-	-	-

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	7.4%	5,506	5,128	4,083	3,264	3,471	3,851
Other Income	13.3%	18	16	12	17	14	7.63
Total Income	7.4%	5,524	5,144	4,095	3,281	3,485	3,859
Cost of Materials	-110.6%	0.41	6.58	9.81	0	0	0
Employee Expense	14.1%	405	355	300	296	307	264
Finance costs	31.4%	68	52	30	20	18	3.48
Depreciation and Amortization	10.1%	209	190	135	90	73	22
Other expenses	8.1%	4,872	4,507	3,576	2,833	3,006	3,436
Total Expenses	8.7%	5,554	5,110	4,049	3,239	3,404	3,726
Profit Before exceptional items and Tax	-191.8%	-30.21	35	46	42	81	133
Exceptional items before tax	-	3.82	0	0	-2.75	0	0
Total profit before tax	-180.6%	-26.39	35	46	39	81	133
Current tax	33.3%	29	22	16	12	25	51
Deferred tax	71.8%	-3.45	-14.77	-4.82	-2.08	0.74	-4.59
Total tax	308.5%	26	7.12	11	10	26	47
Total profit (loss) for period	-325.4%	-53.09	25	35	29	55	86
Other comp. income net of taxes	-173.5%	0.64	1.49	-0.68	0.06	0.32	0
Total Comprehensive Income	-313.8%	-52.45	26	34	29	55	86
Earnings Per Share, Basic	-424.5%	-7.6	3.65	5.16	4.19	7.71	12.02
Earnings Per Share, Diluted	-425.8%	-7.6	3.64	5.14	4.16	7.67	11.97

Description	Share	Value
Supply Chain Management	95.1%	1.5 kCr
Enterprise Mobility Services	4.9%	78.1 Cr
Total		1.6 kCr

Summary of Latest Earnings Report from Mahindra Logistics

Summary of Mahindra Logistics's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook:
Mahindra Logistics anticipates resilience in the logistics sector despite macroeconomic challenges, with growth driven by e-commerce, quick commerce, and premiumization trends. The Express business aims to achieve EBITDA breakeven through volume growth and operational improvements, targeting 6,000"“7,000 tons/month additional capacity. Warehousing demand remains robust, with 14% YoY volume growth and new expansions (East/West) expected to improve utilization. The 3PL segment added Rs.100 Cr in new orders (Rs.250 Cr pending execution), while mobility services secured a key contract for Noida International Airport.

Major Points:

Sector Trends: Muted consumption impacted volumes, but automotive (especially EVs), telecom infrastructure, and cooling products (ACs) showed strength.
Financials: Q3 revenue grew 14.1% YoY to Rs.1,594 Cr. Warehousing revenue rose 15% YoY to Rs.299.6 Cr. Consolidated EBITDA improved to Rs.73.7 Cr (vs. Rs.52.3 Cr YoY).
Express Business: Volume recovery expected in coming quarters; gross margins improved to -5% (from -13% YoY). Focus on reducing attrition and optimizing line-haul networks.
Expansion: Added 1.5 Mn sq. ft. warehousing capacity (75% pre-leased). Launched ProTrucking and an emissions analytics platform (eDel-EAR).
Challenges: Festive-season operational disruptions, slower customer onboarding, and pricing volatility in freight forwarding.

Strategic Focus: Scaling technology (LOGIONE suite with Gen AI), integrating subsidiaries under a unified brand, and leveraging synergies in last-mile delivery and cross-border logistics. FY25 priorities include cost optimization, volume recovery in Express, and monetizing the order pipeline.

Q&A Session

Last updated: Feb 25

Question 1:
"On the 3PL business, I just had a couple of questions given that the order book what you had mentioned of Rs. 250 crores, which is pending on Rs. 100 crores worth which you have won, these are annual worth of these contracts or is it?"

Answer:
The Rs. 250 crore pending order book and Rs. 100 crore new orders represent annual contract values. Executing these will drive growth, with Rs. 700,000"“800,000 sq. ft. of vacant warehousing space expected to be utilized by Q1 FY26.

Question 2:
"On the Express business, while you have highlighted taking new measures to improve adjusted volumes required to break even, how do you see profitability shaping up over the next 4"“6 quarters?"

Answer:
Express business gross margin improved to -5% (from -13%), driven by cost optimization. Volume growth of 6,000"“7,000 tons/month is needed for EBITDA breakeven. Operational challenges during festive season impacted Q3, but recovery is expected with new contracts, targeting breakeven in 2"“3 quarters.

Question 3:
"January has been pretty soft. How do you see breakeven timelines, given current market sluggishness?"

Answer:
January volumes remained muted due to industry-wide pricing pressure. EBITDA breakeven is expected in 2"“3 quarters, contingent on volume recovery, network utilization (~75% currently), and cost control. Attrition and operational stability are key focus areas.

Question 4:
"If Express revenue grows by Rs. 30"“40 crores, what margin improvement can be expected?"

Answer:
Current contribution margin is 26"“27%. A Rs. 30"“40 crore revenue increase could add Rs. 10"“11 crore in margin. Line-haul utilization (75%) and facility optimization may contribute another Rs. 2"“3 crore. Volume-driven operating leverage remains critical for breakeven.

Question 5:
"How will Express achieve Rs. 450 crore revenue targets amid market challenges?"

Answer:
Rationalizing unprofitable retail contracts and focusing on high-margin customers improved margins. Volume growth requires capturing 1"“2% market share (6,000"“7,000 tons/month). Network efficiency, tech upgrades, and customer retention are prioritized to align with long-term targets.

Cash Flow for Mahindra Logistics

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	7.5%	44	41	26
Change in inventories	-3050%	0.41	1.02	-1.43
Depreciation	5.4%	178	169	130
Adjustments for interest income	44.1%	4.66	3.54	2.6
Share-based payments	104.3%	2.43	1.7	3.34
Net Cashflows from Operations	17.8%	253	215	260
Income taxes paid (refund)	-95.7%	3.93	69	56
Net Cashflows From Operating Activities	71%	249	146	204
Cashflows used in obtaining control of subsidiaries	13.9%	116	102	0
Proceeds from sales of PPE	-25.7%	6.71	8.69	14
Purchase of property, plant and equipment	-12.9%	62	71	106
Interest received	-100%	1	3.5	1.11
Other inflows (outflows) of cash	31.4%	68	52	-59.74
Net Cashflows From Investing Activities	30.4%	-102.96	-148.35	-149.79
Proceeds from issuing shares	-5.3%	0	0.05	0.46
Proceeds from exercise of stock options	-5.3%	0.01	0.06	0.06
Proceeds from borrowings	-100.7%	0	150	0
Repayments of borrowings	-	68	0	0
Payments of lease liabilities	-	150	0	0
Dividends paid	30.8%	18	14	18
Interest paid	14.9%	9.41	8.32	0.25
Net Cashflows from Financing Activities	-1506.5%	-245.43	-14.34	-120.6
Net change in cash and cash eq.	-476.3%	-99.33	-16.41	-66.09

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	31.4%	68	52	30
Change in inventories	-3050%	0.41	1.02	-1.43
Depreciation	10.1%	209	190	135
Adjustments for interest income	1.6%	4.76	4.7	2.75
Share-based payments	165.7%	2.86	1.7	3.34
Net Cashflows from Operations	24.5%	240	193	262
Income taxes paid (refund)	-83.6%	13	74	63
Net Cashflows From Operating Activities	91.5%	227	119	200
Cashflows used in obtaining control of subsidiaries	-100.4%	0	269	0
Proceeds from sales of PPE	-113%	0	8.69	14
Purchase of property, plant and equipment	0%	71	71	106
Proceeds from sales of investment property	-	9.24	0	0
Interest received	-8.3%	4.41	4.72	1.26
Other inflows (outflows) of cash	-62.7%	20	52	-59.74
Net Cashflows From Investing Activities	82.8%	-52.55	-310.02	-149.77
Proceeds from issuing shares	-5.3%	0	0.05	0.5
Proceeds from exercise of stock options	-5.3%	0.01	0.06	0.02
Proceeds from borrowings	-100.3%	0	361	9.26
Repayments of borrowings	-	66	0	0
Payments of lease liabilities	-	161	0	104
Dividends paid	30.8%	18	14	18
Interest paid	93.8%	32	17	3.63
Net Cashflows from Financing Activities	-252.3%	-276.12	183	-115.58
Net change in cash and cash eq.	-1084.4%	-101.81	-7.68	-65.62

Valuation
Market Cap	2.19 kCr
Price/Earnings (Trailing)	-59.84
Price/Sales (Trailing)	0.37
EV/EBITDA	7.84
Price/Free Cashflow	18.17
MarketCap/EBT	-123.04

Fundamentals
Revenue (TTM)	6 kCr
Rev. Growth (Yr)	14.36%
Rev. Growth (Qtr)	5.1%
Earnings (TTM)	-36.62 Cr
Earnings Growth (Yr)	57.57%
Earnings Growth (Qtr)	24.45%

Profitability
Operating Margin	-0.30%
EBT Margin	-0.30%
Return on Equity	-7.86%
Return on Assets	-1.41%
Free Cashflow Yield	5.5%

Investor Care
Dividend Yield	1.4%
Dividend/Share (TTM)	5
Shares Dilution (1Y)	0.02%
Diluted EPS (TTM)	-5.82

Financial Health
Current Ratio	0.9
Debt/Equity	0.87
Debt/Cashflow	0.56

Balance Sheet for Mahindra Logistics

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-54.9%	7.32	15	32	115	106	131
Current investments	-	0	0	0	65	60	116
Loans, current	-	0	0	0	0	3	0
Total current financial assets	6.9%	1,018	952	1,000	1,044	1,143	1,051
Inventories	-	0	0	0.02	0.41	1.24	1.43
Current tax assets	-	-	94	90	119	99	74
Total current assets	-1%	1,113	1,124	1,166	1,248	1,329	1,222
Property, plant and equipment	9.2%	570	522	529	538	473	463
Capital work-in-progress	815.7%	6.01	0.3	4.41	3.25	0.69	0.43
Non-current investments	0%	332	332	246	195	158	21
Loans, non-current	0%	4.4	4.4	4.4	4.4	0	0
Total non-current financial assets	0.2%	418	417	342	278	252	105
Total non-current assets	13.5%	1,139	1,004	929	875	787	627
Total assets	5.8%	2,251	2,128	2,096	2,165	2,170	1,849
Total non-current financial liabilities	5.3%	277	263	279	299	258	267
Provisions, non-current	7.7%	15	14	15	13	15	15
Total non-current liabilities	5%	296	282	299	319	273	282
Borrowings, current	22.2%	100	82	25	150	150	0
Total current financial liabilities	9.7%	1,259	1,148	1,124	1,166	1,248	947
Provisions, current	0%	4.14	4.14	3.71	3.71	4.23	4.09
Current tax liabilities	0%	3.65	3.65	3.65	3.65	8.26	8.26
Total current liabilities	9.5%	1,282	1,171	1,144	1,196	1,290	992
Total liabilities	8.6%	1,578	1,453	1,443	1,537	1,583	1,274
Equity share capital	0%	72	72	72	72	72	72
Total equity	-0.3%	673	675	653	628	586	575
Total equity and liabilities	5.8%	2,251	2,128	2,096	2,165	2,170	1,849

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-34.8%	16	24	40	126	109	132
Current investments	3.1%	6.01	5.86	1.26	67	60	116
Loans, current	-	0	0	0	0	0	0
Total current financial assets	2.5%	1,274	1,243	1,205	1,294	1,329	1,131
Inventories	-	0	0	0.02	0.41	1.24	1.43
Current tax assets	-	-	108	100	124	103	76
Total current assets	-3.9%	1,392	1,448	1,406	1,530	1,539	1,308
Property, plant and equipment	15.2%	636	552	564	584	491	471
Capital work-in-progress	-63.7%	6.45	16	4.41	3.25	0.69	0.43
Goodwill	0%	59	59	4.33	4.33	4.33	4.33
Non-current investments	-	0	0	32	33	34	0
Total non-current financial assets	8.1%	94	87	130	119	131	84
Total non-current assets	17%	1,204	1,029	1,012	1,023	706	623
Total assets	4.8%	2,596	2,477	2,418	2,553	2,245	1,931
Borrowings, non-current	11.2%	249	224	224	224	0	0
Total non-current financial liabilities	10.1%	546	496	517	532	259	267
Provisions, non-current	3%	35	34	34	33	33	16
Total non-current liabilities	9.8%	581	529	550	565	291	284
Borrowings, current	34.2%	154	115	66	178	180	38
Total current financial liabilities	7.6%	1,511	1,404	1,315	1,384	1,347	1,009
Provisions, current	4.6%	9.15	8.79	8.67	6.88	6.54	6.34
Current tax liabilities	0%	3.65	3.65	3.8	3.65	8.26	8.26
Total current liabilities	7.3%	1,549	1,444	1,348	1,428	1,396	1,057
Total liabilities	8%	2,130	1,973	1,899	1,993	1,688	1,340
Equity share capital	0%	72	72	72	72	72	72
Non controlling interest	18.2%	14	12	-0.96	-1.37	-0.88	0.28
Total equity	-7.6%	466	504	519	560	558	591
Total equity and liabilities	4.8%	2,596	2,477	2,418	2,553	2,245	1,931

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
DELHIVERY	DelhiveryLogistics Solution Provider	22.61 kCr	9.26 kCr	+19.31%	-33.50%	1072.3	2.44	+11.16%	+106.21%
BLUEDART	Blue Dart ExpressLogistics Solution Provider	15.4 kCr	5.67 kCr	+5.77%	+2.72%	55.99	2.72	+8.76%	-6.02%
VRLLOG	VRL LogisticsLogistics Solution Provider	4.17 kCr	3.15 kCr	+0.66%	-16.09%	31.99	1.32	+10.80%	-50.01%
ALLCARGO	Allcargo LogisticsLogistics Solution Provider	2.93 kCr	15.67 kCr	+4.27%	-59.73%	73.52	0.19	+18.14%	-80.50%
TCIEXP	TCI ExpressLogistics Solution Provider	2.67 kCr	1.23 kCr	+13.36%	-33.13%	26.58	2.17	-3.35%	-27.60%

MAHLOG - Mahindra Logistics Limited Share Price

What does Mahindra Logistics Limited do?

Sector Comparison: MAHLOG vs Transport Services

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Income Statement for Mahindra Logistics

Revenue Breakdown

Summary of Latest Earnings Report from Mahindra Logistics

Cash Flow for Mahindra Logistics

Valuation

Fundamentals

Profitability

Investor Care

Financial Health

Balance Sheet for Mahindra Logistics

Is Mahindra Logistics Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)