MUMBAI: Mahindra Logistics Limited (MLL) reported strong financial and operational performance in Q2 FY27, with consolidated revenue rising 24% year-on-year (YoY) to ₹2,095 crore and profit after tax (PAT) increasing 3.5 times to ₹26.2 crore, reflecting improved execution, operating discipline and a sharper focus on profitable growth.
The company’s EBITDA surged 46% YoY to ₹124 crore, expanding margins by 90 basis points to 5.9%. Revenue grew 5% sequentially, while diluted earnings per share improved to ₹2.64 from a loss of ₹1.20 in Q2 FY26. Return on capital employed (ROCE) for H1 FY27 rose significantly to 12.9%, compared with 1.7% a year earlier.
Contract Logistics Leads Growth
Contract Logistics remained a key growth engine, expanding 28% YoY on higher volumes from key customers, including the Mahindra & Mahindra automotive business. Growth was supported by disciplined contract selection, operating efficiencies and cost management.
The Mobility business grew 33% YoY, driven by new B2B customer additions and margin expansion. Freight Forwarding recorded 12% sequential growth alongside improved profitability, reflecting strengthening business momentum.
Express Business Turns EBITDA-Positive
The Express business, MESPL, recorded 69% YoY and 11% sequential growth, achieving its first EBITDA-positive quarter since acquisition. Improved yields, higher volumes and a sharper focus on unit economics supported the turnaround. MESPL also achieved EBITDA positivity for H1 FY27.
Meanwhile, Last Mile Delivery generated revenue of ₹68 crore, prioritising business quality and margins. EBITDA improved to ₹1.6 crore from ₹0.4 crore in Q2 FY26.
Management Focuses on Sustainable Profitability
Commenting on the results, Mr. Hemant Sikka, Managing Director and CEO of Mahindra Logistics Ltd., said the performance reflected sharper execution, stronger operating discipline and a sustained focus on profitable growth.
He highlighted the improvement in PAT and the rise in H1 FY27 ROCE to 12.9% from 1.7% in H1 FY26, underscoring stronger capital productivity and the company’s commitment to long-term shareholder value creation.
Sikka also emphasised Contract Logistics’ continued growth, the Express business turnaround and improvements in productivity, service levels and customer outcomes across the portfolio.
Focus on the Next Phase of Growth
The Q2 FY27 results underline Mahindra Logistics’ progress in improving profitability while expanding across its integrated logistics and mobility businesses. With revenue growth complemented by margin expansion, improved capital efficiency and a key turnaround milestone in Express, the company is reinforcing its focus on operational excellence and sustainable value creation.
Mahindra Logistics serves more than 400 corporate customers across sectors including automotive, engineering, consumer goods and e-commerce, offering technology-enabled supply chain management and enterprise mobility solutions through its asset-right business model.
