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Mahindra Logistics Overview

1. Business Overview

Mahindra Logistics Ltd. (MAHLOG) is an integrated logistics and supply chain solutions provider in India. The company offers a wide range of services including contract logistics, freight forwarding, warehousing, distribution, and value-added services. Its core business model revolves around managing end-to-end supply chain operations for clients across various sectors. MAHLOG makes money by charging fees for these services, which include managing transportation fleets, warehousing space, labor, and technology solutions to optimize logistics processes for its customers.

2. Key Segments / Revenue Mix

MAHLOG primarily operates through two main segments:

Supply Chain Management (SCM): This is the dominant segment, comprising integrated logistics and customized supply chain solutions, including warehousing, transportation, and value-added services for various industries.

Enterprise Mobility Services (EMS): This segment (formerly People Transport Solutions - PTS) provides integrated employee transportation solutions to large corporations.

The SCM segment typically contributes the vast majority of the company's revenue, with EMS being a smaller, albeit growing, contributor.

3. Industry & Positioning

The Indian logistics industry is large, fragmented, and undergoing a significant shift towards formalization and organized 3PL (third-party logistics) players. Factors like the Goods and Services Tax (GST) have propelled the demand for integrated and efficient logistics. MAHLOG is positioned as one of the prominent organized 3PL players in India, offering comprehensive, technology-enabled solutions. It competes with other large organized players as well as numerous regional and unorganized logistics providers. Its association with the Mahindra Group provides strong brand credibility and access to a diverse client base.

4. Competitive Advantage (Moat)

Extensive Network & Scale: A pan-India network of warehouses, transportation assets, and vendor partners enables broad service delivery.

Integrated Solutions Capability: Ability to offer end-to-end supply chain services, making it a one-stop solution provider for clients and creating stickiness.

Long-Standing Client Relationships: Deep integration into clients' operations and long-term contracts contribute to recurring revenue and high switching costs.

Brand & Trust: Association with the Mahindra Group lends credibility, trust, and a reputation for professionalism in a fragmented market.

Technology Adoption: Investments in logistics technology (e.g., IoT, AI, data analytics for route optimization, warehouse management) enhance efficiency and service quality.

5. Growth Drivers

Economic Growth in India: Overall growth in manufacturing, consumption, and e-commerce drives increased demand for logistics services.

Outsourcing Trend: Companies increasingly outsource logistics to specialized 3PL providers to focus on core competencies and achieve cost efficiencies.

Infrastructure Development: Government's focus on improving multi-modal transport infrastructure (roads, railways, ports) enhances logistics efficiency and reach.

E-commerce & Organized Retail: The rapid expansion of e-commerce and modern retail necessitates sophisticated warehousing, last-mile delivery, and reverse logistics.

"Make in India" Initiative: Boosts domestic manufacturing, which in turn fuels demand for logistics and supply chain services.

GST Impact: Continued formalization and consolidation benefits organized players with pan-India capabilities like MAHLOG.

6. Risks

Economic Slowdown: A downturn in economic activity or specific industries (e.g., automotive) can significantly impact demand for logistics services.

Intense Competition: The Indian logistics market is highly competitive, leading to pricing pressures and potential margin erosion.

Fuel Price Volatility: Fuel is a major operating cost, and its significant fluctuations can impact profitability.

Regulatory Changes: Changes in transportation policies, labor laws, or taxation could affect operations and costs.

Technology Disruption: Failure to adapt to or invest in new logistics technologies could lead to competitive disadvantage.

Client Concentration: While diversifying, initial reliance on Mahindra Group companies could pose a risk if not adequately balanced.

Labor & Vendor Management: Challenges in managing a large workforce, driver availability, and an extensive network of vendor partners.

7. Management & Ownership

Mahindra Logistics Ltd. is promoted by Mahindra & Mahindra Ltd., a part of the diversified Mahindra Group. The company benefits from the group's strong governance practices, professional management culture, and strategic oversight. The promoter group holds a significant stake, ensuring long-term strategic alignment and stability. Management typically comprises experienced professionals from the logistics and supply chain industry.

8. Outlook

Mahindra Logistics is well-positioned to capitalize on India's burgeoning logistics sector, driven by economic growth, infrastructure development, and the ongoing formalization of the industry. Its established network, integrated solutions, and strong parentage provide a solid foundation. However, the company operates in a highly competitive and fragmented market, susceptible to macroeconomic fluctuations and fuel price volatility. Future success will hinge on its ability to continually innovate, leverage technology for efficiency, diversify its client base, and effectively manage costs while scaling operations.

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Mahindra Logistics Key Financials

Market Cap ₹3575 Cr.

Stock P/E -119.2

P/B 3

Current Price ₹360.4

Book Value ₹ 118.4

Face Value 10

52W High ₹450.9

Dividend Yield 0%

52W Low ₹ 278

Mahindra Logistics Share Price

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Volume
Price

Mahindra Logistics Quarterly Price

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Mahindra Logistics Peer Comparison

Mahindra Logistics Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 1397 1451 1420 1521 1594 1570 1625 1685 1898 1791
Other Income 2 3 6 2 6 2 5 3 5 4
Total Income 1399 1454 1426 1523 1600 1572 1630 1688 1903 1795
Total Expenditure 1345 1394 1354 1455 1521 1492 1548 1600 1795 1679
Operating Profit 54 59 72 68 80 80 81 88 108 116
Interest 16 17 19 19 22 21 23 22 17 14
Depreciation 51 51 55 54 59 58 65 72 72 70
Exceptional Income / Expenses 4 0 0 0 0 0 0 0 -7 0
Profit Before Tax -10 -9 -3 -5 -1 1 -6 -5 12 32
Provision for Tax 7 3 5 5 6 6 4 3 6 10
Profit After Tax -16 -12 -8 -10 -7 -5 -9 -8 6 22
Adjustments -1 -1 -1 -1 -2 -1 -1 -2 -3 -2
Profit After Adjustments -17 -13 -9 -11 -9 -7 -11 -10 3 20
Adjusted Earnings Per Share -2.2 -1.6 -1.2 -1.4 -1.1 -0.9 -1.4 -1 0.3 2

Mahindra Logistics Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1964 2084 2667 3416 3851 3471 3264 4141 5128 5506 6105 6999
Other Income 8 13 10 8 8 14 17 15 22 22 20 17
Total Income 1973 2097 2676 3424 3859 3485 3281 4155 5150 5528 6125 7016
Total Expenditure 1906 2032 2590 3298 3700 3313 3130 3957 4875 5281 5825 6622
Operating Profit 66 65 86 126 159 172 152 198 276 247 300 393
Interest 0 1 3 4 3 18 20 30 52 68 81 76
Depreciation 6 8 15 20 22 73 90 142 190 209 226 279
Exceptional Income / Expenses 0 0 0 0 0 0 -3 0 0 4 0 -7
Profit Before Tax 60 55 68 102 133 81 39 26 35 -27 -8 33
Provision for Tax 21 19 22 37 47 26 10 11 7 26 22 23
Profit After Tax 39 36 46 65 87 55 29 15 27 -53 -30 11
Adjustments 1 1 -0 -1 -1 -0 1 3 -1 -2 -6 -8
Profit After Adjustments 40 36 46 64 86 55 30 18 26 -55 -36 2
Adjusted Earnings Per Share 6.1 5.6 6.1 8.2 10.9 7 3.8 2.2 3.3 -6.9 -4.5 -0.1

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 11% 14% 12% 12%
Operating Profit CAGR 21% 15% 12% 16%
PAT CAGR 0% NAN% NAN% NAN%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 19% 4% -7% NA%
ROE Average -7% -4% -1% 8%
ROCE Average 9% 8% 9% 16%

Mahindra Logistics Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 265 302 348 420 498 545 568 546 562 492 438
Minority's Interest 4 3 5 7 6 5 3 0 -1 12 16
Borrowings 0 20 20 18 9 2 1 1 224 224 410
Other Non-Current Liabilities 4 5 -0 1 -2 115 173 272 299 260 298
Total Current Liabilities 242 256 431 527 676 734 920 1130 1428 1444 1372
Total Liabilities 516 586 804 972 1186 1402 1665 1949 2511 2432 2535
Fixed Assets 26 50 62 66 71 231 361 501 830 836 930
Other Non-Current Assets 8 13 72 122 131 184 100 196 299 255 207
Total Current Assets 482 523 668 782 982 985 1204 1252 1382 1340 1398
Total Assets 516 586 804 972 1186 1402 1665 1949 2511 2432 2535

Mahindra Logistics Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 87 102 84 50 66 55 100 200 134 126 24
Cash Flow from Operating Activities 27 -48 -34 12 95 85 294 191 119 227 343
Cash Flow from Investing Activities -115 19 -3 0 -95 36 -108 -140 -310 -54 -155
Cash Flow from Financing Activities 103 18 4 4 -11 -76 -87 -117 183 -276 -148
Net Cash Inflow / Outflow 15 -10 -33 16 -11 45 98 -66 -8 -104 41
Closing Cash & Cash Equivalent 102 92 50 66 55 100 198 134 126 24 65

Mahindra Logistics Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 6.1 5.56 6.12 8.21 10.94 7.03 3.82 2.23 3.33 -6.94 -4.54
CEPS(Rs) 6.9 6.76 8.15 10.91 13.87 16.44 15.13 19.91 27.51 19.75 24.84
DPS(Rs) 0 0 0 1.36 1.64 1.36 2.27 1.82 2.27 2.27 2.27
Book NAV/Share(Rs) 34.25 39.81 46.67 53.84 63.65 67.62 70.55 68.11 70.35 61.53 55.24
Core EBITDA Margin(%) 2.97 2.47 2.86 3.45 3.93 4.56 4.11 4.43 4.86 4 4.48
EBIT Margin(%) 3.08 2.71 2.67 3.1 3.56 2.85 1.82 1.36 1.65 0.72 1.18
Pre Tax Margin(%) 3.07 2.65 2.54 2.99 3.46 2.34 1.2 0.64 0.66 -0.49 -0.12
PAT Margin (%) 2 1.72 1.73 1.91 2.25 1.6 0.89 0.36 0.53 -0.94 -0.48
Cash Profit Margin (%) 2.3 2.12 2.28 2.49 2.82 3.71 3.64 3.79 4.16 2.77 3.15
ROA(%) 7.61 6.51 6.64 7.35 8.03 4.28 1.9 0.83 1.23 -2.15 -1.21
ROE(%) 17.47 14.78 15.15 17.01 18.88 10.79 5.31 2.76 5.03 -10.21 -6.51
ROCE(%) 22.44 18.86 20.03 25.32 27.66 17.7 10.07 9.48 11.11 4.54 8.69
Receivable days 37.25 39.06 45 49.8 49.2 55.41 57.1 42.95 39.91 43.93 38.85
Inventory Days 0.51 0.5 0 0 0 0 0 0.13 0.06 0 0
Payable days 2415.55 4093.3 0 0 0 0 0 0 0 0 0
PER(x) 0 0 0 53.87 43.63 29.3 138.45 207.32 96.92 0 0
Price/Book(x) 0 0 0 8.22 7.5 3.05 7.5 6.79 4.59 6.07 4.32
Dividend Yield(%) 0 0 0 0.31 0.34 0.66 0.43 0.39 0.71 0.61 0.96
EV/Net Sales(x) 0 0.02 0.02 1 0.96 0.45 1.22 0.86 0.55 0.58 0.37
EV/Core EBITDA(x) 0.04 0.57 0.61 27.2 23.32 9.01 26.27 17.93 10.24 13.02 7.45
Net Sales Growth(%) 0 6.08 27.96 28.11 12.74 -9.87 -5.98 26.87 23.85 7.36 10.88
EBIT Growth(%) 0 -6.52 26.21 48.48 29.32 -27.83 -40 -5.33 53.41 -52.68 80.47
PAT Growth(%) 0 -8.55 28.53 41.58 32.76 -36.01 -47.38 -48.39 82.07 -293.62 43.49
EPS Growth(%) 0 -8.8 10.12 34.12 33.21 -35.72 -45.67 -41.63 49.43 -308.12 34.59
Debt/Equity(x) 0.02 0.09 0.1 0.08 0.08 0.07 0.05 0.08 0.72 0.7 0.97
Current Ratio(x) 1.99 2.05 1.55 1.49 1.45 1.34 1.31 1.11 0.97 0.93 1.02
Quick Ratio(x) 1.98 2.03 1.55 1.49 1.45 1.34 1.31 1.11 0.97 0.93 1.02
Interest Cover(x) 266.16 47.88 20.43 28.08 39.34 5.61 2.95 1.88 1.67 0.6 0.91
Total Debt/Mcap(x) 0 0 0 0.01 0.01 0.02 0.01 0.01 0.16 0.11 0.23

Mahindra Logistics Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 58.04 58.04 58.03 58.03 58.03 57.97 57.97 59.6 59.6 59.58
FII 5.93 5.77 5.51 4.94 5.01 5.21 4.8 3.86 4.4 4.82
DII 15.71 17.37 17.51 18.21 15.92 13.86 13.86 13.65 12.33 13.86
Public 20.32 18.82 18.95 18.81 21.03 22.96 23.37 22.89 23.67 21.74
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Mahindra Logistics News

Mahindra Logistics Pros & Cons

Pros

Cons

  • Company has a low return on equity of -4% over the last 3 years.
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