Mahindra Logistics swings to ₹25 cr profit, revenue up 23%
Q1 FY27 net profit of ₹25.4 crore versus a loss of ₹10.8 crore a year ago. Contract logistics grew 26%, express 58%, but last-mile delivery contracted 16% as the company pruned unprofitable customers.
— 2 earlier stories on Mahindra Logistics Ltd. →What's new
- Revenue rose 23% YoY to ₹2,003 cr, net profit ₹25.4 cr vs loss of ₹10.8 cr
- Contract logistics +26%, express +58%, mobility +38%; last-mile -16%
- EBITDA improved 51% to ₹115 cr; warehouse space added 1.52 msf to 21.9 msf
Why this matters
The profit swing confirms the transformation strategy is paying off. But the headline numbers were already known from the board meeting disclosure. What's new is the detail: the company is consciously shedding last-mile business to focus on margins, while scaling e-commerce and quick-commerce. The test is whether this growth is sustainable without last-mile volume.
What we're watching
- How quickly the express and contract logistics segments can maintain this pace
- Whether last-mile revenue stabilizes or continues to shrink
- Warehouse utilization rates as capacity expands to 21.9 msf
The full read
Mahindra Logistics swung to a ₹25.4 crore net profit in Q1 FY27 from a ₹10.8 crore loss a year ago, as revenue climbed 23% to ₹2,003 crore. The swing was powered by broad-based growth: contract logistics +26%, express +58%, and mobility +38%. The outlier is last-mile delivery, which contracted 16% — a deliberate shift toward profitable customers, per management. EBITDA jumped 51% to ₹115 crore, helped by operating efficiencies and cost discipline. Warehouse space under management grew 1.52 msf sequentially to 21.9 msf. The headline numbers were already out, so the stock is unlikely to move much. What this filing adds is colour on segment dynamics and management's confidence that the transformation is now a growth story. The open question is whether the last-mile pruning hurts scale over time. For now, execution looks steady.
Questions answered
- What drove the swing from loss to profit?
- Revenue growth of 23% to ₹2,003 crore, combined with operating efficiencies and cost discipline, lifted EBITDA 51% to ₹115 crore, pushing net profit to ₹25.4 crore from a loss of ₹10.8 crore a year earlier.
- Why did last-mile delivery revenue fall 16%?
- The company deliberately shifted focus toward profitable customers, pruning low-margin last-mile business. This is part of a broader strategy to improve overall margin quality, even at the cost of volume.
- How are the other segments performing?
- Contract logistics grew 26%, express expanded 58% (driven by e-commerce and quick-commerce), and mobility rose 38%. All three outpaced overall revenue growth, indicating strong demand in core B2B and B2C logistics.
- What did management say about the outlook?
- MD and CEO Hemant Sikka said the results reflect a transformation journey evolving into a growth journey, citing new customer wins in contract logistics and scaling of e-commerce and quick-commerce operations.
- How much warehouse capacity was added?
- Warehouse space under management increased by 1.52 million square feet sequentially to reach 21.9 million square feet, supporting the contract logistics expansion.
Mahindra Logistics Ltd.
Latest quarter · Jun 2026
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All notes on MAHLOG →- 20 Jul 2026 · 1:53 PM IST Mahindra Logistics swings to ₹25 cr profit, revenue up 23%
- today Mahindra Logistics swings to profit, guides for B2B express breakeven
- 1d ago Mahindra Logistics swings to ₹25 cr profit as revenue climbs 23%