MAHLOG
Mahindra Logistics Limited
Mahindra Logistics Limited (MAHLOG) financial statements and selected valuation metrics through 30 June 2026.
Services›Services›Transport Services›Logistics Solution Provider
mahindralogistics.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-19
Stock price
₹397.50
Market cap
3,942 Cr
Stock P/E
102.5
P/B
3.35
Dividend yield
0.5%
ROE (FY26)
0.2%
ROCE (FY26)
8.7%
Operating margin (FY26)
1.4%
Debt / equity (FY26)
0.04
OCF / EBITDA (FY26)
67.4%
OCF / EBITDA (3Y)
92.6%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
Mahindra Logistics (MLL) is the Mahindra Group's third-party logistics company, running warehousing and contract logistics, freight forwarding, business-to-business express, last-mile delivery and enterprise mobility for Mahindra & Mahindra and for outside customers across India.
Company snapshot
8thBy market cap
Ranked among 34 companies in Logistics Solution Provider.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 95.2% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Enterprise Mobility Services | 4.9% | 78 Cr | 0.76 Cr | 106 Cr |
| Supply Chain Management | 95.2% | 1,517 Cr | -2 Cr | 2,537 Cr |
What we see
Positives
- ✓93% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
- ✗Net margin is very thin at 0.2% — little room for error if costs rise.
3 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,365 Cr | 1,397 Cr | 1,451 Cr | 1,420 Cr | 1,521 Cr | 1,594 Cr | 1,570 Cr | 1,625 Cr | 1,685 Cr | 1,898 Cr | 1,791 Cr | 2,003 Cr |
| Operating expenses (approx.) | 1,311 Cr | 1,345 Cr | 1,394 Cr | 1,354 Cr | 1,455 Cr | 1,521 Cr | 1,492 Cr | 1,548 Cr | 1,600 Cr | 1,795 Cr | 1,679 Cr | 1,887 Cr |
| EBITDA | 54 Cr | 52 Cr | 57 Cr | 66 Cr | 66 Cr | 74 Cr | 78 Cr | 76 Cr | 85 Cr | 103 Cr | 112 Cr | 115 Cr |
| OPM % | 3.9% | 3.7% | 3.9% | 4.7% | 4.4% | 4.6% | 5.0% | 4.7% | 5.0% | 5.4% | 6.3% | 5.8% |
| Other income | 7 Cr | 2 Cr | 3 Cr | 6 Cr | 2 Cr | 6 Cr | 2 Cr | 5 Cr | 3 Cr | 5 Cr | 4 Cr | 10 Cr |
| Interest | 17 Cr | 16 Cr | 17 Cr | 19 Cr | 19 Cr | 22 Cr | 21 Cr | 23 Cr | 22 Cr | 17 Cr | 14 Cr | 14 Cr |
| Depreciation | 52 Cr | 51 Cr | 51 Cr | 55 Cr | 54 Cr | 59 Cr | 58 Cr | 65 Cr | 72 Cr | 72 Cr | 70 Cr | 72 Cr |
| Profit before tax | -8 Cr | -10 Cr | -9 Cr | -2 Cr | -5 Cr | -1 Cr | 0.95 Cr | -6 Cr | -5 Cr | 12 Cr | 32 Cr | 39 Cr |
| Tax % | -87.6% | -66.4% | -29.2% | -213.6% | -93.4% | -531.3% | 656.8% | -62.2% | -54.5% | 51.7% | 30.0% | 28.8% |
| Net profit | -16 Cr | -17 Cr | -12 Cr | -8 Cr | -10 Cr | -7 Cr | -5 Cr | -9 Cr | -8 Cr | 6 Cr | 22 Cr | 28 Cr |
| EPS (₹) | ₹-2.21 | ₹-2.42 | ₹-1.78 | ₹-1.29 | ₹-1.50 | ₹-1.25 | ₹-0.93 | ₹-1.50 | ₹-1.20 | ₹0.33 | ₹2.04 | ₹2.56 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,667 Cr | 3,416 Cr | 3,851 Cr | 3,471 Cr | 3,264 Cr | 4,083 Cr | 5,128 Cr | 5,506 Cr | 6,105 Cr | 6,999 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 2,590 Cr | 3,296 Cr | 3,700 Cr | 3,313 Cr | 3,130 Cr | 3,885 Cr | 4,869 Cr | 5,277 Cr | 5,821 Cr | 6,623 Cr | Sign in free for the trailing twelve months |
| EBITDA | 76 Cr | 120 Cr | 151 Cr | 158 Cr | 134 Cr | 198 Cr | 260 Cr | 229 Cr | 284 Cr | 376 Cr | Sign in free for the trailing twelve months |
| OPM % | 2.9% | 3.5% | 3.9% | 4.6% | 4.1% | 4.8% | 5.1% | 4.2% | 4.7% | 5.4% | Sign in free for the trailing twelve months |
| Other income | 10 Cr | 6 Cr | 8 Cr | 14 Cr | 17 Cr | 12 Cr | 16 Cr | 18 Cr | 16 Cr | 17 Cr | Sign in free for the trailing twelve months |
| Interest | 3 Cr | 4 Cr | 3 Cr | 18 Cr | 20 Cr | 30 Cr | 52 Cr | 68 Cr | 81 Cr | 75 Cr | Sign in free for the trailing twelve months |
| Depreciation | 15 Cr | 20 Cr | 22 Cr | 73 Cr | 90 Cr | 135 Cr | 190 Cr | 209 Cr | 226 Cr | 278 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 68 Cr | 102 Cr | 133 Cr | 81 Cr | 39 Cr | 46 Cr | 32 Cr | -27 Cr | -8 Cr | 33 Cr | Sign in free for the trailing twelve months |
| Tax % | 32.0% | 36.1% | 35.1% | 31.9% | 25.8% | 24.5% | 22.4% | -93.7% | -291.1% | 68.1% | Sign in free for the trailing twelve months |
| Net profit | 46 Cr | 65 Cr | 86 Cr | 55 Cr | 29 Cr | 35 Cr | 25 Cr | -53 Cr | -30 Cr | 11 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹6.71 | ₹9.13 | ₹12.02 | ₹7.71 | ₹4.19 | ₹5.16 | ₹3.65 | ₹-7.60 | ₹-4.97 | ₹0.25 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 37.3% | 51.9% | 58.4% | — | — | 170.6% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 68 Cr | 71 Cr | 71 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 72 Cr | 99 Cr |
| Reserves | 280 Cr | 348 Cr | 427 Cr | 473 Cr | 496 Cr | 519 Cr | 490 Cr | 420 Cr | 366 Cr | 1,076 Cr |
| Borrowings | 28 Cr | 26 Cr | 29 Cr | 29 Cr | 26 Cr | 38 Cr | 401 Cr | 339 Cr | 424 Cr | 44 Cr |
| Other liabilities | 436 Cr | 533 Cr | 673 Cr | 842 Cr | 1,081 Cr | 1,303 Cr | 1,591 Cr | 1,634 Cr | 1,702 Cr | 1,865 Cr |
| Total liabilities | 817 Cr | 986 Cr | 1,205 Cr | 1,422 Cr | 1,679 Cr | 1,931 Cr | 2,553 Cr | 2,477 Cr | 2,580 Cr | 3,108 Cr |
| Fixed assets (net) | 56 Cr | 60 Cr | 66 Cr | 226 Cr | 339 Cr | 471 Cr | 584 Cr | 552 Cr | 662 Cr | 889 Cr |
| CWIP | 0.69 Cr | 0.55 Cr | 3 Cr | 15 Cr | 2 Cr | 0.43 Cr | 3 Cr | 16 Cr | 46 Cr | 24 Cr |
| Investments | 58 Cr | 50 Cr | 81 Cr | 3 Cr | 55 Cr | 116 Cr | 100 Cr | 6 Cr | 23 Cr | 125 Cr |
| Loans & advances | — | — | 15 Cr | 15 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 0 Cr | 2 Cr |
| Inventories | — | — | 0 Cr | 0 Cr | 0 Cr | 1 Cr | 0.41 Cr | 0 Cr | 0 Cr | 0 Cr |
| Trade receivables | 412 Cr | 520 Cr | 632 Cr | 522 Cr | 486 Cr | 479 Cr | 652 Cr | 702 Cr | 625 Cr | 690 Cr |
| Cash & bank | 50 Cr | 66 Cr | 55 Cr | 100 Cr | 198 Cr | 132 Cr | 126 Cr | 24 Cr | 65 Cr | 107 Cr |
| Other assets | 240 Cr | 289 Cr | 354 Cr | 541 Cr | 599 Cr | 731 Cr | 1,087 Cr | 1,177 Cr | 1,159 Cr | 1,271 Cr |
| Total assets | 817 Cr | 986 Cr | 1,205 Cr | 1,422 Cr | 1,679 Cr | 1,931 Cr | 2,553 Cr | 2,477 Cr | 2,580 Cr | 3,108 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | -34 Cr | 12 Cr | 95 Cr | 85 Cr | 294 Cr | 200 Cr | 119 Cr | 227 Cr | 343 Cr | 254 Cr |
| Cash from investing | -3 Cr | 0.06 Cr | -95 Cr | 36 Cr | -108 Cr | -150 Cr | -310 Cr | -53 Cr | -155 Cr | -316 Cr |
| Cash from financing | 4 Cr | 4 Cr | -11 Cr | -76 Cr | -87 Cr | -116 Cr | 183 Cr | -276 Cr | -148 Cr | 105 Cr |
| Net cash flow | -33 Cr | 16 Cr | -11 Cr | 45 Cr | 98 Cr | -66 Cr | -8 Cr | -102 Cr | 41 Cr | 42 Cr |
| Free cash flow (OCF − Capex) | -57 Cr | -26 Cr | 60 Cr | 23 Cr | 223 Cr | 94 Cr | 48 Cr | 156 Cr | 162 Cr | 115 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 18.7% | 23.4% | 25.7% | 17.0% | 9.9% | 12.0% | 8.7% | 4.8% | 8.4% | 8.7% |
| ROE % | 12.9% | 15.3% | 17.0% | 10.0% | 5.3% | 6.3% | 4.7% | -10.9% | -7.9% | 0.2% |
| Debtor days | 56 | 55 | 60 | 55 | 54 | 43 | 46 | 47 | 37 | 36 |
| Inventory days | — | — | 0 | 0 | 0 | 53 | 23 | 0 | 0 | 0 |
| Days payable | 55 | 52 | 57 | 65 | 85 | 31865 | 57977 | 989230 | 66 | 58 |
| Cash conversion cycle | 2 | 4 | 3 | -10 | -31 | -31770 | -57908 | -989184 | -28 | -22 |
| OCF / EBITDA % | n.m. | 10.0% | 62.8% | 53.9% | 218.8% | 101.0% | 46.0% | 99.0% | 120.8% | 67.4% |
| OCF / EBITDA % (3 years) | — | — | 20.9% | 44.8% | 106.8% | 118.1% | 103.6% | 79.5% | 89.2% | 92.6% |
| Debt / equity | 0.08 | 0.06 | 0.06 | 0.05 | 0.05 | 0.06 | 0.72 | 0.69 | 0.97 | 0.04 |
| Current ratio | 1.55 | 1.49 | 1.57 | 1.46 | 1.34 | 1.24 | 1.07 | 1.00 | 1.02 | 1.16 |
| Net debt / EBITDA | -0.29 | — | -0.17 | -0.44 | -1.28 | -0.48 | 1.06 | 1.37 | 1.26 | -0.17 |