Q2 2026 Mahindra Logistics Ltd Earnings Call Transcript
Key Points
- Mahindra Logistics Ltd (NSE:MAHLOG) achieved a 20% reduction in warehousing white space in the last quarter, with a target to reduce it by 95% by September 2026.
- The express logistics business became gross margin positive for the first time since acquisition, indicating improved operational discipline and cost efficiency.
- The company reported an 11% year-on-year increase in revenue for Q2 FY '26, driven by e-commerce and the M&M auto and farm business.
- Mahindra Logistics Ltd (NSE:MAHLOG) successfully completed a rights issue of INR749 crores, significantly reducing consolidated debt from INR601 crores to INR73 crores.
- The company operationalized eight new projects across manufacturing and e-commerce, reflecting strong execution capabilities and robust customer partnerships.
- The company reported a PAT loss of INR10.4 crores for the quarter, with a one-time charge of INR4.8 crores due to a 3PL customer's bankruptcy filing.
- Despite improvements, the express logistics business continues to make a PAT loss, with a loss of INR20 crores in Q2 FY '26.
- Customer-driven pricing pressure remains a concern in the last mile delivery segment, affecting margins.
- The company faces global challenges such as tariffs and geopolitical issues, impacting the freight forwarding business.
- There is an increase in lease expenses due to the addition of new facilities, impacting overall costs despite efforts to reduce white space.
Ladies and gentlemen, good day and welcome to Mahindra Logistics Limited, Q2 FY '26 earnings conference call. (Operator Instructions) I now hand over the conference over to Mr. Mandar Chavan, from Strategic Growth Advisors. Thank you and over to you.
Thank you. Good afternoon, everyone, and thank you for joining us for Mahindra Logistics Limited Q2 FY '26 earning conference call. We are pleased to have with us today, Mr. Hemant Sikka, our Managing Director and CEO; Ms. Isha Dalal, CFO, along with member of the senior management team.
At the outset, I would like to extend a warm welcome to Ms. Isha Dalal, as she joined us for her maiden earnings call in the capacity of Chief Financial Officer of Mahindra Logistics. Ms. Isha has over 15 years of diverse experience, spanning media, investment banking, private equity, and corporate finance. She previously served as a Senior VP and Head, Group FPNA at the Mahindra Group, where she was a part of the group's finance leadership.
Prior to
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