Q3 2026 Mahindra Logistics Ltd Earnings Call Transcript
Key Points
- Mahindra Logistics Ltd (NSE:MAHLOG) turned profitable after 11 consecutive quarters of losses, indicating a successful turnaround.
- The company reported a 19% year-on-year increase in Q3 revenue, driven by strong volume growth in the auto and farm business.
- Gross margins expanded by 76 basis points to 10% in Q3, reflecting improved pricing discipline and cost management.
- The Freight Forwarding business saw a 33% year-on-year revenue growth, supported by improved trade flows and a diversified customer base.
- The Mobility business experienced a 38% year-on-year revenue growth, with a focus on improving asset utilization and launching a premium B2B offering.
- The Last Mile Delivery business faced revenue and gross margin declines due to pricing pressures and strategic decisions to exit certain sites.
- Despite high volume growth in the Express business, the EBITDA has not moved significantly, indicating ongoing challenges in achieving profitability.
- The company continues to face pricing pressures in the Last Mile Delivery segment, impacting profitability.
- Mahindra Logistics Ltd (NSE:MAHLOG) has not yet achieved EBITDA breakeven in the Express business, although it is reportedly close.
- The company is still halfway through its price correction efforts across its customer base, indicating ongoing challenges in aligning pricing with service value.
Ladies and gentlemen, good day, and welcome to the Mahindra Logistics Limited Q3 and 9 Months FY '26 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Mandar Chavan, SGA. Thank you, and over to you, sir.
Thank you, Udah. Good afternoon, everyone, and thank you for joining us for Mahindra Logistics Limited Q3 and 9 months earnings conference call. We are pleased to have with us today Mr. Hemant Sikka, our Managing Director and CEO; Ms. Isha Dalal, CFO, along with the members of the senior management team.
I hope everyone had a chance to view our financial results and investor presentation, which were recently posted on the company's website and stock exchanges. We will begin the call with the opening remarks from management, followed by an open forum for question and answer. Before we begin, I would like to point out that some of the statements made during today's call may be forward-looking. A
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