Mahindra Logistics earnings calls.

Mahindra Logistics delivered a strong Q1 FY27 with PAT turning positive at Rs 25.4 Cr from a loss of Rs 10.8 Cr in Q1 FY26, a swing of Rs 36.2 Cr. Consolidated EBITDA grew 51% YoY to Rs 115Current 115 crore vs previous available quarter 102.8 crore. Cr with margin expansion of 390 bps. Contract logistics (94% of revenue) grew 26%Current 6% vs previous available quarter 5%. YoY with EBITDA up 31% and margin expanding from 6.6% to 6.9%Current 9%. Reported change: +400bps YoY., though gross margin faced 46 bps headwind from new site startup costs, manpower shortages, and minimum wage revisions. B2B Express (ME SPL / VIGO) showed exceptional turnaround with 58% revenue growth and gross margin turning positive at 6Current 6 crore vs previous available quarter 5 crore.% versus negative 3.8% YoY, reducing EBITDA loss to Rs 1.6 Cr from Rs 11.8 Cr. Last mile delivery revenue declined 16% (strategic choice) but gross margin expanded 400 bps to 9%. Freight forwarding faced geopolitical/margin headwinds with 39% revenue decline. Management targets EBITDA break-even for Express this fiscal year and expects 150-200 bps margin expansion over medium term. M&M wallet share stands at ~60%, up from sub-50% three years ago, with new marquee wins in manufacturing and telecom verticals exceeding stretch targets.