Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Mahindra Logistics reported a strong Q4 FY26 with consolidated revenue of ₹1,791 crore (+14% YoY) and adjusted EBITDA of ₹57 crore (+54% YoY), marking a return to PAT profitability at ₹20.2 crore versus a loss last year.
Read Mahindra Logistics analysis →JSW Infrastructure delivered a resilient Q4 FY26 with consolidated revenue of ₹1,522 crore (+19% YoY) and EBITDA of ₹769 crore (+20% YoY), despite a ~₹30 crore EBITDA hit from Middle East disruptions at its Fujairah terminal.
Read JSW Infrastructure analysis →Mahindra Logistics reported a strong Q4 FY26 with consolidated revenue of ₹1,791 crore (+14% YoY) and adjusted EBITDA of ₹57 crore (+54% YoY), marking a return to PAT profitability at ₹20.2 crore versus a loss last year. The turnaround was driven by disciplined execution across segments: contract logistics grew 12% with gross margin expansion, express logistics (MSPL) achieved gross margin positivity for the full year and is nearing EBITDA breakeven, and last-mile delivery swung to EBITDA profit after strategic pruning. Management highlighted a 3.2% adjusted EBITDA margin (up 90 bps YoY) and reiterated commitment to reducing warehouse white space by September 2026. Key risks include geopolitical headwinds in freight forwarding and potential inflationary impact from diesel price increases, though fuel costs are fully pass-through.
JSW Infrastructure delivered a resilient Q4 FY26 with consolidated revenue of ₹1,522 crore (+19% YoY) and EBITDA of ₹769 crore (+20% YoY), despite a ~₹30 crore EBITDA hit from Middle East disruptions at its Fujairah terminal. Port segment revenue grew 12% YoY to ₹1,295 crore, driven by price hikes at Goa/Mangalore and ancillary services. Logistics EBITDA surged 14x to ₹118 crore for the full year, aided by Navkar's capacity utilization rising to 60% and the acquisition of 25 rakes. Management maintained FY27 EBITDA guidance of ₹3,000 crore and FY28 target of ₹5,000 crore, underpinned by brownfield expansions and the SMPA Kolkata terminal commencing interim operations. Key risks include further escalation in Middle East tensions delaying Fujairah recovery and potential environmental compliance costs at Dharamtar.
Express logistics revenue grew 25% for the full year, driven by volume and yield improvement.
E-commerce and quick-commerce business crossed ₹1,000 crore in annual revenue, scaling meaningfully.
Reduced white space from 1.6M to 0.7M sq ft; target to eliminate 95% by Sep 2026.
Sequential gross margin improvement from ₹2.7 Cr in Q3 to ₹6.6 Cr in Q4, driven by yield and cost control.
Q4 cargo volumes grew marginally to 31.6 million tons from 31.2 million tons in Q4 FY25.
Navkar's capacity utilization improved to 60% in Q4 FY26 from 44% in FY25.
Fleet expanded to 42 rakes after acquiring 25 rakes; orders placed for 40 more.
247 km of welding (82%) and 235 km of lowering (78%) completed for the 302 km pipeline.
Management stated they are 'very close' to EBITDA breakeven in the express logistics segment, without committing a specific timeline.
Management guidance marginsCommitment to reduce white space by 95% from 1.6M sq ft by September 2026, with current glide path on track.
Management guidance otherManagement guided for mid-to-high teens revenue growth in the express business for FY27, driven by volume and yield improvement.
Management guidance revenueCompany evaluating two new segments and will enter one of them during FY27 to improve mix and profitability.
Management guidance expansionManagement reaffirmed FY27 EBITDA target of ₹3,000 crore, implying 15% growth over FY26 base of ₹2,604 crore.
Management guidance growthEBITDA expected to nearly double from FY26 to ₹5,000 crore by FY28, driven by port capacity additions and logistics ramp-up.
Management guidance growthLogistics segment EBITDA targets maintained at ₹400 crore for FY27 and ₹700 crore for FY28, with Navkar contributing ~₹200 crore.
Management guidance growthCompany plans to invest ~₹16,500 crore over FY27-28, with ₹13,000 crore for ports and ₹3,500 crore for logistics.
Management guidance capexWest Asia war causing trade lane disruptions, higher freight premiums, and insurance costs, impacting freight forwarding business near-term.
high · management_commentaryManagement expressed concern that a sharp diesel price increase could slow the broader economy, though fuel costs are pass-through to customers.
medium · analyst_questionDespite gross margin positivity, express business reported ₹31 crore EBITDA loss for FY26, though losses reduced from ₹51 crore in FY25.
medium · data_observationIf West Asia disruptions persist, customers may have consumed inventory, leading to demand slowdown in other segments.
low · management_commentaryDamage to three storage tanks at the Fujairah terminal due to regional conflict; operations expected to normalize progressively but timing uncertain.
high · management_commentaryAnalyst raised concerns about an environmental committee report on dust spillover affecting mangroves; management confirmed compliance but risk of regulatory action remains.
medium · analyst_questionCompany has filed insurance claim for asset damage and loss of profit, but management noted the region is seeing such events for the first time, leading to a ₹68 crore provision.
medium · management_commentaryLower vessel availability and higher freight costs led to cargo deferments at Indian operations, impacting Q4 volumes.
low · data_observationF26 has been a defining year for Mahindra Logistics. After two years of losses, our return to PAT profitability marks more than a milestone. It signals the successful reset of organization's operating engine.
We are very close to an EBITDA break even. Without giving a concrete timeline I can say with lot of confidence we are very close to EBITDA break even.
We have also guided around 150 crores of Aida for FI27 from those 25 rakes.
Consolidated operating EITA is expected to grow by 15% to 3,000 crores in FY27 and nearly double from the FY26 base to rupees 5,000 crores in FY28.
