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 →Keystone Realtors delivered a stellar Q4 FY26 with pre-sales of ₹1,346 crore, up 58% YoY, and full-year pre-sales of ₹4,022 crore (+33% YoY), meeting guidance.
Read Keystone Realtors 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.
Keystone Realtors delivered a stellar Q4 FY26 with pre-sales of ₹1,346 crore, up 58% YoY, and full-year pre-sales of ₹4,022 crore (+33% YoY), meeting guidance. The company achieved its highest-ever quarterly pre-sales, driven by strong demand in premium and emerging premium segments. Collections rose 13% to ₹2,622 crore, and operational cash flow stood at ₹715 crore. Management guided for FY27 pre-sales of ₹5,000 crore and reiterated the FY30 target of ₹10,000 crore, supported by a robust pipeline of cluster redevelopments and commercial annuity assets. The transition to percentage-of-completion accounting will better reflect margins. A key risk is potential input cost inflation (8-13% on certain items) due to global commodity volatility, though the company's pricing strategy provides some insulation.
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.
Highest ever quarterly pre-sales, driven by strong demand in premium segments.
Met guidance; 2.5x growth over FY23, CAGR of 36%.
Steady cash conversion; Q4 collections at ₹853 Cr (+14% YoY).
1.74x guidance; 5 projects added, 21 of 25 since FY23 are redevelopments.
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 guided for pre-sales of ₹5,000 crore in FY27, representing ~25% growth over FY26.
Management guidance revenueLong-term target to achieve ₹10,000 crore pre-sales by FY30, implying a CAGR of ~26% from FY27.
Management guidance growthManagement expects to launch projects with an estimated GDV of ₹8,000 crore in FY27.
Management guidance expansionTarget to acquire projects with GDV of ₹8,000 crore or more in FY27.
Management guidance growthWest 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_commentaryCommodity price volatility (steel, aluminium, glass) could increase construction costs by ~5% overall, with certain items up 8-13%.
medium · analyst_questionLegacy low-margin projects (e.g., Crown) still contribute 62% of revenue in FY26; full transition to high-margin projects expected only by FY28.
medium · data_observationMiddle East crisis could slow footfalls and conversions, especially in the 1-3 crore segment, though premium demand remains resilient.
low · analyst_questionF26 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.
Our pre-sales have grown 2.5 times in just three years. We were at 1,640 crores in FY23 and today we are at 4,022 crores in FY26. That is a CAGR of 36%.
The path to 10,000 crores begins. The first step is this year will be a pre-sales of 5,000 crores.
