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 →
Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%).
Read Oberoi Realty 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.
Oberoi Realty reported strong operational momentum in Q4 FY26, driven by robust booking at Ellesian Gore and high occupancy at Sky City Mall (72%) and Commerce 3 (98%). The company announced business development of ~4 million sq ft across MMR, including a 2 million sq ft project in Bandra East and redevelopment deals in South Bombay. Management outlined an ambitious launch pipeline for FY27, including 360 North in Gurugram, Oceanic, Fair View, Forest Wheel Tower D, Jardin Tower A, and Alibag. Key risks include rising construction costs (2-3% increase) due to the West Asia crisis, which is eroding contingencies, and potential demand slowdown in ultra-luxury segments as seen in 360 West. The company expects double-digit sales growth in FY28, contingent on timely launches and approvals.
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.
Added ~4 million sq ft of development potential across MMR in FY26.
Achieved 72% occupancy within first year of operations; targeting 100% by FY27-end.
Commercial asset reached 98% occupancy with marquee tenants.
Sold 10 units vs 17 in FY25, indicating slowdown in ultra-luxury segment.
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 expansion
Planned launch of 360 North in Gurugram with 5,000+ and 8,000+ sq ft apartments; L&T appointed as contractor.
Management guidance growthManagement expects mall occupancy to reach 100% by March 2027, up from current 72%.
Management guidance growthRLDA will be primarily a sale model (50-60% sale) rather than lease, with potential for faster repayment of land dues.
Management guidance expansionPre-sale portion of Tardev redevelopment to launch in Q3 or Q4 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_commentary
Costs increased 2-3% due to West Asia crisis, impacting energy, aluminum, glass, and labor; contingencies being eroded.
medium · management_commentary360 West sold only 10 units in FY26 vs 17 in FY25, indicating potential demand weakness at high price points.
medium · data_observation360 North is Oberoi's first project in Gurugram; management was vague on pricing and strategy, raising uncertainty.
medium · 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.
We have just delivered seven I mean literally five towers we've given possession. We have three more towers which were launched last year and then a year before that there's enough inventory within the project itself which is kind of ready or under construction.
We are very mindful of that and that's why just 20 minutes ago I said that we probably will even look at strata sale of course once we get strata sale we will ensure that we try and repay them faster.
