What was Mahindra Logistics's revenue in Q4 FY26?

Mahindra Logistics reported revenue of ₹1,791 Cr in Q4 FY26, a +14% change year-over-year.

Did Mahindra Logistics management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

MAHINDRALOGISTICS Infrastructure 15 May 2026

Mahindra Logistics Ltd — Q4 FY26

Q: What guidance did Mahindra Logistics management give?

Express business targeting EBITDA breakeven soon: Management stated they are 'very close' to EBITDA breakeven in the express logistics segment, without committing a specific timeline.

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.

Revenue ₹1,791 Cr +14%

EBITDA ₹57 Cr +54%

PAT ₹22 Cr

EBITDA Margin 6% +90bps

Duration 56 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

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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.

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Geopolitical headwinds in freight forwarding

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Quarter Snapshot

Express Business Revenue (FY26) ₹449 Cr

+25% YoY

Express logistics revenue grew 25% for the full year, driven by volume and yield improvement.

E-commerce Revenue (Annual) ₹1,000+ Cr

N/A

E-commerce and quick-commerce business crossed ₹1,000 crore in annual revenue, scaling meaningfully.

Warehouse White Space Reduction (FY26) 0.9M sq ft

-36% YoY

Reduced white space from 1.6M to 0.7M sq ft; target to eliminate 95% by Sep 2026.

Express Business Gross Margin (Q4 FY26) ₹6.6 Cr

+144% QoQ

Sequential gross margin improvement from ₹2.7 Cr in Q3 to ₹6.6 Cr in Q4, driven by yield and cost control.

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Guidance and risk preview

Top guidance Express business targeting EBITDA breakeven soon

Management stated they are 'very close' to EBITDA breakeven in the express logistics segment, without committing a specific timeline.

Top risk Geopolitical headwinds in freight forwarding

West Asia war causing trade lane disruptions, higher freight premiums, and insurance costs, impacting freight forwarding business near-term.

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