Mahindra Logistics Ltd. · NSE:MAHLOG
Mahindra Logistics — Q2 FY26 Earnings Presentation
44 slides from Mahindra Logistics's earnings presentation, Oct 27, 2025
Slide 1: Earnings Presentation Cover Letter to Stock Exchanges
mahindra Mahindra Logistics Limited Arena Space, 10th & 11th Floor, LOGISTICS I Plot No. 20, Jogeshwari Vikhroli Link Road, Near Majas Bus Depot, Jogeshwari (East), Mumbai – 400060, Maharashtra. Tel: +91 22 6836 7900 Email: enquiries@mahindralogistics.com www.mahindralogistics.com CIN: L63000MH2007P
Slide 2: Q2 FY26 Investor Presentation
Igniting Success * 1it LonISTIcs Fon,To • OS muswl epeu.k, I Q2 FY26 Investor Presentation Business & Earnings Update mahindra LOGISTICS Oct 2025
Slide 3: Safe Harbor
Igniting Success Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Mahindra Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or sub
Slide 4: Company Overview
Igniting Success Company Overview mahindra LOGISTICS
Slide 5: India's leading logistics provider of integrated solutions
Igniting Success India’s leading logistics provider of integrated solutions 0 0 Contract Logistics B2B Express Providing Transportation, z B2B express and PTL SUPPLY CHAIN MANAGEMENT Warehousing, Stores & Line Feed , transportation with pan Fulfilment and VAS services India coverage mahindra 6> LOGI
Slide 6: Leading logistics service provider of India
Igniting Success Leading logistics service provider of India 22.1 Mn+ 30,000+ 1,100+ Sq. ft. space under management Total workforce Locations across India across India 19,000+ 1,500+ 50+ EV fleet 'II." Pin-codes MU/ Global trade covered (Cargo + PV) lanes 50,000+ 47 Mn+ 10,000+ WE) Full Truck Trips
Slide 7: Macros are stable, driven by technology and sustainable logistics
Igniting Success Macros are stable, continue to be driven by technology enhancements and sustainable logistics Industry Trends eN _e. I var *e Changing Channel Emerging demand Government policy Shift in global trade Higher demand for landscape driven by clusters across Tier II support for logistics
Slide 8: Presence in High Growth Segments (End-Markets)
Igniting Success Presence in High Growth Segments (End-Markets) ▪ India is 4th largest automobile market in the world by production Auto ▪ Favorable ecosystem for exports & government support II & 01 Hero ▪ ~25% contribution in contract logistics market, ~7% in GDP Auto Components ▪ FMCG & FMCD grow
Slide 9: Business Updates
Igniting Success Business Updates mahindra LOGISTICS
Slide 10: Management Commentary
Igniting Success Management Commentary Mr. Hemant Sikka – Managing Director and CEO “The past few months has been a period of transformation and strategic realignment for us. The recalibration of our operating model, focused execution across business verticals and the strengthening of our balance sh
Slide 11: Q2 FY26 Business Highlights
Igniting Success Q2 FY26 Business Highlights Contract Logistics B2B Express Cross border Last Mile Delivery Mobility 01 02 03 04 05 O f •t I'M U ▪ Overall revenue at ₹1,316 Cr, ▪ Overall revenue at ₹100 Cr, ▪ Overall revenue at ₹90 Cr, ▪ Overall revenue at ₹89 Cr, up ▪ Overall revenue at ₹90 Cr, gro
Slide 12: Contract Logistics - Key Trends & Opportunities
Igniting Success Contract Logistics - Key Trends & Opportunities Logistics Sector Industry Structure Key Trends Flo ▪ Higher Demand for Integrated 4,500 ▪ Highly fragmented with top 10 GNG Solutions instead of piece-meal players having ~15% share Market Size (Rs. ‘000 Crore) 3,000 logistics services
Slide 13: Contract Logistics - Core competency & capabilities
Igniting Success Contract Logistics - Core competency & capabilities End to End transport Warehousing solution Integrated Solutions solutions Manage WH with expertise in Centralized management Single point of contact design and operations of all transportation for E2E logistics Efficient Space Impro
Slide 14: Contract Logistics - Operating Highlights
Igniting Success Contract Logistics - Operating Highlights Space under Operating management locations 20.5 + Mn. Sq. Ft. 400+ jn ,nahluvra LoGurrtcs Im 1,-.00151105 rrohinc.Irj Vehicles Business Deployed Associates 15,000+ 1,500+ .. • Trucks Per month 13 mahindra Values as on 30th Sep 2025 LOGISTICS
Slide 15: B2B Express - Key trends and Opportunities
Igniting Success B2B Express – Key trends and Opportunities Industry Structure Key Trends B2B Express (Surface) / Ae . 22,500 ▪ Organized players account for ▪ Increasing demand for Direct to Cl ~70% of volume Consumer, Omni-channel fulfillment 11,000 Market Size (Rs. Crore) ▪ Skewed load distributi
Slide 16: B2B Express - Core competency & capabilities
Igniting Success B2B Express – Core competency & capabilities Significant Network Coverage • ▪ Pan India coverage - 19,000+ Pin-codes ▪ ~200 Processing Centers & Branches/Terminals D • • • • • ▪ 500+ partners for first mile & last mile connectivity • • 4 • 9 • • • • • • • • • • • • ■ • • 0 Best in c
Slide 17: B2B Express - Operating Highlights
Igniting Success B2B Express – Operating Highlights Pin-code Space under reach management 19,000 ~1.5 Direct+ ODA Mn. Sq Ft. RIVIGO BY mohindra LOGISTICS • aw" -ow"- Trans-shipment Line Hauls & eo- Hubs & DCs Mid-mile 260+ 1,100+ Trucks RIVIG0 • CM IliME 16 mahindra Values as on 30th Sep 2025 LOGIST
Slide 18: Cross Border - Key Trends & Opportunities
Igniting Success Cross Border – Key Trends & Opportunities Industry Structure Key Trends Freight Forwarding ok, 380 / GP. ▪ Highly fragmented, dominated by ▪ Near shoring on account of regional 300 freight forwarders across major conflicts, reducing dependence on Market Size (Rs. ‘000 Crore) markets
Slide 19: Cross Border - Core competency & capabilities
Igniting Success Cross Border – Core competency & capabilities Expanding International Air Freight Ocean Freight Project Logistics presence ► Ocean consolidation: USA ► ODC solutions catering to ► Expand presence in ► Airport-to-Airport /Europe /Asia to & from diverse industries China, UK, UAE ► Doo
Slide 20: Cross Border - Core competency & capabilities
Igniting Success Cross Border – Core competency & capabilities F. Agent Partners Ocean Freight Volume • 250+ ~2,500+ Globally TEUs per quarter r ' • • IIIIIIIII r!. . . - IP` Air Freight No. of Forwarding Volume Lanes ~1000+ 50+ Tons per quarter Globally • 19 mahindra Values as on 30th Sep 2025. LOG
Slide 21: Last Mile Delivery - Key Trends & Opportunities
Igniting Success Last Mile Delivery – Key Trends & Opportunities Industry Structure Key Trends Last Mile Delivery, India / ▪ Last Mile is most expensive ▪ High growth in Micro fulfillment, 40,000 component of supply chain, ~50% sub same day delivery and dark Olo contribution in transportation cost s
Slide 22: Last Mile Delivery - Strengthening our leadership position in EV
Igniting Success Last Mile Delivery – Strengthening our leadership position in EV Vehicle as a Service Offer a fleet of vans (with drivers) to customers who then If r t use it as per their requirement t 3W iik4 .- • • it i . I .r—s f"..". • • N.- 11 :AiEl 'ttrterE- cy Distribution as a Service . , M
Slide 23: Last Mile Delivery - Operating Highlights
Igniting Success Last Mile Delivery – Operating Highlights Volume Fleet eoeL epeLo handled Deployed Ear edLL —••••0 1.1110. 350,000+ 6,000+ orders per day Vehicles per day eoeL p / 4.0 eDeLo Last Mile Geographic stations 200+ Reach 4,000+ 1eL me Pin-codes Pan-India 'Mb -.- 22 mahindra Values as on 3
Slide 24: Mobility - Key Trends and Opportunities
Igniting Success 0 Mobility – Key Trends and Opportunities Airport Passenger* Industry Structure Key Trends ▪ Highly fragmented with large ▪ Recovery in Air passenger traffic, 60 unorganized supply growth in Business travel Market Size (Crore Pax) ▪ Shift from vendor model to ▪ Increasing adoption o
Slide 25: Mobility - Core competency & capabilities
Igniting Success Mobility – Core competency & capabilities L 4 LI ' qr-- 1 • gist . 'avow IL. .._ • in.. • • Maw a lire .„ -••••=••••• A a Enterprise Mobility Services Cab on Demand Services Airport & Outstation Upkeep Services ▪ Fleet Management ▪ Premium Vehicle (EVs) ▪ Assured Vehicles for Airpor
Slide 26: Mobility - Operating Highlights
Igniting Success Mobility – Operating Highlights No. of No. of vehicles Trips (B2B + B2C) deployed 10,000+ 5,000+ Per day Vehicles per day aly,ter> 0 0 U No. of operating No. of supply tit locations partners 100+ 300+ clIgtew> At& Per day Pan-India 25 mahindra Values as on 30th Sep 2025 LOGISTICS V
Slide 27: Mobility - New launch
iv Mobility – New launch 'Y 1 am' tab Vac Girl Vu , 46ipo-imite fOIJ 111•11,01. • yy •- LAUNCHED ALYTE AT DELHI NCR !It alyte> r alyteo A nab y can Itri.trt- An experiener MI Amory"' • • • I P. 26 mahindra LOGISTICS
Slide 28: Drive to Net Zero
Igniting Success Drive to Net Zero 4.1 Mn Sq Feet Carbon Neutral by 2040 Solar Powered Warehouses I 1,500+ EV ~47 Million 2W, 3W & 4W CV Green KM with EVs 5 IGBC Gold & Platinum ill Recognition NENNI Certified buildings CII Scale Award – Green logistics BRSR 5000+ Kg Integrated Annual Report Waste P
Slide 29: Corporate Social Responsibilities
Igniting Success Corporate Social Responsibilities BUILDING COMMUNITIES HIGHLIGHTS zr,film..., 4-4 s, Raincoat Distribution & Safety Jackets distribution to Police & PATP PPP .41 ' P so4 999 999 nzt"...,r.,".re.,r,r=7.. a RTO Officials 437 Raincoats distributed to frontline Police officials- Mumbai
Slide 30: Financial Update
Igniting Success Financial Update mahindra LOGISTICS
Slide 31: Quarterly revenues by segment (Consolidated)
Igniting Success Quarterly revenues by segment (Consolidated) Figures in Rs. Cr 1,685 1,594 1,625 1,365 1,397 1,451 79 1,420 1,521 80 77 103 M 1,570 79 89 80 85 74 EN90 89 90 80 100 72 76 100 86 84 81 97 57 89 87 87 93 48 60 63 54 71 92 96 97 88 87 1255 1289 1316 1233 1100 1131 1162 1089 1093 I Q2FY
Slide 32: Financial Highlights - Q2 FY26
Igniting Success Financial Highlights – Q2 FY26 Core Business Consolidated ( MLL + 2x2 + Freight Forwarding + Mobility) ( Including Rivigo & Whizzard) Revenue GM Revenue GM INR 1,574 Cr. INR 1,685 Cr. INR 170 Cr. INR 167 Cr. PAT EBITDA PAT EBITDA INR 9 Cr. INR 85 Cr. INR -10 Cr. INR 92 Cr. 31 mahind
Slide 33: Segment wise Financials
Igniting Success Segment wise Financials All figures in INR crore SCM Mobility • rcDs1 3% Tc--D111% 12% 13% Revenue from Operations 1,595 1,595 90 90 1,544 80 80 1,441 Q1FY26 Q2FY26 Q2FY25 Q2FY26 Q1FY26 Q2FY26 Q2FY25 Q2FY26 SCM Mobility • pscl 12% pc:DI 23% 0% 2% Gross Margin 161 161 144 9 9 9 9 131
Slide 34: SCM Financials (1/2)
Igniting Success SCM Financials (1/2) All figures in INR crore Contract Logistics B2B Express , 2% 13% 3% 9% FEDI TcDI Revenue from Operations 1,289 Q1FY26 1,316 Q2FY26 s 1,162 Q2FY25 Contract Logistics 1,316 Q2FY26 97 Q1FY26 100 Q2FY26 i 92 Q2FY25 B2B Express 100 Q2FY26 7% 22% FE=Dil 100% FEM 100%
Slide 35: SCM Financials (2/2)
Igniting Success SCM Financials (2/2) All figures in INR crore Cross Border Last Mile Delivery • - 22% 4% 5% -12% Revenue from Operations I 90 87 90 100 74 85 89 89 Q1FY26 Q2FY26 Q2FY25 Q2FY26 Q1FY26 Q2FY26 Q2FY25 Q2FY26 Cross Border Last Mile Delivery • 21% C 0% 39% -20% Gross Margin ; 7 F 8 8 8 5
Slide 36: B2B Express Update
Igniting Success B2B Express Update Rs. Crore MESPL Gross Margin movement 0.2 -4.0 -3.6 -4.7 -4.6 -6.1 -5.8 -13.5 -16.7 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4 FY25 Q1FY26 Q2FY26 GM% -19.2% -14.1% -6.3% -6.5% -5.2% -5.1% -4.2% -3.6% 0.2% 35 mahindra LOGISTICS
Slide 37: Entity wise results Q2FY26 vs Q2FY25
Igniting Success Entity wise results Q2 FY26 Financial Performance Q2FY26 vs Q2FY25 • Revenue EBITDA PAT Particulars (in INR Cr.) Q2 F26 Q2 F25 Q2 F26 Q2 F25 Q2 F26 Q2 F25 MLL Standalone 1,366.9 1,235.9 82.2 69.1 3.8 8.5 Lords Freight 90.2 86.8 2.3 2.7 1.7 2.1 Mobility 93.8 81.1 2.1 1.9 1.6 1.6 Expr
Slide 38: Entity wise results Q2FY26 vs Q1FY26
Igniting Success Entity wise results Q2 FY26 Financial Performance Q2FY26 vs Q1FY26 • Revenue EBITDA PAT Particulars (in INR Cr.) Q2 F26 Q1 F26 Q2 F26 Q1 F26 Q2 F26 Q1 F26 MLL Standalone 1,366.9 1,345.8 82.2 78.7 3.8 6.4 Lords Freight 90.2 73.8 2.3 1.2 1.7 0.9 Mobility 93.8 81.9 2.1 2.3 1.6 4.6 Expr
Slide 39: Entity wise results H1FY26 vs H1FY25
Igniting Success Entity wise results Q2 FY26 Financial Performance H1FY26 vs H1FY25 • Revenue EBITDA PAT Particulars (in INR Cr.) H1 F26 H1 F25 H1 F26 H1 F25 H1 F26 H1 F25 MLL Standalone 2,712.7 2,392.6 160.9 140.6 10.2 18.8 Lords Freight 164.0 157.8 3.5 4.9 2.6 4.0 Mobility 175.6 162.4 4.4 4.0 6.2
Slide 40: Consolidated Income Statement - Q2FY26
Igniting Success Consolidated Income Statement – Q2FY26 Particulars Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y H1FY26 H1FY25 Y-o-Y Revenue 1,685.3 1,624.6 4% 1,521.1 11% 3,309.9 2,941.1 13% Other Income 2.9 5.1 1.7 8.0 7.4 GM 170.2 153.3 11% 139.4 22% 323.6 275.0 18% GM (%) 10.1% 9.4% 9.2% 9.8% 9.4% Total Ove
Slide 41: Consolidated Balance sheet
Igniting Success Consolidated Balance sheet Particulars Sep-25 Mar-25 Particulars Sep-25 Mar-25 NON-CURRENT ASSETS 1,428.98 1,182.42 EQUITY 1,165.08 454.23 Property, Plant and Equipment 321.96 265.95 Equity Share Capital 99.18 72.13 Right of Use Asset 553.70 396.29 Share Application Money - - Net In
Slide 42: Consolidated Cashflow Statement
Igniting Success Consolidated Cashflow Statement Particulars Sep-25 Sep-24 Operating Profit before working Capital changes 178.24 141.77 Changes in working Capital -156.37 -46.10 Cash generated from operations 21.87 95.66 Direct taxes paid (net of refund) -57.48 5.95 Net cash from Operating Activiti
Slide 43: Contact Us
Igniting Success Contact Us Company : Investor Relations Advisors : mahinclra LOGISTICS I SGAStrategic Growth Advisors CIN: L63000MH2007PLC173466 CIN: U74140MH2010PTC204285 Mrs. Isha Dalal Mr. Mandar Chavan / Mr. Shogun Jain Chief Financial Officer mandar.chavan@sgapl.net / CFO.MLL@mahindralogistics
Slide 44: Thank You
Thank You mahindra LOGISTICS I Corporate Office 10 & 11 Floor, Arena Space Plot No 20, Jogeshwari-Vikhroli Link Road, Near Majas Depot, Jogeshwari (East) Mumbai- 400 060 Maharashtra, India ma h i nd ra LOGISTICS 0 C.I.N: L63000MH2007PLC173466 Email: enquiries@mahindralogistics.com MISI> RIVIGO g lya