Company Update : Mahindra Logistics by Motilal Oswal Financial Services Ltd
Revenue in line; earnings above our estimate
* Revenue grew ~14% YoY to ~INR17.9b in 4QFY26 (in line).
* EBITDA margin came in at 6.3% in 4QFY26 (up 130bp YoY/90bp QoQ) vs. our estimate of 5.6%. EBITDA grew ~45% YoY to INR1,124m (10% above our est.).
* The adjusted profit stood at INR202m in 4QFY26 vs. an adjusted net loss of INR68m in 4QFY25.
* Supply chain management recorded revenue of INR16.8b (+13% YoY) and EBIT of ~INR297m. Enterprise Mobility Services (EMS) reported revenue of INR1,139m (+42% YoY) and EBIT of INR23.7m.
* In FY26, the company’s revenue/EBITDA grew 15%/33%, while its APAT turned positive and stood at INR78m vs a loss of INR359m in FY25.
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