Company Update : Mahindra Logistics by Motilal Oswal Financial Services Ltd
Dismal result yet again
Earnings snapshot: 2QFY26
* Revenue grew ~11% YoY to INR16.8b in 2QFY26 (in line with our estimate).
* EBITDA margin came in at 5% in 2QFY26 (up 60bp YoY and 30bp QoQ), against our estimate of 5.1%.
* EBITDA grew ~28% YoY to INR851m (in line with our estimate).
* The company’s adjusted net loss stood at INR104m in 2QFY26 vs INR107m in 2QFY25 (our estimate of INR75m profit).
Segmental performance
* The supply chain segment recorded revenue of INR15.9b (+10.7% YoY) and EBIT loss of ~INR69.3m. The Enterprise Mobility Services (EMS) segment reported revenue of INR938m (+17.7% YoY) and EBIT of INR15.6m.
* During the quarter, MLL successfully completed a rights issue of 27,049,301 fully paid equity shares with a face value of INR10 each, issued for cash at INR277 per share (including a premium of INR267 per rights equity share). The issue aggregated to INR7.5b and was undertaken to repay debt and meet general corporate purposes. The equity shares were allotted on 18th Aug’25.
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