Mahindra Logistics swings to ₹28.9 Cr consol profit YoY, revenue up 24%

Mahindra Logistics' consolidated results for Q2 FY27 (quarter ended 30 September 2026) show a clean year-on-year turnaround: revenue from operations rose 24.3% to ₹2,095.43 Cr from ₹1,685.27 Cr, and the company swung to a net profit of ₹28.87 Cr against a ₹8.36 Cr loss in the year-ago quarter. Sequentially the move is more modest — revenue up 4.6% and PAT up 3.7% over Q1 FY27's ₹2,002.88 Cr revenue and ₹27.83 Cr profit — consistent with the hard rule that QoQ is supporting detail, not the headline, here. Standalone PAT of ₹37.63 Cr (vs ₹3.79 Cr YoY) looks even stronger but is partly a function of a ₹15 Cr intercompany dividend from subsidiary Lords Freight (India) booked in standalone other income (Note 5) that does not appear in the consolidated number; the consolidated print is the cleaner read of underlying performance.

The turnaround is margin-led and operational rather than one-off: neither this quarter nor the year-ago quarter carries an exceptional item. EBITDA margin (revenue from operations less operating, employee and other expenses, excluding other income) expanded to 5.92% from 5.05% a year ago and 5.76% last quarter. Net profit margin improved sharply YoY to 1.37% from -0.50%, though it was essentially flat QoQ (1.37% vs 1.38%) as other income dipped to ₹8.42 Cr from ₹9.83 Cr. By segment, Supply Chain Management — 91% of consolidated revenue — swung to a ₹35.83 Cr segment profit from a ₹6.93 Cr loss a year earlier on 23.9% revenue growth to ₹1,976.15 Cr, while Enterprise Mobility Services profit nearly tripled to ₹4.53 Cr from ₹1.56 Cr.

The stock went into the print at ₹378.85, down 5.6% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 5 consecutive quarters; revenue is at a 6-quarter high.

Company allotted 54,919 equity shares during the quarter on RSU exercise — paid-up equity capital at ₹99.28 Cr.

Management's prior concall (27 July 2026) guided to Express targeting EBITDA breakeven within FY27, 150-200 bps medium-term gross margin expansion in Contract Logistics, and 95% white-space reduction by September 2026; this filing's segment note discloses only the broader Supply Chain Management and Enterprise Mobility Services buckets, not Express or Contract Logistics individually, so none of those specific markers can be confirmed from the numbers here — the overall direction (SCM segment margin moving from -0.43% to +1.81% of segment revenue YoY) is consistent with the guided margin-expansion theme but doesn't verify it line-by-line. No management press release was available in the context to quote directly. A web search for Q2 FY27-specific Street estimates turned up no firm consensus PAT or revenue figure for this quarter — only full-year FY27 estimates (~₹7,930 Cr revenue consensus) — so the beat/miss call against Street is unknown rather than confirmed. The quarter's other corporate items (ESG ratings, a re-appointed independent director) are not financially material and don't bear on the print.