Mahindra Logistics Ltd
P&L
Quarterly Consolidated
vs Q2 FY26
Mahindra Logistics Reports 19% YoY Revenue Growth in Q3 FY26, Returns to Profitability
27 Jan 2026 · 27 Jan, 5:42 pm
Summary
Mahindra Logistics Ltd. (MLL), one of India’s integrated logistics & mobility solutions providers, announced its unaudited consolidated financial results for the quarter ended 31 December,2025. Q3 FY26 (Consolidated) performance compared with Q3 FY25 showed a revenue growth of 19% YoY at Rs. 1,898 crores, a return to profitability with a Reported PAT of Rs. 3.25 crores, and an EPS (Diluted) of Rs. 0.33.
Key Highlights
- 1
The Company delivered 19% YoY consolidated revenue growth in Q3 FY26, driven by broad-based momentum across 3PL, Freight Forwarding, Mobility and Express segments.
- 2
Management’s continued focus on portfolio consolidation, customer service excellence, and cost discipline has resulted in a profitable quarter after 11 consecutive quarters of loss.
- 3
The Express business continued its margin improvement journey with gross margin expansion supported by yield discipline and a 19% YoY increase in delivered volumes.
- 4
The Freight Forwarding segment grew 33% YoY, despite ongoing cost and infrastructure challenges.
- 5
The Mobility business maintained strong momentum, recording 38% YoY growth and 18% sequential growth, supported by higher volumes from new B2B customer wins.
- 6
The LMD business exited from low-margin activities and had a productivity-led cost rationalization, however competitive pricing pressure impacted the revenue and margin.
Management Comments
Mr. Hemant Sikka
Q3 FY26 marks a defining inflection point for Mahindra Logistics. After 11 straight quarters of losses, we have returned to profitability, driven by sharper execution, stronger cost discipline, and a more focused growth strategy. Over the past few months, we have stabilized our leadership structure, strengthened alignment across the organization, and rebuilt execution rigor on the ground. Our actions are translating into visible operational improvements — both in margin expansion and revenue growth. We are also making disciplined choices by exiting unviable relationships and selectively investing in high return opportunities. The transformation underway at Mahindra Logistics is real, systemic, and accelerating. Our priorities remain clear — drive profitable growth, enhance customer satisfaction, and build a high quality, future ready revenue base. Most importantly, our confidence comes from delivery on the ground, not just intent. We are well positioned to build on this momentum in the quarters ahead.
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