Mahindra Logistics Ltd
Mahindra Logistics Ltd is an integrated logistics & mobility solutions provider. The company offers Supply Chain expertise to diverse industry verticals such as Automotive, Engineering, Consumer Goods, Pharmaceuticals, Telecommunications, Commodities, and E-commerce. [1]
- Market Cap ₹ 3,225 Cr.
- Current Price ₹ 325
- High / Low ₹ 383 / 217
- Stock P/E 92.2
- Book Value ₹ 145
- Dividend Yield 0.77 %
- ROCE 9.40 %
- ROE 6.35 %
- Face Value ₹ 10.0
Pros
- Company has been maintaining a healthy dividend payout of 32.8%
- Promoter holding has increased by 1.63% over last quarter.
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 8.98% over past five years.
- Company has a low return on equity of 8.70% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Services Services Transport Services Logistics Solution Provider
Part of BSE SmallCap BSE Allcap BSE Services
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,883 | 1,995 | 2,589 | 3,220 | 3,666 | 3,261 | 2,959 | 3,631 | 4,459 | 4,530 | 5,013 | 5,333 | |
| 1,824 | 1,944 | 2,521 | 3,114 | 3,527 | 3,113 | 2,838 | 3,451 | 4,182 | 4,235 | 4,715 | 5,015 | |
| Operating Profit | 59 | 51 | 68 | 106 | 138 | 148 | 121 | 180 | 277 | 295 | 298 | 318 |
| OPM % | 3% | 3% | 3% | 3% | 4% | 5% | 4% | 5% | 6% | 6% | 6% | 6% |
| 8 | 13 | 9 | 5 | 7 | 13 | 11 | 9 | 15 | 13 | 11 | 10 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 14 | 17 | 26 | 41 | 44 | 54 | 62 |
| Depreciation | 6 | 6 | 9 | 13 | 15 | 66 | 83 | 130 | 169 | 178 | 196 | 220 |
| Profit before tax | 61 | 57 | 68 | 97 | 130 | 81 | 33 | 33 | 80 | 86 | 58 | 47 |
| Tax % | 34% | 35% | 34% | 36% | 35% | 32% | 26% | 25% | 20% | 28% | 25% | |
| 40 | 37 | 45 | 62 | 84 | 55 | 24 | 24 | 65 | 62 | 44 | 35 | |
| EPS in Rs | 4.94 | 4.57 | 4.79 | 6.36 | 8.60 | 5.60 | 2.44 | 2.47 | 6.52 | 6.26 | 4.39 | 3.52 |
| Dividend Payout % | 0% | 0% | 0% | 17% | 15% | 19% | 75% | 59% | 28% | 29% | 41% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 9% |
| 3 Years: | 11% |
| TTM: | 13% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 1% |
| 5 Years: | -5% |
| 3 Years: | 21% |
| TTM: | -11% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | -2% |
| 3 Years: | -11% |
| 1 Year: | -7% |
| Return on Equity | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 7% |
| 3 Years: | 9% |
| Last Year: | 6% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 60 | 60 | 68 | 71 | 71 | 72 | 72 | 72 | 72 | 72 | 72 | 99 |
| Reserves | 206 | 244 | 281 | 348 | 427 | 474 | 494 | 503 | 556 | 603 | 627 | 1,339 |
| 0 | 0 | 0 | 0 | 0 | 165 | 240 | 361 | 555 | 464 | 560 | 562 | |
| 237 | 250 | 420 | 493 | 622 | 620 | 782 | 913 | 976 | 989 | 1,059 | 1,061 | |
| Total Liabilities | 502 | 553 | 769 | 912 | 1,121 | 1,330 | 1,587 | 1,849 | 2,159 | 2,128 | 2,318 | 3,061 |
| 20 | 21 | 28 | 31 | 44 | 210 | 346 | 474 | 551 | 529 | 592 | 788 | |
| CWIP | 0 | 0 | 1 | 1 | 3 | 15 | 3 | 14 | 4 | 0 | 46 | 4 |
| Investments | 121 | 78 | 70 | 63 | 99 | 21 | 76 | 137 | 260 | 332 | 419 | 690 |
| 362 | 453 | 670 | 818 | 976 | 1,084 | 1,161 | 1,224 | 1,344 | 1,267 | 1,261 | 1,579 | |
| Total Assets | 502 | 553 | 769 | 912 | 1,121 | 1,330 | 1,587 | 1,849 | 2,159 | 2,128 | 2,318 | 3,061 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 32 | -53 | -34 | 2 | 92 | 80 | 281 | 204 | 146 | 249 | 382 | |
| -173 | 28 | 1 | 8 | -92 | 35 | -105 | -150 | -148 | -103 | -226 | |
| 101 | -0 | -0 | 6 | -10 | -71 | -77 | -121 | -14 | -245 | -127 | |
| Net Cash Flow | -40 | -25 | -33 | 16 | -11 | 44 | 98 | -66 | -16 | -99 | 28 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 43 | 56 | 55 | 48 | 53 | 50 | 41 | 37 | 41 | 34 |
| Inventory Days | |||||||||||
| Days Payable | |||||||||||
| Cash Conversion Cycle | 36 | 43 | 56 | 55 | 48 | 53 | 50 | 41 | 37 | 41 | 34 |
| Working Capital Days | 3 | 15 | 18 | 16 | 16 | 17 | 3 | -9 | -20 | -13 | -9 |
| ROCE % | 20% | 21% | 25% | 29% | 16% | 7% | 7% | 11% | 11% | 9% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
2d - Ankur Bansal appointed Head–Strategy & Transformation effective 1 Jan 2026; board approved 29 Nov 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
24 Nov - Mahindra Logistics and L’Oréal India launch India’s first all-women-operated Indore warehouse, Nov 24, 2025, supporting central India distribution.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
19 Nov - Q2 FY26 analyst meetings with Aditya Birla MF and Nuvama, no UPSI, 19 Nov 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
13 Nov - Of group meeting with Aditya Birla Mutual Fund and Nuvama Institutional Equity
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Update On Participation By The Company In The Analysts/Institutional Investors/Funds Meeting - Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations')
3 Nov - Mahindra Logistics defers participation in Mahindra Group Investor Day scheduled 20 Nov 2025; will announce future details.
Annual reports
Concalls
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Service Portfolio
a) Contract Logistics: Managing 22.1 Mn+ sq. ft. of warehousing with automation, the company operates 15,000+ trucks/month under an asset-light model. It offers value-added services like repacking and labeling, with WMS & TMS for real-time tracking.[1]