Mahindra Logistics Limited — Fourth quarter and financial year ended 31 March 2026 (reporting period: 23 April 2026)
Optional commentary: Consolidated and standalone financial results for the quarter ended 31 March 2026 and the year ended 31 March 2026, along with balance sheet and cash flow statements.
| Particulars | Quarter Ended | Year Ended | |||
|---|---|---|---|---|---|
| 31-Mar-26 | 31-Dec-25 | 31-Mar-25 | 31-Mar-26 | 31-Mar-25 | |
| Unaudited | Unaudited | Unaudited | Audited | Audited | |
| 1 Income | |||||
| a. Revenue from operations | 1,791.41 | 1,898.03 | 1,569.51 | 6,999.30 | 6,104.83 |
| b. Other income | 3.86 | 5.26 | 2.17 | 17.13 | 15.82 |
| Total Income | 1,795.27 | 1,903.29 | 1,571.68 | 7,016.43 | 6,120.65 |
| 2 Expenses | |||||
| a. Operating Expenses | 1,535.13 | 1,640.32 | 1,358.76 | 6,029.26 | 5,260.89 |
| b. Employee benefits expense | 106.26 | 110.20 | 95.63 | 427.40 | 403.60 |
| c. Finance cost | 14.30 | 16.52 | 20.55 | 75.02 | 81.21 |
| d. Depreciation and amortisation expense | 69.89 | 71.69 | 58.39 | 277.87 | 226.32 |
| e. Other expenses | 37.67 | 44.72 | 37.42 | 166.17 | 156.29 |
| Total expenses | 1,763.25 | 1,883.45 | 1,570.75 | 6,975.72 | 6,128.31 |
| 3 Profit/(loss) before share of profit/(loss) of an associate / a joint venture and exceptional items (1-2) | 32.02 | 19.84 | 0.93 | 40.71 | (7.66) |
| 4 Share of profit/(loss) of an associate / a joint venture | (0.07) | (0.04) | 0.02 | (0.19) | (0.01) |
| 5 Profit/(loss) before exceptional items and tax (3+4) | 31.95 | 19.80 | 0.95 | 40.52 | (7.67) |
| 6 Exceptional items | – | (7.36) | – | (7.36) | – |
| 7 Profit/(loss) before tax (5+6) | 31.95 | 12.44 | 0.95 | 33.16 | (7.67) |
| 8 Tax expenses | |||||
| Current tax | 10.63 | 9.55 | 5.62 | 28.40 | 21.25 |
| Deferred tax | (1.04) | (3.12) | 0.62 | (5.81) | 1.08 |
| 9 Profit/(Loss) after tax (7-8) | 22.36 | 6.01 | (5.29) | 10.57 | (30.00) |
| 10 Other Comprehensive Income | |||||
| Items that will not be reclassified to profit or loss | |||||
| Remeasurements of the defined benefit plans – Gains/(Losses) | 2.52 | 0.04 | 0.53 | 2.30 | 0.26 |
| Share of other comprehensive income/(loss) of equity accounted investees | – | – | – | – | – |
| Income tax relating to items that will not be reclassified to profit or loss | (0.53) | 0.02 | (0.22) | (0.45) | (0.15) |
| 11 Total Comprehensive Income/(Losses) (9+10) | 24.35 | 6.07 | (4.98) | 12.42 | (29.89) |
| 12 Profit/(loss) for the period attributable to: | |||||
| (a) Shareholders of the company | 20.19 | 3.25 | (6.75) | 2.29 | (35.85) |
| (b) Non-Controlling interests | 2.17 | 2.76 | 1.46 | 8.28 | 5.85 |
| 13 Other Comprehensive Income/(Losses) attributable to: | |||||
| (a) Shareholders of the company | 1.98 | 0.02 | 0.38 | 1.80 | 0.18 |
| (b) Non-Controlling interests | 0.01 | 0.04 | (0.07) | 0.05 | (0.07) |
| 14 Total Comprehensive Income/(Losses) attributable to: | |||||
| (a) Shareholders of the company | 22.17 | 3.27 | (6.37) | 4.09 | (35.67) |
| (b) Non-Controlling interests | 2.18 | 2.80 | 1.39 | 8.33 | 5.78 |
| 15 Paid-up equity share capital (Face value ₹ 10/- per share) | 99.22 | 99.18 | 72.13 | 99.22 | 72.13 |
| 16 Other Equity | – | – | – | 1,075.56 | 365.75 |
| 17 Earnings per share (Face value ₹ 10/- per share) (Not annualised) | |||||
| a. Basic earnings per share (₹) | 2.04 | 0.33 | (0.90) | 0.25 | (4.78) |
| b. Diluted earnings per share (₹) | 2.03 | 0.33 | (0.90) | 0.25 | (4.78) |
| Particulars | As At 31 March 2026 | As At 31 March 2025 |
|---|---|---|
| ASSETS | ||
| I NON-CURRENT ASSETS | ||
| (a) Property, Plant and Equipment | 327.27 | 265.95 |
| (b) Right of Use Asset | 562.05 | 396.29 |
| (c) Net Investment in Lease | 0.76 | 9.47 |
| (d) Capital Work-in-Progress | 24.32 | 45.76 |
| (e) Goodwill on consolidation | 58.76 | 58.76 |
| (f) Other Intangible Assets | 199.38 | 208.56 |
| (g) Financial Assets | ||
| (i) Investments | 1.80 | 1.99 |
| (ii) Other Financial Assets | 64.84 | 49.97 |
| (h) Deferred Tax Assets (Net) | 52.98 | 45.55 |
| (i) Income Tax Assets (Net) | 132.84 | 61.66 |
| (j) Other non-current assets | 45.19 | 38.46 |
| Total Non-Current Assets | 1,470.19 | 1,182.42 |
| II CURRENT ASSETS | ||
| (a) Financial Assets | ||
| (i) Investments | 123.08 | 20.64 |
| (ii) Trade Receivables | 689.59 | 625.10 |
| (iii) Cash and Cash Equivalents | 107.12 | 65.09 |
| (iv) Bank Balances other than (iii) above | 92.43 | 10.88 |
| (v) Loans | 1.76 | – |
| (vi) Other Financial Assets | 496.71 | 557.98 |
| (b) Other Current Assets | 127.14 | 118.04 |
| Total Current Assets | 1,637.83 | 1,397.73 |
| TOTAL ASSETS | 3,108.02 | 2,580.15 |
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| (a) Equity Share Capital | 99.22 | 72.13 |
| (b) Other Equity | 1,075.56 | 365.75 |
| Equity attributable to owners | 1,174.78 | 437.88 |
| Equity attributable to non-controlling interests | 24.48 | 16.35 |
| Total Equity | 1,199.26 | 454.23 |
| LIABILITIES | ||
| I NON-CURRENT LIABILITIES | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 34.46 | 410.47 |
| (ii) Lease Liabilities | 429.80 | 307.56 |
| (iii) Other Financial Liabilities | – | 0.56 |
| (b) Provisions | 23.87 | 33.96 |
| (c) Deferred Tax Liabilities (Net) | 3.01 | 1.35 |
| Total Non-Current Liabilities | 491.14 | 753.90 |
| II CURRENT LIABILITIES | ||
| (a) Financial Liabilities | ||
| (i) Borrowings | 9.20 | 13.71 |
| (ii) Lease Liabilities | 176.29 | 137.04 |
| (iii) Trade Payables | ||
| a) Due to Micro and Small Enterprises | 173.41 | 150.04 |
| b) Other than Micro and Small Enterprises | 945.24 | 949.62 |
| (iv) Other Financial Liabilities | 52.45 | 75.20 |
| (b) Provisions | 19.01 | 9.13 |
| (c) Current Tax Liabilities (Net) | 3.65 | 3.74 |
| (d) Other Current Liabilities | 38.37 | 33.54 |
| Total Current Liabilities | 1,417.62 | 1,372.02 |
| TOTAL EQUITY AND LIABILITIES | 3,108.02 | 2,580.15 |
| Particulars | Year ended 31 March 2026 | Year ended 31 March 2025 |
|---|---|---|
| A. CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Profit/(loss) before share of profit/(loss) of an associate / a joint venture and exceptional items | 40.71 | (7.66) |
| Adjustments for: | ||
| Net gain on disposal of property, plant and equipment | 1.19 | (1.18) |
| Expected credit loss recognised on trade receivables/advances | 28.18 | 11.70 |
| Provision no longer required written back | (1.94) | (0.37) |
| Depreciation and amortisation expense | 277.87 | 226.32 |
| Finance Cost | 75.04 | 81.21 |
| Unrealised gain on reversal of Right of Use Assets | (14.38) | (1.34) |
| Interest income on financial assets carried at amortised cost | (9.81) | (4.85) |
| Rental income on Sub-Lease | 9.11 | 8.68 |
| Finance income on net investment in lease | (0.40) | (1.08) |
| Profit on sale of mutual funds | (1.09) | (0.69) |
| Share based payment expenses | 5.46 | (2.18) |
| Operating profit before working capital changes | 369.23 | 316.22 |
| 409.94 | 308.56 | |
| Changes in: | ||
| Trade and other receivables | (57.89) | (20.59) |
| Trade and other payables and provisions | 1.66 | 30.05 |
| (56.23) | 9.46 | |
| Cash generated from operations | 353.71 | 318.02 |
| Income tax refund / (paid) (Net) | (100.10) | 25.15 |
| Net cash flow generated from operating activities | 253.61 | 343.17 |
| B. CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Payment to acquire current investments | (1,273.44) | (188.56) |
| Proceeds from sale of current investments | 1,172.09 | 174.47 |
| Investment in Subsidiary | (0.25) | – |
| Investment in Joint Venture | – | (2.00) |
| Loans given | (2.50) | – |
| Loans received back | 0.74 | – |
| Bank Deposits (placed)/matured (Net) | (81.66) | 35.79 |
| Earmarked Balances | (0.02) | – |
| Interest received | 4.77 | 1.41 |
| Payment to acquire property, plant and equipment & other intangible assets including CWIP | (138.99) | (180.89) |
| Proceeds from disposal of property, plant and equipment | 3.10 | 5.03 |
| Net cash used in investing activities | (316.16) | (154.75) |
| C. CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Issue of Share Capital | 27.09 | 0.08 |
| Share premium received | 722.22 | – |
| Share issue expenses | (3.87) | – |
| Repayment of short term borrowings (Net) | (1.78) | (113.04) |
| Proceeds from long term borrowings | 23.31 | 283.03 |
| Repayment of long term borrowings | (404.38) | (84.35) |
| Inter Corporate Deposit received | 5.92 | – |
| Inter Corporate Deposit repaid | (3.60) | – |
| Interest paid on borrowing | (24.74) | (42.55) |
| Payment of leases | (217.56) | (172.88) |
| Dividend paid | (18.03) | (18.01) |
| Net cash flow generated from / (used in) financing activities | 104.58 | (147.72) |
| Net increase in cash and cash equivalents (A + B + C) | 42.03 | 40.70 |
| Cash and cash equivalents at the beginning of the year | 65.09 | 24.39 |
| Cash and cash equivalents at the end of the year | 107.12 | 65.09 |
| Components of cash and cash equivalents | ||
| Cash on hand | 0.39 | 0.40 |
| With Banks – in Current account / Balance in Cash Credit Accounts / Bank deposits with original maturity of less than 3 months at inception / Cheques or drafts on hand | 106.73 | 64.69 |
| 107.12 | 65.09 |
| Particulars | Quarter Ended | Year Ended | ||
|---|---|---|---|---|
| 31-Mar-26 (Unaudited) | 31-Dec-25 (Unaudited) | 31-Mar-26 (Audited) | 31-Mar-25 (Audited) | |
| 1. SEGMENT REVENUE | ||||
| Revenue from operations | ||||
| a) Supply Chain Management | 1,681.40 | 1,791.92 | 6,613.03 | 5,789.27 |
| b) Enterprise Mobility Services | 113.88 | 110.65 | 400.17 | 320.53 |
| Less: Inter Segment Revenue | (3.87) | (4.54) | (13.90) | (4.97) |
| Revenue from operations | 1,791.41 | 1,898.03 | 6,999.30 | 6,104.83 |
| 2. SEGMENT RESULTS | ||||
| a) Supply Chain Management | 29.65 | 11.19 | 23.53 | (13.08) |
| b) Enterprise Mobility Services | 2.37 | 1.29 | 9.82 | 5.42 |
| Segment Results | 32.02 | 12.48 | 33.35 | (7.66) |
| Less: Un-allocable expenditure | ||||
| a) Finance |