Motilal Oswal's research report on Mahindra Logistics
Mahindra Logistics’ (MLL) revenue grew ~11% YoY to INR16.8b in 2QFY26, in line with our estimate. EBITDA margin came in at 5% (up 60bp YoY and 30bp QoQ) vs. our estimate of 5.1%. EBITDA grew ~28% YoY to INR851m (in line with our estimate). Adjusted net loss stood at INR104m in 2QFY26 vs adjusted net loss of INR107m in 2QFY25 (our estimate of INR75m profit). Supply chain management recorded revenue of INR15.9b (+11% YoY) and EBIT loss of ~INR69.3m. Enterprise Mobility Services (EMS) reported revenue of INR938m (+17.7% YoY) and EBIT of INR15.6m.
Outlook
We have reduced our FY26/FY27 APAT estimates by 36%/1%, as profitability remains a concern. We estimate a CAGR of 18%/26% in revenue/EBITDA over FY25-28 and reiterate a Neutral rating with a TP of INR330 (premised on 15x FY28E EPS).
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