Buy Mahindra Logistics; target of Rs 520: Sharekhan

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Sharekhan's research report on Mahindra Logistics

Consolidated revenue marginally missed the mark in Q3, while continued operating losses in express business and one-off expenses led to overall consolidated net loss. Addition of new accounts continue in 3PL, while EBITDA breakeven in express business is delayed to H1FY2025 from Q4FY2024 while PAT breakeven stays at Q4FY2025. Despite near-term margin pressures in the express business and softer demand in mobility, management has retained its Rs. 10,000 crore revenue target by FY2026.

Outlook

We retain Buy on Mahindra Logistics Limited (MLL) with a revised PT of Rs. 520, rolling forward our valuation to FY2026E earnings and factoring in lowered estimates.

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Mahindra Logistics - 0122024 - khan