Mahindra Logistics Q2 FY27 Results: Consolidated Net Profit ₹28.87 Crore on Total Income of ₹2,104 Crore

Earnings
logistics services

Blacklitt Research23 October 20263 min read

Mahindra Logistics (NSE: MAHLOG) reported consolidated total income of ₹2,103.85 crore and net profit of ₹28.87 crore for the quarter ended 30 Sep 2026, it said in a filing on 23 Oct 2026. Standalone total income was ₹1,733.84 crore and standalone net profit ₹37.63 crore. The year-ago consolidated quarter was a loss.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹2,103.85 crore, up 24.6% YoY and 4.5% QoQ
Net profit: ₹28.87 crore, against a loss of ₹8.36 crore a year earlier
EPS: ₹2.64 basic, not annualised, against a loss of ₹1.20 a year earlier
Finance costs: ₹15.44 crore, down 28.7% YoY and up 11.6% QoQ

Standalone

The company on its own, without its subsidiaries

Total income: ₹1,733.84 crore, up 26.6% YoY and 4.2% QoQ
Net profit: ₹37.63 crore, against ₹3.79 crore a year earlier
EPS: ₹3.79 basic, not annualised, against ₹0.44 a year earlier
Dividend income: ₹15.00 crore from subsidiary Lords Freight (India), within other income

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	2,103.85	1,688.21	+24.6%	2,012.71	+4.5%
Revenue from operations	2,095.43	1,685.27	+24.3%	2,002.88	+4.6%
Other income	8.42	2.94	+186.4%	9.83	-14.3%
	28.87	-8.36	n/a	27.83	+3.7%
Profit before tax	40.30	-5.41	n/a	39.06	+3.2%
Finance costs	15.44	21.67	-28.7%	13.83	+11.6%
Depreciation	76.58	71.72	+6.8%	72.31	+5.9%
Tax expense	11.43	2.95	+287.5%	11.23	+1.8%
Net profit margin	1.37%	-0.50%	+1.87 pp	1.38%	-0.01 pp
EPS, basic (₹)	2.64	-1.20	n/a	2.56	+3.1%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated profit moved from a loss to a profit, but total income grew only 4.5% from the previous quarter and net profit 3.7%. Tax expense of ₹11.43 crore is 28.4% of profit before tax.

Finance costs fell 28.7% year on year to ₹15.44 crore, which is 0.7% of total income. The year-ago quarter carried a higher finance cost of ₹21.67 crore, and the filing does not give a reason for the change in the consolidated figures beyond the segment results.

The auditor did not review the interim results of six subsidiaries, which reflect total revenue of ₹439.07 crore for the quarter, and relied on other auditors' reports for them. The review report on the consolidated results is otherwise unmodified.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,733.84	1,369.41	+26.6%	1,663.18	+4.2%
Revenue from operations	1,713.75	1,366.91	+25.4%	1,654.89	+3.6%
Other income	20.09	2.50	+703.6%	8.29	+142.3%
	37.63	3.79	+892.9%	29.00	+29.8%
Profit before tax	46.84	5.12	+814.8%	38.78	+20.8%
Finance costs	13.02	16.79	-22.5%	11.58	+12.4%
Depreciation	65.91	n/a	n/a	62.55	+5.4%
Tax expense	9.21	1.33	+592.5%	9.78	-5.8%
Net profit margin	2.17%	0.28%	+1.89 pp	1.74%	+0.43 pp
EPS, basic (₹)	3.79	0.44	+761.4%	2.92	+29.8%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone net profit rose from ₹3.79 crore to ₹37.63 crore, faster than total income, which rose 26.6%. Other income of ₹20.09 crore, including ₹15.00 crore of dividend income from a subsidiary, is 42.9% of standalone profit before tax of ₹46.84 crore. Without that dividend the standalone profit would rest on a smaller other income line.

Standalone tax expense of ₹9.21 crore is 19.7% of profit before tax. The filing does not state the year-ago standalone depreciation, which is printed in a form that cannot be read reliably.

Consolidated net profit of ₹28.87 crore is ₹8.76 crore lower than standalone net profit of ₹37.63 crore, and consolidated total income is ₹370.01 crore higher than standalone total income. The filing does not break down this gap beyond the subsidiary and joint venture consolidation.

Inference

The filing reports a dividend of ₹2.50 per share paid in the quarter, an outflow of ₹24.81 crore, and an allotment of 54,919 shares on exercise of Restricted Stock Units. Basic EPS of ₹2.64 consolidated and ₹3.79 standalone are not annualised.

The filing does not explain the reason for the consolidated profit swing, the nature of the ₹7.36 crore and ₹4.76 crore exceptional items in the half year ended 30 Sep 2025, or any dividend expected for the next period.

Reference: Original filing (PDF)

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Mahindra Logistics Q2 FY27 Results: Consolidated Net Profit ₹28.87 Crore on Total Income of ₹2,104 Crore

Key highlights

Consolidated

Standalone

Summary

Inference

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