Mahindra Logistics Ltd. (MAHLOG) AI Stock Analysis

• Market Cap: ₹35.77B
• Dividend Yield: 0.69%
• Average Volume (3M): 6.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: 11.82%
• EPS Growth: 28.42%
• Country: IN
• Employees: 3,740
• Sector: Services
• Sector Strength: N/A
• Industry: Integrated Freight & Logistics
• EPS (TTM): 0.60
• Shares Outstanding: 99,222,480
• 10 Day Avg. Volume: 7,222
• 30 Day Avg. Volume: 6,274
• PEG Ratio: 1.41
• Price to Book (P/B): 4.00
• Price to Sales (P/S): 0.29
• P/FCF Ratio: 10.80
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 60 Neutral
• Price Target: ₹357.00 ▲(13.41% Upside)

The score is primarily driven by improving operational performance and strong cash generation, tempered by continued net losses and leverage risk. Technically the trend is constructive, but mixed momentum (negative MACD and high RSI) and weak valuation support due to negative earnings keep the overall score moderate.

Positive Factors

Consistent Revenue Growth

Sustained top-line growth (double-digit YoY) supports scale advantages and deeper client engagements across contract logistics and transportation. Over 2–6 months this underpins recurring revenue visibility, higher facility utilization and stronger negotiation leverage with customers and vendors.

Strong Cash Generation

Rising operating cash flow and positive free cash flow indicate robust cash conversion despite accounting losses. Durable cash generation improves the company’s ability to fund capex, invest in technology, and service obligations, reducing reliance on external financing over the medium term.

Integrated 3PL Business Model

A diversified 3PL model offering contract logistics, transportation and value-added services creates multiple recurring revenue streams. The mix of owned assets and partner networks lowers capital intensity and allows flexible capacity scaling, supporting resilience and client retention over time.

Negative Factors

Negative Net Income

Persistent net losses and negative return on equity constrain internal capital accumulation and limit ability to fund expansion from earnings. Over months this undermines equity cushion, pressures investor confidence, and forces reliance on external financing or asset-light alternatives to sustain growth.

High Financial Leverage

A near-2.0 debt/equity ratio increases fixed interest obligations and reduces financial flexibility. In a capital-intensive logistics environment, elevated leverage raises refinancing and covenant risks, constraining strategic investments and making margins more sensitive to demand or cost shocks.

Profitability Still Fragile

While gross and operating margins have improved, net income remains negative, indicating cost items or financing burdens persist. Converting margin gains into sustained net profit is required for durable shareholder returns; failure would limit reinvestment and long-term competitiveness.

Mahindra Logistics Ltd. Business Overview & Revenue Model

Company Description

Mahindra Logistics Limited provides integrated logistics and mobility solutions in India and internationally. It operates through two segments, Supply Chain Management (SCM) and Enterprise Mobility Services (EMS). The SCM segment provides customized and end-to-end logistics solutions and services, including transportation and distribution, warehousing, in-factory logistics, and value-added services. It also offers B2B express/part truck load, freight forwarding, last-mile delivery, and micro fulfillment and electric cargo delivery services. This segment serves domestic and multinational companies operating in various industry verticals, including automotive, engineering, e-commerce, consumer goods, pharmaceuticals, telecom, and commodities. The EMS segment provides technology-enabled people transportation solutions and services for domestic and multinational companies operating in the information technology, information technology-enabled service, business process outsourcing, financial services, consulting, e-commerce, and manufacturing industries. This segment offers integrated technology services, such as application-based interactions for route planning and optimization, round-the-clock control tower operations for tracking vehicles and passengers, and electric vehicle telematics. It also provides freight forwarding services for exports and imports, customs brokerage operations, project cargo services, and air charters; and logistics and transportation services to original equipment manufacturers for carrying finished automobiles. The company was founded in 2000 and is based in Mumbai, India. Mahindra Logistics Limited is a subsidiary of Mahindra & Mahindra Limited.

How the Company Makes Money

Mahindra Logistics generates revenue primarily through its diverse logistics services, including third-party logistics (3PL) solutions, which account for a significant portion of its income. The company earns money by providing warehousing, transportation, and value-added services to various industries, including automotive, consumer goods, and e-commerce. Key revenue streams include long-term contracts with major clients, service fees for transportation and handling, and storage fees from its extensive network of warehouses. Additionally, Mahindra Logistics has formed strategic partnerships with various companies to expand its service offerings and enhance operational efficiency, contributing to its overall profitability.

Mahindra Logistics Ltd. Financial Statement Overview

Summary

Revenue growth is solid and margins (gross/EBIT/EBITDA) are improving, supported by strong operating cash flow and positive free cash flow. However, net losses persist and leverage remains a concern given the high debt-to-equity ratio.

Income Statement

The company's revenue has shown consistent growth, with a notable 10.86% increase from 2024 to 2025. However, profitability remains a challenge as indicated by negative net income margins, although there is an improvement in EBIT and EBITDA margins. The gross profit margin has improved significantly compared to the previous year, indicating better cost management.

Balance Sheet

The company's balance sheet shows a moderate equity ratio of 16.97%, suggesting a relatively balanced capital structure. However, the high debt-to-equity ratio of 1.98 indicates potential leverage concerns, which could pose risks if not managed carefully. The return on equity has been negative due to the net losses, highlighting the need for profitability improvements.

Cash Flow

Operating cash flow has increased significantly, reflecting strong cash generation capabilities. The free cash flow to net income ratio indicates efficient cash conversion despite the net loss. The company has managed to maintain positive free cash flow, which is crucial for sustaining operations and funding growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	63.09B	61.05B	55.06B	51.28B	41.31B	32.64B
Gross Profit	30.02B	1.92B	1.71B	1.98B	1.32B	1.27B
EBITDA	1.86B	3.00B	2.51B	2.76B	1.98B	1.49B
Net Income	-373.30M	-358.50M	-547.40M	262.80M	175.60M	300.00M
Balance Sheet
Total Assets	0.00	25.80B	24.77B	25.53B	19.75B	16.79B
Cash, Cash Equivalents and Short-Term Investments	965.80M	966.10M	769.10M	1.93B	2.52B	2.53B
Total Debt	0.00	8.69B	7.39B	8.34B	4.02B	2.69B
Total Liabilities	-4.54B	21.26B	19.73B	19.93B	14.29B	11.08B
Stockholders Equity	4.54B	4.38B	4.92B	5.62B	5.46B	5.68B
Cash Flow
Free Cash Flow	0.00	1.62B	1.56B	483.70M	949.80M	2.23B
Operating Cash Flow	0.00	3.43B	2.27B	1.19B	1.91B	2.94B
Investing Cash Flow	0.00	-1.55B	-542.90M	-3.10B	-1.40B	-1.08B
Financing Cash Flow	0.00	-1.48B	-2.76B	1.83B	-1.17B	-874.90M

Mahindra Logistics Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 314.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHLOG, the sentiment is Positive. The current price of 314.8 is above the 20-day moving average (MA) of 307.81, below the 50-day MA of 315.36, and below the 200-day MA of 321.01, indicating a bullish trend. The MACD of 3.64 indicates Negative momentum. The RSI at 73.90 is Negative, neither overbought nor oversold. The STOCH value of 85.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAHLOG.

Mahindra Logistics Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GATEWAY	66 Neutral	₹29.36B	7.54	―	3.13%	36.01%	71.71%
TCIEXP	63 Neutral	₹20.73B	25.28	―	1.37%	-2.79%	-26.28%
ALLCARGO	62 Neutral	₹15.61B	-9.59	―	19.52%	-15.70%	-343.97%
MAHLOG	60 Neutral	₹35.77B	-116.55	―	0.69%	11.82%	28.42%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
SABTNL	51 Neutral	₹42.02B	-416.17	―	―	―	―
SNOWMAN	50 Neutral	₹6.48B	222.11	―	2.44%	9.91%	-66.86%

Mahindra Logistics Ltd. Corporate Events

Mahindra Logistics Secures ESG Rating of 78

Mahindra Logistics Limited has received an ESG rating of ’78’ from NSE Sustainability Ratings & Analytics Ltd, an independent SEBI registered ESG Rating Provider. This rating, based on publicly available data for the fiscal year 2024-25, highlights the company’s commitment to environmental, social, and governance standards, potentially enhancing its reputation and attractiveness to sustainability-focused investors.

Mahindra Logistics Releases Q2 2025 Earnings Call Transcript

Mahindra Logistics Limited has released the transcript of its earnings conference call for the second quarter and half year ended 30 September 2025. The call, held on 28 October 2025, involved discussions with analysts, institutional investors, and funds, providing insights into the company’s financial performance and strategic direction.