Slides
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Igniting Success * 1 it LonISTIcs To Fon, • OS muswl epeu.k, I mahindra LOGISTICS Q2 FY26 Investor Presentation Oct 2025 Business & Earnings Update
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Igniting Success mahindra LOGISTICS V 2 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Mahindra Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the logistics industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
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Igniting Success mahindra LOGISTICS Company Overview
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Igniting Success 0 0 z mahindra 6> LOGISTICS V t alyte*• • mahindra 6> LOGISTICS India’s leading logistics provider of integrated solutions Contract Logistics Providing Transportation, Warehousing, Stores & Line Feed , Fulfilment and VAS services Last Mile Delivery Facilitates delivery/distribution to customers of major e-com players Freight Forwarding Cross border freight forwarding business with expertise in ocean as well as air freight B2B Express B2B express and PTL transportation with pan India coverage 4 Mobility Services (B2B/B2C) Provides ETMS & city/airport transfers solutions SUPPLY CHAIN MANAGEMENT MOBILITY SOLUTIONS
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Igniting Success 'II." MU/ WE) MMMM MINN mahindra LOGISTICS V ~12 crore Packages delivered per annum 50,000+ Full Truck Trips per month 19,000+ Pin-codes covered 30,000+ Total workforce across India 4.1 Mn+ Sq.ft. space with renewable energy 47 Mn+ Green km driven per year 1,500+ EV fleet (Cargo + PV) 1,100+ Locations across India 1,500+ Business associates network 10,000+ Ocean freight TEUs per annum 50+ Global trade lanes 22.1 Mn+ Sq. ft. space under management Values as of Q2 FY26 5 Leading logistics service provider of India
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Igniting Success _e.Ne I *e var -50E- ip mahindra 6> LOGISTICS V Macros are stable, continue to be driven by technology enhancements and sustainable logistics Sustainability – Drive to net zero Technology Shaping operations and decisions Changing Channel landscape driven by changing customer behavior Emerging demand clusters across Tier II / III cities Government policy support for logistics NLP, ULIP, ONDC Shift in global trade flows due to China+1 strategy Higher demand for Integrated Solutions Industry Trends 6
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Igniting Success II Hero mahindra LOGISTICS V P&G ce A3M zomato 4 amazon CMA CGM p ;ti le r o av rnahindra All anz aiI BOSCI (14 mastercard r4=, O 0 0 O 0 0 Presence in High Growth Segments (End-Markets) ▪ India is 4th largest automobile market in the world by production ▪ Favorable ecosystem for exports & government support ▪ ~25% contribution in contract logistics market, ~7% in GDP ▪ FMCG & FMCD growing at a 15% & 7% CAGR, to reach 250Bn+ by F30 ▪ Govt support through allocation of ₹10k Cr in PLI schemes ▪ Demand driven by investments, capacity creation in core sectors ▪ Government Initiatives - 100% FDI, Make in India ▪ FY26 budget outlay of ₹11.21 Lakh Crore in infrastructure ▪ Fastest growing industry in India, with a CAGR of 15-20% ▪ Ecom growth has led to rise in D2C & Last Mile Delivery ▪ Uptick in grocery and electronics share in Q-commerce ▪ Increase in per km contract, shared mobility & premium demand ▪ Office leasing is expected to grow at 20% CAGR ▪ GCC are eyeing tier 2 & tier 3 cities for fresh setups Auto & Auto Components FMCG / Durables/ Retail Industrial & Engineering Ecommerce Mobility 01 02 03 04 05 ..Note: The Brand Names mentioned are the property of their respective owners and are used here for identification purposes only 7
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Igniting Success mahindra LOGISTICS Business Updates
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Igniting Success mahindra LOGISTICS V Management Commentary Mr. Hemant Sikka – Managing Director and CEO .. 9 “The past few months has been a period of transformation and strategic realignment for us. The recalibration of our operating model, focused execution across business verticals and the strengthening of our balance sheet through the rights issue has positioned us for a stronger, resilient and profitable future. We have demonstrated this through tangible improvements such as 20%+ reduction in whitespace, our express business turning gross margin positive for the first time, operationalization of 8 new projects, expansion projects from our repeat customers and cost optimization on overheads & discretionary spends. Also, this festive season, our e-commerce network dispatched over 3.5 crore shipments from fulfilment centres, processed nearly 4.3 crore shipments through sortation facilities and completed over 6000 trips nationwide. These achievements reflect Mahindra Logistics commitment to delivering excellence for our customers, combining the strength of our integrated capabilities with the relentless dedication of our teams to ensure every delivery is seamless, timely and keeps India moving at scale during the peak season and beyond. As we move to the second half of the year, our focus will continue to be on stronger execution through operations excellence, customer retention and network optimization. This will ensure that we continue to deliver sustainable value for our customers.”
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Igniting Success I'M O f •t U mahindra LOGISTICS V Contract Logistics 01 02 03 04 05 Cross border Last Mile DeliveryB2B Express Mobility ▪ Overall revenue at ₹1,316 Cr, growth of 13% YoY ▪ Gross Margin up by 22% YoY, 7% sequentially ▪ Auto & farm volume continues upward momentum ▪ Highest volume handled at BMW and KIA Motors ▪ Overall revenue at ₹100 Cr, growth of 9% YoY ▪ 1st Positive Gross Margin from acquisition, Gross margin positive at ₹0.2 Cr ▪ New Business Wins of 5000 tons+ for 2 consecutive quarters ▪ Overall revenue at ₹90 Cr, up by 4% YoY ▪ Gross margin up by 21% sequentially, flat YoY ▪ Scaled up overseas Nomination business ▪ Headwinds in air/ocean imports business ▪ Strong pipeline in solar business ▪ Overall revenue at ₹89 Cr, up by 5% QoQ ▪ Gross margin decline YoY; sequentially up 39% ▪ Industry wide pricing pressure in grocery ▪ Focus on curating strong pipeline of non-Ecommerce clients ▪ Overall revenue at ₹90 Cr, 13% YoY growth ▪ Gross Margin at ₹8.7 Cr, stable sequentially ▪ B2C business rebranded as Alyte ▪ Alyte Prive ride completion at 90%+; focus on ↑ utilization 10 Q2 FY26 Business Highlights All Revenues are after intercompany eliminations
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Igniting Success Flo GNG mahindra LOGISTICS pAvit tea Contract Logistics - Key Trends & Opportunities Industry Structure ▪ Highly fragmented with top 10 players having ~15% share ▪ ~60% of the sector constitutes of transportation ▪ Road transport accounts for nearly ~75% of transportation ▪ 3PL penetration in India is just 5% vs. global average of 10% 310 420 F25 F30E 3,000 4,500 F25 F30 E Market Size (Rs. ‘000 Crore) Logistics Sector Contract logistics Business Key Trends ▪ Higher Demand for Integrated Solutions instead of piece-meal logistics services ▪ Emerging consumption centers driving new fulfilment models and hubs in Tier 2 / 3 cities ▪ Rise of Multi-modal logistics with Gati-Shakti & National Logistics Policy ▪ Technology & Automation have become critical differentiators Source: Internal analysis, secondary research reports .. 11
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Igniting Success 101,, j131•7Y LC. mahindra LOGISTICS Eli Lis A Contract Logistics - Core competency & capabilities Single point of contact for E2E logistics Centralized management of all transportation Manage WH with expertise in design and operations Efficient Space Utilization High density racking, warehouse design High Productivity Mechanization and tech, process improvements Full Inventory Visibility WMS integrated with client ERP VAS Re-Packing, kitting, labelling, co-packing 100% Compliance Safety, Statutory compliance Cost Optimization TMS enabled load consolidation, route optimization Consignment Visibility TMS with track & trace, alerts/updates SLA Adherence Faster deliveries through superior BA network and tech interventions Improved Dispatch Plan Visibility on inbound and outbound trucks, resources accordingly mobilized Addn. cost synergies Ability to consolidate more loads, ad-hoc orders – reduced courier Improved utilization of customer resources Lower focus and time on non-core functions End to End transport solutions Integrated Solutions Warehousing solution 12
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Igniting Success ,nahluvra LoGurrtcs Im mahindra LOGISTICS V .. • rrohinc.Irj 1,-.00151105 jn Contract Logistics - Operating Highlights 13 Space under management Operating locations 20.5 + Mn. Sq. Ft. 400+ Vehicles Deployed 15,000+ Trucks Per month ..Values as on 30th Sep 2025 Business Associates 1,500+
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Igniting Success Ae Cl . GAGR 4-5% mahindra LOGISTICS I / B2B Express – Key trends and Opportunities Industry Structure ▪ Organized players account for ~70% of volume ▪ Skewed load distribution, ~70% load is originated from North & West India ▪ Auto & Engineering (30%), Pharma (14%), Apparel & Lifestyle (13%) are major end-markets ▪ Air express is being increasingly used by corporates to deliver 11,000 22,500 F25 F30 E Market Size (Rs. Crore) B2B Express (Surface) B2B Express (Air) Key Trends ▪ Increasing demand for Direct to Consumer, Omni-channel fulfillment ▪ Real-time tracking, route optimization, and digital documentation are becoming standard ▪ High adoption by MSMEs & small brands – Increased reach at lower cost ▪ The rise of e-commerce, D2C, and SMEs is fueling demand for cost- effective, flexible PTL solutions 1,600 2,000 F25 F30 E Source: KPMG Report, Internal Analysis 14 KPMG Report: Factored for 70% Domestic, 82% Surface, 45%B2B
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Igniting Success • • • mahincira LOGISTICS V • • 9 • • • • • D • • 0 • • • • • ■ • • • • • • • • • 4 • • B2B Express – Core competency & capabilities ▪ ERP integrations for minimum manual interference ▪ Billing technology for faster and accurate billing ▪ In-house automated sales management tool ▪ Pan India coverage - 19,000+ Pin-codes ▪ ~200 Processing Centers & Branches/Terminals ▪ 500+ partners for first mile & last mile connectivity Significant Network Coverage Best in class technology suite Processing centers Note: Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness 15
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Igniting Success mahindra LOGISTICS V • RIVIGO BY mohindra LOGISTICS aw" RIVIG0 -ow" - eo- • CM IliME B2B Express – Operating Highlights 16 ..Values as on 30th Sep 2025 Pin-code reach Space under management 19,000 Direct+ ODA Trans-shipment Hubs & DCs Line Hauls & Mid-mile 1,100+ Trucks ~1.5 Mn. Sq Ft. 260+
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Igniting Success GP. • mahindra LOGISTICS I ok, • / Cross Border – Key Trends & Opportunities Industry Structure ▪ Highly fragmented, dominated by freight forwarders across major markets ▪ Top trading partners of India – US, China, UAE, Europe and Latam ▪ Few large players have presence in major markets, small & mid- sized players use agent network Market Size (Rs. ‘000 Crore) Freight Forwarding Ocean & Air Freight Split Key Trends ▪ Near shoring on account of regional conflicts, reducing dependence on China (China+1 strategy) ▪ PLI Scheme to boost manufacturing in many sectors, giving rise to exports ▪ Multiple trade agreements to drive trade ▪ Rise of SaaS based Freight Forwarders 300 380 F25 F30 E 62% 38% Ocean Air Source: DRHPs, Mordor Intelligence, Internal Analysis 17
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Igniting Success mahindra LOGISTICS Cross Border – Core competency & capabilities Air Freight Ocean Freight Project Logistics Expanding International presence ► Ocean consolidation: USA /Europe /Asia to & from India ► Direct FCL’s: All over the world ► Special equipment and breakbulk handling ► Controlling more than 10,000+ TEU's per annum ► Committed Space and Equipment ► Expand presence in China, UK, UAE ► Develop Air chartering business ► Access to Europe via UK office ► Airport-to-Airport ► Door-to-Door ► Expertise in Over- dimension ► Control on TAT ► Advance & EPCG license liaison ► Single window solution on customers clearance ► ODC solutions catering to diverse industries ► Oil & Gas ► Mining ► Renewables ► Engineering & Manufacturing 18
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Igniting Success F. • IIIIIIIII IP` mahindra LOGISTICS V • r!. r ' • . . - • Cross Border – Core competency & capabilities 19 .. Values as on 30th Sep 2025. Qtrly figures includes import and export Agent Partners Ocean Freight Volume 250+ Globally Air Freight Volume No. of Forwarding Lanes 50+ Globally ~2,500+ TEUs per quarter ~1000+ Tons per quarter
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Igniting Success Olo Alai 441, . . . mahindra LOGISTICS I / Last Mile Delivery – Key Trends & Opportunities Industry Structure ▪ Last Mile is most expensive component of supply chain, ~50% contribution in transportation cost ▪ Highly complexity coupled with high service level requirements ▪ High competition from startups & hyperlocal players ▪ Different types of models in place – Shift from Delivery as a Service to Distribution & Fulfilment solutions Market Size (Rs. Crore) Last Mile Delivery, India LMD Segmentation by End-markets Key Trends ▪ High growth in Micro fulfillment, sub same day delivery and dark store management ▪ Increasing internet penetration, leading to rise in D2C & Quick commerce ▪ Rise in Q-comm; Demand and expansion surging in tier II and III markets ▪ Rapid Last mile Fleet electrification; Demand dispersion & faster TAT expectations 20,000 40,000 F24 F30 E 28% 35% 15% 22% FMCG Ecom Retail Others Source: Redseer Consulting Report, Internal Analysis 20
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Igniting Success t mahindra LOGISTICS V • Icy.r —s f"..". . , F. If tr 3W iik4 .- • • _aro-- • tl Fr # • N.- eDeLit. it 11 i . :Ai El 'ttrterE- Last Mile Delivery – Strengthening our leadership position in EV Offer a fleet of vans (with drivers) to customers who then use it as per their requirement Offer fleet of bikes/ vans that pickup orders from customers distribution Centers and do deliveries Manage Micro fulfilment center that holds inventories, processes orders and does distribution from it Manage Last mile stations that receive, process, sort, route, allocate and do doorstep deliveries Vehicle as a Service Delivery as a Service Distribution as a Service Fulfilment as a Service 21
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Igniting Success 4.0 Ear mahindra LOGISTICS V edLL 1 e L eoeL / eDeLo epeLo me -.- —••••01.1110. 'Mb eoeL p Last Mile Delivery – Operating Highlights 22 ..Values as on 30th Sep 2025, LMD includes Whizzard Volume handled Fleet Deployed 350,000+ orders per day Last Mile stations Geographic Reach 4,000+ Pin-codes Pan-India 6,000+ Vehicles per day 200+
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Igniting Success 0 mahindra LOGISTICS I • -. ......aik All....- Mobility – Key Trends and Opportunities Industry Structure ▪ Highly fragmented with large unorganized supply ▪ Shift from vendor model to complete mobility solutions provider ▪ ITES, BPO & BFSI are the major end-markets for enterprise mobility solutions Airport Passenger* Key Trends ▪ Recovery in Air passenger traffic, growth in Business travel ▪ Increasing adoption of organized cab services over traditional taxi ▪ Increasing demand for EV Fleet, with push from government & incumbents alike ▪ Lack of adequate public infrastructure & increased traffic congestion 40 60 F25 F30 E .. 23 Market Size (Crore Pax) Source: ICRA, secondary research * Airport Pax includes domestic and international
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Igniting Success A mahindra LOGISTICS V a .„ 4 IL. • in.. • • Maw lire -••••=••••• L LI ' qr-- 1 • gist. 'avow .._ a Mobility – Core competency & capabilities ▪ Premium Vehicle (EVs) Options ▪ Mobile App Enabled Booking ▪ Flexible Rental Packages ▪ 24 x 7 Call Centre ▪ Certified Drivers ▪ Assured Vehicles for Airport Transfers ▪ Comfort and Convenience ▪ 24 x 7 Call Centre ▪ Multi-Channel Booking ▪ Certified Drivers ▪ Fleet Management ▪ Adherence to OTA & OTD ▪ 24 x 7 Call Centre ▪ Trained Drivers Cab on Demand Services Airport & Outstation Enterprise Mobility Services Upkeep Services ▪ Fleet Management ▪ Lowest TAT at Remote location ▪ 24 x 7 Call Centre ▪ Client web Access Compliant Fleet Service Excellence Real Time Tracking & Execution Mobile based Billing 24 Note: OTA/OTD – On Time Arrival & Departure
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Igniting Success aly,ter> 0 0 U mahindra LOGISTICS V At& clIgtew> tit Mobility – Operating Highlights 25 ..Values as on 30th Sep 2025 No. of Trips (B2B + B2C) No. of vehicles deployed 10,000+ Per day No. of operating locations No. of supply partners 300+ Pan-India 5,000+ Vehicles per day 100+ Per day
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iv 'Y 1 am' tab Vac Girl Vu , 46ipo -imite fOIJ 111•11,01. • yy •- !It alyte> r alyteo A nab y can Itri.trt - A n experiener MI Amory"' • • • I P. mahindra LOGISTICS 26 LAUNCHED ALYTE AT DELHI NCR Mobility – New launch
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Igniting Success I ill NENNI or mahindra LOGISTICS V 4P Carbon Neutral by 2040 Drive to Net Zero 5 IGBC Gold & Platinum Certified buildings 1,73,800+ Saplings planted 5000+ Kg Waste Plastic Collected Recognition CII Scale Award – Green logistics 1,500+ EV 2W, 3W & 4W CV ~47 Million Green KM with EVs 4.1 Mn Sq Feet Solar Powered Warehouses BRSR Integrated Annual Report 27
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Igniting Success a 4 101 +4 g+ +\% 1/ 4* mahindra LOGISTICS V zr, film..., 4-4 s, PATP PPP .41 ' P so4 999 999 nzt"...,r.,".re.,r,r=7.. TZF ," r- 4 28 Corporate Social Responsibilities Raincoat Distribution & Safety Jackets distribution to Police & RTO Officials BUILDING COMMUNITIES HIGHLIGHTS Zero Fatality Zone project – Luhari to Jaipur Health Clinic Project - Bhiwandi Swachhata Hi Seva Campaign– Cleanliness Drive 437 Raincoats distributed to frontline Police officials- Mumbai & Kolkata . Reached 1796+ beneficiaries through road safety sessions in schools, colleges & communities — focusing on seatbelt use, helmets, and speeding awareness. 940 Safety Jackets distributed to frontline Police officials across 1,851 community people were benefited through Street plays, sessions & camps on various health awareness issues and general health check- ups. Cleanliness drives at 4 locations collecting 370+ kg of waste collected by 85 volunteers contributing 255 hours. MD & CEO – Hemant Sikka distributed essential supplies Orphanage at Hyderabad Benefited 110 Orphan Children beneficiaries
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Igniting Success mahindra LOGISTICS Financial Update
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Igniting Success mahindra LOGISTICS I • • • M EN I i , Quarterly revenues by segment (Consolidated) .. Revenue after intercompany eliminations 30 1089 1100 1131 1093 1162 1255 1233 1289 1316 88 96 97 87 92 87 93 97 100 54 60 63 71 87 72 76 74 90 48 57 81 89 100 103 89 85 89 86 84 79 80 80 77 79 80 90 1,365 1,397 1,451 1,420 1,521 1,594 1,570 1,625 1,685 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1FY26 Q2FY26 Contract Logistics B2B Express Freight Forwarding Last Mile Delivery Mobility Figures in Rs. Cr
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Igniting Success mahindra L> LOGISTICS V Financial Highlights – Q2 FY26 Revenue INR 1,574 Cr. PAT INR 9 Cr. GM INR 167 Cr. EBITDA INR 92 Cr. Core Business ( MLL + 2x2 + Freight Forwarding + Mobility) Consolidated ( Including Rivigo & Whizzard) Revenue INR 1,685 Cr. PAT INR -10 Cr. GM INR 170 Cr. EBITDA INR 85 Cr. .. 31 Note: 1. Consolidated revenue after intercompany elimination 2. PAT after NCI and Associate Profit share 3. EBITDA is excl. Other Income 4. Freight Forwarding includes Lords & Vlink
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Igniting Success rcDs1 Tc--D1 pscl pc:DI mahindra LOGISTICS V • • Segment wise Financials All figures in INR crore SCM 1,441 1,595 Q2FY25 Q2FY26 Mobility SCM 80 90 Q2FY25 Q2FY26 131 161 Q2FY25 Q2FY26 11% 13% 23% Revenue from Operations Gross Margin Mobility 9 9 Q2FY25 Q2FY26 2% 32 Note: Revenue after intercompany elimination 1,544 1,595 Q1FY26 Q2FY26 3% 80 90 Q1FY26 Q2FY26 12% 9 9 Q1FY26 Q2FY26 0% 144 161 Q1FY26 Q2FY26 12%
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Igniting Success FEDI TcD I mahindra LOGISTICS I s • i FE=Dil FEM , SCM Financials (1/2) All figures in INR crore Contract Logistics 1,162 1,316 Q2FY25 Q2FY26 97 100 Q1FY26 Q2FY26 B2B Express Contract Logistics B2B Express 92 100 Q2FY25 Q2FY26 137 147 Q1FY26 Q2FY26 121 147 Q2FY25 Q2FY26 -4 0 Q1FY26 Q2FY26 -5 0 Q2FY25 Q2FY26 2% 13% 9%3% 7% 22% Revenue from Operations Gross Margin .. 100% 100% 1,289 1,316 Q1FY26 Q2FY26 33 Note: Revenue after intercompany elimination
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Igniting Success mahindra LOGISTICS I C F • - • I ; SCM Financials (2/2) All figures in INR crore 74 90 Q1FY26 Q2FY26 Cross Border 87 90 Q2FY25 Q2FY26 85 89 Q1FY26 Q2FY26 Last Mile Delivery Cross Border Last Mile Delivery 100 89 Q2FY25 Q2FY26 7 8 Q1FY26 Q2FY26 8 8 Q2FY25 Q2FY26 4 5 Q1FY26 Q2FY26 7 5 Q2FY25 Q2FY26 22% 4% -12%5% 39% -20%21% 0% Revenue from Operations Gross Margin .. 34 Note: 1. Revenue after intercompany elimination
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Igniting Success mahindra LOGISTICS B2B Express Update 35 Rs. Crore -16.7 -13.5 -6.1 -5.8 -4.7 -4.6 -4.0 -3.6 0.2 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4 FY25 Q1FY26 Q2FY26 MESPL Gross Margin movement -4.2%-5.1%-5.2%-6.5%GM% -3.6%-6.3%-14.1%-19.2% 0.2%
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Igniting Success • mahindra LOGISTICS V Entity wise results Particulars (in INR Cr.) Revenue EBITDA PAT Q2 F26 Q2 F25 Q2 F26 Q2 F25 Q2 F26 Q2 F25 MLL Standalone 1,366.9 1,235.9 82.2 69.1 3.8 8.5 Lords Freight 90.2 86.8 2.3 2.7 1.7 2.1 Mobility 93.8 81.1 2.1 1.9 1.6 1.6 Express 104.4 91.7 -9.1 -12.4 -20.0 -24.2 2x2 Logistics 23.4 20.2 5.7 4.7 1.7 1.2 V-Link - - -0.1 -0.2 -0.1 -0.3 Seino - - - - -0.0 - Whizzard 68.4 51.0 2.0 0.6 1.1 0.2 Consolidated 1,685.3 1,521.1 85.1 66.4 -10.4 -10.8 .. Q2 FY26 Financial Performance Q2FY26 vs Q2FY25 36Consolidated figures are after inter-company elimination EBITDA is excl. Other Income PAT after NCI and Associate Profit share # PAT after Provision for Doubtful Debt (PDD) of 4.8 cr, due to customer bankruptcy #
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Igniting Success • mahindra LOGISTICS V Entity wise results Particulars (in INR Cr.) Revenue EBITDA PAT Q2 F26 Q1 F26 Q2 F26 Q1 F26 Q2 F26 Q1 F26 MLL Standalone 1,366.9 1,345.8 82.2 78.7 3.8 6.4 Lords Freight 90.2 73.8 2.3 1.2 1.7 0.9 Mobility 93.8 81.9 2.1 2.3 1.6 4.6 Express 104.4 100.8 -9.1 -11.8 -20.0 -23.9 2x2 Logistics 23.4 23.9 5.7 6.0 1.7 1.7 V-Link - - -0.1 -0.3 -0.1 -0.4 Seino - - - - -0.0 -0.0 Whizzard 68.4 43.2 2.0 0.2 1.1 -0.1 Consolidated 1,685.3 1,624.6 85.1 76.3 -10.4 -10.8 .. Q2 FY26 Financial Performance Q2FY26 vs Q1FY26 37Consolidated figures are after inter-company elimination EBITDA is excl. Other Income PAT after NCI and Associate Profit share # PAT after Provision for Doubtful Debt (PDD) of 4.8 cr, due to customer bankruptcy #
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Igniting Success • mahindra LOGISTICS V Entity wise results Particulars (in INR Cr.) Revenue EBITDA PAT H1 F26 H1 F25 H1 F26 H1 F25 H1 F26 H1 F25 MLL Standalone 2,712.7 2,392.6 160.9 140.6 10.2 18.8 Lords Freight 164.0 157.8 3.5 4.9 2.6 4.0 Mobility 175.6 162.4 4.4 4.0 6.2 3.3 Express 205.2 180.9 -20.9 -26.1 -43.9 -48.8 2x2 Logistics 47.3 35.4 11.7 8.7 3.4 2.9 V-Link - - -0.4 -0.4 -0.5 -0.6 Seino - - - - -0.1 - Whizzard 111.7 88.8 2.1 1.0 1.0 0.4 Consolidated 3,309.9 2,941.1 161.3 132.7 -21.2 -20.1 Consolidated figures are after inter-company elimination EBITDA is excl. Other Income PAT after NCI and Associate Profit share .. Q2 FY26 Financial Performance H1FY26 vs H1FY25 38# PAT after Provision for Doubtful Debt (PDD) of 4.8 cr, due to customer bankruptcy #
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Igniting Success mahindra LOGISTICS V Consolidated Income Statement – Q2FY26 Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 3. EBITDA is excl. Other Income 39 Particulars Q2FY26 Q1FY26 Q-o-Q Q2FY25 Y-o-Y H1FY26 H1FY25 Y-o-Y Revenue 1,685.3 1,624.6 4% 1,521.1 11% 3,309.9 2,941.1 13% Other Income 2.9 5.1 1.7 8.0 7.4 GM 170.2 153.3 11% 139.4 22% 323.6 275.0 18% GM (%) 10.1% 9.4% 9.2% 9.8% 9.4% Total Overheads 85.2 77.1 73.0 162.3 142.4 EBITDA 85.1 76.3 12% 66.4 28% 161.3 132.7 22% EBITDA (%) 5.0% 4.7% 4.4% 4.9% 4.5% Depreciation - Fixed Assets 23.8 23.6 20.2 47.4 38.7 - Lease (IND AS) 47.9 41.0 33.8 88.9 70.2 EBIT 16.3 16.8 -3% 14.2 15% 33.1 31.1 6% Finance Cost - Finance Charge 8.3 11.6 10.4 19.9 19.8 - Lease (IND AS) 13.3 10.9 8.7 24.3 18.8 Share of profit/(loss) of an associate / a joint venture (0.0) (0.0) - -0.1 - PBT -5.4 -5.8 -5.0 -11.2 -7.5 Tax 3.0 3.6 4.6 6.6 10.0 PAT (before JV) -8.4 -9.4 -9.6 -17.8 -17.5 PAT (after JV and NCI) -10.4 -10.8 -10.8 -21.2 -20.1 PAT (%) -0.6% -0.7% -0.7% -0.6% -0.7% Basic EPS (in Rs.) -1.2 -1.4 -1.4 -2.6 -2.7 # Overheads include Provision for Doubtful Debt (PDD) of 4.8 cr due to customer bankruptcy # #
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Igniting Success mahindra L> LOGISTICS V Consolidated Balance sheet Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 40 Particulars Sep-25 Mar-25 Particulars Sep-25 Mar-25 NON-CURRENT ASSETS 1,428.98 1,182.42 EQUITY 1,165.08 454.23 Property, Plant and Equipment 321.96 265.95 Equity Share Capital 99.18 72.13 Right of Use Asset 553.70 396.29 Share Application Money - - Net Investment in Lease 5.23 9.47 Other Equity 1,046.20 365.75 Capital Work-in-Progress 24.22 45.76 Equity attributable to owners 1,145.38 437.88 Goodwill on consolidation 58.76 58.76 Equity attributable to non-controlling interests 19.70 16.35 Intangible Assets 202.69 208.56 Financial Assets NON-CURRENT LIABILITIES 505.86 753.90 (i) Investments 1.91 1.99 Financial Liabilities (ii) Other Financial Assets 64.04 49.97 (i) Borrowings 33.92 410.47 Deferred Tax Assets (Net) 47.55 45.55 (ii) Lease liabilities 437.12 307.56 Income Tax Assets (Net) 111.00 61.66 (iii) Other Financial Liabilities - 0.56 Other Non-Current Assets 37.92 38.46 Provisions 33.13 33.96 Deferred Tax Liabilities (Net) 1.69 1.35 CURRENT LIABILITIES 1,456.97 1,372.02 CURRENT ASSETS 1,698.93 1,397.73 Financial Liabilities Financial Assets (i) Borrowings 38.60 13.71 (i) Investments 8.93 20.64 (ii) Lease liabilities 165.88 137.04 (ii) Trade Receivables 712.15 625.10 (iii) Trade Payables (iii) Cash and Cash Equivalents 41.92 65.09 a) Due to Micro and Small Enterprises 144.07 150.04 (iv) Bank Balances other than (iii) above 191.97 10.88 b) Other than Micro and Small Enterprises 989.70 949.62 (v) Other Financial Assets 608.00 557.98 (iv) Other Financial Liabilities 81.68 75.20 Provisions 10.39 9.13 Other Current Assets 135.96 118.04 Current Tax Liabilities (Net) 3.78 3.74 Other Current Liabilities 22.87 33.54 TOTAL ASSETS 3,127.91 2,580.15 TOTAL EQUITY AND LIABILITIES 3,127.91 2,580.15
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Igniting Success mahindra LOGISTICS V Consolidated Cashflow Statement Note: 1. Consolidated financials 2. All figures in INR crore, unless stated otherwise 41 Particulars Sep-25 Sep-24 Operating Profit before working Capital changes 178.24 141.77 Changes in working Capital -156.37 -46.10 Cash generated from operations 21.87 95.66 Direct taxes paid (net of refund) -57.48 5.95 Net cash from Operating Activities (A) -35.61 101.61 Net cash from Investing Activities (B) -241.88 -50.53 Net cash from Financing Activities (C) 254.32 -59.04 Net change in cash and cash equivalents (A+B+C) -23.17 -7.96 Cash with Banks - on Current account/Balance in Cash Credit Accounts 65.09 24.39 Total cash and cash equivalents 41.92 16.43
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Igniting Success mahinclra LOGISTICS I S GA Strategic Growth Advisors mahindra L> LOGISTICS V Contact Us • .. Company : Investor Relations Advisors : CIN: L63000MH2007PLC173466 Mrs. Isha Dalal Chief Financial Officer CFO.MLL@mahindralogistics.com www.mahindralogistics.com CIN: U74140MH2010PTC204285 Mr. Mandar Chavan / Mr. Shogun Jain mandar.chavan@sgapl.net / shogun.jain@sgapl.net +91 96993 82195 / +91 77383 77756 www.sgapl.net 42
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mahindra LOGISTICS I ma h i nd ra LOGISTICS 0 MIS I> RIVIGO g lya> WHIARD I> Pro Trucking I> eDeL o cilytn enquiries@mahindralogistics.com www.mahindralogistics.com Corporate Office 10 & 11 Floor, Arena Space Plot No 20, Jogeshwari-Vikhroli Link Road, Near Majas Depot, Jogeshwari (East) Mumbai- 400 060 Maharashtra, India C.I.N: L63000MH2007PLC173466 Email: enquiries@mahindralogistics.com Website : www.mahindralogistics.com Thank You