Interim report
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mahindra LOGISTICS I Igniting Success Reg Office: Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 Mahindra Logistics Limited Arena Space, 10th & 11th Floor, Plot No. 20, Jogeshwari Vikhroli Link Road, Near Majas Bus Depot, Jogeshwari (East), Mumbai – 400060, Maharashtra. Tel: +91 22 6836 7900 Email: enquiries@mahindralogistics.com www.mahindralogistics.com CIN: L63000MH2007PLC173466 Ref: MLLSEC/144/2025 27 October 2025 To, BSE Limited, (Security Code: 540768) Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001 National Stock Exchange of India Ltd., (Symbol: MAHLOG) Exchange Plaza, 5th Floor, Plot No. C/1, “G” Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051 Dear Sirs, Sub: Outcome of the Board Meeting held on 27 October 2025 – Unaudited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended 30 September 2025 - Regulations 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Ref: Intimation of Board Meeting vide letter dated 1 October 2025 We hereby inform you that, in compliance with Regulation 30 read with Schedule III, Regulation 33 and other applicable provisions of the SEBI Listing Regulations, the Board of Directors of Mahindra Logistics Limited (“the Company”), at their Meeting held today viz. Monday, 27 October 2025, has inter-alia, approved Unaudited Consolidated and Standalone Financial Results of the Company for the second quarter and half year ended 30 September 2025, subjected to Limited Review of the Statutory Auditor of the Company. In this regard, please find enclosed the following documents prepared in compliance with Regulations 33 and 47 (as applicable) of the SEBI Listing Regulations: 1. Unaudited Consolidated Financial Results together with the Segment-wise report, Standalone Financial Results for the second quarter and half year ended 30 September 2025, Unaudited Consolidated and Standalone Statement of Assets and Liabilities and Cash Flow Statement as on 30 September 2025 and notes thereon; 2. Unmodified Limited Review Report on the Unaudited Consolidated and Standalone Financial Results for the second quarter and half year ended 30 September 2025, issued by the Company’s Statutory Auditor - Deloitte Haskins & Sells LLP; 3. Extract of the newspaper publication of the Unaudited Consolidated Financial Results for the second quarter and half year ended 30 September 2025 in prescribed format to be published in print and electronic versions of the newspapers. The Meeting of the Board of Directors of the Company commenced at 2:00 p.m. (IST) and concluded at 3:51 p.m. (IST).
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mahinc.fra LOGISTICS I Igniting Success . This intimation is also being uploaded on the website of the Company and can be accessed at the weblink: https://mahindralogistics.com/financial-results/quaterly-result/ Thanking you For Mahindra Logistics Limited Jignesh Parikh Company Secretary Enclosures: As above
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz III, 30th & 31st floors International Business Park Oberoi Garden City Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF MAHINDRA LOGISTICS LIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of MAHINDRA LOGISTICS LIMITED ("the Company"), for the quarter and half year ended 30 September 2025 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Place: Mumbai Date: 27 October 2025 For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Mehul Parekh Partner Membership No. 121513 UDIN:2512_1b13 Page 1 of 1 Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB -8737
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MAHINDRA LOGISTICS LIMITED Registered Office : Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 Website : www.mahindralogistics.com, E-mail: cfo.mll@mahindralogistics.com Tel No: +9122 24901441 CIN : L63000MH2007PLC173466 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025 ₹ in Crores Quarter ended Half year ended Year ended Particulars 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income a) Revenue from operations 1,366.91 1,345.82 1,235.92 2,712.73 2,392.58 5,012.56 b) Other income 2.50 1.96 1.50 4.46 5.46 11.30 Total Income 1,369.41 1,347.78 1,237.42 2,717.19 2,398.04 5,023.86 2 Expenses a) Operating Expenses 1,166.16 1,159.10 1,059.58 2,325.26 2,043.37 4,302.46 b) Employee benefits expense 81.16 78.71 72.88 159.87 143.98 292.81 c) Finance cost 16.79 16.02 12.20 32.81 25.58 54.31 d) Depreciation and amortisation expense 62.75 55.99 46.76 118.74 95.15 196.05 e) Other expenses 37.43 29.28 34.39 66.71 64.61 120.05 Total expenses 1,364.29 1,339.10 1,225.81 2,703.39 2,372.69 4,965.68 3 Profit before exceptional items and tax (1-2) 5.12 8.68 11.61 13.80 25.35 58.18 4 Exceptional items - 5 Profit before tax (3+4) 5.12 8.68 11.61 13.80 25.35 58.18 6 Tax expenses Current tax 2.16 3.26 5.93 5.42 10.00 19.04 Deferred tax (0.83) (1.02) (2.86) (1.85) (3.41) (4.36) 7 Profit after tax (5-6) 3.79 6.44 8.54 10.23 18.76 43.50 8 Other Comprehensive Income Items that will not be reclassified to profit or loss Remeasurements of the defined benefit plans - Gains/(Losses) (0.10) (0.09) (0.09) (0.19) (0.18) 0.53 Income tax relating to items that will not be reclassified to profit or loss 0.03 0.02 0.03 0.05 0.05 (0.14) 9 Total Comprehensive Income (7 + 8) 3.72 6.37 8.48 10.09 18.63 43.89 10 Paid-up equity share capital (Face value ₹ 10/- per share) 99.18 72.13 72.05 99.18 72.05 72.13 11 Other Equity 627.12 12 Earnings per share (Face value ₹ 10/- per share) (Not annualised) a. Basic earnings per share (₹) 0.44 0.86 1.14 1.27 2.50 5.80 b. Diluted earnings per share (₹) 0.44 0.86 1.14 1.26 2.50 5.80
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MAHINDRA LOGISTICS LIMITED STANDALONE BALANCE SHEET AS AT 30 SEPTEMBER 2025 ₹ in Crores As at As at Particulars 30-Sep-25 31-Mar-25 Unaudited Audited ASSETS NON-CURRENT ASSETS a) Property, Plant and Equipment 274.07 228.91 b) Right of Use Asset 514.09 362.56 c) Net Investment in Lease 5.23 9.47 d) Capital Work-in-Progress 4.06 45.76 e) Other Intangible Assets f) Financial Assets (i) Investments i 0.29 684.87 0.86 418.99 (ii) Other Financial Assets 53.31 44.15 g) Deferred Tax Assets (Net) 34.86 33.01 h) Income Tax Assets (Net) 91.35 46.82 i) Other non-current assets 32.21 33.68 Total Non-Current Assets 1,694.34 1,224.21 CURRENT ASSETS a) Financial Assets (i) Trade Receivables 547.14 461.81 (ii) Cash and Cash Equivalents 26.81 43.36 (iii) Bank Balances other than (ii) above 189.49 0.03 (iv) Loans 1.40 4.40 (v) Other Financial Assets 502.71 488.43 (b) Other Current Assets 99.29 96.05 Total Current Assets 1,366.84 1,094.08 TOTAL ASSETS 3,061.18 2,318.29 EQUITY AND LIABILITIES EQUITY a) Equity Share Capital 99.18 72.13 b) Other Equity 1,339.03 627.12 Total Equity 1,438.21 699.25 LIABILITIES NON-CURRENT LIABILITIES a) Financial Liabilities (i) Borrowings - 150.00 (ii) Lease Liabilities 407.30 282.94 (iii) Other financial liabilities - 0.44 b) Provisions 13.06 13.06 c) Other non-current liabilities - 2.72 Total Non-Current Liabilities 420.36 449.16 CURRENT LIABILITIES a) Financial Liabilities (i) Lease Liabilities (ii) Trade Payables a) Due to Micro and Small Enterprises 154.65 135.43 126.84 145.91 b) Other than Micro and Small Enterprises 830.98 803.78 (iii) Other Financial Liabilities 56.14 56.90 b) Provisions 4.76 4.44 c) Current Tax Liabilities (Net) 3.65 3.65 d) Other Current Liabilities 17.00 28.36 Total Current Liabilities 1,202.61 1,169.88 TOTAL EQUITY AND LIABILITIES 3,061.18 2,318.29
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MAHINDRA LOGISTICS LIMITED STANDALONE STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 ₹ in Crores Half Year Ended Particulars 30-Sep-25 30-Sep-24 Unaudited Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES: Profit before tax 13.80 25.35 Adjustments for: Net (gain)/loss on disposal of property, plant and equipment (0.06) 0.37 Expected credit loss recognised on trade receivables/advances 11.45 3.73 Depreciation and amortisation expense 118.74 95.15 Finance Cost 32.81 25.58 Unrealised gain on reversal of Right of Use Assets (4.60) (1.21) Interest income on financial assets carried at amortised cost (3.16) (1.74) Commission on corporate Guarantee (0.31) (0.61) Rental income on Sub-Lease 4.54 4.32 Finance income on net investment in lease (0.29) (0.62) Profit on sale of mutual funds - (0.01) Share based payment expenses 1.41 (3.08) Operating profit before working capital changes 174.33 147.23 Changes in: Trade and other receivables (127.76) (101.05) Trade and other payables and provisions 8.50 81.73 Cash generated from operations 55.07 127.91 Income tax refund/(paid) (net) (49.91) 12.67 Net cash flow generated from operating activities 5.16 140.58 B. CASH FLOWS FROM INVESTING ACTIVITIES: Payment to acquire current investments (20.00) Proceeds from sale of current investments 20.01 Investment in Subsidiaries (265.88) - Inter Corporate Deposit refunded 3.00 - Bank deposits matured/(placed) (Net) (186.76) - Interest received 0.15 0,18 Commission received on corporate guarantee 0.31 0.61 Earmarked balances (2.70) - Payment to acquire property, plant and equipment & other intangible assets including CWIP (43.58) (63.18) Proceeds from disposal of property, plant and equipment 0.13 0.12 Net cash used in investing activities (495.33) (62.26) C. CASH FLOWS FROM FINANCING ACTIVITIES: Issue of Share Capital 27.05 - Share premium received 722.22 Share issue expenses (3.50) - Proceeds from short term borrowings (net) 18.42 Repayment of long term borrowings (150.00) - Interest paid on borrowing (10.49) (7.56) Payment of leases (93.63) (79.16) Dividend paid (18.03) (18.01) Net cashflow generated from/ (used in) financing activities 473.62 (86.31) Net decrease in cash and cash equivalents (A + B+ C) (16.55) (7.99) Cash and cash equivalents at the beginning of the year 43.36 15.31 Cash and cash equivalents at the end of the year 26.81 7.32 Components of cash and cash equivalents Cash on hand 0.39 0.43 With Banks - in Current account/ Balance in Cash Credit Accounts / Bank deposits with original maturity of less than 3 months at inception / Cheques or drafts on hand 26.42 6.89 26.81 7.32
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Notes 1 The Unaudited Standalone Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective Meetings held on 27 October 2025. The statutory auditors have performed limited review of the financial results. 2 The Unaudited Standalone Financial Results have been prepared and published in accordance with the Indian Accounting Standards, Section 133 of the Companies Act, 2013 read with Rules framed thereunder and Regulation 33 of SEBI Listing Regulations, as amended from time to time. 3 The Board of Directors had recommended final dividend of ₹ 2.50 per equity share for the year ended 31 March 2025 at its meeting held on 21 April 2025 which has been approved by the Shareholders at the 18th Annual General Meeting held on 21 July 2025. The aforesaid dividend was paid during the quarter ended 30 September 2025 and resulted in outflow of ₹ 18.03 crores. 4 During the quarter ended 30 September 2025 the Company has granted 2,74,596 Restricted Stock Units (RSUs) under the Mahindra Logistics Employee Restricted Stock Unit Plan 2018. 5 During the quarter ended 30 September 2025, the Company successfully completed a rights issue of 2,70,49,301 fully paid up Equity Shares of face value of ₹ 10 each for cash at a price of ₹ 277 per rights equity share (including a premium of ₹ 267 per rights equity share) aggregating up to ₹ 749.27 crores, for repayment of debt and general corporate purposes. These equity shares were allotted on 18 August 2025. 6 On 18 August 2025, the Company acquired 26,38,60,000 equity shares of ₹ 10 each fully paid pursuant to the rights offer made by MLL Express Services Private Limited amounting to ₹ 263.86 crores for cash consideration. 7 On 18 August 2025, the Company acquired 20,20,000 equity shares of ₹ 10 each fully paid pursuant to the rights offer made by V-Link Freight Services Private Limited amounting to ₹ 2.02 crores for cash consideration. 8 Earnings per share for the comparative periods have been retrospectively adjusted for effects of rights issue during the quarter. For MAHINDRA LOGISTICS LIMITED k4 4/ Place : Mumbai H t Sikka Date: 27 October 2025 Managing Director & CEO DIN: 00922281
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz III, 30th & 31st floors International Business Park Oberoi Garden City Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra, India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF MAHINDRA LOGISTICS LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of MAHINDRA LOGISTICS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its joint venture for the quarter and half year ended 30 September 2025 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the following entities: • Parent Company: ➢ Mahindra Logistics Limited • Subsidiary Companies: ➢ Lords Freight (India) Private Limited ➢ MLL Express Services Private Limited ➢ MLL Mobility Private Limited ➢ 2X2 Logistics Private Limited ➢ V-Link Freight Services Private Limited ➢ ZipZap Logistics Private Limited • Joint Venture Company: ➢ Seino MLL Logistics Private Limited 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the Page 1 of 2 Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LLP information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the financial results of six subsidiaries included in the consolidated unaudited financial results, whose interim financial results reflect total assets of Rs. 737.67 Crores as at 30 September 2025, total revenue of Rs. 380.26 Crores and Rs. 703.86 Crores for the quarter and half year ended 30 September 2025 respectively, total (net) loss after tax of Rs. 12.11 Crores and Rs. 27.95 Crores for the quarter and half year ended 30 September 2025 respectively and total comprehensive loss of Rs. 12.18 Crores and Rs. 28.02 Crores for the quarter and half year ended 30 September 2025 respectively and net cash outflow of Rs. 6.62 Crores for the half year ended 30 September 2025, as considered in the Statement. The consolidated unaudited financial results also include the Group's share of loss after tax of Rs. 0.04 Crores and Rs. 0.08 Crores for the quarter and six months ended 30 September 2025 and total comprehensive loss of Rs. 0.04 Crores and Rs. 0.08 Crores for the quarter and six months ended 30 September 2025, as considered in the Statement, in respect of one joint venture, whose financial results have not been reviewed by us. These financial results have been reviewed by other auditors whose reports have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and a joint venture, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Mehul Parekh Partner Membership No. 121513 UDIN:2S'12.15 fam LPCQL 5 5 71. Place: Mumbai Date: 27 October 2025 Page 2 of 2
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Mahindra Logistics Limited Registered Office : Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 Website : www.mahindralogistics.com, E-mail: cfo.mll@mahindralogistics.com Tel No: +9122 24901441 CIN : L63000MH2007PLC173466 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025 ₹ in Crores Particulars Quarter Ended Half Year Ended Year ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Income a. Revenue from operations 1,685.27 1,624.59 1,521.10 3,309.86 2,941.12 6,104.83 b. Other income 2.94 5.07 1.73 8.01 7.40 15.82 Total Income 1,688.21 1,629.66 1,522.83 3,317.87 2,948.52 6,120.65 2 Expenses a. Operating Expenses 1,446.41 1,407.40 1,306.85 2,853.81 2,520.82 5,260.89 b. Employee benefits expense 106.46 104.48 104.74 210.94 206.69 403.60 c. Finance cost 21.67 22.53 19.12 44.20 38.61 81.21 d. Depreciation and amortisation expense 71.72 64.57 53.96 136.29 108.92 226.32 e. Other expenses 47.32 36.46 43.13 83.78 80.95 156.29 Total expenses 1,693.58 1,635.44 1,527.80 3,329.02 2,955.99 6,128.31 3 Profit/(loss) before share of profit/(loss) of an associate / a joint venture and exceptional items (1-2) (5.37) (5.78) (4.97) (11.15) (7.47) (7.66) 4 Share of profit/(loss) of an associate / a joint venture (0.04) (0.04) (0.08) - (0.01) 5 Profit/(loss) before exceptional items and tax (3+4) (5.41) (5.82) (4.97) (11.23) (7.47) (7.67) 6 Exceptional items - - - 7 Profit/(loss) before tax (5+6) (5.41) (5.82) (4.97) (11.23) (7.47) (7.67) 8 Tax expenses Current tax 3.70 4.52 6.67 8.22 11.34 21.25 Deferred tax (0.75) (0.90) (2.03) (1.65) (1.36) 1.08 9 Profit/(Loss) after tax (7-8) (8.36) (9.44) (9.61) (17.80) (17.45) (30.00) 10 Other Comprehensive Income Items that will not be reclassified to profit or loss Remeasurements of the defined benefit plans - Gains/(Losses) (0.17) (0.09) (0.09) (0.26) (0.18) 0.26 Share of other comprehensive income/(loss) of equity accounted investees - - - .... - Income tax relating to items that will not be reclassified to profit or loss 0.04 0.02 0.03 0.06 0.05 (0.15) 11 Total Comprehensive Income/(Losses) (9+10) (8.49) (9.51) (9.67) (18.00) (17.58) (29.89) 12 Profit/(loss) for the period attributable to: (a) Shareholders of the company (10.35) (10.80) (10.75) (21.15) (20.07) (35.85) (b) Non-Controlling interests 1.99 1.36 1.14 3.35 , 2.62 5.85 13 Other Comprehensive Income/(Losses) attributable to: . (a) Shareholders of the company (0.13) (0.07) (0.06) (0.20) (0.13) 0.18 (b) Non-Controlling interests - (0.07) 14 Total Comprehensive Income/(Losses) attributable to: (a) Shareholders of the company (10.48) (10.87) (10.81) (21.35) (20.20) (35.67) (b) Non-Controlling interests 1.99 1.36 1.14 3,35 2.62 5.78 15 Paid-up equity share capital (Face value ₹ 10/- per share) 99.18 72.13 72.05 99.18 72.05 72.13 16 Other Equity 365.75 17 Earnings per share (Face value ₹ 10/- per share) (Not annualised) a. Basic earnings per share (₹) (1.20) (1.44) (1.44) (2.62) (2.68) (4.78) b. Diluted earnings per share (₹) (1.20) (1.44) (1.44) (2.62) (2.68) (4.78) 0
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MAHINDRA LOGISTICS LIMITED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2025 ₹ in Crores Particulars As at As at 30-Sep-25 31-Mar-25 Unaudited Audited ASSETS NON-CURRENT ASSETS (a) Property, Plant and Equipment (b) Right of Use Asset (c) Net Investment in Lease (d) Capital Work-in-Progress (e) Goodwill (f) Other Intangible Assets (g) Financial Assets (i) Investments (ii) Other Financial Assets (h) Deferred Tax Assets (Net) (i) Income Tax Assets (Net) (j) Other non-current assets Total Non-Current Assets CURRENT ASSETS (a) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Bank Balances other than (iii) above (v) Other Financial Assets (b) Other Current Assets Total Current Assets TOTAL ASSETS EQUITY AND LIABILITIES EQUITY (a) Equity Share Capital (b) Other Equity Equity attributable to owners Equity attributable to non-controlling interests Total Equity LIABILITIES NON-CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Other Financial Liabilities (b) Provisions (c) Deferred tax liabilities Total Non-Current Liabilities CURRENT LIABILITIES (a) Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Trade Payables a) Due to Micro and Small Enterprises b) Other than Micro and Small Enterprises (iv) Other Financial Liabilities (b) Provisions (c) Current Tax Liabilities (Net) (d) Other Current Liabilities Total Current Liabilities 321.96 553.70 5.23 24.22 58.76 202.69 1.91 64.04 47.55 111.00 37.92 265.95 396.29 9.47 45.76 58.76 208.56 1.99 49.97 45.55 61.66 38.46 1,428.98 1,182.42 8.93 712.15 41.92 191.97 608.00 135.96 20.64 625.10 65.09 10.88 557.98 118.04 1,698.93 1,397.73 3,127.91 2,580.15 99.18 1,046.20 72.13 365.75 1,145.38 19.70 437.88 16.35 1,165.08 454.23 33.92 437.12 33.13 1.69 410.47 307.56 0.56 33.96 1.35 505.86 753.90 38.60 165.88 144.07 989.70 81.68 10.39 3.78 22.87 13.71 137.04 150.04 949.62 75.20 9.13 3.74 33.54 1,456.97 1,372.02 TOTAL EQUITY AND LIABILITIES 3,127.91 2,580.15
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MAHINDRA LOGISTICS LIMITED CONSOLIDATED STATEMENT OF CASH FLOW FOR THE HALF YEAR ENDED 30 SEPTEMBER 2025 ₹ in Crores Half Year Ended Particulars 30-Sep-25 30-Sep-24 Unaudited Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES: Profit / (Loss) before tax and share of profit/(loss) of an associate / a joint venture (11.15) (7.47) Adjustments for: Net gain on disposal of property, plant and equipment (1.34) (0.49) Expected credit loss recognised on trade receivables/advances 14.34 5.24 Provision no longer required written back (1.48) (0.03) Depreciation and amortisation expense 136.29 108.92 Finance Cost 44.20 38.61 Unrealised gain on reversal of Right of Use Assets (4.55) (1.21) Interest income on financial assets carried at amortised cost (3.47) (2.40) Rental income on Sub-Lease 4.54 4.32 Finance income on net investment in lease (0.29) (0.67) Profit on sale of mutual funds (0.50) (0.17) Share based payment expenses 1.65 (2.88) Operating profit before working capital changes 178.24 141.77 Changes in: Trade and other receivables (183.93) (123.48) Trade and other payables and provisions 27.56 77.37 Cash generated from operations 21.87 95.66 Income tax refund / (paid) (Net) (57.48) 5.95 Net cash flow (used in) / generated from operating activities (35.61) 101.61 B. CASH FLOWS FROM INVESTING ACTIVITIES: Payment to acquire current investments (122.34) (41.05) Proceeds from sale of current investments 134.56 41.07 Bank Deposits (placed)/matured (Net) (178.39) 44.37 Earmarked Balances (2.70) - Interest received 0.29 1.18 Payment to acquire property, plant and equipment & other intangible assets including CWIP (75.38) (97.49) Proceeds from disposal of property, plant and equipment 2.08 1.39 Net cash used in investing activities (241.88) (50.53) C. CASH FLOWS FROM FINANCING ACTIVITIES: Issue of Share Capital 27.05 Share premium received 722.22 Share issue expenses (3.50) - Proceeds from short term borrowings (Net) 28.00 33.41 Proceeds from long term borrowings 23.31 31.57 Repayment of long term borrowings (400.46) - Inter Corporate Deposit received / (repaid) (2.50) - Interest paid on borrowing (20.20) (20.00) Payment of leases (101.57) (86.01) Dividend paid (18.03) (18.01) Net cash flow generated from / (used in) financing activities 254.32 (59.04) Net decrease in cash and cash equivalents (A + B + C) (23.17) (7.96) Cash and cash equivalents at the beginning of the year 65.09 24.39 Cash and cash equivalents at the end of the year 41.92 16.43 Components of cash and cash equivalents Cash on hand 0.41 0.57 With Banks - in Current account / Balance in Cash Credit Accounts / Bank deposits with original maturity of less than 3 months at inception / Cheques or drafts on hand 41.51 15.86 41.92 16.43
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MAHINDRA LOGISTICS LIMITED CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025 ₹ in Crores Particulars Quarter Ended Period ended Year ended 30-Sep-25 30-Jun-25 30-Sep-24 30-Sep-25 30-Sep-24 31-Mar-25 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1. SEGMENT REVENUE Revenue from operations a) Supply Chain Management b) Enterprise Mobility Services Less: Inter Segment Revenue Revenue from operations 2. SEGMENT RESULTS a) Supply Chain Management b) Enterprise Mobility Services Segment Results Less: Un-allocable expenditure a) Finance cost b) Other expenditure (net of other income) Profit/(loss) before tax and share of profit/(loss) of an associate / a joint venture 3. SEGMENT ASSETS a) Supply Chain Management b) Enterprise Mobility Services c) Un-allocable Total Assets 4. SEGMENT LIABILITIES a) Supply Chain Management b) Enterprise Mobility Services c) Un-allocable Total Liabilities 1,595.42 93.79 (3.94) 1,544.29 81.85 (1.55) 1,441.43 81.12 (1.45) 3,139.71 175.64 (5.49) 2,781.45 162.42 (2.75) 5,789.27 320.53 (4.97) 1,685.27 1,624.59 1,521.10 3,309.86 2,941.12 6,104.83 (6.93) 1.56 (10.38) 4.60 (6.60) 1.63 (17.31) 6.16 (10.80) 3.33 (13.08) 5.42 (5.37) (5.78) (4.97) (11.15) (7.47) (7.66) - - - - - - (5.37) (5.78) (4.97) (11.15) (7.47) (7.66) 3,003.90 124.01 2,692.44 110.28 - 2,492.07 103.45 3,003.90 124.01 2,492.07 103.45 - 2,474.30 105.85 3,127.91 2,802.72 2,595.52 3,127.91 2,595.52 2,580.15 1,881.93 2,290.28 2,061.02 1,881.93 2,061.02 2,058.64 80.90 67.28 68.74 80.90 68.74 67.28 - - - - - - 1,962.83 2,357.56 2,129.76 1,962.83 2,129.76 2,125.92
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Notes 1 The Unaudited Consolidated Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective Meetings held on 27 October 2025. The statutory auditors have performed limited review of the financial results. 2 The Unaudited Consolidated Financial Results have been prepared and published in accordance with the Indian Accounting Standards, Section 133 of the Companies Act, 2013 read with Rules framed thereunder and Regulation 33 of SEBI Listing Regulations, as amended from time to time. 3 The Company has consolidated the financial results of its subsidiaries and Joint Venture as per the applicable Indian Accounting Standards. 4 The Board of Directors had recommended final dividend of ₹ 2.50 per equity share for the year ended 31 March 2025 at its meeting held on 21 April 2025 which has been approved by the Shareholders at the 18th Annual General Meeting held on 21 July 2025. The aforesaid dividend was paid during the quarter ended 30 September 2025 and resulted in outflow of ₹ 18.03 crores. 5 During the quarter ended 30 September 2025 the Company has granted 2,74,596 Restricted Stock Units (RSUs) under the Mahindra Logistics Employee Restricted Stock Unit Plan 2018. 6 During the quarter ended 30 September 2025, the Company successfully completed a rights issue of 2,70,49,301 fully paid up Equity Shares of face value of ₹ 10 each for cash at a price of ₹ 277 per rights equity share (including a premium of ₹ 267 per rights equity share) aggregating up to ₹ 749.27 crores, for repayment of debt and general corporate purposes. These equity shares were allotted on 18 August 2025. 7 Earnings per share for the comparative periods have been retrospectively adjusted for effects of rights issue during the quarter. For Mahindra Logistics Limited \k/V-CC I emant Sikka Place : Mumbai Managing Director & CEO Date: 27 October 2025 DIN: 00922281
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MAHINDRA LOGISTICS LIMITED Registered Office : Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 Website : www.mahindralogistics.com, E-mail : cfo.mll@mahindralogistics.com Tel No: +91 22 24901441 CIN : L63000MH2007PLC173466 Rs. in Crores EXTRACT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025 5 No. Particulars Quarter Ended Half Year Ended Quarter Ended 30-Sep-25 30-Sep-25 30-Sep-24 Unaudited Unaudited Unaudited 1 2 3 4 5 6 7 8 9 a. b. Total Income from Operations Net Profit/(Loss) for the period (before Tax, Exceptional and/or Extraordinary items) Net Profit/(Loss) for the period before Tax (after Exceptional and/or Extraordinary items) Net Profit/(Loss) for the period after Tax (after Exceptional and/or Extraordinary items but before share of loss of Joint venture/Associate) Net Profit/(Loss) for the period after Tax (after Exceptional and/or Extraordinary items and after share of loss of Joint venture/Associate) Attributable to Shareholders of the company Attributable to Non-Controlling Interests Total Comprehensive Income/(Losses) for the period [Comprising Profit/(Loss) for the period (after tax) and Other Comprehensive Income (after tax)] Attributable to Shareholders of the Company Attributable to Non-Controlling Interests Equity Share Capital (Face value Rs 10/- per share) Reserves (excluding revaluation reserve) as shown in the audited balance sheet of the previous year Earnings per share (Face value Rs 10/- per share) Basic Earnings per share (Rs.) Diluted Earnings per share (Rs.) 1,685.27 (5.41) (5.41) (8.32) (8.36) (10.35) 1.99 (10.48) 1.99 99.18 (1.20) (1.20) 3,309.86 (11.23) (11.23) (17.72) (17.80) (21.15) 3.35 (21.35) 3.35 99.18 365.75 (2.62) (2.62) 1,521.10 (4.97) (4.97) (9.61) (9.61) (10.75) 1.14 (10.81) 1.14 72.05 (1.44) (1.44) Notes 1 2 3 4 5 6 7 8 9 The Unaudited Consolidated Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective Meetings held on 27 October 2025. The statutory auditors have performed limited review of the financial results. The Unaudited Consolidated Financial Results have been prepared and published in accordance with the Indian Accounting Standards, Section 133 of the Companies Act, 2013 read with Rules framed thereunder and Regulation 33 of SEBI Listing Regulations, as amended from time to time. The Company has consolidated the financial results of its subsidiaries and Joint Venture as per the applicable Indian Accounting Standards. The Board of Directors had recommended final dividend of ₹ 2.50 per equity share for the year ended 31 March 2025 at its meeting held on 21 April 2025 which has been approved by the Shareholders at the 18th Annual General Meeting held on 21 July 2025. The aforesaid dividend was paid during the quarter ended 30 September 2025 and resulted in outflow of ₹ 18.03 crores. During the quarter ended 30 September 2025 the Company has granted 2,74,596 Restricted Stock Units (RSUs) under the Mahindra Logistics Employee Restricted Stock Unit Plan 2018. During the quarter ended 30 September 2025, the Company successfully completed a rights issue of 2,70,49,301 fully paid up Equity Shares of face value of ₹ 10 each for cash at a price of ₹ 277 per rights equity share (including a premium of ₹ 267 per rights equity share) aggregating up to ₹ 749.27 crores, for repayment of debt and general corporate purposes. These equity shares were allotted on 18 August 2025. Earnings per share for the comparative periods have been retrospectively adjusted for effects of rights issue during the quarter. Standalone Financial Results for the period: Rs. in crores Particulars Quarter Ended Half Year Ended Quarter Ended 30-Sep-25 30-Sep-25 30-Sep-24 Unaudited Unaudited Unaudited Total Income from Operations 1,366.91 2,712.73 1,235.92 Profit before tax 5.12 13.80 11.61 Profit after tax 3.79 10.23 8.54 Total comprehensive income 3.72 10.09 8.48 The above is an extract of the detailed format of the said Financial Results for the quarter and half year ended 30th September 2025 Regulation 33 of the SEBI Listing Regulations. The full format of the said Financial Results are available on the Company's website viz. Stock Exchange websites - BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com). CI P ;I: ... . ...t Place : Mumbai Date: 27 October 2025 ,i—rtitgliaging filed with the Stock Exchanges under www.mahindralogistics.com and on the For Mahindra Logistics Limited k i ttatk) ikhkelk , ri i emautS Director & CEO DIN: 00922281