Mahindra Logis. Q1 FY27 Results (NSE: MAHLOG)
Signal: Loss reversed
The read
Q1FY27 marks a clear inflection: revenue growth accelerated to 23.3% YoY (fastest in 5 quarters), OPM expanded 100bps to 6% (5th consecutive quarter of margin expansion), and PAT swung from ₹9.4 Cr loss to ₹27.8 Cr profit — driven by operating leverage as fixed costs grew far slower than revenue. The standalone entity performed even stronger (PAT ₹29.0 Cr), confirming the turnaround is broad-based across the core logistics business.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,002.88 Cr | 23.3% | 4.1% |
| EBIT | ₹39.06 Cr | 771.0% | |
| Net profit | ₹27.83 Cr | 394.7% | |
| EPS | ₹2.56 | 277.8% | |
| EBIT margin | 6% |
P&L walk
Revenue grew 23.3% YoY to ₹2,003 Cr; EBITDA margin expanded 60bps to 14.9% on operating leverage as fixed costs grew slower; PAT swung to ₹27.8 Cr from ₹9.4 Cr loss.
Key positives
- Revenue grew 23.3% YoY to ₹2,003 Cr, accelerating from 8.2% in Q4FY26 and 14.4% in Q1FY26.
- OPM expanded 100bps YoY to 6% — 5th consecutive quarter of margin expansion (since Q3FY25).
- PAT swung from ₹9.4 Cr loss to ₹27.8 Cr profit, the highest quarterly profit in at least 12 quarters.
- EPS improved to ₹2.56 from ₹-1.44 YoY, adjusted for rights issue.
Key concerns
- OPM at 6% remains thin relative to industry average; despite 5 quarters of expansion, margin still low.
- Minority interest of ₹2.44 Cr reduces attributable profit; standalone PAT of ₹29.0 Cr suggests subsidiaries are a drag.
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