Mahindra Logistics Q2 FY26 Concall Decoded: “Boxes, Bytes & Belief”

1. Opening Hook

While India was busy debating festive discounts, Mahindra Logistics quietly decluttered its warehouses—literally. The management’s Diwali cleaning drive wasn’t metaphorical; they scrubbed off 20% of idle space and still expanded margins.

New CFO Isha Dalal debuted with precision and polish, the kind of calm you want during audit season. Meanwhile, CEO Hemant Sikka played therapist-in-chief—diagnosing inefficiency, cutting costs, and promising to make MLL “India’s best integrated logistics company.”

Read on—the real fireworks start when Express turns profitable and white spaces vanish faster than festive discounts. 🎇

2. At a Glance

• Revenue up 11% – A logistics miracle amid GST hiccups and global tantrums.
• EBITDA up 28% – Finally, some heavy lifting from margins.
• PAT loss ₹10.4 crore – Still red, but CFO calls it “progress red.”
• Debt down 88% – Rights issue money hit debt like detergent hits grease.
• ROCE improved – When cash pays off loans, Excel smiles.
• Express GM positive (0.2%) – Rivigo ghosts finally exorcised.

3. Management’s Key Commentary

“We’ve reduced warehousing white space by 20% in one quarter.”
(Translation: Finally renting out all the ghost corners.)

“By September 2026, 95% of white space will be gone.”
(Translation: Even spiders need new landlords now.)

“Express business turned gross margin positive for the first time since acquisition.”
(Translation: Rivigo finally stopped being a reverse cash pipeline.)

“We infused ₹50 crore equity to make MESPL EBITDA positive soon.”
(Translation: One last top-up before we expect it to earn its own lunch.)

“Rights issue of ₹749 crore cut debt from ₹601 crore to ₹73 crore.”
(Translation: CFO entered, saw debt, and said ‘delete row.’)

“We’re maintaining cost discipline and exiting adverse contracts.”
(Translation: No more money-losing ‘strategic relationships.’ 😏)

“We handled 8.2 lakh units in a single day from one site.”
(Translation: Somewhere, an intern is still recovering.)

4. Numbers Decoded