1. At a Glance
Once a poster child for the asset-light logistics revolution, Mahindra Logistics is now juggling between declining margins, loss-making quarters, and a ₹750 crore rights issue priced at a 30% discount. But wait—there’s more. It still manages 22M+ sq. ft. of warehouses and 15,000+ trucks per month.
2. Introduction with Hook
If India’s economy is a fast-moving train, logistics is the overworked engine driver with a sprained back and an HR complaint pending. Mahindra Logistics (MLL), once seen as the solution to India’s infrastructure mess, now looks like it took the wrong highway exit somewhere in FY23.
- Revenue in FY25: ₹6,105 crore
- Net Loss in FY25: ₹30 crore
- Rights Issue Price: ₹277 vs CMP ₹412
The question is—are we witnessing a turnaround story or an extended traffic jam?
3. Business Model (WTF Do They Even Do?)
Mahindra Logistics isn’t your local courier boy. Here’s what they really do:
- Contract Logistics (B2B) – Servicing industries like automotive, FMCG, pharma. Includes warehousing, packaging, reverse logistics.
- 3PL Operations – Entire supply chain outsourcing for companies.
- Last-Mile Delivery (eComm heavy) – Yes, the “Amazon-type” stuff.
- Enterprise Mobility – Staff transport solutions (yes, Uber for
