Mahindra Logistics Q4 FY26: Profitability Returns, Express Turnaround Gains Traction

Q4 FY26 consolidated revenue was 1,791.4 crore, EBITDA was 112.4 crore (6.3% margin) and PAT was 20.2 crore (1.1% margin).

FY26 revenue was 6,999.3 crore versus 6,104.8 crore in FY25. EBITDA was 376.5 crore versus 284.0 crore. Reported PAT was 8.2 crore versus a loss of 35.8 crore in FY25.

Contract Logistics was the largest segment in Q4 FY26 with revenue of 1,381.4 crore.

Express revenue in FY26 was 448.8 crore. Gross margin improved to positive levels, with Q4 FY26 gross margin of 6.6 crore (2.3%). The segment remained EBITDA loss-making at -30.9 crore for FY26.

Management stated a glide path to reduce white space by 95% by September 2026 and said they are on or slightly better than that glide path.

Adjusted EBITDA is reported EBITDA minus rent expense on long-term leases, because Ind AS 116 classifies long-term lease costs under depreciation and interest rather than operating expense.