Mahindra Logistics Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Mahindra Logistics Ltd trades at ₹387, in a confirmed uptrend and 22 weeks into that stage. That is +7.3% against its own 200-day average. It sits at 69% of a 52-week range of ₹290 to ₹432. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a confirmed uptrend — week 22 of stage 2, confirmed. At ₹387 it trades +7.3% versus its 200-day average and sits at 69% of its 52-week range (₹290–₹432).

Against the market, two honest reads. Cumulative: over the last 8.7 years the stock moved −1% while the NIFTY 500 moved +160% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 49th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Mahindra Logistics Ltd trades at 105.0× P/E, mid-range by its own standards (49th percentile). Its long-run median P/E is 118.5×, measured across 8.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 105.0× is mid-range by its own standards (49th percentile), against a long-run median of 118.5× measured over 8.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

The price move, decomposed: over 5y, of the −6.1%/yr price move, ~+4.0%/yr came from earnings growth and ~−10.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 38% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Mahindra Logistics Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 8 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

50.5/100 — rank 4 of 8 in Logistics - Warehousing/Supply Chain · 68% evidence confidence

Mahindra Logistics Ltd scores 50.5 out of 100 against the 8 companies it is compared with in Logistics - Warehousing/Supply Chain, ranking 4. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.2 + 9.3 + 9.8 + 12.2 = 50.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Mahindra Logistics Ltd reported ₹2,003 Cr of revenue in the Jun 26 quarter, +23.3% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.0% a year. The last full year, FY26, came in at ₹6,999 Cr. The last four reported quarters add to ₹7,377 Cr.

Mahindra Logistics Ltd reported ₹2,003 Cr of revenue in the Jun 26 quarter, +23.3% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 13.0% a year. The last full year, FY26, came in at ₹6,999 Cr. The last four reported quarters add to ₹7,377 Cr.

FY26 revenue came in at ₹6,999 Cr (+14.6% on the year), capping 10 years at 13.0% compound. The latest quarter (Jun 26) printed ₹2,003 Cr, +23.3% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +16.8% growth against the decade's 13.0% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +16.9% over the last 4 quarters against +14.4%/yr over the last 8 — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 6.0% this quarter (+1.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Mahindra Logistics Ltd's operating margin is 6.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 3.0% to 5.0%. The current quarter is running above every full year in that window.

Mahindra Logistics Ltd's operating margin is 6.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 3.0% to 5.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 6.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 3.0%–5.0%, and FY26's 5.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.1 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit null in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Mahindra Logistics Ltd earned ₹28.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹11.0 Cr. The 10-year compound rate is −11.2%. That is 1.4% of the quarter's revenue. The same quarter a year earlier lost ₹9.0 Cr. 9 of the last 12 reported quarters were loss-making.

Mahindra Logistics Ltd earned ₹28.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹11.0 Cr. The 10-year compound rate is −11.2%. That is 1.4% of the quarter's revenue. The same quarter a year earlier lost ₹9.0 Cr. 9 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹28.0 Cr, null year on year. On the full year, FY26 printed ₹11.0 Cr (null), and the 10-year compound rate is −11.2%.

→ Profit rose — but did the cash follow? Next: 1,106% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 1,106% of Mahindra Logistics Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹254 Cr of operating cash against ₹11.0 Cr of profit. After ₹473 Cr of capital spending, ₹−219 Cr was left as free cash.

FY26: operating cash of ₹254 Cr against reported profit of ₹11.0 Cr, leaving free cash of ₹−219 Cr after ₹473 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 1,106% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 1,106%: the cash cycle tightened 18 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 36-day cycle and ₹1,050 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Mahindra Logistics Ltd's cash conversion cycle runs 36 days in FY26, down from 54 days in FY21. Capital spending ran ₹1,050 Cr over the last 3 years. At FY26 sales of ₹6,999 Cr each day of that cycle holds about ₹19.2 Cr, so roughly ₹690 Cr sits inside the business at any moment.

FY26: debtors at 36 days (an asset-light business — no inventory to speak of) — for a full cycle of 36 days, tighter than FY21's 54.

In money terms: at FY26 sales of ₹6,999 Cr, each day of the cycle holds about ₹19.2 Cr — so the 36-day loop keeps roughly ₹690 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,050 Cr over the last 3 fiscal years against ₹713 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹24.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Mahindra Logistics Ltd earns a ROCE of 7% in FY26. That is up from a trough of 3% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 0.2% net margin on 2.25× asset turns.

FY26 ROCE is 7%, recovered from a FY24 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 0.2% net margin × 2.25× asset turns × 2.64× balance-sheet leverage ≈ 1.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 38% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.55.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Mahindra Logistics Ltd carries ₹650 Cr of borrowings against ₹1,175 Cr of equity in FY26, a debt-to-equity of 0.55. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹269 Cr to ₹650 Cr. Capital spending ran ₹1,050 Cr across the last 3 of those years.

FY26: borrowings of ₹650 Cr against equity of ₹1,175 Cr — a debt-to-equity of 0.55. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹269 Cr to ₹650 Cr while capital spending ran ₹1,050 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 38% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 3.1 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 3.1 points of Mahindra Logistics Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 14.4% of the company. Promoters moved +1.5 points over the same window, to 59.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −3.1 points over 8 quarters to 14.4%; Promoters: +1.5 points over 8 quarters to 59.6%; Foreign institutions: −1.4 points over 8 quarters to 4.1%.

🚨 Why the register moved: domestic institutions drove it (−3.1 points), absorbed on the other side by promoters (+1.5 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Mahindra Logistics Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions