Key Metrics of Mahindra Logistics
About Mahindra Logistics
Sectors
Company details
- Website
- mahindralogistics.com
- Registered office
- Mahindra Towers,, P. K. Kurne Chowk, Worli,, Mumbai, In-mh, 400018
- Listed
- NSE: MAHLOG · ₹434.20
Operational Areas of Mahindra Logistics
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Aug 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹450 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Established presence across business verticals through subsidiaries/joint ventures
While the Mahindra Group accounted for around 58.6% of MLL’s total consolidated revenues in FY2026, the company’s dependence on the Group has reduced over the years from around 70.1% in FY2015.
Credit challenges
− Concentration of SCM business on automotive industry exposes MLL to high industry cyclicality
The company derives more than 50% of its SCM revenues from the automotive segment, exposing it to the cyclicality inherent in the industry.
− Stiff competition from large number of unorganised players and technology driven start -ups
The logistics industry remains highly fragmented and intensely competitive, with the presence of numerous organised players, regional operators, unorganised transporters and technology-enabled logistics platforms.
Could lead to an upgrade
The ratings can be upgraded if the company achieves sustained scale-up in revenues, aided by higher sector and client diversification and continuing traction in demand for logistics services from the parent group as well as external clientele across business verticals, resulting in improved profitability due to operating leverage.
Could lead to a downgrade
MLL’s ratings may be downgraded if there is significant weakening in the credit profile of M&M and/or MLL’s linkages with M&M. Weakening in the operating performance of MLL due to demand slowdown or client attrition or any large debt-funded capital expenditure / inorganic acquisition or investments in subsidiaries/joint ventures undertaken by the company, which may adversely impact its credit profile and
Agency-reported financials (ICRA, 28 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income (OI) | ₹6,105 Cr | ₹6,999 Cr |
| PAT | ₹-30.00 Cr | ₹10.60 Cr |
| OPBDIT/OI | 4.7% | 5.4% |
| PAT/OI | -0.5% | 0.2% |
| Total outside liabilities/Tangible net worth (times) | 4.60× | 1.50× |
| Total debt/OPBDIT (times) | 3.10× | 1.70× |
| Interest coverage (times) | 3.50× | 5.10× |
| Revenue growth (YoY) | — | 14.7% |
| EBITDA (margin × income) | ₹287 Cr | ₹378 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹889 Cr | ₹643 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹81.98 Cr | ₹74.11 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Fund based/Non-fund | Non-fund based limits | ₹350 Cr | ₹350 Cr | 0.0% | AA / A1+ (Stable) | Other | ICRA |
| based Commercial paper | Commercial paper | ₹100 Cr | ₹100 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Credit assessment · Services
Rating Methodology – Service Sector Companies · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 70% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 5.1×
What happened, step by step
- Aug 2026 — ₹749.3 cr raised through equity
- Aug 2026 — Full repayment of debt
“ICRA also notes the strengthening of the balance sheet profile of MLL following the conclusion of the rights issue of around Rs. 749.3 crore in FY2026.”
Rated limits by facility
Timeline
From the report
ICRA also notes the strengthening of the balance sheet profile of MLL following the conclusion of the rights issue of around Rs. 749.3 crore in FY2026.
From the report
Of this, Rs. 557.9 crore was utilised for prepayment / repayment of debt of the company and its certain subsidiaries, leading to significant deleveraging with total debt vis-à-vis operating profit before interest, tax, depreciation and amortisation (OPBITDA) reducing to 1.7 times in FY2026 from 3.1 times in FY2025, while the gearing moderated to around 0.5 times from 1.9 times in FY2025.
From the report
MLL had sanctioned working capital facilities of Rs. 350.0 crore as on March 31, 2026, at the standalone level which remained largely unuti lised due to its improved liquidity.
From the report
Liquidity position: Strong The liquidity position of MLL (consolidated) is Strong, supported by its cash flow from operations, which remained healthy in FY2026 and is expected to improve going forward, sizeable cash/bank balance and liquid investments of around Rs. 323 crore on a consolidated basis as on March 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Mahindra Logistics
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Allcargo Logistics |
Courier, Express & Freight · Logistics & Supply Chain | allcargologistics.com | — | Mumbai, India |
| QUESS CORP LIMITED | Discovered Companies · Other Industries | — | — | Bangalore, Karnataka, India |
| Courier, Express & Freight · Logistics & Supply Chain | concorindia.co.in | — | New Delhi, India | |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
 Transport Corporation of India |
Courier, Express & Freight · Logistics & Supply Chain | tcil.com | — | Secunderabad, India |
| MSTC LIMITED | Discovered Companies · Other Industries | — | — | Kolkata, West Bengal, India |
| JITF INFRALOGISTICS LIMITED | Courier, Express & Freight · Logistics & Supply Chain | — | — | Chhattisgarh, India |
 VRL Logistics |
Courier, Express & Freight · Logistics & Supply Chain | vrlgroup.in | — | Hubli, India |
| WEWORK INDIA MANAGEMENT LIMITED | Discovered Companies · Other Industries | — | — | Karnataka, India |
| GATEWAY DISTRIPARKS LIMITED | Sportswear & Sports Goods · Apparel, Textiles & Footwear | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
3PL and mobility
Filings
No filings on record yet.