Mahindra Logistics LimitedPAT ₹26 Cr, Rivigo EBITDA-positive, ROCE 12.9%

Mahindra Logistics' Q2 FY27 call, held on 23 October 2026, reported consolidated revenue of ₹2,095 crore, up 24%, EBITDA of ₹124 crore against ₹85 crore, and profit after tax of ₹26 crore against a loss of ₹10 crore a year ago.

The express business, Rivigo, posted its first EBITDA-positive quarter at ₹2.3 crore on revenue up 69% to ₹169 crore, and management now targets profit after tax. Contract logistics revenue rose 28% to ₹1,688 crore, and vacant space has fallen about 95% from June 2025 levels. Gross margin was 10.1%, up 40 bps on Q1, with fuel costs fully passed through but manpower costs not; management reiterated a 100 bps gross margin improvement target over the medium term.

Return on capital employed for the half was 12.9% against 1.7%, free cash flow was ₹52 crore, and net cash stood at ₹308 crore. Last-mile delivery is pivoting from no-loss to growth, freight forwarding fell 44% and is rebuilding, and a business transformation technology project starts around Q4. Capex is about ₹110 crore for the year. Analysts asked about express margins, manpower costs and the Mahindra and Mahindra share.