Price Target Changed • Apr 29
Price target increased by 13% to ₹427 Up from ₹379, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of ₹409. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₹11.66 for next year compared to ₹0.25 last year. Buy Or Sell Opportunity • Apr 26
Now 26% undervalued Over the last 90 days, the stock has risen 40% to ₹407. The fair value is estimated to be ₹551, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 59% per annum over the same time period. Declared Dividend • Apr 25
Dividend of ₹2.50 announced Dividend of ₹2.50 is the same as last year. Ex-date: 10th July 2026 Payment date: 19th August 2026 Dividend yield will be 0.6%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (22% cash payout ratio). The dividend has increased by an average of 6.6% per year over the past 8 years and payments have been stable during that time. Reported Earnings • Apr 24
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: ₹0.25 (up from ₹4.97 loss in FY 2025). Revenue: ₹70.2b (up 15% from FY 2025). Net income: ₹22.9m (up ₹381.4m from FY 2025). Profit margin: 0% (up from net loss in FY 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Apr 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (8.0% average weekly change). Announcement • Mar 27
Mahindra Logistics Limited to Report Q4, 2026 Results on Apr 23, 2026 Mahindra Logistics Limited announced that they will report Q4, 2026 results on Apr 23, 2026 Reported Earnings • Jan 28
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: EPS: ₹0.33 (up from ₹1.25 loss in 3Q 2025). Revenue: ₹19.0b (up 19% from 3Q 2025). Net income: ₹32.5m (up ₹122.8m from 3Q 2025). Profit margin: 0.2% (up from net loss in 3Q 2025). Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates by 5.7%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Dec 26
Mahindra Logistics Limited to Report Q3, 2026 Results on Jan 27, 2026 Mahindra Logistics Limited announced that they will report Q3, 2026 results on Jan 27, 2026 Price Target Changed • Nov 08
Price target increased by 8.1% to ₹389 Up from ₹360, the current price target is an average from 9 analysts. New target price is 13% above last closing price of ₹343. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₹3.10 next year compared to a net loss per share of ₹4.97 last year. Buy Or Sell Opportunity • Oct 31
Now 22% undervalued Over the last 90 days, the stock has risen 8.0% to ₹353. The fair value is estimated to be ₹454, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Oct 28
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: ₹1.20 loss per share (improved from ₹1.50 loss in 2Q 2025). Revenue: ₹16.9b (up 11% from 2Q 2025). Net loss: ₹103.5m (loss narrowed 3.7% from 2Q 2025). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Oct 01
Mahindra Logistics Limited to Report Q2, 2026 Results on Oct 27, 2025 Mahindra Logistics Limited announced that they will report Q2, 2026 results on Oct 27, 2025 Price Target Changed • Sep 18
Price target increased by 7.1% to ₹386 Up from ₹360, the current price target is an average from 10 analysts. New target price is 7.5% above last closing price of ₹359. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₹4.92 next year compared to a net loss per share of ₹4.97 last year. New Risk • Aug 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Paying a dividend despite being loss-making. Announcement • Jul 22
Mahindra Logistics Limited Approves the Appointment of Hemant Sikka as Director Mahindra Logistics Limited held its AGM on July 21, 2025 approved the appointment of Mr. Hemant Sikka (DIN: 00922281) as a Director of the Company. Announcement • Jul 13
Mahindra Logistics Limited to Report Q1, 2026 Results on Jul 21, 2025 Mahindra Logistics Limited announced that they will report Q1, 2026 results on Jul 21, 2025 Upcoming Dividend • Jul 04
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 11 July 2025. Payment date: 20 August 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (1.3%). Reported Earnings • Jun 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: ₹4.97 loss per share (improved from ₹7.60 loss in FY 2024). Revenue: ₹61.0b (up 11% from FY 2024). Net loss: ₹358.5m (loss narrowed 35% from FY 2024). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. MD, CEO & Director Hemant Sikka was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 23
Dividend of ₹2.50 announced Dividend of ₹2.50 is the same as last year. Ex-date: 11th July 2025 Payment date: 20th August 2025 Dividend yield will be 0.8%, which is about the same as the industry average. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (11% cash payout ratio). The dividend has increased by an average of 7.6% per year over the past 7 years and payments have been stable during that time. Announcement • Apr 22
Mahindra Logistics Limited Announces CEO Changes Mahindra Group announced senior leadership appointments across businesses. Hemant Sikka, who is currently President of the Farm Equipment Sector (FES), has been appointed as the MD & CEO of Mahindra Logistics (MLL) by the MLL Board. MLL has tremendous potential for growth and value creation and are committed to realising this potential. Hemant is one of top leaders and brings with him a powerful combination of strategic skills, operational rigor,customer centricity and people leadership capabilities. The current CEO, Ram Swaminathan has decided to step down to pursue other professional interests. Reported Earnings • Apr 22
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: ₹4.97 loss per share (improved from ₹7.60 loss in FY 2024). Revenue: ₹61.2b (up 11% from FY 2024). Net loss: ₹358.5m (loss narrowed 35% from FY 2024). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 31%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Apr 13
Mahindra Logistics Limited to Report Q4, 2025 Results on Apr 21, 2025 Mahindra Logistics Limited announced that they will report Q4, 2025 results on Apr 21, 2025 Price Target Changed • Jan 29
Price target decreased by 12% to ₹382 Down from ₹436, the current price target is an average from 11 analysts. New target price is 5.7% above last closing price of ₹361. Stock is down 13% over the past year. The company is forecast to post a net loss per share of ₹3.63 next year compared to a net loss per share of ₹7.60 last year. Reported Earnings • Jan 28
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: ₹1.25 loss per share (improved from ₹2.42 loss in 3Q 2024). Revenue: ₹16.0b (up 14% from 3Q 2024). Net loss: ₹90.3m (loss narrowed 48% from 3Q 2024). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Jan 18
Mahindra Logistics Limited to Report Q3, 2025 Results on Jan 27, 2025 Mahindra Logistics Limited announced that they will report Q3, 2025 results on Jan 27, 2025 Price Target Changed • Oct 24
Price target decreased by 9.9% to ₹435 Down from ₹483, the current price target is an average from 11 analysts. New target price is approximately in line with last closing price of ₹426. Stock is up 19% over the past year. The company is forecast to post earnings per share of ₹2.88 next year compared to a net loss per share of ₹7.60 last year. Reported Earnings • Oct 22
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: ₹1.50 loss per share (improved from ₹2.21 loss in 2Q 2024). Revenue: ₹15.2b (up 12% from 2Q 2024). Net loss: ₹107.5m (loss narrowed 33% from 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • Oct 11
Mahindra Logistics Limited to Report First Half, 2025 Results on Oct 21, 2024 Mahindra Logistics Limited announced that they will report first half, 2025 results on Oct 21, 2024 Announcement • Aug 29
Mahindra Logistics Limited Announces Resignation of Vishal Barnabas as Head Consumer and Manufacturing Business, Effective November 30, 2024 Mahindra Logistics Limited announced that Mr. Vishal Barnabas, Head Consumer and Manufacturing Business and Senior Management Personnel (SMP) of the Company, as per Regulation 16(1)(d) of SEBI Listing Regulations, has resigned from the services of the Company on 29 August 2024, on account of personal commitments. The Company shall relieve him from the services w.e.f. close of business hours of 30 November 2024. Announcement • Jul 23
Mahindra Logistics Limited Declares Final Dividend for the Financial Year Ended 31 March 2024 Mahindra Logistics Limited at its AGM held on July 22, 2024, declared final dividend (INR 2.50 per equity share of face value
of INR 10 each fully paid) on the equity shares of the Company for the financial year ended 31 March 2024. Announcement • Jul 22
Mahindra Logistics Limited Approves Executive Changes Mahindra Logistics Limited announced that at its board meeting held on 22 July 2024, approved the following changes in the Senior Management Personnel (SMP) of the Company: resignation of Mr. Edwin Lobo, Head - Human Resource and Administration and SMP of the company, as per Regulation 16(1)(d) of SEBI Listing Regulations, on account of personal commitments, effective from the close of business hours of 30 September 2024; appointment of Mr. Sanjay Gawde, as SMP and Head - Human Resource and Administration of the company with effect from 1 October 2024. Mr. Sanjay Gawde is a seasoned HR professional, with 22+ years of well-rounded experience. He has experience in Rewards, Talent Management, Industrial Relations, HR Operations and across domains like ITeS, Manufacturing, Consulting and Financial Services. Mr. Sanjay Gawde has held several leadership position with Mahindra and Mahindra Limited, John Deere etc as Head of Group Talent Management and Group Rewards. Mr. Sanjay Gawde is not related to any director of the company. Announcement • Jul 13
Mahindra Logistics Limited to Report Q1, 2025 Results on Jul 22, 2024 Mahindra Logistics Limited announced that they will report Q1, 2025 results on Jul 22, 2024 Upcoming Dividend • Jul 05
Upcoming dividend of ₹2.50 per share Eligible shareholders must have bought the stock before 12 July 2024. Payment date: 21 August 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.8%). Reported Earnings • Jun 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: ₹7.60 loss per share (down from ₹3.65 profit in FY 2023). Revenue: ₹55.1b (up 7.4% from FY 2023). Net loss: ₹547.4m (down 308% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Price Target Changed • May 28
Price target increased by 7.1% to ₹468 Up from ₹437, the current price target is an average from 12 analysts. New target price is 8.3% above last closing price of ₹432. Stock is up 19% over the past year. The company is forecast to post earnings per share of ₹5.94 next year compared to a net loss per share of ₹7.60 last year. Recent Insider Transactions • May 03
Insider recently sold ₹1.2m worth of stock On the 29th of April, Lovinder Saggu sold around 3k shares on-market at roughly ₹479 per share. This transaction amounted to 36% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹5.0m more than they bought in the last 12 months. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. Non-Executive Independent Director Ameet Hariani was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 30
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: ₹2.42 loss per share (down from ₹0.19 profit in 3Q 2023). Revenue: ₹14.0b (up 5.3% from 3Q 2023). Net loss: ₹174.1m (down ₹188.0m from profit in 3Q 2023). Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jan 19
Mahindra Logistics Limited to Report Q3, 2024 Results on Jan 29, 2024 Mahindra Logistics Limited announced that they will report Q3, 2024 results on Jan 29, 2024 Announcement • Jan 06
Mahindra Logistics Limited Announces Resignation of Ankur Singhai, Head - Auto and Farm Business Mahindra Logistics Limited announced that Mr. Ankur Singhai, Head - Auto and Farm Business and Senior Management Personnel (SMP) of the Company, has resigned from the services of the Company on 5 January 2024, on account of personal commitments. The Company has relieved him from the services with effect from close of business hours of 5 January 2024. Announcement • Nov 15
Mahindra Logistics Limited Appoints Swayantani Ghosh as Chief Sustainability & CSR Officer, Effective 16 November 2023 The Board of Directors of Mahindra Logistics Limited on 14 November 2023 approved the appointment of Ms. Swayantani Ghosh as Chief Sustainability & CSR Officer and Senior Management Personnel with effect from 16 November 2023. Ms. Swayantani Ghosh has 18 years of experience in strategizing sustainability and CSR initiatives, ESG reporting, stakeholder communications and change management in relation to non- financial parameters: Environmental, Social, and Governance. Ms. Swayantani Ghosh has led multi-country global sustainability initiatives in India, USA, UK, EMEA & APAC regions. In her previous stint at Technip Energies, she spearheaded the ESG and CSR team globally and was responsible for driving ESG materiality assessment with the participation internal and external stakeholders globally. She has also acted as an advisor to the Board of Directors on ESG risk mapping, performance, trends, and research. Prior to Technip Energies she has been associated with companies like TATA AIA Life Insurance and Rediff.com as Head Corporate Communications, PR, Marketing Communications and Media Relations. Ms. Swayantani Ghosh is an Environmental Engineer and has done her master's in business administration and marketing. She is a Certified in SA 8000 for Internal Social Audit from BSI. Reported Earnings • Oct 24
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: ₹2.21 loss per share (down from ₹1.69 profit in 2Q 2023). Revenue: ₹13.7b (up 3.4% from 2Q 2023). Net loss: ₹159.3m (down 231% from profit in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Oct 13
Mahindra Logistics Limited to Report Q2, 2024 Results on Oct 23, 2023 Mahindra Logistics Limited announced that they will report Q2, 2024 results on Oct 23, 2023 Announcement • Aug 10
Mahindra Logistics Limited Announces Executive Changes Mahindra Logistics Limited announced that the Board of Directors of the Company noted and approved the following changes in the Senior Management Personnel ("SMP") of the Company: As part of Mahindra group's good people practices of talent movement, Mr. Prasanna Pahade, existing SMP and Head - Auto and Farm Business of the Company will be joining MLL Express Services Private Limited, wholly-owned subsidiary ("MESPL") as Chief Executive Officer (Designate) with effect from 1 September 2023. Consequently Mr. Prasanna Pahade will cease to be SMP and Head - Auto and Farm Business of the Company with effect from close of 31 August 2023, on account of his movement within the group. Approved elevation and appointment of Mr. Sajit Siddharthan, as SMP and Head - Ecommerce 3PL business of the Company with effect from 1 September 2023. New Risk • Jul 25
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.08% net profit margin). Reported Earnings • Jul 25
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: ₹1.19 loss per share (down from ₹1.88 profit in 1Q 2023). Revenue: ₹12.9b (up 7.8% from 1Q 2023). Net loss: ₹85.5m (down 163% from profit in 1Q 2023). Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 14
Mahindra Logistics Limited to Report Q1, 2024 Results on Jul 24, 2023 Mahindra Logistics Limited announced that they will report Q1, 2024 results on Jul 24, 2023 Upcoming Dividend • Jul 07
Upcoming dividend of ₹2.50 per share at 0.7% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 23 August 2023. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). Recent Insider Transactions • May 24
Senior Vice President of Sales recently sold ₹1.2m worth of stock On the 15th of May, Sreeram Venkateswaran sold around 3k shares on-market at roughly ₹368 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹7.2m more than they bought in the last 12 months. Price Target Changed • Apr 30
Price target decreased by 11% to ₹408 Down from ₹460, the current price target is an average from 9 analysts. New target price is 10% above last closing price of ₹370. Stock is down 28% over the past year. The company is forecast to post earnings per share of ₹7.90 for next year compared to ₹3.65 last year. Reported Earnings • Apr 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹3.65 (down from ₹5.16 in FY 2022). Revenue: ₹51.4b (up 26% from FY 2022). Net income: ₹262.8m (down 29% from FY 2022). Profit margin: 0.5% (down from 0.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 11% per year. Price Target Changed • Feb 03
Price target decreased by 9.6% to ₹523 Down from ₹578, the current price target is an average from 10 analysts. New target price is 17% above last closing price of ₹446. Stock is down 22% over the past year. The company is forecast to post earnings per share of ₹7.93 for next year compared to ₹5.16 last year. Reported Earnings • Feb 03
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: ₹0.19 (down from ₹0.79 in 3Q 2022). Revenue: ₹13.4b (up 19% from 3Q 2022). Net income: ₹13.9m (down 76% from 3Q 2022). Profit margin: 0.1% (down from 0.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 91%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 2% per year. Announcement • Jan 20
Mahindra Logistics Limited to Report Q3, 2023 Results on Feb 01, 2023 Mahindra Logistics Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Feb 01, 2023 Recent Insider Transactions • Nov 27
Insider recently sold ₹2.9m worth of stock On the 24th of November, Kishore Fiske sold around 6k shares on-market at roughly ₹501 per share. This transaction amounted to 45% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹3.1m. Insiders have been net sellers, collectively disposing of ₹6.7m more than they bought in the last 12 months. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Ameet Hariani was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 11
Mahindra Logistics Limited (BSE:540768) acquired B2B Express Business from Rivigo Services Private Limited. Mahindra Logistics Limited (BSE:540768) entered into business transfer agreement to acquire B2B Express Business from Rivigo Services Private Limited for INR 2.2 billion on September 26, 2022. B2B express business of Rivigo Services Private Limited reported turnover of INR 3.7 billion. The transaction is expected to complete on November 1, 2022. As on November 1, 2022, Mahindra Logistics Limited announced that closing requirements of the transaction are underway. So, now the deal is expected to complete on November 30, 2022.
Mahindra Logistics Limited (BSE:540768) completed the acquisition of B2B Express Business from Rivigo Services Private Limited on November 9, 2022. Reported Earnings • Nov 05
Second quarter 2023 earnings released: EPS: ₹1.69 (vs ₹1.37 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.69 (up from ₹1.37 in 2Q 2022). Revenue: ₹13.3b (up 31% from 2Q 2022). Net income: ₹121.9m (up 24% from 2Q 2022). Profit margin: 0.9% (down from 1.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Logistics industry in India. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Oct 21
Mahindra Logistics Limited to Report Q2, 2023 Results on Nov 04, 2022 Mahindra Logistics Limited announced that they will report Q2, 2023 results on Nov 04, 2022 Recent Insider Transactions • Oct 05
Insider recently sold ₹3.1m worth of stock On the 30th of September, Sushil Rathi sold around 6k shares on-market at roughly ₹519 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹13m more than they bought in the last 12 months. Announcement • Sep 27
Mahindra Logistics Limited (BSE:540768) agreed to acquire B2B express business of Rivigo Services Private Limited from Rivigo Services Private Limited for INR 2.2 billion. Mahindra Logistics Limited (BSE:540768) agreed to acquire B2B express business of Rivigo Services Private Limited from Rivigo Services Private Limited for Inr 2.2 billion on September 26, 2022. Buying Opportunity • Sep 15
Now 21% undervalued Over the last 90 days, the stock is up 27%. The fair value is estimated to be ₹674, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 44% in 2 years. Earnings is forecast to grow by 183% in the next 2 years. Announcement • Jul 31
Mahindra Logistics Limited Approves Final Dividend for the Year Ended March 31, 2022 Mahindra Logistics Limited announced that at its AGM held on July 29, 2022, shareholders approved the final dividend of INR 2.00 per equity share of face of INR 10 each fully paid on the equity shares of the company for the financial year ended March 31, 2022. Announcement • Jul 14
Mahindra Logistics Limited to Report Q1, 2023 Results on Jul 29, 2022 Mahindra Logistics Limited announced that they will report Q1, 2023 results on Jul 29, 2022 Upcoming Dividend • Jul 14
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 21 July 2022. Payment date: 28 August 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (1.0%). Reported Earnings • Jul 07
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: ₹5.16 (up from ₹4.19 in FY 2021). Revenue: ₹40.8b (up 25% from FY 2021). Net income: ₹370.7m (up 24% from FY 2021). Profit margin: 0.9% (in line with FY 2021). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 22%, compared to a 26% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 14
Mahindra Logistics Limited (BSE:540768) completed the acquisition of Meru Mobility Tech Private Limited and V-Link Automotive Services Private Limited and V-Link Fleet Solutions from Meru Travel Solutions Private Limited. Mahindra Logistics Limited (BSE:540768) entered into Share Purchase Agreement to acquire Meru Mobility Tech Private Limited and V-Link Automotive Services Private Limited and V-Link Fleet Solutions from Meru Travel Solutions Private Limited on November 9, 2021. The consideration will be in cash. The transaction has approved by the Investment Committee of the Board of Directors of Mahindra Logistics Limited. The acquisition will completed before end of February 2022.
Mahindra Logistics Limited (BSE:540768) completed the acquisition of Meru Mobility Tech Private Limited and V-Link Automotive Services Private Limited and V-Link Fleet Solutions from Meru Travel Solutions Private Limited on May 13, 2022. Following the completion MMTPL and VFSPL have become a subsidiaries of Mahindra Logistics on 12 May 2022. VASPL has become a subsidiary of Mahindra Logistics on 13 May 2022. Major Estimate Revision • May 05
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from ₹12.95 to ₹11.40 per share. Revenue forecast steady at ₹49.9b. Net income forecast to grow 118% next year vs 16% growth forecast for Logistics industry in India. Consensus price target broadly unchanged at ₹602. Share price fell 5.5% to ₹493 over the past week. Buying Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₹624, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 31%. Revenue is forecast to grow by 45% in 2 years. Earnings is forecast to grow by 282% in the next 2 years. Announcement • Apr 27
Mahindra Logistics Limited Recommends Final Dividend or the Financial Year Ended 31 March 2022, Payable on or After 30 July 2022 Mahindra Logistics Limited announced that its Board of Directors at their Meeting held on 26 April 2022, recommendation of a final dividend of INR 2 per equity share of the face value of INR 10 each (20%) for the financial year ended 31 March 2022. The dividend payout is subject to the Members' approval at the forthcoming Annual General Meeting (AGM) of the Company. The final dividend on equity shares for the financial year ended 31 March 2022, as recommended by the Board of Directors and if approved and declared at the up coming AGM in 2022, will be paid/dispatched by the Company in permitted modes on or after 30 July 2022 within the stipulated timelines to those Shareholders or their mandates: whose names appear as Beneficial Owners as at the end of the business hours on 22 July 2022 in the list of Beneficial Owners to be furnished by National Securities Depository Limited and Central Depository Services (India) Limited in respect of the shares held in dematerialised form; and whose names appear as Members in the Register of Members of the Company on 22 July 2022 in respect of the shares held in the physical form, after giving effect to valid request(s), if any received for transmission/transposition of shares. Reported Earnings • Apr 27
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: ₹5.16 (up from ₹4.19 in FY 2021). Revenue: ₹41.0b (up 26% from FY 2021). Net income: ₹370.7m (up 24% from FY 2021). Profit margin: 0.9% (in line with FY 2021). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 22%, compared to a 6.8% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Chairman Anish Shah was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 18
Mahindra Logistics Limited to Report Q4, 2022 Results on Apr 26, 2022 Mahindra Logistics Limited announced that they will report Q4, 2022 results on Apr 26, 2022 Buying Opportunity • Apr 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 26%. The fair value is estimated to be ₹632, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 33%. Revenue is forecast to grow by 43% in 2 years. Earnings is forecast to grow by 248% in the next 2 years. Major Estimate Revision • Feb 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from ₹8.54 to ₹5.23 per share. Revenue forecast steady at ₹41.3b. Net income forecast to grow 127% next year vs 18% growth forecast for Logistics industry in India. Consensus price target down from ₹717 to ₹645. Share price fell 14% to ₹570 over the past week. Announcement • Feb 03
Mahindra Logistics Limited Approves Appointment of Ruchie Khanna as Company Secretary, Managerial Personnel and Compliance Officer, Effective 1 February 2022 Mahindra Logistics Limited announced that he Board of Directors of Mahindra Logistics Limited has approved appointment of Ms. Ruchie Khanna as Company Secretary, Key Managerial Personnel and Compliance Officer of the Company with effect from 1 February 2022. Price Target Changed • Jan 31
Price target decreased to ₹664 Down from ₹717, the current price target is an average from 8 analysts. New target price is 14% above last closing price of ₹583. Stock is up 27% over the past year. The company is forecast to post earnings per share of ₹4.75 for next year compared to ₹4.19 last year. Reported Earnings • Jan 28
Third quarter 2022 earnings: EPS misses analyst expectations Third quarter 2022 results: EPS: ₹0.79 (down from ₹2.55 in 3Q 2021). Revenue: ₹11.2b (up 7.0% from 3Q 2021). Net income: ₹56.9m (down 69% from 3Q 2021). Profit margin: 0.5% (down from 1.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 70%. Over the next year, revenue is forecast to grow 20%, compared to a 5.2% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jan 06
Insider recently sold ₹636k worth of stock On the 30th of December, Rajesh Dhomane sold around 946 shares on-market at roughly ₹672 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹8.4m. Insiders have been net sellers, collectively disposing of ₹74m more than they bought in the last 12 months. Recent Insider Transactions • Nov 27
Senior General Manager recently sold ₹8.4m worth of stock On the 24th of November, Ravi Begur sold around 11k shares on-market at roughly ₹750 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹15m. Insiders have been net sellers, collectively disposing of ₹77m more than they bought in the last 12 months. Recent Insider Transactions • Nov 10
Insider recently sold ₹436k worth of stock On the 4th of November, Sanjay Nair sold around 650 shares on-market at roughly ₹670 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹15m. Insiders have been net sellers, collectively disposing of ₹69m more than they bought in the last 12 months. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS ₹1.37 (vs ₹2.09 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹10.2b (up 23% from 2Q 2021). Net income: ₹98.0m (down 35% from 2Q 2021). Profit margin: 1.0% (down from 1.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Recent Insider Transactions • Oct 03
Insider recently sold ₹15m worth of stock On the 30th of September, Seema Bhaskar sold around 20k shares on-market at roughly ₹726 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₹68m more than they bought in the last 12 months. Recent Insider Transactions • Sep 04
Insider recently sold ₹2.8m worth of stock On the 30th of August, Swarup Negi sold around 4k shares on-market at roughly ₹811 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹8.0m. Insiders have been net sellers, collectively disposing of ₹54m more than they bought in the last 12 months. Recent Insider Transactions • Aug 27
Insider recently sold ₹5.4m worth of stock On the 23rd of August, Amit Kamat sold around 7k shares on-market at roughly ₹776 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹8.0m. Insiders have been net sellers, collectively disposing of ₹52m more than they bought in the last 12 months. Price Target Changed • Aug 05
Price target increased to ₹651 Up from ₹607, the current price target is an average from 7 analysts. New target price is 7.5% below last closing price of ₹705. Stock is up 140% over the past year. Recent Insider Transactions • Aug 05
Insider recently sold ₹1.6m worth of stock On the 3rd of August, Shrikant Nikam sold around 2k shares on-market at roughly ₹785 per share. In the last 3 months, there was an even bigger sale from another insider worth ₹4.4m. Insiders have been net sellers, collectively disposing of ₹34m more than they bought in the last 12 months. Executive Departure • Aug 05
Non-Executive Non-Independent Director Subramaniam Durgashankar has left the company On the 27th of July, Subramaniam Durgashankar's tenure as Non-Executive Non-Independent Director ended after 2.2 years in the role. We don't have any record of a personal shareholding under Subramaniam's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.38 years. 
