Mahindra Logistics' 5.92% margin trails Services peer median
Interest and depreciation narrowed the path from Rs 123.96 cr of operating profit to Rs 28.87 cr of net profit, while shares fell 4.85%.
Filed 23 Oct 2026, 14:21 IST · Mahindra Logistics Ltd (MAHLOG)
Key takeaways
- Mahindra Logistics reported consolidated net profit of Rs 28.87 cr, after depreciation of Rs 76.58 cr and interest of Rs 15.44 cr.
- The consolidated operating margin was 5.92%, 0.55 percentage points below the 6.47% median for five reported Services peers.
- The stock fell 4.85% on results day, with trading volume at 5.56 times the reference level.
Price around the results
Operating profit narrowed sharply before tax
Mahindra Logistics generated consolidated operating profit of Rs 123.96 cr, but depreciation of Rs 76.58 cr and interest of Rs 15.44 cr reduced profit before tax to Rs 40.30 cr. Tax of Rs 11.43 cr, at a 28.36% tax rate, left net profit at Rs 28.87 cr. Other income contributed Rs 8.36 cr alongside operating earnings.
Margin trails the reported Services peer median
The consolidated operating margin was 5.92%, below the 6.47% median among five Services companies that had reported the same quarter. Mahindra Logistics ranked third from the bottom on this measure. With no sequential or year-on-year comparison provided, the quarter does not establish a margin direction across periods.
Market reaction was negative on high volume
The stock fell 4.85% on the results date, including a 0.94% opening gap lower, while its relative return was -4.46%. Trading volume was 5.56 times the reference level.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹2,095 cr |
| Other income | ₹8 cr |
| Expenses | ₹1,971 cr |
| Operating profit | ₹124 cr |
| Operating margin (%) | 5.92% |
| Interest | ₹15 cr |
| Depreciation | ₹77 cr |
| Profit before tax | ₹40 cr |
| Tax | ₹11 cr |
| Net profit | ₹29 cr |
| EPS (₹) | ₹2.64 |
Operating margin of 5.92% compares with a Services sector median of 6.47% across 5 peers that have reported Q2FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -4.85% | -4.46% |
Volume on the results session was 5.56× its 20-day average.
What to watch
- Whether consolidated operating margin holds above 5.92%.
- Whether depreciation remains near Rs 76.58 cr relative to operating profit of Rs 123.96 cr.
- Whether the tax rate stays near 28.36%.