Motilal Oswal kept a Neutral rating on Mahindra Logistics with a target price of Rs 400. In 2QFY27, the company revenue grew 24% to Rs 21b. EBITDA rose 46% to Rs 1.2b, while profit reached Rs 262m. Both supply chain and mobility services showed strong growth during this period.
Motilal Oswal's research report on Mahindra Logistics Mahindra Logistics' (MLL) revenue grew ~24% YoY to ~INR21b in 2QFY27 (10% above our estimate). EBITDA margin was in line with our estimate and came in at 5.9% in 2QFY27 (up 90bp/10bp YoY/QoQ). EBITDA grew ~46% YoY to INR1.2b (10% above estimate). APAT stood at INR262m in 2QFY27 v/s adjusted net loss of INR104m in 2QFY26 (12% above our estimate). Supply chain management recorded revenue of INR19.7b (+24% YoY) and EBIT of ~INR358m. Enterprise Mobility Services (EMS) reported revenue of INR1.24b (+32% YoY) and EBIT of INR45.3m. Outlook We forecast a revenue and EBITDA CAGR of 19% and 28%, respectively, over FY26-28, and reiterate our Neutral rating with a TP of INR400 (premised on 21x FY28E EPS).
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