MAHLOG

Current Scenario - Q2 FY27 Consolidated Revenue grew 24% YoY to ₹2,095 Cr, with PAT turning to a profit of ₹26 Cr compared to a loss of ₹10 Cr in Q2 FY26. - Consolidated EBITDA reached ₹124 Cr with an EBITDA margin of 5.9% (up 90 bps YoY); ROCE expanded significantly to 12.9% in H1 FY27 from 1.7% in H1 FY26. - MESPL (Rivigo B2B express) turned EBITDA-positive for the first time with ₹2.3 Cr EBITDA and 69% YoY revenue growth. - Contract logistics whitespace issue resolved, reducing vacant space to 5% of June 2025 levels. Management Guidance & Outlook - Targeting ~100 bps improvement in gross margin over the medium term. - Next milestone for MESPL is achieving PAT positivity with continued operational leverage. - Pivoted Last-Mile Delivery (LMD) strategy from 'no-loss' to a 'growth strategy'. - Freight forwarding business undergoing rebuild phase in H2 FY27, with meaningful growth expected in FY28. Capex - FY27 capex guidance maintained at ₹100-110 Cr, with ~50% utilized in H1 FY27 primarily towards contract logistics and the 2x2 JV. - Board approved a business tech transformation project aimed at automating processes and integrating PTL, FTL, and warehousing onto a single platform. Growth Drivers - Expanding customer base and wallet share in Contract Logistics, especially across e-commerce, quick commerce, and automotive. - Anchor client M&M contributes ~60% of revenue, with continued opportunities for deeper penetration. - Volume-driven growth planned in MESPL through hub expansion and pin-code coverage additions.

- Mahindra Logistics concluded its earnings conference call on October 23, 2026, for Q2 & H1 FY27 financial results. - Audio recording has been made available on the company's website. - No Unpublished Price Sensitive Information (UPSI) was discussed during the call.

- Q2 FY27 Revenue grew 24% YoY; PAT rose 3.5x to ₹26 Cr. - Contract Logistics revenue reached ₹1,688 Cr (+28% YoY) with EBITDA of ₹115 Cr. - Express segment turned EBITDA positive at ₹2.3 Cr (+69% YoY revenue). - H1 ROCE jumped to 12.9% from 1.7% in H1 FY26.

- Q2 FY27 Consolidated Revenue rose 24% YoY to ₹2,095 Cr. - EBITDA increased 46% YoY to ₹124 Cr, with margin expanding 90 bps to 5.9%. - PAT turned positive at ₹26.2 Cr, up ₹37 Cr YoY (Diluted EPS ₹2.64 vs ₹-1.20). - Express business (MESPL) achieved its first EBITDA-positive quarter post-acquisition.

Q2 FY27 Consolidated Revenue ₹2,095.43Cr vs ₹1,685.27Cr (▲24% YoY) EBITDA ₹123.90Cr vs ₹85.04Cr (▲46% YoY) PAT ₹28.87Cr vs ₹(8.36)Cr (Turnaround YoY) EBITDA Margin 5.91% vs 5.05% (▲86bps)

- Participated in physical investor meetings at the PL Capital Conference in Mumbai on 28 September 2026. - Briefed participants on general business overview, industry updates, and Q1 FY27 earnings presentation. - Confirmed no Unpublished Price Sensitive Information (UPSI) was shared.

Concall Schedule Concall Date: 23 October 2026 Concall Time: 5:30 p.m. (IST)

- Board Meeting scheduled on Friday, 23 October 2026 to consider and approve Q2 and H1 FY27 unaudited financial results. - Trading Window closed from Thursday, 1 October 2026 to Sunday, 25 October 2026 (both days inclusive).

- Concall Schedule - Concall Date: Monday, 28 September 2026 - Concall Time: 9:00 a.m. (IST) onwards - Type: PL Capital Conference (Group and one-on-one physical meetings) with Analysts/Institutional Investors/Funds.

- Mahindra Logistics received an ESG rating of '73' under the 'Leader' category from NSE Sustainability Ratings & Analytics Ltd. and was informed on September 2, 2026. The rating is based on data pertaining to FY 2025-26.

- Mahindra Logistics Limited participated in the Elara Capital Conference on September 2, 2026, meeting with analysts and institutional investors. - Discussions covered general business overview, industry updates, and Q1 FY27 financial results. - No Unpublished Price Sensitive Information was shared.

- ICRA Limited has re-affirmed Mahindra Logistics Limited's credit ratings on August 28, 2026. - Long Term/Short Term - Fund based/Non-Fund based facilities rated [ICRA]AA(Stable)/[ICRA]A1+ for ₹350 Cr with a Stable Outlook. - Commercial Paper rated [ICRA]A1+ for ₹100 Cr. The reaffirmation reflects strong financial profile and deleveraging post rights issue.

- Concall Schedule - Concall Date: Wednesday, 2 September 2026 - Concall Time: 9:00 a.m. (IST) onwards - Event: Elara Capital Conference (Group and one-on-one meeting) to discuss Q1 FY27 earnings.

- Mahindra Logistics allotted 54,919 Equity Shares on August 24, 2026. - Shares were allotted upon exercise of Restricted Stock Units (RSUs) under the RSU Plan 2018. - Each share has a face value and exercise price of ₹10, increasing the company's share capital.

- Mahindra Logistics Limited received a 'CRISIL ESG 66' rating under the 'Strong' category from Crisil ESG Ratings & Analytics Limited. - CRISIL independently prepared the report based on data pertaining to FY 2025-26.

- Mahindra Logistics Limited received an ESG score of '68' from ESG Risk Assessments & Insights Limited, categorized as 'Strong'. - The report was received on July 27, 2026, and was independently prepared based on public data for FY 2025-26.

- Consolidated Revenue ₹2,003 Cr vs ₹1,628.46 Cr (▲23% YoY) - Reported EBITDA ₹115 Cr vs ₹76 Cr (▲51.3% YoY) - PAT ₹25.4 Cr vs ₹(10.8) Cr (from loss to profit YoY) - Reported EBITDA Margin 5.74% vs 4.67% (▲107bps)

- Mahindra Logistics received an independent ESG Score of '69.7' (Grade B) from SES ESG Research Pvt. Ltd. on July 23, 2026. - This rating was independently prepared by SES ESG based on public data for FY 2025-26 and was not commissioned by the company.

- Mahindra Logistics concluded its earnings conference call for the first quarter ended June 30, 2026 (Q1 FY27) on July 21, 2026. - The Earnings Presentation and audio recording/transcript are available on the company's website. - No Unpublished Price Sensitive Information was shared during the call.

- Re-appointment of Mr. Ameet Pratapsinh Hariani as an Independent Director for a second term of five consecutive years. - Approved by shareholders at the 19th Annual General Meeting held on July 20, 2026. - The new term will commence from May 1, 2027, to April 30, 2032.

- The 19th Annual General Meeting (AGM) of Mahindra Logistics Limited was held on July 20, 2026, from 3:30 p.m. to 5:40 p.m. via video conferencing. - Members adopted the Audited Financial Statements for FY 2025-26 and approved the declaration of a final dividend. - Dr. Anish Shah was re-appointed as Director, and Mr. Ameet Pratapsinh Hariani as an Independent Director for a second term. - Approval was also granted for Material Related Party Transactions with Mahindra & Mahindra Limited.

- Voting results of the 19th Annual General Meeting (AGM) held on July 20, 2026, have been disclosed. - All resolutions, including the adoption of standalone and consolidated financial statements for FY 2025-26, declaration of final dividend, re-appointment of directors, and approval of Related Party Transactions, were passed with requisite majority.

- Mahindra Logistics Limited disclosed the voting results of its 19th Annual General Meeting held on July 20, 2026. - All 6 resolutions, including the adoption of financial statements, declaration of final dividend, re-appointment of directors, and approval of related party transactions, were passed with requisite majority.

- Presentation for the 19th Annual General Meeting held on July 20, 2026. - FY 2025-26 Revenue ₹6,999 Cr (▲15% YoY) and EBITDA ₹376 Cr (▲33% YoY). - PAT turned positive at ₹2.3 Cr after two financial years. - Strategic priorities and network expansion were also highlighted.

- Consolidated Revenue ₹2,003 Cr vs ₹1,628.45 Cr (▲23% YoY) - EBITDA ₹115 Cr vs ₹76.16 Cr (▲51% YoY) - PAT ₹25.4 Cr vs ₹(10.8) Cr (Turnaround from loss to profit) - EBITDA Margin 5.74% vs 4.68% (▲106bps)

- Mahindra Logistics Limited has appointed Mr. Vimal Agarwal as its Internal Auditor. - The appointment is effective from July 20, 2026, approved by the Board based on the Audit Committee's recommendation. - Mr. Agarwal is a Chartered Accountant and MBA with 25 years of experience, and is currently the Group Chief Internal Auditor of Mahindra & Mahindra Limited.

- Consolidated Revenue ₹2,002.88 Cr vs ₹1,624.59 Cr (▲23.3% YoY) - EBITDA ₹115.37 Cr vs ₹76.21 Cr (▲51.4% YoY) - PAT ₹27.83 Cr vs ₹(9.44) Cr (Turnaround from loss to profit YoY) - EBITDA Margin 5.76% vs 4.69% (▲107 bps) - Mr. Vimal Agarwal appointed as Internal Auditor effective 20 July 2026.

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