30 Integrated Annual Report 2025-26 Mahindra Logistics Mahindra Logistics (Mahindra Logistics Limited or MLL) is India's leading integrated logistics provider offering customised, technology-enabled solutions for supply chain management and mobility. In FY26, MLL returned to profitability backed by disciplined operational execution. It is now structurally stronger and positioned for sustained growth in India's fast-evolving logistics ecosystem. The business aspires to become the No. 1 logistics services provider in India, doubling revenue over the next five years from the FY26 base. Growth Vectors • Contract Logistics Scale-Up: MLL is deepening customer engagements across existing segments through strong execution and new wins, while entering new categories to improve business mix and profitability. • Express Business Turnaround: The Express business continues its recovery path, pushing into volumetric segments while improving lane utilisation, network coverage and service levels. • Operational Excellence: The business is driving sustained improvements in reliability and delivery performance, supported by standardised processes and tighter cost controls. • Tech as a Differentiator: LogiOne, MLL's integrated digital logistics platform, is enabling real-time visibility, route optimisation and automated workflows across sales, operations and customer engagement. Key Highlights • In FY26, MLL returned to PAT profitability after two years, marking structural improvements across businesses. • The Express Business delivered positive gross margin of 1.3% in FY26, led by network optimisation, yield actions across customers, effective cost control and focus on improving Network Service Levels. • Last Mile Delivery consolidated presence across customers, exiting unviable businesses and strengthening presence in high-potential areas. • Maintained scale for warehousing operations with 20+ million square feet of space under management, while making significant progress in whitespace reduction. • The business successfully completed a rights issue, fortifying itself financially for the next phase of growth. FY26 Achievements 6,999 crore Consolidated revenue, up 15% 5,490 crore Contract Logistics revenue, up 16% 386 crore Mobility revenue, up 22% 449 crore Express revenue, up 25%
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