Mahindra Logistics reported 8% YoY revenue growth in Q4 and 11% in FY25, driven by robust performance in 3PL contract logistics, new service offerings, and strategic account additions. Contract logistics grew 9% YoY, cross-border logistics rose 20% YoY, and last mile delivery saw a 10% YoY rise. While B2B express revenue fell 4% YoY, volumes recovered QoQ. Warehousing grew 15% YoY with major expansions underway.
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Motilal Oswal Report
Mahindra Logistics Ltd.'s express business continues to struggle due to lower volumes across the industry and high competition. Mahindra Logistics is targeting to add customers and volumes, which should help to reduce loses.
Considering the current demand scenario, we believe the journey toward profitability would be gradual in the express business. The performance of this business would remain a key monitorable going forward.
We largely retain our Ebitda estimates for FY26 and FY27. We estimate a CAGR of 24% in revenue and 37% in Ebitda over FY25-27. We reiterate our Neutral rating with a revised target price of Rs 300 (premised on 11x FY27E EPS).
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