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Igniting Success e - • VP7'.: ;"' . .r V. • n4 A •• • Ler JeL .r• eDeL ri= •(:11 • Locts -ric s )t= .,= 00,NO r 01310f mahindra LOGISTICS V Q1 FY27 Investor Presentation July 2026 Business & Earnings Update
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Igniting Success mahindra LOGISTICS V Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared byMahindra Logistics Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the logistics industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
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Igniting Success 0 mahindra LOGISTICS Business Update
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Igniting Success • ' :; • - „ - T. I 5 I , mahindra LOGISTICS V R17, 0: !In t! t_1 7 ,11 al t eoeL0 N irleOF A • • doth.• A. 0., itt Mobility solutions for enterprises, & B2C customers 25,000+ People experience our service daily 5,000+ Vehicles deployed Daily 100+ Operating locations PAN India Ocean, air freight, air cargo charter solutions with customs clearance 50+ Global Trade Lanes Key Trade Lanes USA, Europe, Middle East, South- East Asia 10,000+ TEUs Ocean Freight per annum Intra-city fulfilment & distribution network for last Mile delivery 7,000+ Fleet Deployed (1200+ EVs) 4,000+ Pin Codes Served 1 Cr+ Packages Delivered per month Tech-first, PAN India B2B Express & PTL Network 19,000+ Pin codes (Direct + ODA) 220+ Processing Centers 1,100+ Trucks Line Haul & Mid Mile Integrated w/h & distribution FTL & Multimodal transport In-Factory Logistics Milk-run JIT & JIS ~19 Mn Sq. ft Warehousing Space (4+ Mn Sq Ft Sustainable Warehousing) ~100 Customers ~600 Operating Locations Our Business Segments 4 Contract Logistics Express Last Mile Delivery Freight Forwarding Mobility With integrated logistics solutions tailored for diverse industries across various business segments, we provide end-to- end visibility and service excellence, ensuring logistics operations are efficient and optimized.
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Igniting Success mahindra LOGISTICS V 5 Q1FY27 - Key Highlights Segments Business Performance Profitability Contract Logistics Overall revenue at ₹1,623 Cr, growth of 26% YoY Margin expansion across business segments Gross Margin up by 21% YoY , at ₹166 Cr Express Overall revenue at ₹152 Cr, growth of 58% YoY Continue acquiring new profitable customers Gross margin turnaround: +₹9.2 Cr vs negative ₹3.6 Cr in Q1 FY26 Last Mile Delivery Overall revenue at ₹71 Cr Prioritize profitable business over low-margin volumes Gross margin at ₹6.3 Cr, up 62% YoY Freight Forwarding Overall revenue at ₹45 Cr Focus on rebuilding momentum while maintaining strong customer service and operational discipline Gross margin at ₹4.6 Cr Mobility Overall revenue at ₹111 Cr, growth of 38% YoY Continue acquiring new customers (B2B), and capitalize on recently launched airport taxi business at Noida airport (B2C) Gross margin at ₹8.9 Cr, up by 2% YoY All Revenues are after intercompany eliminations
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Igniting Success mahinclra LOGISTICS V Management Commentary Mr. Hemant Sikka – Managing Director and CEO .. 6 “Q1 FY27 reflects the continued momentum of our transformation journey evolving into a growth journey. Strong revenue growth, a return to healthy profitability, and improved business fundamentals demonstrate the impact of disciplined execution, sharper customer-level economics, and a relentless focus on operational excellence. Performance this quarter was driven by continued strength in our Contract Logistics business with new customer wins across sectors, significant progress in the Express business turnaround, and sustained improvements in operational efficiency across the network. At the same time, our e-commerce and quick commerce business continues to scale, reinforcing our position in fast-growing logistics segments. The foundations we have built over the last year are now translating into stronger business outcomes. We remain focused on profitable growth, intelligent scale, superior customer experience, and our vision of becoming India's #1 logistics services provider through technology-led solutions and a passionate team. ”
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Igniting Success * 7 - Profitable & large M&M business growing YoY M&M growing at ~20% CAGR over last 3 yrs - Amongst key LSPs in E-comm/ Q-comm segment Revenue of ~1,000 Crs p.a. - Margin expansion measures under play Multiple initiatives under progress - Leadership focus on profitable growth vs. scale-for-scale’s sake - Express business turnaround a priority Focus on turning profitable with rapid scale-up MLL Investment thesis
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Key focus areas for Mahindra Logistics STRATEGIC IMPERATIVES Express Turnaround 2 Leader in Ops Excellence 3 Tech as a differentiator 4Contract Logistics Scale-up 1 - Enter volumetric segments - Ops: Improve lane utilizations, NSLs & coverage - Improve customer satisfaction index - Reduce transportation costs - Penetrate deeper in existing segments - Enter new segments - Automate workflows across the organization - Deploy agentic-AI use- cases 8
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Igniting Success - - mahindra LOGISTICS V - - - Corporate Social Responsibilities BUILDING COMMUNITIES Police welfare initiatives -Distribution at Tepla: • Winter jackets • Safety jackets • Safety shoes • Safety helmets -Distribution of raincoats in Surat and Kolkata -Procurement of raincoats for Pune Police Force Nanhi Kali program (KC Mahindra Trust) - Education and holistic development of underprivileged girls through the Nanhi Kali program - Enabling access to quality learning and improved educational outcomes NAPS program (Skill development initiative) - Hiring and deploying apprentices thereby supporting workforce capability - Structured apprenticeship and training initiatives 9 EDUCATION SKILL DEVELOPMENT
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Igniting Success Mg". r i liM mahindra LOGISTICS V 4pi Mm,m, +EP IM ........................... ""*"`ZZZZZZ.vIt.....zzzrzi.„x,xvo„ ............................................. visiggl°P-1.-4-0-• .................... ..................... V41170010,...fiw iiiil& Virsoll'air4.71....100%- 10101110 00 " --Zootle. isioso— •••00---....4.280-- WWII WO— Woo. looss"- 106101.1-011w- . t iiiiiiiiii WOO WNW 100000200 40issio --• 1h. Drive to Net Zero 10 5 IGBC Gold & Platinum Certified buildings 1,200+ EV1 2W, 3W & 4W PCV 1,73,800+ Saplings planted BRSR Integrated Annual Report Recognition Outstanding Achievement Award by CIE Automotive* 9000+ Kg Waste Plastic Collected 4.4 Mn Sq Feet Solar Powered Warehouses ~65 Million2 Green KM with EVs Carbon Neutral by 2040 1. EV nos. includes owned fleet 2. Green km with EVs = Total kms run till Q1FY27 since inception
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Igniting Success 0 mahindra LOGISTICS Financial Update
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Igniting Success C D C D C C- + C___D CD 0 0 0 0 0 0 Revenue Amount in Rs. Cr 153.3 188.9 194.5 Q1FY26 Q4FY26 +26.9% -10.8 20.2 25.4 Q1FY26 Q4FY26 Q1FY27 +335.1% 76.2 112.4 115.4 Q1FY26 Q4FY26 Q1FY27 +51.4% 1,624.6 1,791.4 2,002.9 Q1FY26 Q4FY26 Q1FY27 +23.3% GM % 9.4% PAT %EBITDA% Q1FY27 12 Consolidated Financial Highlights 9.7%10.5% 4.7% 6.3% 5.8% -0.7% 1.1% 1.3% EBITDA PAT GM
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Igniting Success * 13 Consolidated Income Statement-Q1 FY27 Particulars Q1FY27 Q4FY26 Q-o-Q Q1FY26 Y-o-Y Revenue 2,002.9 1,791.4 12% 1,624.6 23% Other Income 9.8 3.8 5.1 GM 194.5 188.9 3% 153.3 27% GM (% ) 9.7% 10.5% 9.4% Total Overheads 79.1 76.6 77.1 EBITDA excl OI 115.4 112.4 3% 76.2 51% EBITDA (% ) 5.8% 6.3% 4.7% Depreciation - Fixed Assets 20.4 21.1 23.6 - Lease (IND as) 51.9 48.8 41.0 EBIT 52.9 46.3 14% 16.8 216% Finance Cost - Finance Charge 1.1 1.6 11.6 - Lease (IND as) 12.7 12.7 10.9 Share of profit/(loss) of an associate / a joint venture -0.1 -0.1 0.0 Extraodinary item - - - PBT 39.1 31.9 -5.8 Tax 11.2 9.6 3.6 PAT (before JV) 27.8 22.4 -9.4 PAT (after JV and NCI) 25.4 20.2 -10.8 PAT (% ) 1.3% 1.1% -0.7% Basic EPS (in Rs.) 2.6 2.0 -1.4 Amount in Rs. Cr
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Igniting Success Amount in Rs. Cr Particulars Q1FY26 Q4FY26 Q1FY27 Revenue 1624.6 1791.4 2002.9 Reported EBITDA 76.2 112.4 115.4 Reported EBITDA % 4.7% 6.3% 5.8% Less: Rent Expenses 43.9 55.1 58.6 Adjusted EBITDA 32.3 57.2 56.9 Adjusted EBITDA % 2.0% 3.2% 2.8% 14 Adjusted EBITDA Bridge Rent Expenses: Rent paid on long-term leases, classified in the Reported P&L under Depreciation and Interest per IndAS 116
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Igniting Success * % change on QoQ and YoY basis Revenue after intercompany eliminations Amount in Rs. Cr 15 Segment Wise Performance | Quarter view Q1 FY27 Q4 FY26 Q1 FY26 Q1 FY27 Q4 FY26 Q1 FY26 Q1 FY27 Q4 FY26 Q1 FY26 1,891.9 1,681.4 1,544.3 185.6 179.8 144.6 113.0 109.2 74.0 12.5% 22.5% 3.2% 28.4% 3.4% 52.7% 1,623.1 1,381.4 1,288.9 165.5 156.7 137.3 111.7 106.2 85.4 17.5% 25.9% 5.6% 20.5% 5.1% 30.8% 71.2 72.2 85.0 6.3 6.5 3.9 2.6 2.2 -0.5 -1.4% -16.2% -3.5% 62.4% 17.7% 657.7% 45.3 89.2 73.8 4.6 9.9 7.0 0.3 3.3 0.8 -49.2% -38.6% -53.6% -33.8% -90.9% -65.1% 152.4 138.6 96.7 9.2 6.6 -3.6 -1.6 -2.5 -11.8 9.9% 57.6% 38.8% 352.9% 35.9% 86.5% 111.0 110.0 80.3 8.9 9.1 8.8 2.5 3.1 2.3 0.9% 38.2% -2.2% 1.9% -21.8% 7.5% 2,002.9 1,791.4 1,624.6 194.5 188.9 153.3 115.4 112.4 76.2 11.8% 23.3% 3.0% 26.9% 2.7% 51.4% Mobility Conso Last Mile Delivery Freight Forwarding Express SCM Contract Logistics Segments Revenue GM EBITDA
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Igniting Success A I -13.5 -6.1 -5.8 -4.7 -4.6 -4.0 -3.6 0.2 2.7 6.6 9.2 -18.0 -13.0 -8.0 -3.0 2.0 7.0 12.0 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4 FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 -3.6%-4.2%-5.1%-5.2%GM% -6.5%-6.3%-14.1% Pricing/yield InterventionsOperational Interventions Focused sales interventions •Backhaul utilization •FM/LM1 cost reduction •Service level enhancements MESPL Gross Margin Improvement 0.2% 2.3% 4.7% Early results from restructuring are visible, with sustainable drivers in place for profitability Amount in Rs. Cr 16 Express business update 5.9% •Robust QC •Focus on VAS offerings •Reduce loss-making customers •Focus on value accretive customers •Pricing framework 1. First Mile, Last Mile
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Igniting Success * mahindra LOGISTICS V S GA Strategic Growth Advisors mahindra L> LOGISTICS I Contact Us •.. Company : Investor Relations Advisors : CIN: L63000MH2007PLC173466 Mrs. Isha Dalal Chief Financial Officer CFO.MLL@mahindralogistics.com www.mahindralogistics.com CIN: U74140MH2010PTC204285 Mr. Mandar Chavan / Mr. Shogun Jain mandar.chavan@sgapl.net / shogun.jain@sgapl.net +91 96993 82195 / +91 77383 77756 www.sgapl.net
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ma lindra LOGISTICS Vr mahindra LOGISTICS I> QrcIS > RIVIGOW I )A STICS HI ARD 1 3roTrucking I> eDeL I> alyte> Corporate Office 10 & 11 Floor, Arena Space Plot No 20, Jogeshwari-Vikhroli Link Road, Near Majas Depot, Jogeshwari (East) Mumbai- 400 060 Maharashtra, India C.I.N: L63000MH2007PLC173466 Email: enquiries@mahindralogistics.com Website : www.mahindralogistics.com THANKYOU