Mahindra Logistics Q1FY26 Consolidated Results

• Mahindra Logistics reported consolidated net revenue of Rs. 1,624.6 crore for Q1FY26, up 14.4% YoY but marginally below expectations by 0.9%. The operating margin stood at 4.7%, an improvement of 3 bps YoY, though it missed expectations by 36 bps.
• The Supply Chain Management (SCM) segment reported revenue of Rs. 1,544.29 crore, up 15.2% YoY, while the Enterprise Mobility Services (EMS) segment remained flat YoY at Rs. 81.85 crore.
• The consolidated net loss widened to Rs. 10.8 crore in Q1FY26, compared to both Q1FY25 and Q4FY25.
• We have a Buy rating on the stock. 

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