Revenue and Operating Performance
Over the past six years, Mahindra Logis. has seen its net sales increase significantly, rising from ₹3,851 crores in March 2019 to ₹6,105 crores in March 2025. This represents a compound growth trajectory, with notable acceleration post-2020. The total operating income mirrors this trend, reflecting the company’s expanding scale of operations. Operating profit before depreciation and interest (PBDIT) also improved from ₹151 crore in 2019 to ₹285 crore in 2025, indicating enhanced operational efficiency despite rising costs.
Operating profit margins have remained relatively stable, fluctuating between 3.9% and 5.1% over the years, with a slight dip in the most recent fiscal year to 4.65%. Manufacturing expenses have increased in line with revenue growth, reaching ₹5,261 crore in 2025, while employee costs have also risen moderately, reflecting workforce expansion or wage inflation.
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Profitability and Margins
Despite growing revenues, profitability has been volatile. The company posted a consolidated net profit of ₹86.6 crore in 2019, which declined sharply to a loss of ₹35.9 crore in 2025. Earnings per share (EPS) followed a similar pattern, peaking at ₹11.99 in 2019 before turning negative in the last two years. The profit after tax margin has contracted from 2.25% in 2019 to a negative 0.49% in 2025, signalling pressure on bottom-line performance.
Interest expenses have risen substantially, from ₹3.5 crore in 2019 to over ₹81 crore in 2025, reflecting increased borrowings. Depreciation charges have also escalated, more than tripling over the period, which has weighed on profit before tax. These factors combined have contributed to the recent losses despite operational gains.
Balance Sheet and Financial Position
Mahindra Logis.’s total assets have grown from ₹1,402 crore in 2020 to ₹2,535 crore in 2025, driven by investments in fixed assets and working capital. Net block of assets increased significantly, indicating capital expenditure on infrastructure and fleet expansion. Shareholders’ funds, however, have declined from ₹568 crore in 2021 to ₹438 crore in 2025, reflecting accumulated losses and dividend payouts.
Long-term borrowings have surged, reaching ₹410 crore in 2025 from negligible levels in earlier years, with unsecured loans forming a substantial portion. Current liabilities have also increased, primarily due to higher trade payables and short-term borrowings. The company’s net current assets position has fluctuated, turning slightly positive in 2025 after several years of negative working capital.
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Cash Flow Trends
Cash flow from operating activities has generally improved, rising from ₹85 crore in 2020 to ₹343 crore in 2025, indicating stronger core business cash generation. However, investing activities have consistently resulted in cash outflows, reflecting ongoing capital expenditure and investments. Financing activities have mostly been cash negative in recent years, as the company repaid debt or returned capital to shareholders, except for a positive inflow in 2023.
Net cash inflow was positive at ₹40 crore in 2025, a recovery from a significant outflow of ₹101 crore in 2024. The closing cash and bank balance stood at ₹65 crore in 2025, down from ₹126 crore in 2023 but higher than the previous year, providing some liquidity cushion.
Summary
Mahindra Logis. has expanded its revenue base robustly over the last six years, supported by increased operational scale and asset investments. However, rising interest costs, depreciation, and other expenses have pressured profitability, resulting in losses in the last two fiscal years. The balance sheet shows increased leverage and working capital demands, while cash flow from operations remains healthy. Investors should weigh the company’s growth potential against its recent earnings volatility and elevated debt levels when considering its stock for their portfolios.
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