Mahindra Logistics Ltd

Meeting Details

• Date and time: 28 September 2026, 9:00 am–1:00 pm IST.
• Type and mode: physical group meetings with analysts/institutional investors.
• Event organiser: PL Capital Conference, Mumbai.
• Company participants: management team (roles not specified) attended.
• Purpose: discuss business overview, industry updates, and Q1 FY27 results.
• Presentation: Q1 FY27 earnings presentation filed with exchanges and uploaded on the company site.
• Intimation uploaded on the company's investor website.

Meeting Details

• Date and time: Friday, 23 October 2026 at 5:30 PM IST.
• Mode: Tele-conference; venue not applicable.
• Event/organiser: Q2FY27 Investor/Analyst call.

Participants

• Key company participants: Managing Director & CEO; Chief Financial Officer.

Purpose

• Discuss unaudited standalone and consolidated results for Q2 and H1 FY27 (quarter ended 30 September 2026).

Additional Notes

• No explicit recording or presentation availability mentioned.

Meeting Details

• Date of meeting: 23 October 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for Q2 and H1 ended 30 September 2026.

Other Notes

• Trading window closed 1 October 2026 to 25 October 2026 for results consideration.

Meeting Details

• Date/time: Monday, 28 September 2026, 9:00 a.m. IST onwards.
• Type and mode: Group and one-on-one meetings; physical meeting in Mumbai.
• Organiser: PL Capital Conference.
• Venue: Mumbai.
• Audience: Several Analysts/Institutional Investors/Funds.
• Purpose: investor interaction; business overview, industry updates, and Q1 FY27 earnings presentation referenced.
• Key company participant: Company Secretary.
• Materials: Q1 FY27 earnings presentation available on company website; will be referenced.

ESG rating update

• NSE Sustainability rated Mahindra Logistics at 73 in the Leader category.
• The rating uses FY2025-26 data available in the public domain.
• Mahindra Logistics did not engage NSE Sustainability for this rating.
• The report was prepared independently by NSE Sustainability.
• Intimation received on 2 September 2026 at 3:38 p.m. IST.

Meeting Details

• Date: 2 September 2026; meetings ran 9:00 a.m. to 4:50 p.m. IST.
• Mode/Type: Physical, group meetings with analysts and institutional investors.
• Event/Organizer: Elara Capital Conference, Mumbai.
• Reference: Earnings presentation for Q1 FY27 discussed.

Participants

• Key company participant: Company Secretary.

Purpose

• Purpose: Discuss general business overview, industry updates, and Q1 FY27 results.

Additional Notes

• No unpublished price sensitive information discussed during interactions.
• Presentation availability: Q1 FY27 earnings presentation filed with stock exchanges and uploaded on website.

Rating Action

• ICRA reaffirmed LT/ST fund-based/non-fund-based ratings for MLL.
• Commercial Paper rating of Rs 100 crore reaffirmed.
• Outlook remains Stable for LT ratings.

Instruments Rated

• Fund-based/non-fund-based facilities: Rs 350 crore; rating AA (Stable)/A1+.
• Commercial Paper: Rs 100 crore; rating A1+.

Rating Agency

• ICRA Limited.

Rationale

• Strong financial profile supported by Mahindra Group linkages.
• Diversified client base beyond automotive reduces concentration risk.
• Rights issue of Rs 749.3 crore enabled significant deleveraging.
• Debt/OPBDIT improved to 1.7x; gearing reduced to 0.5x FY2026.
• Liquidity described as Strong with Rs 323 crore cash and investments.
• About 58.6% of FY2026 revenues from Mahindra Group.
• Express business margins turning positive; profitability hinges on sustained margins.
• Automotive cyclicality and competition remain challenges.
• Asset-light model and Mahindra backing provide liquidity resilience.

Outlook

• Outlook for LT rating: Stable.

Rating Sensitivities

• Upgrade if revenues scale with diversification and profitability improves.
• Downgrade if parent support weakens or debt-funded growth harms liquidity.

Material Changes Since Last Rating

• Rights issue completed FY2026 enabling significant deleveraging.
• FY2026 OPM rose to 5.4%; leverage improved to 1.7x, gearing to 0.5x.
• Consolidated revenues FY2026 reached Rs 6,999.3 crore; improved profitability.

Meeting Details

• Date and time: Wednesday, 2 September 2026, 9:00 a.m. IST onwards.
• Type and mode: Group and one-on-one meetings; physical, in Mumbai.
• Organizer: Elara Capital Conference.
• Venue: Mumbai.
• Purpose: Briefing on business overview, industry updates, and Q1 FY27 results.
• Participants: Company management (roles unspecified) to present; several Analysts/Institutional Investors/Funds to attend.
• Presentation: Q1 FY27 earnings presentation will be referred.
• Availability: PDF of Q1 FY27 earnings presentation available on company website.
• Note: No unpublished price sensitive information will be shared.

RSU allotment and capital change

• Stakeholders' Relationship Committee approved allotment of 54,919 equity shares on RSU exercise.
• Capital after allotment equals Rs 99,27,74,020 comprising 9,92,77,402 fully paid shares.
• RSU shares rank pari passu with existing equity shares and pay dividends.
• Share application money received for exercise total Rs 5,49,190.
• Date of allotment and approval: 24 August 2026 at 14:47 IST.

ESG rating update

• ESG score 68 assigned by ESG Risk Assessments & Insights Limited under 'Strong' category.
• Rating received on 27 July 2026 at 6:29 p.m. IST.
• Agency prepared report independently; Mahindra Logistics did not engage the rating agency.
• Based on FY2025-26 data publicly available; report is voluntary.
• Intimation uploaded on the company's website.