Logistics – Jul-Sep’25 Earnings Preview – Festive rush puts express players in the fast lane
Published on 08 Oct 2025
For our coverage universe, we expect revenue growth of 14.0% YoY in 2QFY26E led by DELHIVER IN and MAHLOG IN. 2QFY26E would be the first quarter of consolidation of E-comm Express with DELHIVER IN. Thereby, B2C parcel volumes are likely to witness a significant uptick of 25.0% on a YoY basis. Even MAHLOG IN is expected to report healthy revenue growth as M&M’s auto volumes are up 18.4% YoY in 2QFY26E. Nonetheless, TCIEXP IN’s struggle for growth continues as B2B express volume and realization is expected to remain flat on YoY basis. On the operating profitability front, EBITDA of our coverage universe is likely to increase 62.6% YoY as DELHIVER IN’s service EBITDA margin of PTL division is likely to be at 9.5% for the quarter versus 2.9% in 2QFY25. MAHLOG IN’s operational performance is likely to be healthy led by EBITDA growth of 8.7% on YoY basis in standalone business and narrowing losses in the B2B express division. However, TCIEXP IN is likely to report a 6.8% YoY decline in EBITDA amid flat volume growth.
