Logistics – Oct-Dec’25 Earnings Preview – Festivities = Better volumes = Strong quarter
Published on 08 Jan 2026
For our coverage universe, we expect revenue growth of 17.6% YoY in 3QFY26E majorly led by DELHIVER IN and MAHLOG IN. As 3QFY26E is a festive-heavy quarter, B2C express volumes typically see an improvement. Thus, for DELHIVER IN, B2C parcel volumes are likely to witness a significant uptick of 30.9% on a YoY basis. Even MAHLOG IN is expected to report healthy performance as M&M’s auto volumes are up 23.4% YoY in 3QFY26E. On the other hand, TCIEXP IN’s struggle for growth is likely to end in this quarter as B2B express volume is expected to witness an uptick after 8 quarters. On the operating profitability front, EBITDA of our coverage universe is likely to increase by 32.2% YoY as DELHIVER IN’s service EBITDA margin of PTL division is likely to be at 10.0% for the quarter as against 3.8% in 3QFY25. Further, MAHLOG IN’s operational performance is likely to be aided by narrowing losses in B2B division while operating leverage benefits are likely to materialize for TCIEXP IN amid growth in volumes.
