Logistics – Apr-Jun’26 Earnings Preview – Growth intact but mixed margin performance
Published on 07 Jul 2026
For our coverage universe, we expect revenue growth of 21.3% YoY in 1QFY27E led by DELHIVER IN. Volume trajectory for DELHIVER IN’s B2C/PTL division is likely to mimic 4QFY26 performance, resulting in healthy growth of 47.0%/21.0% YoY. Even MAHLOG IN is expected to report healthy performance given M&M’s auto volumes were up 21.1%, coupled with improving traction in the B2B express business. As for TCIEXP IN, growth momentum is likely to continue, and volumes are expected to increase by 6.5% YoY to 2.48 lakh tons. On the operating profitability front, EBITDA of our coverage universe is likely to increase by 40.8% YoY led by 1) healthy volume growth in DELHIVER IN’s B2C/PTL division and 2) narrowing losses in the B2B express division for MAHLOG IN.
