Logistics – Jul-Sep’26 Earnings Preview – Steady quarter despite wage & fuel inflation headwinds
Published on 07 Oct 2026
For our coverage universe, we expect revenue growth of 15.6% YoY in 2QFY27E led by DELHIVER IN amid strong uptick in B2C and PTL volumes. Even MAHLOG IN is expected to report decent performance given M&M’s auto volumes (ex-exports) were up 15.4% YoY, 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 2.66 lakh tons. On the other hand, EBITDA of our coverage universe is likely to increase by 75.1% YoY led by 1) healthy volume growth in DELHIVER IN’s B2C and PTL division and 2) improvement in profitability profile of MAHLOG IN’s B2B express division. While fuel and wage inflation pass through clauses have been activated, full benefit is likely to be visible from 2HFY27E.
