Dear
Stakeholders,
The true test of Leadership is not just about reaching milestones— it is about the
peopLe and the vision that keeps us moving forward. As we step into a new chapter, we
express our gratitude to Mr. Rampraveen Swaminathan for his leadership and positive
contributions to Mahindra Logistics. At the same time, we are delighted to welcome Mr.
Hemant Sikka as our new Managing Director & CEO. Hemant has been an integral part of
Mahindra for over three decades, bringing with him a sharp strategic perspective,
operational exceLLence, and a peopLe-first approach that deepLy aligns with our values.
His Leadership ensures a seamLess transition, enabLing us to buiLd on our momentum and
embrace the opportunities ahead. This momentum anchors our theme for the year, 'Accelerating
the Future'. It reflects our resoLve to Lead with purpose, buiLd responsibLy, and
transform how India moves.
This focus on Leadership and momentum is reflected not just in how we operate, but aLso
in how we present ourselves to the worLd. As part of our journey towards a future-ready
ecosystem, we recentLy unveiLed a refreshed visual identity that embodies the
transformation we're driving. It reflects our evoLution into a unified, digitaLLy
empowered Logistics pLatform, connecting solutions across at our verticals. The identity
reinforces our alignment with the Mahindra Rise phiLosophy, whiLe showcasing our
commitment to buiLding agiLe, inteLLigent, and inclusive supply chains for the future.
Macro-Economic Environment
2024-25 unfolded against a backdrop of gLobaL voLatiLity, with trade disruptions,
financiaL tightening, and poLicy uncertainty straining global value chains.
Amid this turbuLence, India demonstrated strategic resiLience. Logistics gained renewed
prominence, backed by focussed reforms and a ^ 11.21 Lakh Crore infrastructure push in the
Union Budget 2025-26. Flagship initiatives like PM Gati Shakti, BharatmaLa, ULIP, and the
NationaL Logistics PoLicy are transforming connectivity, whiLe India's Logistics
Performance Index improved from 44 in 2018
As we shape the future of Logistics, Mahatma Gandhi's teachings inspire us to recognise
that true fulfilment lies in serving others—service to people, businesses, and
communities. Logistics is the silent engine of progress, connecting dreams to
opportunities and powering India's growth. Together, we will continue to serve, innovate,
and accelerate the nation's momentum. to 38 in 2023. With 19,826 kms of highways buiLt, 35
Logistics parks underway, and muLtimodaL infrastructure expanding, the sector is poised to
drive India's next wave of integration and growth.
Performance in Perspective
2024-25 was a year defined by discipLined execution, navigating a mixed demand
environment across sectors.
On a standaLone basis, Mahindra Logistics recorded revenues of ^ 5,013 Crores,
reflecting a Y-o-Y growth of 11%. EBITDA stood at ^ 297 Crores, whiLe PAT was recorded at
^ 43.5 Crores. Performance during the year was impacted by lower utilisation of
warehousing facilities and the seLective rationalisation of Low-yieLd contracts. At the
same time, we continued to invest capitaL in key organic and strategic initiatives,
reinforcing our long-term growth agenda.
On a consolidated basis, we recorded revenues of ^ 6,105 Crores in 2024-25, marking 11%
Y-o-Y growth, with EBITDA reaching ^ 284 Crores. While profitability was moderated by
ongoing investments and pricing pressures in seLect segments, the overall trajectory
reflected improved operational maturity and a broader, more diversified revenue base.
In B2B Express, while chaLLenges persisted, volume recovery in the second half
of the year, network optimisation, and operational discipline helped cut EBITDA losses and
set a firmer base for future scaLe-up.
Our Freight Forwarding business saw a 20% Y-o-Y revenue growth, reaching ^ 306
crores. With strategic expansions into the UK, the UAE, and key Southeast Asian routes, we
further cemented our role as a trusted partner in growing cross-border trade.
Mobility Services reported stable revenues of ^ 316 Crores, underpinned by
continued focus on structured commute programmes and electric vehicle (EV)-based shuttle
solutions.
While profitability pressures remained visible in parts of the Express and Forwarding
segments, the year's core focus was on 'Accelerating Progress' across capabilities,
capacity, and customer integration. This was reflected in deeper solution embedding,
greater share-of- wallet, and stronger platform integration across key accounts.
Consolidating Our Strategic Foundation
Our Long-term strategy is anchored around four foundationaL piLLars: Integrated
Solutions, Expanded Offerings, Digitisation and Technology, and Operational Excellence.
Each reflects a focussed effort to create a pLatform-driven business that delivers
end-to-end visibility, agility, and resilience.
Growing Integrated Solutions
We expanded our solutions, which now contribute 25% of our Contract Logistics revenues
and over 35% from non-Auto and Farm segments. New fulfilment centres in Eastern India and
taiLored pLaybooks for FMCG and FMCD sectors highlight our shift towards broader,
consumption-led ecosystems.
Expanding Offerings
We continued to strengthen our muLti-service portfoLio with the launch of ProTrucking,
an integrated long-haul express cargo solution, while expanding our car carrier fleet
through the 2x2 Logistics JV Our entry into ONDC for Last-miLe deLivery and the launch of
eDel EAR, a SaaS-based carbon analytics tool, not only widened our reach but aLso deepened
our reLevance in future- ready Logistics segments.
Digitisation and Technology
Our LogiOne platform matured into a unifying Layer across operations—embedding
Al-powered analytics, fleet optimisation, warehouse and EV modules, and real-time data
exchange through ULIP. Our Catapult incubator strengthened our innovation pipeline, with
several start-up coLLaborations transLating into Live depLoyments across the business.
Operational Excellence
We also expanded our physical capacity in high-growth corridors, scaLing our
warehousing network to around 21 Mn sq. ft. Over 4.1 Mn sq. ft. is now solar-powered, and
we remain on track to reach 7 Mn sq. ft. by 2025-26. These facilities are built with
modularity, compliance, and automation- readiness at their core.
People-First and Planet-Positive
As we continue expanding our solutions and shifting towards broader consumption-Led
ecosystems, our responsibility extends beyond business growth. With peopLe and pLanet at
the centre of our approach, we are committed to building resilient, sustainabLe suppLy
chains that drive progress for communities and the environment aLike. CapabiLity buiLding
remained a key priority, with continued focus on programmes like Flex and Gurukul, and the
launch of the Parivartan Leadership DeveLopment Programme for our Business Associates. Our
EmpLoyee Resource Groups (ERGs) foster incLusion and engagement, while our recognition as
a Great PLace to Work? reflects the strength of our cuLture and commitment to peopLe.
SustainabiLity is embedded in how we build, operate, and deliver vaLue. We are activeLy
focussed on reducing emissions, improving energy and water efficiency, advancing circuLar
economy practices and fostering incLusion. By aLigning growth with responsibility, we are
building resilient, future-ready supply chains—for ourseLves and our cLients.
Way forward
As we shape the future of logistics, Mahatma Gandhi's teachings inspire us to recognise
that true fulfilment lies in serving others—service to people, businesses, and
communities. Logistics is the silent engine of progress, connecting dreams to
opportunities and powering India's growth. Together, we will continue to serve, innovate,
and acceLerate the nation's momentum. Thank you for being a vital part of this journey
forward.
Warm regards,
Dr. Anish Shah
Chairman
Mahindra Logistics Limited