Mahindra Logistics Limited Business Analysis

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Mahindra Logistics Limited is a leading 3PL solutions provider over a decade of experience. It has strong presence across the country in its two distinct business segments: supply chain management and enterprise mobility solutions.

Company offers supply chain expertise to diverse industry verticals such as automotive, engineering, consumer goods, pharmaceuticals, telecommunications, commodities and E-commerce.

And it offers enterprise mobility expertise in IT, ITeS, manufacturing, consulting Businesses, banking, financial services, and insurance.

Mahindra Logistics offers customized and end-to-end logistics solutions and services, including transportation and distribution, warehousing, in factory logistics and value added services like labeling, packing, sorting of goods in Warehouses for its customers.

Mahindra Logistics has over 10,000 vehicles deployed per month, 4,500+ vehicles each day for employee transaction, it is serving more than 50,000 people each day with its enterprise mobility services, it has 200+ operating sites, catering to 400 companies, it has over 17 million sq.ft of warehouse space, it is operating at more than 500 locations and has 50+ networking hubs pan India.



Company offers warehousing services to clients as a separate service offering as well as a part of its integrated logistics services. Warehouses of company are smart warehouses which are fully digitalized and automated.

Its Warehouses has warehouse management system for stock visibility within store, it has dock management software to reduce dock congestion, Mahindra Logistics warehouses provides services like sourcing & procurement, inventory control, material supply management, kitting, sequencing and line side delivery, bundling/unbundling, assembling to goods, packaging, re-packaging, re-boxing, labelling, sorting, reverse logistics and returns management.

All this services provided by Warehouses of Mahindra Logistics are highly useful for E-commerce and D2C firms.

2) Transportation:

Through its large fleet of vehicles, company is well positioned to cater any transportation requirement across India. With more than 10,000 vehicles plying every month, company offer full suite of transportation solutions paired with a wide variety of experience across industry.

This includes back end information technology infrastructure and front end devices that gather information and report real time, key shipment data.

Company’s transportation services primarily compromise of In-bound solutions, Out-bound solutions, primary and secondary distribution, network based solutions, Last Mile delivery, same day delivery etc.

3) Infactory Logistics:

Managing the internal logistics of factories is as important as managing the production processes to improve efficiency. Company’s infactory logistics services are customized services which are aligned to the customer’s production schedule.

4) Freight Forwarding:

Mahindra Logistics hold a majority stake in LORDs and is the leading provider of freight forwarding. Mahindra Logistics offer freight forwarding services through its subsidiary Lords.

Lords have a strong network of global partnership. With capabilities in international freight forwarding, company offers various services to its customers such as Air freight and ocean freight operations, exports and imports, full container load and less than container load services, charter operations, project management office support in critical implementations, project logistics and ODC cargo, integrated cross border solutions combining domestic and international operations.

5) Project Logistics:

Company Provides customized and fully designs logistic services to oil and gas companies, renewable energy companies to transport solar panels and blades of wind mill, mining companies etc.

6) EDEL:

Electric vehicles are preferred clean technology for future of mobility. Mahindra Logistics has an electric last mile delivery service named eDeL which specially cater to growing requirements from its E-commerce, consumer goods and D2C firm clients.

Mahindra Logistics are the first movers and it aim to be market leaders in the EV cargo space by developing an electric ecosystem for last mile delivery supporting both fulfillment and B2C logistics.

7) Enterprise Mobility:

For enterprise Mobility Mahindra Logistics has 200+ operating sites across India, 50,000+ people uses its service everyday, 5,500 vehicles deployed per day, operated in 12+ cities, 6,000+ drivers, 350+ business associates and 100+ customers. Company’s Alyte business provides technology enabled enterprise mobility services across India to over 100 domestic and multinational companies.

It provide pick up and drop services for employees working in IT, ITeS, financial services etc. company has fleet of small and mid sized vehicles, sports utility vehicles, electric vehicles and buses all provided by its business partners.

Its asset light model enables company to integrate resources and provide one stop solution to transport needs to enterprises. It provides vehicles for events which is called event transportation services.


Resilient Performance Sustaining Growth
1)Significant growth witnessed in integrated warehousing, freight forwarding, distribution and its value-added services.

2) Focused on transforming its transportation capabilities, developing and implementing core operating technology.

3) Significantly expanding its Build to Suit (BTS) warehousing network, a series of very large multi-user complexes.

4) Launched ‘EDel’, an electric vehicle service for last mile delivery to cater to growing demands especially from the E-commerce, Consumer and Freight Forwarding verticals.

5) Effective mitigation of first wave of COVID-19 through strict safety protocols and online training sessions.

6) The Board of Directors have recommended an increased dividend of 25% (`2.50 per share)

1)Witnessed a record growth of 38% in the E-commerce business 20% in the consumer business 49% in the freight forwarding business.

2) Revenue from warehousing services and solutions grew 12% with continued focus on solutions-led approach and integration with distribution and last mile delivery

Set forth below is a breakdown of percentage of revenue from operations with respect to Mahindra Logistics products and services. Goods Transportation Services continue to be the largest contributor to revenues. (figures in %)

Service Offering 2020 2021
Transportation 66.03 67.18
Warehousing and value added solutions 17.49 20.06
Freight Forwarding 5.90 9.11
Enterprise mobility services 10.59 3.65
Total 100 100



The Logistics sector plays a vital role in facilitating economic activity and trade movement in the country. The Indian Logistics sector was estimated to be at Rs 19,56,000 crores in the fiscal year 2020-2021.

It is expected to reach Rs 34,50,000 crores value by 2026, growing at 11-13% CAGR. The 3PL market is estimated to be Rs 58,000 crores in 2020 and is expected to to register 17-18% CAGR to reach Rs 2,00,000 market by 2025. Globally, the organized 3PL market is 10% of the overall logistics market.

In India it is 3%, indicating significant room for 3PL adoption. Mahindra Logistics serves in 3PL space. The company’s total addressable market including 3PL and other services is approximately Rs 1,30,000 crores.

Global Logistics Automation market size is expected to grow from $413.562 billions in 2019 to $832.156 billions by end of 2026 growing at CAGR of 10.50%. The global pharmaceutical logistics market size is valued at $88.49 billion in 2020 and is expected to reach $144.74 billion by 2026 growing at CAGR of 7.2%.

But in future greatest demand of Logistics and warehousing in India will come from E-commerce and D2C firms due to increase in number of people using internet and smartphones.

India is home to 800 D2C brands, but inefficient logistics operations are eating into their revenues and hindering nationwide growth. DC2 firms and E-commerce cannot be successful without Logistics and warehousing services.

Over the past year there has been a 65% increase in brands developing their own websites in India, which led to an increase in self-shipped orders. Direct to consumer selling is a growing new omni channel trend among retailers across FMCG, electronics, furniture, household, goods, apparel and leisure and lifestyle goods etc.

Even bigger FMCG companies like ITC, Hindustan Unilever, Dabur, Nestle etc have rolled out their own websites and selling goods directly from their websites with help of 3PL.

Indian D2C sector will reach more than $ 100 billion by 2025 compared to $33.1 billion in 2020.

Emerging D2C categories in India:

Sector Market Size (U.S $)
FMCG $103.70 billion market by 2022
Fashion $19.32 billion market by 2024
Home Décor $1.96 million market by 2024
Consumer Electronics & appliances $118.4 billion market by 2025.

India has total population of around 1.39 billion. There are 1.10 billion mobile connections in India. Out of these connections only 624 million people use internet connections. Internet penetration in India is around 45%. In next 3-4 years this internet penetration will increase to around 55-60% since India will have the youngest population in the world.

So basically consumption will mostly depend on the number of mobile and internet users since everything from insurance to grocery, grocery to opening bank a/c, clothes, everything is easily available through mobile just on single touch.

Taking advantage of growing internet and mobile users, companies are forced to target customers through mobile apps and social media to sell their products directly instead of going through old distribution channel. Many big companies like ITC, HUL, Tata Consumer, Bajaj Electronics, Emami etc have recently announce their development in D2C segment.

This has lead to growth in D2C and E-commerce segment. Recently Tata has taken over 1Mg online digital health company and has started to deliver medicines just in 3-4 hrs, no other companies provide such fast service. And they are further planning to deliver in 1hr.

All these shows India’s D2C and E-commerce segment is on great consolidation mode. But to increase the sale of D2C and E-commerce platform and to be first in competition companies need to provide good services. And in D2C and E-commerce segment good service means to deliver goods as soon as possible.

And to deliver goods fast one need LOGISTICS. Without LOGISTICS and WAREHOUSING one cannot deliver goods on same day of ordering. So this means E-commerce and D2C are impossible without LOGISTICS AND WAREHOUSING.

This shows India’s LOGISTICS sector is highly undervalued. It will need huge funds to develop LOGISTICS sector in terms of technology like live goods tracking, branding, labeling, same day delivery and so on. In short Indian LOGISTICS sector will see a huge transformation from traditional way to modern way, we will see huge shift from unorganized to organized LOGISTICS.

Huge foreign funds will invest in Indian LOGISTICS sector since Indian LOGISTICS sector is highly underrated and has HUGE HUGE potential to grow.

Same goes with Social media. In every 3-4 seconds a new Indian user joins the internet. India’s number of Internet users will increase to 900 million by 2025. Due to rising internet users India’s UPI transactions have crossed $100 billion in October. Brand awareness and all this is possible only because of internet users.

This internet users will help in creating real consumption story of India. All this internet users are using and will further also use social media like instagram, youtube, facebook and so on. So in coming months we can see big brands and companies will be giving ads of their brands and products on such social media since its cost is low as compared to giving ads on TV.

Plus social media is easy mode to promote brands and products in rural and remote rural areas. Due to power of social media rural people got aware about brands and they have completely changed their purchasing behavior. (shifting from unorganized to organized).

Plus since rural people are slowing getting aware of brands, companies started giving online link in social media ads about their brands and products so that people can easily purchase new products just on single click. Like this way companies are selling products without giving costly ads on TV and without opening big stores which requires huge capital.

And percentage of capital which was earlier used in opening big stores is now being used by companies in creating new products and product innovations. So in coming years we can see complete change in consumer behavior will change the whole business environment.

Mobile and internet users will completely change the whole consumption story of India in coming years. But selling of goods through social media is not possible without LOGISTIC AND WAREHOUSING. So all these will give great boost to LOGISTICS AND WAREHOUSING SECTOR.

Operating dynamics for different industries in the D2C space:

Parameters Beauty & Personal care Food & beverages Fashion electronics Home & furnishing
Size of digital market in 2025 $4 billion $15 billion $32 billion $48 billion $4 billion
Gross margin 65-75% 45-55% 45-60% 20-40% 50-60%
Purchase frequently monthly Weekly quarterly Annual/bi-annual Once in 5-6 years
Average order value Rs 400-2,000 Rs 400-2,000 Rs 300-2,500 Rs 500-5,000+ Rs 5,000-10,00,000+
Inventory optimization Fast moving inventory and long shelf life Very fast moving inventory Slow moving inventory with significant wastage Slow moving Mostly just in time production
Brand affinity High affinity, high repeats Frequent repeats for preferred brands Low affinity due to change in styles every season Mid-low Mid -low

By 2025 India will have around 370 million online fashion shoppers. This will again give boost to logistics and warehousing sector.

Since we now know that DC2 firms and other E-commerce players need smart warehousing, tracking of parcels, labeling, coding of products, last mile delivery, sorting of goods and many other such services to be successful but D2C firms and small E-commerce firms find it difficult to build such automated logistics services in house due to higher cost and they don’t have specialization in logistics like big E-commerce firms amazon and flipkart have.

But all such automated Logistics services are provided by third party logistics companies (3PL) at cheaper rates. So to be successful D2C or E-commerce player, D2C and E-commerce players have no other option rather than Third Party Logistics Companies.

It like D2C firms, E-commerce firms and third party logistics firms are made for each other. And MAHINDRA LOGISTICS is one of the biggest third party logistics player in India. Now a days big E-commerce players like amazon and flipkart are also using warehouses managed by third party logistics companies.

By using warehousing service managed by 3PL firms big E-commerce players saves huge capital from buying huge lands for warehousing and instead use that capital to expand its business.

India is fifth largest retail market in world. India’s retail market is expected to grow from $977 billion in 2019 to $1.7 trillion by 2025 growing at a CAGR of 11% fueled by significant boom in e-tail segment. While the organized retail penetration stands at 85% in the USA and 45% in China, that in India is only 17%. Growth in e-tail segment is expected to increase the organized retail penetration to 31% by 2025. This will boost LOGISTICS AND WAREHOUSING SECTOR


The warehousing market in India was valued at Rs 1,050 billion in 2020 and is expected to expand at CAGR of 14.86% to reach value of Rs 2,028.86 billion by 2025.

Share of Indian Secondary Market In Warehousing (Figures in %):

Year Share
2019 12
2020 15
2021 23


Year Transaction (mn sq.ft)
2017 1.29
2021 2.95
2026 7.08

4 year CAGR 23% and 5 year CAGR 19%.

The E-commerce sector will drive bulk of the volume. Most consumers that were forced to buy online due to pandemic will continue to do so since it easy to get goods at door step and the existing brick and mortar stores will also look to leverage online channels to push sales. The 3PL sector will sustain market share as E-commerce and other sectors are increasingly outsource their warehousing requirement to specialist in the field.

The Indian government’s focus on manufacturing with the Make in India initiative and Production linked incentive scheme among others, and India being among the possible beneficiaries of global companies looking to disperse manufacturing capacity from China across Asia, should enable warehousing demand from other sectors to grow at a CAGR of 16% in next five years.


Sector 2021 2026
3PL 31 30
E-commerce 31 37
Retail 4 6
FMCG 5 3
FMCD 5 3
Other sector 23 20
Miscellaneous 1 1


Sector Transaction 2017-2021 (mn sq.ft) Transaction 2022-2026 (mn sq.ft) Change (%)
E-commerce 37 98 165
3PL 53 83 56
Other Sectors 37 53 43
FMCD 7 9 20
FMCG 8 10 15
Retail 15 16 7
Miscellaneous 4 4 1
Total 161 273 68

It is estimated that the E-commerce sector will consume the most space in the next five year block of FY2022-2026 at 98 mn sq.ft , 165% more than the preceding period of FY 2017-2021.

Similarly 3PL and other sector companies are expected to take up 56% and 43% more space in the next five years compared to the 2017-2021. These three occupier groups are expected to account for 86% of the total transacted space in the next five years compared to 78% of the transacted space earlier.



USA UK China India
GDP (USD tn) 18.3 2.9 11.5 2.9
Population (mn) 328 6.7 1,397 1,366
GDP Per capita (USD) 55,753 43,710 8,242 2,152
Warehousing stock (mn sq m) 1,446 73 1,060 30.9
Warehousing stock per capita (sq.m) 4.4 1.09 0.8 0.02

Indian warehousing market is at very nascent stage and has a long way to go before tapping its full potential. India has per capita warehousing stock of just 0.02 sq m compared to the USA that have 4.4 sq m, China that have 0.8 sq m and UK that have 1.09 sq m.

Even in terms of transaction values, USA’s warehouse market saw 20.4 sq m (220 mn sq ft) transacted during 2020, which is SEVEN times that of India. India has large population but lowest consumption of warehouses. This shows India’s LOGISTICS AND WAREHOUSING SECTOR is highly undervalued.


Sector 2018 2019 2020 2021
3PL 35 36 35 31
E-Commerce 14 24 23 31
Retail 12 11 8 4
FMCG 7 4 4 5
Other Sector 21 21 23 23
FMCD 6 3 4 5
Miscellaneous 4 1 4 1

The Indian warehousing industry is currently at a crucial point that will not only make it one of the biggest but also one of the smartest across the globe.


Warehousing Stock and Vacancy in India :

Market Existing Stock

(mn sq.ft)

Vacancy 2020


Vacancy 2021


Mumbai 137 11.6 13.3
NCR 59 13.9 15.8
Pune 26 21.8 21.8
Chennai 25 14.7 13.1
Kolkata 23 20.6 21.5
Bengaluru 23 26.2 25.2
Ahmedabad 21 13.2 22.8
Hyderabad 15 22.4 18.9
Total 329 15.3 16.6

STOCK SPLIT BY GRADE (Figures in %):

Market Grade A Grade B
Pune 71 29
Chennai 71 29
Hyderabad 56 44
Kolkata 56 44
Bengaluru 42 58
Ahmedabad 30 70
NCR 29 71
Mumbai 18 82
Total 35 65


Market Grade A Grade B Total
Bengaluru 9.4 36.9 25.2
Chennai 11.2 17.4 13.1
Hyderabad 12.4 27.1 18.9
Kolkata 12.7 32.6 21.5
Mumbai 13.3 13.3 13.3
Pune 14.3 40.3 21.8
NCR 22.5 13.1 15.8
Ahmedabad 32.6 18.6 22.8
Total 15.1 17.5 16.6

The total land committed to warehousing development amounts to 22,488 acres in the top eight markets and translated to a total buildable potential of almost 49 mn sq m, after factoring in property level FSI dynamics.

Given that 31 mn sq m of warehousing stock already exists on this committed land, this leaves nearly 19 mn sq m of potential warehousing space that can come up on these warehousing land parcels.

The eight markets can potentially add 61% more to the warehousing stock currently operational here, so they have a total development potential of 1.61 compared to other property types.

More than $6.5 billion have been committed by private equity players in the warehousing market since the GST reforms were applied in 2017.

In future in Indian warehousing sector we can see large institutional holding of warehouse assets with the possibility of a warehousing REIT on horizon.

There is an expectation for warehousing RIET’s to develop 2x faster than other asset classes, due to factors such as longer and stickier leases with typical leasing ranging from 7-15 years. These are going to be held by quality tenants who invests heavily within the warehouse itself.

Indian Warehousing Industry: Organized v/s Unorganized

Warehousing Industry Market Share (%)
Organized 10
Unorganized 90

The Indian warehousing market is highly fragmented with unorganized players. Organized players in Indian warehousing market accounts only for 10% of the total market, whereas 90% of the warehousing space in the country is controlled by unorganized players who manage small size warehouses with less or no mechanization.

This shows there is huge opportunity of development in Indian warehousing sector. Great transformation will take place in WAREHOUSING SECTOR due to shift from unorganized to organized warehousing.

Indian E-commerce companies are on search of large warehouses to expand operations. India will see demand of 7 million sq ft of urban logistics centers by 2022. E-commerce companies will require the very least 30-35 million sq ft of Grade A warehouses by 2025 as compared with 9.5 million sq ft of warehouses in 2020-2021.

Warehousing sector attracted investment of around $1.36 billion during Q2 making it second most active quarter in last five years. Annual investment in Indian LOGISTICS AND WAREHOUSING sector will reach to around $500 billion by 2025.

As online shopping explodes in India with an increase in smartphone and Internet users, the total online consumption by the gated communities in India will increase by 2.5 times to reach $500 billion by 2026.

In next five years India is expected to see 24 million gates households in major cities from 16 million at present along with witnessing the growth in spend per household from current $14,000 to $20,000, bring overall spend to $480-$500 billion.

India will be second to US that will have 125 million gated community households with $25,000 as spend per household on average. 95% of 16 million gated community households in India’s major cities are shopping online in contrast to 45% of non gated households who shops online.

In next five years, the spending power of each household will mirror that of identical households in the UK and Germany. Residents of gated townships in India will be second to their America when it comes to spending. So basically India is changing from utilitarian economy to consumption economy. But all this is not possible without Logistics and warehousing. So this will bring boost to Logistics and warehousing sector.


Indian shared mobility market is expected to grow to $3,952.8 million in 2025 from $1,025.8 million in 2019. Growing at a CAGR of 56.8%.


1)Mahindra Logistics is focused on building warehouses capacities that will be Grade A, large built to suite multi-user warehouses. Company is on track to add 4 million sq.ft of warehousing space in current fiscal. Company’s current warehousing space is about 17 million sq.ft. Company aims to add more 20 million sq ft of warehousing space in next five years. So company’s total warehousing space will be around 37 million sq ft by 2025-2026. So basically company aims to add 4 million sq.ft of warehousing space every year.

2) company is focusing on bringing down the contribution of business coming from M&M which is now 52%. Company is now specially focused on consumption led sectors like FMCG, Pharma, E-commerce where company see a large opportunity for growth and requirement of integrated end-to-end solutions.

3) company aims for annual revenue mark of Rs 10,000 crore in next four to five years with warehousing contributing Rs 4,000 crore.

4) company acquired 100% equity capital acquisition of Meru cabs, a ride sharing company from its parent Mahindr and Mahindra. The all cash deal size is Rs 50.4 crore for acquisition of shares of Meru travel services PVT LTD from M&M. The deal additionally envisage stake buyout of three subsidiaries of Meru PVT LTD as well.

5) Flipkart has partnered with Mahindra Logistics to accelerate use of electric vehicles in last mile delivery and will deploy 25,000 EVs in fleet by 2030.

6) Mahindra Logistics plans to build an efficient last mile delivery capability in more than 1,00,000 villages.

7) Company plans to improve its efficiency by using ML and cloud. In transportation space, company is trying to transform the entire transportation platform by first connecting all its vendor partners who provide the firm transportation as a service. It have created a platform where customers can connect and provide these services online. Mahindra logistics wants to be full data driven company. Company also does Dynamic ETA using machine learning of past data of similar trips in the same lane. Machine learning model calculates a dynamic ETA, which predicts very accurately that when that vehicle reaches a particular destination or when the goods will be delivered to the customers. Company is focusing on creating a centralized data lake and get deeper into more advanced analytical across the board.


1)Indian government has classified warehousing under infrastructure instead of commercial real estate. The benefit of this is that infrastructure requires less documentation as compared with commercial real estate.

2) Government is bringing single window clearance system for logistics and warehousing.

3) Manufacturing in India is expected to contribute up to 25-30% of the GDP by 2025 which will drive the growth of warehousing segment in India. Port capacity is expected to grow at CAGR of 7% by 2023 adding capacity of 275 to 350 MT. Freight traffic on airport is expected to reach 20 MT by 2040. Indian railways aims to increase its freight traffic from 1.1 billion tons in 2018 to 3.3 billion tons by 2030. All this will give boost to logistics because all this things and targets are not possible without logistics.

4) Government has given approvals for around 35 multi-modal logistics parks as part of Bharatmala, its flagship highways development programme.

5) National Logistics Policy: National Logistics policy will be released soon by government. Indian logistics sector is highly defragmented and the aim is to reduce logistics cost from the present 14% of GDP to less than 10% by 2023. Further it will reduce cost to 5% by 2026. Financing of negotiable warehousing receipts would be encouraged and also its integration with e-NAM. VGF will be provided for setting up of warehousing at the block taluka levels on PPP model. Food corporation of India, central warehousing corporation shall also offer their land for this purpose.

6) Rs 100 lakh crore national infrastructure pipeline has been launched which includes over 6,500 infrastructure projects. National infrastructure has projects worth Rs 19.6 lakh crore for roads, Rs 13.69 lakh crore for railways and Rs 1.43 lakh crore for airports and Rs 1.01 lakh crore for ports.

7) National Logistics Law:

A national logistics law would provide an agile regulatory environment through legal framework for “one nation one contract” paradigm (single bill of landing across modes) supporting “one nation one market” agenda has been framed and is under consultation with stake holders. The provisions of law will enable the assignment of a unique Logistics account number replacing unwieldy registration systems and encourage excellence certification in the current fragmented market of logistics service provider.


Profit and Loss Metrics:

1)Gross Turnover (Figure in Rs Crore):

Year Gross Turn Over
FY17 2,666.68
FY18 3,416.12
FY19 3,851.34
FY20 3,471.14
FY21 3,263.72

CAGR 5.2%.

2) Profit after Tax (Figures in Rupees crore)

Year PAT
FY17 46.10
FY18 65.27
FY19 86.40
FY20 54.84
FY21 28.79

3) Operating EBITDA (Figure in rupees crore)

FY17 76.34
FY18 119.73
FY19 151.24
FY20 158.27
FY21 134.22

CAGR 15.2%

4) EBITDA Margin (Figure in %)

Year EBITDA Margin
FY17 2.86
FY18 3.50
FY19 3.93
FY20 4.56
FY21 4.11

CAGR 9.5%

Share Holder Metrics

1)Earning Per Share (Figures in rupees)

Year EPS
FY17 6.71
FY18 9.13
FY19 12.02
FY20 7.71
FY21 4.19

2) Dividend Per share (Figures in Rupees)

Year Dividend Per Share
FY18 1.50
FY19 1.80
FY20 1.50
FY21 2.50

Balance Sheet Metrics:

1)Net Fixed Assets (Figures in Rs Crore)

Year Net Fixed Assets
FY17 57.17
FY18 61.56
FY19 66.98
FY20 92.81
FY21 147.75

2) Return on Net Worth (Figure in %)

Year Return On Net Worth
FY17 14.02
FY18 16.76
FY19 18.57
FY20 10.41
FY21 5.13

3) Return On Capital Employed (Figure in %)

FY17 20.14
FY18 24.97
FY19 27.31
FY20 17.53
FY21 10.46

4) Net Debt To Equity Ratio (Figure in times)

Year Net Debt To Equity Ratio
FY17 0.10
FY18 0.08
FY19 0.07
FY20 0.07
FY21 0.05

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Disclaimer: This is a business study for educational purposes and not a sell/buy recommendation.

Cover Image Credits: Mahindra Logistics Official Website

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Pritesh Patel

Pritesh Patel

The founder of Patel Securities, Pritesh loves to talk about Stocks, Businesses, and Sectors.
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