Transcript of Earnings Call held on Friday, 23 October 2026 on the Unaudited Standalone and Consolidated Financial Results for second quarter and half year ended 30 September 2026. Detailed disclosure is attached.

Mahindra Logistics Limited Arena Space, 10th & 11th Floor, Plot No. 20, Jogeshwari Vikhroli Link Road, Near Majas Bus Depot, Jogeshwari (East), Mumbai – 400060, Maharashtra. Tel: +91 22 6836 7900 Email: enquiries@mahindralogistics.com www.mahindralogistics.com CIN: L63000MH2007PLC173466 Ref: MLLSEC/107/2026 27 October 2026 BSE Limited, National Stock Exchange of India Ltd., (Security Code: 540768) (Symbol: MAHLOG) Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Fort, “G” Block, Bandra-Kurla Complex, Mumbai - 400 001 Bandra (East), Mumbai – 400 051 Dear Sir/Madam, Sub: Transcript of Earnings Conference Call - Regulations 30 & 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Ref: Intimation of earnings conference call vide letter dated 28 September 2026 and Outcome and audio recording of earnings conference call dated 23 October 2026 In compliance with Regulation 30(6) read with Schedule III and other applicable provisions of the SEBI Listing Regulations, please find enclosed the transcript of the earnings conference call of the Company for the second quarter and half year ended 30 September 2026, held on Friday, 23 October 2026, with several Analysts/Institutional Investors/Funds. The transcript includes list of management attendees and the dialogues including but not limited to the Questions & Answers. The text transcript and audio recordings of the said earnings call are also uploaded on the website of the Company at the weblink: https://mahindralogistics.com/investor-interaction/recording-amp- transcript/ No Unpublished Price Sensitive Information was shared/discussed by the Company during the earnings conference call. This intimation will also be uploaded on the website of the Company and can be accessed at weblink: https://mahindralogistics.com/investor-interaction/ For Mahindra Logistics Limited Jignesh Parikh Company Secretary Enclosure: As above Reg Office: Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai - 400018 “Mahindra Logistics Limited Q2 FY '27 Earnings Conference Call” October 23, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the website of the stock exchange on 23rd October 2026 will prevail. MANAGEMENT: MR. HEMANT SIKKA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER (“MD & CEO”) MS. ISHA DALAL – CHIEF FINANCIAL OFFICER (“CFO”) MODERATOR: MR. MANDAR CHAVAN – SGA Page 1 of 18 Mahindra Logistics Limited October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Mahindra Logistics Limited Q2 FY '27 Earnings Conference Call. As a reminder, all participants' lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mandar Chavan from SGA. Thank you, and over to you, sir. Mandar Chavan: Thank you, Iqra. Good evening, everyone, and thank you for joining us for Mahindra Logistics Limited Q2 and H1 FY '27 earnings conference call. We are pleased to have with us today, Mr. Hemant Sikka, our Managing Director and CEO; Ms. Isha Dalal, CFO, along with the member of the senior management team. I hope everyone had a chance to view our financial results and investor presentation, which were recently posted on the company's website and stock exchanges. We will begin the call with opening remarks from management, followed by an open forum for question and answers. Before we begin, I would like to point out that some of the statements made during today's call may be forward-looking. A disclaimer to that effect was included in the earnings presentation. I would like to invite Mr. Sikka to share his remarks. Hemant Sikka: Thank you, Mandar., good afternoon, everyone, and thank you for joining us. Over the past year, we have been deliberate in reshaping Mahindra Logistics into a more efficient, disciplined, and profitable enterprise. We have sharpened our operating model, improved unit economics, addressed structural inefficiency, and embedded greater accountability across the organisation. Today, the impact of these actions is clearly visible in our performance. The business is now moving from turnaround to acceleration, from fixing the past to building the future. Our focus is increasingly on the quality of growth that we deliver, the depth of customer relationships we build, the length we go to satisfy our customers, and our ability to consistently convert growth into sustainable shareholder value. Q2 reflects a business that is growing with greater quality, discipline, and profitability. PAT has increased to INR26 crores compared to a loss of INR10 crores a year ago and INR25 crores in the previous quarter, while revenue grew 24% Y-o-Y. Our focus on profitable growth is also reflected in improving capital efficiency. ROCE increased to 12.9% in H1 of FY '27 from 1.7% in H1 of FY '26, demonstrating stronger capital productivity and our commitment to creating long-term stakeholder value. More importantly, these results demonstrate that we can grow faster while improving profitability and operating discipline. This is exactly the outcome we have been working towards: profitable growth, stronger cash generation, and sustainable value creation. Three themes have defined this quarter. First of all, our express business, Rivigo, has crossed an important milestone. MESPL (Rivigo) turned EBITDA-positive during the quarter and for H1 FY '27 as a whole, also, demonstrating that the business has reached a critical inflection point and is beginning to realise Page 2 of 18 Mahindra Logistics Limited October 23, 2026 the benefits of scale, operating leverage, and disciplined execution. Second, contract logistics continued to strengthen its leadership position. Growth was driven by new customer additions, deeper wallet share with existing customers, and a relentless focus on profitability and execution. Whitespace reduction, you would recall, has been an issue in the past few quarters, and we had committed in quarter one of last year that we would reduce our whitespace that time of 1.6 million by 95%. I'm happy to share that this has progressed in line with our commitments. We have achieved our target reduction that we had committed in quarter one of last year. Having solved the whitespace problem, we will not be calling this out from now onwards, as it is business as usual now. Third, operational excellence is increasingly becoming a competitive differentiator. Better service levels, higher asset productivity, and consistently positive customer feedback reflect the execution discipline we have built across the organisation and provide a strong foundation for sustained growth. Let me now take you through the business updates. Let me start with MESPL, which is our B2B express logistics business. MESPL, or Rivigo, has turned a corner. The business delivered its first-ever EBITDA-positive quarter and achieved EBITDA positivity for H1 FY '27, making a significant milestone in our transformation journey. Actually, this momentum is visible in the numbers. Q2 revenue grew 69% Y-o-Y, while EBITDA improved from a loss of INR9.1 crores in quarter one of last year to a profit of INR2.3 crores in quarter two of this year. Higher volumes, improved yields, and disciplined execution are translating into stronger financial performance. Since June of this year, Ankur Bansal has taken over as the CEO of MESPL. Under his passionate and hands-on leadership, the business has accentuated a relentless focus on improving business economics, execution discipline, and profitability. The progress is now visible in both operating and financial performance. Very happy to state that t [Showing first 8,000 characters — download PDF for full document]