Transcript of the Earnings Conference Call of the Company for the first quarter ended 30 June 2026 held on Tuesday 21 July 2026. Detailed disclosure is enclosed.

mahindra Mahindra Logistics Limited Arena Space, 10th & 11th Floor, LOGISTICS I 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/77/2026 27 July 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 Sirs, 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 letters dated 10 July 2026 and Outcome and audio recording of earnings conference call dated 21 July 2026 Please find enclosed the transcript of the earnings conference call of the Company for the first quarter ended 30 June 2026, held on Tuesday, 21 July 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website of the Company at the weblink: https://mahindralogistics.com/investor-interaction/recording-amp- transcript/ No Unpublished Price Sensitive Information was shared/discussed by the Company during the earnings conference call.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 the weblink: https://mahindralogistics.com/investor-interaction/ For Mahindra Logistics Limited Jignesh Parikh Company Secretary Enclosures: As above Reg Office: Mahindra Towers, P.K. Kurne Chowk, Igniting Success Worli, Mumbai - 400018 mahindra LOGISTICS “Mahindra Logistics Limited Q1 FY27 Earnings Conference Call” July 21, 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 21st July 2026 will prevail. mahindra LOGISTICS MANAGEMENT: MR.HEMANT SIKKA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER (“MD & CEO”) MS.ISHA DALAL –CHIEF FINANCIAL OFFICER (“CFO”) MODERATOR: MR.MANDAR CHAVAN – STRATEGIC GROWTH ADVISORS Page 1 of 20 Mahindra Logistics Limited mallindra July 21, 2026 LOGISTICS Moderator: Ladies and gentlemen, good day, and welcome to the Mahindra Logistics Limited Q1 FY27 Earnings Conference Call. This conference call may contain forward-looking statements about the Company, which are based on beliefs, opinions and expectations of the Company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant 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 the conference call, please signal an operator by pressing star and zero on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Mandar Chavan from SGA. Thank you, and over to you. Mandar Chavan: Thanks, Manav. Good afternoon, everyone, and thank you for joining us for Mahindra Logistics Limited Q1 FY27 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 the opening remarks from management, followed by an open forum for question and answer. 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 today. We have started FY27 on a very strong note, building on the momentum created over the last few quarters. The improvements that we are seeing reinforce a simple but very important fact. The actions we took to strengthen our operating model, sharpen our execution skills, bring in a lot of discipline and rigour with a very strong focus on our customers and improving the quality of our growth are delivering tangible results. You can see that in our results. We delivered a significant step-up in profitability this quarter, moving from a PAT loss of INR 10.8 crores in Q1FY26to a PAT profit of INR 25.4 crores in Q1FY27. Alongside this, our consolidated revenue grew by 23% Y-o-Y, reflecting broad-based strength of our businesses. These results validate the effectiveness of our transformation efforts and demonstrate the power of disciplined execution, strong customer focus, improved customer level economics and a relentless focus on profitable growth. If I have to see, there are four themes which capture our progress in this quarter, and I will take some time to go through each one of them. We are clearly entering our next phase with confidence and purpose, anchored by four strategic pillars who will drive profitable growth, Page 2 of 20 Mahindra Logistics Limited mallindra July 21, 2026 LOGISTICS build differentiated capabilities and cement Mahindra Logistics leadership in the logistics ecosystem of tomorrow. Let me talk about 3PL scale up. Expanding the core this is our core business, so expanding the core with higher quality growth remains a key strategic priority. Contract Logistics continues to be the cornerstone of our business as we strengthen our 3PL franchise through deeper customer partnerships, sector-focused solutions and efforts on high-growth consumption sectors, while maintaining discipline on margins, return on capital and operational excellence. B2B Express turnaround continues to be a very key focus area for us. We continue to drive a disciplined turnaround through network optimization, rigorous cost management and enhanced service reliability. This is laying the foundation for a very sustainable long-term value creation in our B2B Express business. We clearly want to be a leader in operational excellence. Operational excellence is embedded across our organization. This is not a flavour of a month or a quarter for us. Through disciplined execution, process standardisation and continuous productivity improvements, we are enhancing the customer experience while consistently delivering superior service levels. Technology as a differentiator is again a key strategic lever for us. Technology continues to be a strategic differentiator for Mahindra Logistics. LogiOne, our digital ecosystem, provides greater visibility, faster decision-making and data-driven insights, enabling us to build smarter and future-ready supply chains for our customers. Our e-commerce and quick commerce business continues its momentum, reinforcing our position in the fast-growing segments of the logistics ecosystem. As we have articulated previously, our objective is not to scale for the sake of scale only. Let me repeat this. Our objective is not to scale for the sake of scale only, but go for intelligent scale, where every customer, every contract and every investment contribute meaningfully to our long-term profitable growth. Let me now turn to a few specific business updates. Starting with our Express business, which is MESPL or Rivigo, as we call it, our B2B Express Logistics business - In Q1, revenue grew by 58% Y-o-Y and the gross margin improved from negative INR 3.6 crores in Q1FY26to a positive of INR 9.2 crores in F [Showing first 8,000 characters — download PDF for full document]