MLL's EBITDA margin of 4.4% fell short of expectations, which were set at 4.8%.

The company's underperformance can be attributed to various factors, including unabsorbed white space of 1.1 million square feet, the hiring of 6,900 contractual employees resulting in an additional cost of Rs 30-40 million due to seasonality, and losses of Rs 242 million in the B2B express segment.

Analysts are concerned about the delay in achieving break-even in the B2B express segment, as a 35-40% increase in incremental volume is needed, which may be challenging in the near future.

Prabhudas Lilladher has maintained its estimates and a 'HOLD' rating for the stock, with a revised target price of Rs 493, reflecting a reduction in the target multiple to 39x from 41x due to ongoing challenges in the B2B segment.