Tiger Logistics (India) Limited (TIGERLOGS)
₹24.99 -1.85% on 19 Oct, as of 12:25 IST · NSE
Q2 FY27 results
Tiger Logistics (India) Limited reported Q2 FY27 results on 16 Oct 2026: revenue ₹225 Cr (+33.4% year on year, +47.6% on the previous quarter), and net profit ₹5.8 Cr (-32.2% year on year); the operating margin was 3.1%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹225 | +33.4% | +47.6% |
| Operating profit | ₹6.9 | -38.2% | +147.6% |
| Net profit | ₹5.8 | -32.2% | +169.5% |
| EPS (₹) | 0.57 | -30.5% | +147.8% |
| Operating margin | 3.1% | — | — |
- Profit +36% above its own trend
- Operating margin contracted 355 bps YoY
- 37% of pre-tax profit came from other income and one-off items
- H1 FY27 operating cash flow was negative despite a profit
Quality of profit: of pre-tax profit of ₹8.3 Cr, ₹5.2 Cr (63%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved -47.5% year on year.
Against its own trend: net profit of ₹5.8 Cr was +35.7% against the ₹4.3 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: +1.0% (close before the filing to the latest close).
TIGERLOGS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 65.66% of the TIGERLOGS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 67.96%. That is close to its usual level. Turnover was only ₹20 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 72.9% · 65.0% · 70.2% · 61.1% · 65.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Tiger Logistics submitted revised unaudited financial statements for the quarter and half-year ended September 30, 2026, correcting clerical and classification errors. The rectification marginally increases the Q2 FY27 Profit After Tax (PAT) by ₹61,845 to ₹585.38 lakh (₹5.85 crore). For Q2 FY27, revenue from operations was ₹225.14 crore compared to ₹168.73 crore in Q2 FY26, while net profit stood at ₹5.85 crore versus ₹8.62 crore a year ago. The company stated there is no other material impact on cash flows or financial position.
- Clerical rectification increased Q2 PAT by ₹61,845 to ₹585.38 lakh
- Q2 Revenue from Operations stood at ₹22,513.87 lakh (₹225.14 crore)
- H1 Revenue from Operations reached ₹37,766.37 lakh (₹377.66 crore)
- Q2 Net Profit declined YoY to ₹585.38 lakh from ₹861.90 lakh in Q2 FY26
- Basic EPS for the quarter ended September 30, 2026 stood at ₹0.57
Tiger Logistics reported standalone revenue from operations of ₹225.14 crore for Q2 FY27 (period ended Sep 30, 2026), marking a 33.4% YoY growth from ₹168.73 crore in Q2 FY26. However, net profit for the quarter declined 32.2% YoY to ₹5.85 crore compared to ₹8.62 crore in the corresponding previous quarter due to higher operating and finance expenses. For H1 FY27, revenue reached ₹377.66 crore (up 39.2% YoY), while net profit dropped 39.8% YoY to ₹8.02 crore. Operating cash flow for H1 FY27 turned negative at -₹19.19 crore, impacted by a buildup in other current assets.
- Q2 FY27 revenue from operations grew 33.4% YoY to ₹22,513.87 lakhs (₹225.14 cr) from ₹16,873.10 lakhs
- Q2 FY27 profit after tax fell 32.2% YoY to ₹584.77 lakhs (₹5.85 cr) vs ₹861.90 lakhs in Q2 FY26
- H1 FY27 net cash used in operating activities stood at -₹1,918.64 lakhs vs positive cash flow of ₹70.64 lakhs in H1 FY26
- Short-term borrowings expanded to ₹7,380.40 lakhs as of September 30, 2026, from ₹4,979.12 lakhs as of March 31, 2026
Tiger Logistics (India) Limited announced the voting results of its 26th Annual General Meeting held on September 24, 2026. Shareholders approved both proposed resolutions with over 99.9% of valid votes cast in favor. Resolution 1, adopting the audited financial statements for the year ended March 31, 2026, received 99.998% approval, while Resolution 2, re-appointing director Mrs. Surjeet Kaur Malhotra, received 99.993% approval. A total of 51 shareholders attended the virtual meeting out of 24,437 shareholders as of the record date.
- Adoption of FY26 Audited Financial Statements approved with 99.998% majority (58,726,484 votes in favor)
- Re-appointment of Mrs. Surjeet Kaur Malhotra as Director approved with 99.993% majority (35,486,754 votes in favor)
- Total registered shareholders stood at 24,437 as of the cut-off date
- 51 shareholders (6 promoter group, 45 public) attended the AGM via Video Conferencing
Tiger Logistics (India) Limited has scheduled its 26th Annual General Meeting (AGM) for Thursday, September 24, 2026, to be conducted via Video Conferencing. Key agenda items include the adoption of audited financial statements for the fiscal year ended March 31, 2026, and the re-appointment of Non-Executive Director Mrs. Surjeet Kaur Malhotra (aged 86) via special resolution. The cut-off date to determine shareholder voting eligibility is September 17, 2026. Remote e-voting will run from September 21, 2026 (9:00 AM IST) to September 23, 2026 (5:00 PM IST).
- 26th AGM scheduled for September 24, 2026 at 01:00 PM IST via VC/OAVM
- Remote e-voting window opens on September 21, 2026 (09:00 AM) and closes on September 23, 2026 (05:00 PM)
- Cut-off date for e-voting eligibility set as September 17, 2026
- Special resolution proposed for re-appointment of Mrs. Surjeet Kaur Malhotra (aged 86 years) as Non-Executive Director
Tiger Logistics (India) Limited received a Compounding Order from the Reserve Bank of India (RBI) on August 17, 2026, under Section 15 of FEMA, 1999. The order settles non-compliance with Regulation 16(1)(iii) of the Foreign Exchange Management Regulations concerning post-disinvestment valuation reporting requirements. The RBI compounded the contravention upon payment of INR 59,981. The company confirmed the financial and operational impact is completely negligible and the matter is now closed.
- Compounding order received from the Reserve Bank of India on August 17, 2026
- Contravention settled upon payment of INR 59,981
- Non-compliance pertained to post-disinvestment valuation reporting under FEMA Notification No. 120/RB-2004
- Company reported no material impact on operations or ongoing business activities
Tiger Logistics has secured two air import contracts from Hindustan Petroleum Corporation Limited (HPCL) valued at approximately ₹8.8 crore. The project involves the end-to-end transportation of 310 MT of specialized cargo from France (80 MT) and Saudi Arabia (210 MT) to Visakhapatnam via three chartered flights. This order represents approximately 8.7% of the company's FY25 revenue of ₹101.16 crore. The contract is expected to be executed within a one-year timeframe, covering air freight, customs clearance, and local transportation.
- Secured two major air import contracts from HPCL with a total business value of approximately ₹8.8 crore.
- Scope involves transporting 310 MT of specialized project cargo using three dedicated air charter flights.
- Logistics chain covers 80 MT from France and 210 MT from Saudi Arabia to Visakhapatnam, India.
- Execution timeline for the contract is set at one year.
- Order value represents ~8.7% of the company's FY25 reported revenue of ₹101.16 crore.
Tiger Logistics reported a strong 48.8% YoY revenue growth to ₹152.53 crore for Q1 FY27, supported by a 28.7% increase in TEU volumes to 23,499 units. However, profitability was severely impacted by freight-rate volatility and elevated operating costs, leading to a 53.9% YoY decline in PAT to ₹2.17 crore. EBITDA margins saw a sharp contraction from 7.1% in Q1 FY26 to 2.8% in Q1 FY27. On the operational front, the company secured a new break-bulk contract from BHEL and renewed its mandate with Bank Note Paper Mill India.
- Revenue from operations increased 48.8% YoY to ₹152.53 crore.
- TEU volumes grew 28.7% YoY to 23,499 units, though down from 25,591 in Q4 FY26.
- EBITDA margin contracted significantly by 424 bps YoY to 2.8%.
- Net Profit (PAT) fell 53.9% YoY to ₹2.17 crore from ₹4.71 crore.
- Air transport volumes declined to 51,065 Kg from 72,091 Kg in the same quarter last year.
Tiger Logistics reported a strong 48.8% YoY revenue growth to ₹152.53 Cr in Q1 FY27, driven by a 28.7% increase in TEU volumes (23,499 units). However, profitability was significantly impacted, with PAT falling 53.9% YoY to ₹2.17 Cr as EBITDA margins contracted from 7.1% to 2.8%. The company secured a new break-bulk logistics contract from BHEL and renewed its mandate with Bank Note Paper Mill India. Despite the volume growth, rising operating expenses (up 58.5% YoY) have squeezed the bottom line, reflecting a shift toward a high-volume, lower-margin business mix.
- Revenue from operations increased 48.8% YoY to ₹152.53 Cr, exceeding the entire FY25 revenue in a single quarter.
- TEU volumes grew 28.7% YoY to 23,499 units compared to 18,256 units in Q1 FY26.
- EBITDA margins contracted significantly by 424 bps to 2.8% from 7.1% in the previous year.
- Net Profit (PAT) declined 53.9% YoY to ₹2.17 Cr from ₹4.71 Cr.
- Maintained a strong liquidity position with cash reserves of ₹45.5 Cr as of June 30, 2026.
Tiger Logistics reported a significant revenue jump to Rs 152.53 Cr in Q1 FY27, up 48.8% from Rs 102.52 Cr in the same quarter last year. However, net profit fell sharply by 54% to Rs 2.17 Cr compared to Rs 4.71 Cr in Q1 FY26, primarily due to a 60% surge in operating expenses. Notably, the Q1 revenue alone has surpassed the entire FY25 annual revenue of Rs 101.16 Cr, indicating a massive scale-up in operations. The Board has also scheduled the 26th Annual General Meeting for September 24, 2026.
- Revenue from operations grew 48.8% YoY to Rs 152.53 Cr in Q1 FY27
- Net profit declined 54% YoY to Rs 2.17 Cr from Rs 4.71 Cr in the year-ago period
- Operating expenses surged 60.3% YoY to Rs 141.65 Cr, outpacing revenue growth
- Q1 FY27 Revenue represents 150.8% of the total FY25 annual revenue of Rs 101.16 Cr
- Earnings Per Share (EPS) decreased to Rs 0.23 from Rs 0.47 YoY
Tiger Logistics (India) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by Bigshare Services Private Limited, confirms the processing of share dematerialization requests for the quarter ended June 30, 2026. This is a standard administrative filing required for all listed companies to verify the integrity of electronic share records. It has no impact on the company's financial health or business operations.
- Compliance certificate for the quarter ended June 30, 2026.
- Issued by Registrar and Share Transfer Agent (RTA), Bigshare Services Private Limited.
- Filing submitted to the exchange on July 13, 2026.
- Confirms adherence to SEBI (Depositories and Participants) Regulations, 2018.
Tiger Logistics (India) Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations for the upcoming financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the official declaration of the quarterly results. The specific date for the board meeting to approve these results will be announced at a later date.
- Trading window closure begins on July 1, 2026, for all designated persons and insiders.
- The closure is specifically for the consideration of financial results for the quarter ending June 30, 2026.
- Trading will remain restricted until 48 hours after the financial results are declared to the exchanges.
- The announcement is a mandatory compliance under SEBI (Prohibition of Insider Trading) Regulations, 2015.
Tiger Logistics (India) Limited has secured a new import break bulk logistics mandate from Bharat Heavy Electricals Limited (BHEL) valued at approximately ₹4 crore. The project involves the transportation of 13 over-dimensional cargo units, each weighing 89 MT, from Italy to India. The execution period for this contract is tentatively set for 6 months. This order strengthens the company's existing relationship with BHEL, where it already has several orders under execution and a track record of delivering 28 machine components recently.
- Secured a new logistics mandate from BHEL worth approximately ₹4 crore including handling charges.
- Scope involves moving 13 over-dimensional cargo units (89 MT each) from Italy to India.
- Project execution is expected to be completed within a tentative timeline of 6 months.
- Strengthens the company's position in the high-value industrial project logistics and heavy-lift cargo segment.
- Follows a successful track record with BHEL, including 28 machine components already delivered.
Tiger Logistics (India) Limited has secured a new logistics mandate from Bharat Heavy Electricals Limited (BHEL) valued at approximately ₹4 crore. The project involves the international movement of 13 over-dimensional cargo (ODC) units, each weighing 89 MT, from Italy to India. This contract is expected to be executed within a 6-month timeframe and reinforces the company's niche expertise in handling heavy-lift and break-bulk cargo for major Public Sector Undertakings (PSUs).
- Awarded a ₹4 crore contract by BHEL for ocean freight and handling of specialized cargo.
- The mandate involves transporting 13 over-dimensional units weighing 89 MT each from Italy to India.
- Project execution is tentatively scheduled over a period of 6 months.
- Strengthens a long-standing relationship with BHEL, following the successful delivery of 28 machine components in the previous year.
- Highlights the company's growing footprint in the high-margin industrial project logistics segment.
Tiger Logistics (India) Limited reported a 6.8% YoY growth in annual revenue for FY26, reaching ₹572.82 crore. However, the company's profitability faced significant pressure, with annual net profit declining by 20.3% to ₹21.52 crore compared to ₹27.01 crore in FY25. The fourth quarter (Q4 FY26) showed a sharp contrast where revenue jumped 42% YoY to ₹162.55 crore, but net profit plummeted by 65.5% to ₹2.22 crore due to a substantial rise in operating expenses and employee benefits.
- Annual revenue from operations increased by 6.8% to ₹572.82 crore in FY26.
- Net profit for the full year FY26 declined to ₹21.52 crore from ₹27.01 crore in the previous fiscal.
- Q4 FY26 net profit fell sharply to ₹2.22 crore from ₹6.44 crore in Q4 FY25, despite strong revenue growth.
- Total expenses for FY26 rose to ₹552.04 crore, driven by higher operating and employee costs.
- Earnings Per Share (EPS) for FY26 decreased to ₹2.05 from ₹2.56 in FY25.
Infomerics has reaffirmed Tiger Logistics' long-term rating at IVR A- and short-term rating at IVR A2+ for bank facilities worth ₹45 crore, though the outlook has been revised to Negative due to profitability and working capital pressures. For FY26, the company reported a significant 34.5% year-on-year increase in container volumes, reaching 92,614 TEUs. Total Operating Income grew by 6.8% to ₹573 crore despite global supply chain disruptions and freight-rate volatility. The management is now focused on operational measures to improve margins and efficiency in high-growth sectors like renewable energy and automotive.
- Infomerics reaffirmed IVR A- (Long-term) and IVR A2+ (Short-term) ratings for ₹45 crore bank facilities.
- Rating outlook revised to Negative citing profitability pressures and working capital challenges amid global trade disruptions.
- Container volumes grew 34.5% YoY to 92,614 TEUs in FY26 from 68,858 TEUs in FY25.
- Total Operating Income increased 6.8% YoY to ₹573 crore despite industry-wide market volatility.
- Company maintains an asset-light business model with focused expansion in renewable energy, automotive, and electronics sectors.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, revenue reached INR 168.73 Cr, growing 64.6% QoQ and 5.3% YoY. H1 FY26 revenue stood at INR 271.25 Cr, up 3.8% YoY. Yearly revenue composition for FY25 was led by Engineering (30%), Auto (15%), FMCG (7%), Pharma (5%), Commodities (3%), and Textiles (1%), with Others at 48%.
Geographic Revenue Split
The company is expanding its import logistics footprint from China and Southeast Asia. It also targets emerging markets in Africa and LATAM for Indian exports of auto components, tires, and machinery. Specific regional percentage splits are not disclosed in available documents.
Profitability Margins
Q2 FY26 PAT margin was 5.1%, improving by 52 bps QoQ and 40 bps YoY. H1 FY26 PAT margin was 4.9%, up 26 bps YoY. Profitability is driven by disciplined cost control and effective operating leverage as volumes scale.
EBITDA Margin
EBITDA margin for Q2 FY26 was 6.6%, an improvement of 85 bps QoQ and 111 bps YoY. H1 FY26 EBITDA margin was 6.3%, up 94 bps YoY. Absolute EBITDA for Q2 FY26 was INR 11.14 Cr, up 88.9% QoQ and 26.7% YoY.
Capital Expenditure
The company operates an asset-light model. Net block of fixed assets was INR 8.7 Cr in FY25, compared to INR 8.8 Cr in FY24. Historical net block has remained stable between INR 7.5 Cr and INR 8.8 Cr from FY21 to FY25.
Credit Rating & Borrowing
Infomerics upgraded the long-term rating to IVR A- (Stable) and short-term to IVR A2+ in August 2025. CARE Ratings maintained a CARE B; Stable (Issuer Not Cooperating) rating as of October 2025. Sanctioned working capital limits for H1 FY26 totaled INR 37 Cr (SBI: 23.5 Cr, IDBI: 3.5 Cr, ICICI: 10.0 Cr).
Operational Drivers
Raw Materials
As a service provider, primary costs are 'Cost of Services' including Ocean Freight (major revenue driver) and Air Freight, representing the bulk of operational expenses.
Import Sources
Key import corridors include China and Southeast Asia, which the company leverages for multimodal import solutions.
Key Suppliers
The company collaborates with multiple global shipping lines and airlines to provide end-to-end freight management services via its FreightJar platform.
Capacity Expansion
Operational capacity is measured by volume; Q2 FY26 TEU volume was 23,334 units, up 39% YoY from 16,781 units. H1 FY26 volume reached 41,590 TEUs, up 22.4% YoY from 33,967 TEUs.
Raw Material Costs
Freight costs are subject to global rate volatility. The company uses an asset-light approach to mitigate fixed cost risks and employs natural hedging and forward contracts to manage foreign currency cost fluctuations.
Manufacturing Efficiency
Not applicable as the company is a service-based logistics provider; efficiency is measured by operating leverage and EBITDA margin improvements.
Logistics & Distribution
Distribution is managed through global partnerships; the company focuses on corridor expansion and sector specialization to drive value.
Strategic Growth
Expected Growth Rate
8.8%
Growth Strategy
Growth is driven by 'Digital Play' through FreightJar 2.0 (reducing costs by ~30%), 'Green Logistics' via an EV division for first-mile delivery, and horizontal expansion into B2B LCL segments through CUBOX. The company also targets the renewable energy sector (TiGreen) to support India's 500 GW goal by 2030.
Products & Services
Ocean and air freight forwarding, project logistics, customs clearance, trade compliance, supply chain consulting, cold chain logistics, and warehousing.
Brand Portfolio
Tiger Logistics, FreightJar 2.0, TiGreen, CUBOX.
New Products/Services
FreightJar 2.0 (digital platform), TiGreen (renewable energy logistics), and CUBOX (B2B LCL consolidation).
Market Expansion
Expanding footprint in China, Southeast Asia, Africa, and LATAM to capture emerging EXIM corridors.
Market Share & Ranking
Not disclosed in available documents; company identifies as a prominent global logistics firm with over 25 years of experience.
Strategic Alliances
Maintains IATA accreditation and collaborates with global shipping and airline partners; associated with various NGOs for social initiatives.
External Factors
Industry Trends
The Indian logistics market is evolving through digitalization (e-documentation, AI) and formalization driven by GST enforcement and mandatory e-invoicing, favoring organized players like Tiger Logistics.
Competitive Landscape
Fragmented industry with intense competition from both domestic players and large global logistics firms.
Competitive Moat
Moat is built on an asset-light model providing cost flexibility, 25+ years of sectoral expertise, and a proprietary digital platform (FreightJar) that enhances client retention through transparency.
Macro Economic Sensitivity
Highly sensitive to global trade volumes and manufacturing demand. Benefits from the National Logistics Policy and PM Gati Shakti which improve multi-modal coordination.
Consumer Behavior
Large corporations are increasingly preferring logistics partners with strong sustainability (Green Logistics) and digital visibility capabilities.
Geopolitical Risks
Red Sea crisis and trade protectionism are primary risks that disrupt established trade routes and increase operational costs.
Regulatory & Governance
Industry Regulations
Compliant with ISO 9001:2008 standards and IATA accreditation. Operations are influenced by GST enforcement and mandatory e-invoicing norms.
Environmental Compliance
Investing in 'Green Logistics' and an EV division to align with corporate sustainability goals and renewable energy targets.
Taxation Policy Impact
Subject to standard corporate tax rates; PAT of INR 27.01 Cr was reported for FY25 on a standalone basis.
Risk Analysis
Key Uncertainties
Global demand moderation, oil price volatility, and cybersecurity threats associated with increased technology adoption.
Geographic Concentration Risk
Headquartered in Delhi with a nationwide presence in major hubs like Mundra, Chennai, Ludhiana, and Kolkata; expanding internationally to reduce regional dependency.
Third Party Dependencies
High dependency on shipping lines and airlines for cargo space and scheduling; mitigated by using multiple partners via FreightJar.
Technology Obsolescence Risk
Mitigated by continuous investment in FreightJar 2.0 and digital workflows to maintain a competitive edge in logistics tech.
Credit & Counterparty Risk
Adequate liquidity with a current ratio of 3.42x and cash reserves of INR 51.2 Cr as of FY25, supporting receivables management.
