TIGERLOGS - Tiger Logistics

📊 NSE: TIGERLOGS 🏢 Logistics Solution Provider 📅 Last Updated: 11/13/2025 15:25

💰 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.