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    Tiger Logistics

    536264
    Services·20 Feb 2026
    Management Summary

    Tiger Logistics reported a strong Q3 FY26 in terms of volume growth, with a 9% QoQ and nearly 50% YoY increase, primarily driven by its TiGreen renewable energy vertical. Despite a dip in the top line due to historically low freight rates impacting its cost-plus model, the company is optimistic about future growth, especially in solar logistics. New ventures like CUBOX are breaking even but scaling slower than anticipated, while the hydrogen vertical is being approached cautiously due to market immaturity and high CAPEX.

    Highlights

    4

    • Overall business volume increased by 9% quarter-to-quarter and close to 50% year-on-year.

    • TiGreen vertical is performing very well, contributing over 40% to total revenue and growing 52% YoY in volume.

    • Successful deep selling in the import sector and good penetration in the pharma sector.

    • Management is very bullish about the coming quarter due to anticipated large CAPEX in the solar sector.

    Concerns

    4

    • Overall top line experienced a dip due to the lowest-ever freight rates, impacting revenue in the cost-plus model.

    • CUBOX (LCL model) is taking longer than expected to scale, though it is breaking even.

    • Air freight volume declined due to US tariff issues and geopolitical situations affecting European business.

    • Hydrogen vertical is progressing slowly due to high CAPEX requirements and an immature market.

    Key financials

    Single quarter

    05 metrics
    1. 01Overall Volume Growth0.09 decimal fraction+9%QoQ
    2. 02Overall Volume Growth0.5 decimal fraction+50%YoY
    3. 03TiGreen Revenue Contribution40%
    4. 04TiGreen Volume Growth0.52 decimal fraction+52%YoY
    5. 05TiGreen Volume Growth0.09 decimal fraction+9%QoQ

    Guidance & targets

    6
    CategoryTargetPriority
    Volume
    TiGreen Volume Growth
    much further
    		Low
    Revenue
    Turnover and Revenues
    better
    		Low
    Business Growth
    Overall Business Growth
    further
    		Low
    Business Growth
    Overall Business Growth
    good growth
    		Low
    Business Growth
    Overall Business Growth
    very bullish
    		Low
    Business Growth
    Overall Business Growth
    good growth
    		Low

    What to watch in Q4 FY26

    4

    Freight rate improvement and impact on turnover/revenue

    Next quarter
    CurrentLowest ever freight levels in Q3 FY26, impacting top line
    TargetImproved freight rates leading to better turnover and revenues

    Why it matters

    Freight rates directly impact the company's top line due to its cost-plus model, and management is hoping for improvement.

    I only pray that the freights get better so that everybody can see better turnover and better revenues in the coming quarters⏳.

    Risks & concerns

    4
    RiskSeverity

    Geopolitical situation and US tariffs impacting EXIM business

    Turbulent export businesses due to US tariffs, geopolitical situation, and Gulf region constraints, though some issues are settling. — Management acknowledged

    medium

    Fluctuating freight rates impacting top line

    Overall top line dipped because freight in Q3 was the lowest ever, directly impacting revenue in a cost-plus model. — Management acknowledged

    medium

    CUBOX (LCL model) scaling slower than expected

    CUBOX is taking longer to develop and catch on compared to initial expectations, though it is breaking even. — Management acknowledged

    low

    Hydrogen vertical requires huge CAPEX and market is immature

    Hydrogen involves huge CAPEX, and the market is still evolving and not mature, leading to a slow approach. — Management acknowledged

    low

    Q&A highlights

    7

    “Air freight business decline is primarily because of the tariff issues, and the European business is going down and the tariff issues which are happening. So, people were not buying, especially the high fashion goods and garments and similar kinds of products which move primarily by air.”

    Explains the specific reasons for air freight decline, attributing it to external geopolitical and tariff issues, and clarifies it's not a core focus area.

    asked by Abhijeet Rao

    2 min read5 chapters

    Detailed Narrative

    01

    Q3 FY26 Performance Overview Amidst Headwinds

    Tiger Logistics reported a 'good quarter' for Q3 FY26, achieving significant volume growth of 9% quarter-to-quarter and nearly 50% year-on-year. This growth was realized despite a turbulent geopolitical environment, including US tariffs and constraints in the Gulf region, which negatively impacted export businesses. The company noted a dip in its overall top line, attributing it to freight rates being the 'lowest ever' in recent years, a direct consequence of its cost-plus business model.

    02

    TiGreen and Import Sector Drive Volume Growth

    The primary drivers for the increased volume were the company's strategic growth engines, particularly the TiGreen vertical, which focuses on the renewable and solar sectors. TiGreen is performing 'very well,' contributing over 40% to the company's total revenue and demonstrating robust volume growth of 52% year-on-year and 9% quarter-to-quarter. Additionally, the company's efforts in 'deep selling' within the import sector have begun to yield positive results, complementing its established businesses in the auto and government sectors.

    03

    Update on CUBOX and Cautious Approach to Hydrogen

    The CUBOX LCL model, now a year old, has reached a break-even point and is generating some profits, though its scaling is slower than initially anticipated. Management expects it will require more time to fully develop and integrate with the overall full container business. Conversely, the hydrogen vertical is being approached with caution, with the company 'going slow' due to the 'huge CAPEX' involved and the market's current immature and evolving state.

    04

    Pharma Sector Penetration and Bullish Outlook for Solar Logistics

    Tiger Logistics has successfully penetrated the pharma sector, particularly in the upper north region, where a new office opened six months ago has led to significant container exports for pharma and chemical clients. The company anticipates further growth in this area. Management expressed a 'very bullish' outlook for the coming quarter, driven by expected large CAPEX investments by solar companies, which will necessitate substantial imports of plants and machinery, a segment for which Tiger Logistics has already built capacity.

    05

    Inorganic Growth Strategy Focused on International Logistics

    The company is open to inorganic acquisitions but has faced challenges in identifying 'good assets' among small to medium-sized logistics firms. Management clarified that its acquisition strategy is strictly confined to international freight forwarding or logistics companies. Tiger Logistics currently has no presence in domestic logistics and explicitly stated it does not intend to enter this segment, maintaining a clear focus on expanding its international footprint.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.