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    Tiger Logistics (India) Limited

    TIGERLOGS
    Services·20 Feb 2026
    Management Summary

    Tiger Logistics reported robust volume growth in Q3 FY26, with a 9% QoQ and 52% YoY increase, despite a slight dip in top-line revenue attributed to record-low freight rates. The TiGreen vertical, focusing on renewable and solar logistics, emerged as a key growth driver, contributing over 40% of revenue. While the CUBOX LCL model is scaling slower than anticipated and air freight faced geopolitical headwinds, the company remains optimistic about future growth in solar and import sectors and is actively seeking inorganic growth opportunities in international logistics.

    Highlights

    5

    • Overall volume up 9% quarter-to-quarter and 52% year-on-year, indicating strong business growth.

    • TiGreen vertical is performing very well, contributing more than 40% to total revenue and showing continuous growth.

    • Successful penetration in the pharma sector, particularly from the new upper north region office.

    • Strong bullish outlook for the solar sector logistics, with plans to be a top 5-7 service provider.

    • Financial hygiene is in place, with close attention to receivables and timely payments.

    Concerns

    4

    • Overall top line (revenue) experienced a small dip due to historically lowest-ever freight rates in the quarter.

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

    • Air freight business declined due to US tariffs and geopolitical issues impacting European trade, though management considers its impact negligible.

    • Hydrogen vertical is in an exploratory mode with no significant investment due to high CAPEX requirements and an evolving market.

    Key financials

    Single quarter

    02 metrics
    1. 01Overall Volume Growth YoY52%+52%YoY
    2. 02Overall Volume Growth QoQ9%+9%QoQ

    Segment breakdown

    TiGreen (Renewable/Solar)
    40% Revenue Contribution
    List

    TiGreen (Renewable/Solar) Vertical Growth & Revenue Contribution

    Next quarter
    CurrentVolumes growing continuously, contributing >40% of total revenue.
    TargetContinued strong growth, increased contribution, progress towards top 5-7 solar logistics provider.

    Why it matters

    TiGreen is identified as a primary future growth engine and a significant revenue contributor, crucial for the company's overall performance.

    TiGreen is doing very well for us. We are very bullish. The volumes are growing continuously. It is contributing more than 40% to our total revenue. And we expect it to grow much further.

    How to verify

    key_financials.segment_breakdown[name='TiGreen'].metrics[label='Revenue Contribution']

    Risks & concerns

    4
    RiskSeverity

    Geopolitical situation and US tariffs impacting export and EXIM business.

    Turbulence in export businesses due to US tariffs and geopolitical issues in the Gulf region made the EXIM business challenging. — Management acknowledged

    medium

    Lowest-ever freight rates impacting top-line revenue.

    Freight rates were at their lowest in years, directly affecting the company's reported revenue due to its cost-plus model. — Management acknowledged

    medium

    Slower-than-expected scaling of CUBOX (LCL model).

    CUBOX is taking longer to develop and catch up to full container business, though it is currently breaking even and gaining traction. — Management acknowledged

    low

    High CAPEX requirements and evolving market for Hydrogen logistics.

    The hydrogen market is not mature and involves significant capital expenditure, leading the company to proceed slowly and not invest heavily. — 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... But that is very, very negligible for us. So, we are not really worried about that.”

    Management clarifies the reasons for the air freight decline (US tariffs, European slowdown) and downplays its overall impact on the company's performance, stating it's negligible.

    asked by Abhijeet Rao

    2 min read6 chapters

    Detailed Narrative

    01

    Q3 FY26 Business Overview & Volume Growth

    Tiger Logistics reported robust volume growth in Q3 FY26, with overall volumes increasing by 9% quarter-to-quarter and 52% year-on-year. This strong performance occurred despite a turbulent export market influenced by US tariffs and geopolitical issues in the Gulf region. The company noted a small dip in its overall top line, primarily due to freight rates reaching their lowest levels in years, which impacted revenue given its cost-plus business model.

    02

    Strategic Growth Drivers: TiGreen & Import Sector

    The company's strategic focus on new growth engines, particularly the TiGreen vertical dedicated to renewable and solar logistics, yielded significant results. TiGreen is performing very well, contributing over 40% to the total revenue and demonstrating continuous growth. Additionally, deep selling efforts in the import sector have shown positive outcomes, complementing the existing businesses in the auto and government sectors.

    03

    CUBOX & Pharma Sector Update

    The CUBOX LCL (Less than Container Load) model, which has been operational for nearly a year, is currently breaking even and generating some profits. However, its development and scaling are progressing slower than initially anticipated. In the pharma sector, the company has achieved strong penetration, particularly from its new office in the upper north region (Punjab, Haryana, Himachal belt), leading to substantial container exports globally.

    04

    Renewable Energy Focus & Hydrogen Strategy

    Tiger Logistics is aggressively expanding its presence in the renewable sector, with aspirations to become one of the top five to seven service providers in solar sector logistics. The company is highly optimistic about this vertical, expecting increased logistics demand from solar companies planning significant CAPEX in the next two quarters for importing plants and machinery. Conversely, the hydrogen vertical is being approached cautiously, remaining in an exploratory mode without major investments due to its high CAPEX requirements and the market's nascent stage.

    05

    Air Freight Business & Geopolitical Impact

    The air freight business experienced a decline, primarily attributed to US tariffs and a slowdown in European trade, which affected the movement of high-fashion goods and garments. Management views this impact as negligible for the overall business and anticipates a recovery. They are optimistic about future business as tariff issues are expected to settle and the European market stabilizes.

    06

    Capital Allocation & M&A Strategy

    The company emphasizes maintaining strong financial hygiene, including diligent management of receivables to ensure timely payments. While actively open to inorganic growth opportunities, specifically through acquisitions of international freight forwarding or logistics companies, management has not yet identified a suitable target. The strategic focus for M&A is strictly on international logistics, with no plans to enter the domestic logistics market.

    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.