536264

Tiger Logistics financials

Market cap
₹292 Cr
Sector
Services
Calls analysed
2
Latest concall · Q3 FY26 · call held 20 Feb 2026

Tiger Logistics Q3 FY26

Overall Volume Growth 0.09 decimal fraction Overall Volume Growth 0.5 decimal fraction +50%TiGreen Revenue Contribution 40% TiGreen Volume Growth 0.52 decimal fraction +52%

What went well

  • 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.

What to watch

  • 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.
Read the full call →

What Tiger Logistics does

Tiger Logistics (India) Limited is an international logistics and freight-forwarding company that began in 2000 as a Custom House Agent and added Multimodal Transport Operations in 2004. It operates an asset-light model, partnering with a worldwide network of agents to move cargo by sea and air (freight forwarding, customs clearance, transportation) for customers across automotive, renewable energy, engineering, textiles, commodities, pharmaceutical and FMCG sectors. It has since built out specialized digital and business verticals: FreightJar, a proprietary digital freight booking and shipment-visibility platform; TiGreen, a dedicated 3PL logistics arm for renewable-energy equipment (solar, wind, EV, hydropower); and CUBOX, a dedicated LCL (less-than-container-load) consolidation vertical.

Segments

  • Freight Forwarding & Logistics
  • TiGreen
  • CUBOX
  • FreightJar
Sea freight volume handled
92,614 TEUs (FY26)
Air cargo volume handled
3,66,878 kg (FY26)
Industries served
15+
Proprietary business verticals
3 (FreightJar, TiGreen, CUBOX)
TiGreen (renewable-energy) volume
~1,500 TEUs on an ongoing basis
IATA air-cargo accreditation
Certified since 2023
Founded 2000Headquarters New Delhi, India Company website

Guidance record · Q3 FY26

what the last two calls moved 4 tracked 0 delivered 1 missed 3 open
  • PSU and Government Projects Growth went quiet said Q4 FY25 Promised: at least 15% Q3 FY26: No specific update was provided on the growth of the PSU and Government projects vertical. The segment was mentioned as an 'established business' but without performance metrics.
  • Top-line Revenue Growth at risk said Q4 FY25 Promised: 15-18% Q3 FY26: 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.
  • Position in Indian Logistics Market on track said Q4 FY25 Promised: top five logistics company Q3 FY26: Company reported significant volume growth (9% QoQ, ~50% YoY) and clarified its M&A strategy is focused on international logistics to expand its footprint, which supports the long-term ambition.

All 4 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 48.8%, net profit down 53.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue160 160 115 103 169 +5%139 −13%163 +42%153 +49%
EBITDA9 10 7 6 11 +27%8 −23%2 −77%3 −53%
Net profit8 8 6 5 9 +14%6 −29%2 −66%2 −54%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −31.6% 1Y

₹30.0₹40.0₹50.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 20 Feb 2026

1Y: ₹40.72 on 10 Sept 2025 → ₹27.85. High ₹52.07 (23 Sept 2025), low ₹23.62 (30 Mar 2026).

How the price took the results

close before → close after

Q3 FY26
−1.9%
20 Feb

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.6%.

Year endingFY23FY24FY25FY26
Revenue₹433 Cr₹240 Cr₹536 Cr₹573 Cr
Operating profit₹27 Cr₹15 Cr₹31 Cr₹26 Cr
Operating margin6.2%6.3%5.8%4.6%
Interest₹1 Cr₹0 Cr₹3 Cr₹5 Cr
Depreciation₹1 Cr₹1 Cr₹1 Cr₹1 Cr
Net profit₹23 Cr₹13 Cr₹27 Cr₹21 Cr
Net margin5.3%5.4%5.0%3.8%
Cash from operations₹17 Cr₹-17 Cr₹-19 Cr₹-18 Cr
Free cash flow₹16 Cr₹-20 Cr₹-20 Cr₹-20 Cr
ROCE38.0%17.0%27.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr₹11 Cr
Reserves₹31 Cr₹64 Cr₹87 Cr₹100 Cr₹141 Cr₹149 Cr
Borrowings₹15 Cr₹0 Cr₹0 Cr₹12 Cr₹49 Cr₹50 Cr
Other liabilities₹27 Cr₹47 Cr₹22 Cr₹21 Cr₹42 Cr₹52 Cr
Total liabilities₹84 Cr₹121 Cr₹120 Cr₹144 Cr₹243 Cr₹263 Cr
Fixed assets₹9 Cr₹8 Cr₹8 Cr₹9 Cr₹9 Cr₹10 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹5 Cr₹5 Cr₹11 Cr₹13 Cr₹13 Cr
Other assets₹75 Cr₹108 Cr₹107 Cr₹123 Cr₹222 Cr₹240 Cr
Total assets₹84 Cr₹121 Cr₹120 Cr₹144 Cr₹243 Cr₹263 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.25 pp while FIIs added +1.06 pp. The shareholder count grew 7% to 24,117.

Promoters
57.5%
FIIs
12.7%
Public
29.9%

Since Jun 2025

  • Public −1.25 pp
  • FIIs +1.06 pp
  • Promoters +0.38 pp

How it drifted, 12 quarters

Over this window FIIs went from 1.1% to 12.7% — +11.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 61.8%, FIIs 1.1%, Public 37.1%.Dec '23: Promoters 57.1%, FIIs 7.4%, Public 35.5%.Mar '24: Promoters 57.1%, FIIs 8.2%, Public 34.7%.Jun '24: Promoters 57.1%, FIIs 8.7%, Public 34.2%.Sep '24: Promoters 57.1%, FIIs 8.1%, Public 34.8%.Dec '24: Promoters 57.1%, FIIs 9.4%, Public 33.5%.Mar '25: Promoters 57.1%, FIIs 9.8%, Public 33.1%.Jun '25: Promoters 57.1%, FIIs 11.6%, DIIs 0.2%, Public 31.1%.Sep '25: Promoters 57.1%, FIIs 11.8%, Public 31.1%.Dec '25: Promoters 57.1%, FIIs 11.3%, Public 31.6%.Mar '26: Promoters 57.3%, FIIs 11.5%, Public 31.2%.Jun '26: Promoters 57.5%, FIIs 12.7%, Public 29.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Tiger Logistics above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Brahma Suppliers Private Limited 33.25%+0.18 pp
Harpreet Singh Malhotra 19.50%unchanged
Multitude Growth Funds Limited FPI fund3.97%unchanged
Benu Malhotra 2.48%unchanged
Century India Opportunity Fund Pc FPI fund2.30%unchanged
Samarkand Estates Private Limited 2.26%unchanged
Simar Malhotra 2.07%unchanged
Unico Global Opportunities Fund Limited FPI fund1.91%+0.38 pp
Forbes EMF FPI fund1.79%+0.44 pp
Treasure Trove Pictures Private Limited 1.51%unchanged
Coeus Global Opportunities Fund FPI fund1.14%unchanged
Tiger Softech India Private Limited 0.18%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Expensive

To justify its price of ₹28, this stock must grow earnings at 13% every year for 7 years. Our analysis caps realistic growth at ~-2%. At that growth it is worth ₹12 — downside of 55%.

Growth the price implies
12.8% a year
for 7 years, fading to 4%
It has actually compounded at
-2.2% a year
net profit, FY23–FY26 · EPS -2.0%
The gap
0.1 pp
-55% downside if it only repeats history
Price today ₹27.85 Value at the reference growth ₹12.48

Change the assumptions yourself →

All earnings calls (2)

Read the Q3 FY26 call →

Learn to analyse Tiger Logistics

Guides on how to read this kind of business and the numbers that matter.