Tiger Logistics (India) Limited is a global logistics and supply chain solutions provider with over 25 years of industry experience. The company offers a comprehensive suite of services, including freight forwarding, transportation, and customs clearance. It operates on an asset-light model, collaborating with a worldwide network of partners to ensure efficient and timely cargo transportation. This approach provides operational flexibility and reduces capital intensity. The company serves a diverse range of sectors, with a significant presence in the Automotive, Engineering, Textiles, Commodities, Pharmaceuticals, and FMCG industries.

Founded in 2000 by first-generation entrepreneur Mr. Harpreet Singh Malhotra, the company has achieved significant milestones, including its listing on the Bombay Stock Exchange (BSE) in 2013 and subsequent migration to the main board in 2016. It has consistently grown its turnover, crossing the ₹300 crore and ₹600 crore marks in 2022. A key strategic focus is digitalization, marked by the launch of its proprietary platform "FreightJar" in 2023 and an upgraded version, "FreightJar 2.0," in 2024. The company's vision is to facilitate global trade through seamless processes and dependable services, positioning itself as a key enabler in the global economy.

Official Website: http://www.tigerlogistics.in/

• Q3 FY26 Performance:

• Revenue: ₹13,902 lakhs, representing a decline of 13.4% year-over-year (YoY) and 17.6% quarter-over-quarter (QoQ).

• EBITDA: ₹757 lakhs, a decrease of 22.6% YoY. The EBITDA margin stood at 5.4%.

• Profit After Tax (PAT): ₹594 lakhs, down 29.5% YoY. The PAT margin was 4.3%.

• Commentary: The management noted that the revenue decline was primarily "rate-driven rather than volume-driven," indicating that while freight rates were competitive, underlying business volumes were strong.

• 9M FY26 Performance:

• Revenue: ₹41,027 lakhs, a marginal decline of 2.7% YoY from ₹42,180 lakhs.

• EBITDA: ₹2,461 lakhs, showing a 3.6% YoY growth. The EBITDA margin improved to 6.0% from 5.6% in the previous year.

• Profit After Tax (PAT): ₹1,926 lakhs, a decline of 6.4% YoY. The PAT margin was 4.7%.

• Finance Costs: Increased to ₹326.5 lakhs from ₹198.7 lakhs YoY, attributed to higher working capital utilization to support growing business volumes.

• Operational Volume Analysis:

• Sea Freight (TEUs): Handled 25,433 TEUs in Q3 FY26, a significant growth of 52.2% YoY and 9.0% QoQ. For 9M FY26, TEU volume grew 32.3% YoY to 67,023.

• Air Freight (Kg): Handled 75,478 Kg in Q3 FY26. For 9M FY26, volume was 2,71,054 Kg.

• Insight: The strong double-digit growth in sea freight volumes demonstrates robust underlying demand and market share gains, even as falling freight rates impacted top-line revenue.

• Historical Performance (FY22-FY25):

• The company has shown significant top-line fluctuation, with revenue peaking in FY22 at ₹61,511 lakhs before moderating to ₹53,631 lakhs in FY25.

• PAT showed a similar trend, peaking in FY22 at ₹3,363 lakhs and settling at ₹2,701 lakhs in FY25.

Summary: The company's recent financial performance reflects a challenging freight rate environment impacting revenue, but strong volume growth and disciplined cost management have supported a year-over-year improvement in nine-month EBITDA margins.

• Asset-Light Business Model: The company operates by collaborating with partners worldwide for transportation and logistics services rather than owning heavy assets like ships or trucks. This model allows for scalability, lower fixed costs, and greater flexibility to adapt to market conditions.

• Revenue Composition by Industry:

• The Automotive sector is the largest contributor, accounting for 59% of revenue in Q3 FY26.

• Other key sectors include Engineering (19%), Textiles (18%), and Commodities (5%).

• There is a clear trend of diversification, as the Automotive sector's contribution has decreased from 76% in Q3 FY25, indicating a broadening revenue base.

• Customer Concentration:

• The top 5 customers contributed 49% of revenue in Q3 FY26.

• This concentration has been steadily decreasing from 64% in FY21 and 60% in Q3 FY25, signaling a successful strategy to expand the client portfolio and reduce dependency on a few large accounts.

• Segment Dominance:

• Ocean Freight is the dominant business segment, consistently contributing approximately 94% of total revenue in Q3 FY26.

• Air Freight and Transportation make up the remaining portion, indicating a specialized focus on sea-based logistics.

Summary: Tiger Logistics operates a flexible asset-light model with deep specialization in ocean freight for the automotive industry, while actively de-risking its business by diversifying its industry and customer base.

• Market Size and Growth: The Indian freight and logistics market is projected to grow at a compound annual growth rate of 8.8%, from an estimated USD 317 billion in 2024 to USD 484 billion by 2029.

• Government Policy and Support:

• The National Logistics Policy aims to reduce India's logistics costs from ~14% of GDP to a more globally competitive 9-10%, enhancing efficiency across the supply chain.

• The "Make In India" initiative is boosting domestic manufacturing, which directly increases demand for logistics services. Industrial production is expected to see a steady annual increase of 9.7%.

• Key Demand Drivers:

• Manufacturing Boost: Growth in sectors like E-commerce, Automobiles, Pharmaceuticals, and Textiles is a primary driver for logistics demand.

• Export Growth: India achieved $197 billion in merchandise exports and is targeting $400 billion, creating substantial demand for EXIM (Export-Import) logistics.

• Infrastructure Development: Government focus on improving transportation infrastructure, increasing port capacities, and enhancing digitalization provides a strong tailwind for the sector.

Summary: The company is operating within a high-growth Indian logistics sector, which is benefiting from strong government policy support, a domestic manufacturing boom, and rising export demand.

• Digital Transformation (FreightJar 2.0):

• The company is focused on digitalizing the largely manual international logistics process through its proprietary platform, FreightJar.

• This platform is designed to enhance efficiency by enabling automated Request for Quotes (RFQs), real-time freight and price discovery, live shipment tracking, and digital documentation.

• Management estimates this can save clients approximately 5 working days in booking time and reduce logistics costs by up to 30%.

• Geographic Expansion:

• The strategy includes strengthening its network of agents and partners in new geographies.

• Plans are in place to establish dedicated sales offices in Bangladesh, South America, and the United States to penetrate new markets and secure international business opportunities.

• Mergers & Acquisitions (M&A):

• The company is actively pursuing inorganic growth by targeting medium-sized companies in complementary sectors like LCL (Less than Container Load) and imports.

• Business consultants have been engaged to identify acquisition targets that will allow the company to expand its service offerings by leveraging its existing network and expertise.

• Green Logistics:

• A strategic initiative is underway to establish an Electric Vehicle (EV) division for first-mile logistics.

• This move is aimed at capitalizing on the growing preference of large corporations to partner with sustainability-focused companies to reduce their carbon footprint.

Summary: The company's future growth is strategically built on four pillars: leveraging its digital platform for efficiency, expanding into new international markets, pursuing targeted acquisitions, and pioneering sustainable logistics solutions.

• Digitalization of a Manual Sector: The international logistics industry remains largely manual, presenting a significant opportunity for Tiger Logistics to gain a competitive advantage with its digital platform, FreightJar 2.0, by offering superior efficiency and cost savings to clients.

• Growing Demand for Sustainable Supply Chains: As large corporations globally focus on ESG (Environmental, Social, and Governance) compliance, the company's "Green Logistics" initiative to create an EV fleet for first-mile delivery positions it as an attractive partner for environmentally conscious clients.

• Market Consolidation: The logistics sector is fragmented with many smaller players. The company's M&A strategy provides an opportunity to consolidate the market by acquiring smaller firms, thereby expanding its product mix, market share, and operational scale.

Summary: The company is well-positioned to capitalize on key market opportunities, including the industry's need for digitalization, the corporate shift towards sustainable logistics, and the potential for market consolidation through strategic acquisitions.

• Digital Platform Enhancement: The launch of FreightJar 2.0 in 2024 is a cornerstone of the company's immediate plans to attract and retain clients through technology.

• New Business Verticals: In 2025, the company plans to launch "CUBOX," a new business vertical focused on LCL (Less than Container Load) consolidated and B2B services, diversifying its revenue streams.

• Capital Market Activity: A key milestone for 2025 is the planned listing on the National Stock Exchange (NSE) Main Board, which would enhance liquidity and visibility among investors.

• Financial and Client Goals: The company set a goal to achieve a Net Worth of ₹100 crore in 2024 and is actively focused on catering to international clients as part of its geographic expansion strategy.

Summary: The company has a defined roadmap for the near future centered on the full deployment of its digital platform, expansion into new service verticals, and a strategic listing on the NSE.

• Q3 FY26 Margin Performance:

• EBITDA Margin: Stood at 5.4%, a compression from 6.1% in Q3 FY25 and 6.6% in Q2 FY26.

• PAT Margin: Was 4.3%, down from 5.2% in the prior year's quarter.

• The quarterly margin pressure is a direct result of a competitive freight rate environment.

• 9M FY26 Margin Performance:

• EBITDA Margin: Improved to 6.0% from 5.6% in 9M FY25.

• This improvement, despite a slight revenue decline, highlights effective cost management. The management specifically cited "cost discipline and operational efficiency" as key drivers.

• Historical Context: The 9M FY26 EBITDA margin of 6.0% is also an improvement over the full-year FY25 margin of 5.8%, indicating sustained operational efficiency gains.

Summary: While quarterly margins were impacted by weak freight rates, the company demonstrated resilience by improving its nine-month EBITDA margin year-over-year through strong operational efficiency and cost control.

• Freight Rate Volatility: The company's revenue and profitability are directly exposed to fluctuations in global freight rates. The Q3 FY26 performance, where revenue fell despite a 52% surge in TEU volumes, clearly illustrates this risk.

• Customer and Sector Concentration:

• A significant portion of revenue comes from the top 5 customers (49%) and the Automotive sector (59%).

• Any downturn in the automotive industry or the loss of a key client could materially impact financial performance. While the company is actively diversifying, this concentration remains a near-term risk.

• Industry and Infrastructure Challenges:

• The company is exposed to broader sector risks, including poor road and highway infrastructure, which can increase operational costs and delivery times.

• Transit losses due to theft or damage and a lack of sufficiently trained staff to adopt new technologies are persistent industry-wide challenges.

Summary: The primary risks facing the company are market-driven freight rate volatility and a high concentration in the automotive sector, supplemented by systemic risks related to infrastructure and talent within the broader logistics industry.

• Enhanced Working Capital Facilities: As of December 31, 2025, the company's sanctioned fund-based working capital limit was increased to ₹37 crore, up from ₹28.5 crore in FY25. This enhancement supports the higher working capital required for its growing business volumes.

• Industry Recognition and Awards:

• The company was certified as a "Great Place To Work" in India for the period of July 2024 to July 2025, indicating a strong corporate culture.

• It received several industry accolades in 2025, including "Logistics Company of the Year" and "Logistics Champion – Mid-Sized Company," affirming its strong market standing and operational excellence.

Summary: The company has proactively secured additional working capital to fund its growth and has recently received multiple prestigious industry awards that validate its leadership position and workplace environment.