TIGER LOGISTICS (INDIA) L

Provides international freight forwarding and logistics services, moving cargo by air and sea along with customs clearance and inland transport for Indian importers and exporters. Operates on a cost-plus model, where revenue largely reflects prevailing freight rates passed through to customers, with underlying volume measured in TEUs reaching 92,614 in FY26, up 34.5% year-on-year, and 25,591 in Q4 FY26 (up 40.8% YoY). The largest disclosed vertical is TiGreen, which handles logistics for the solar and renewable energy sector and now accounts for over 40% of revenue. Other revenue streams include CUBOX (the company's own less-than-container-load product, at break-even after one year), the FreightJar digital platform, and shipments across automotive, pharmaceutical, PSU/government, yarns and commodities. Recent wins include a one-year ~₹2 crore import logistics contract from government enterprise BNPMIL for its Mysuru plant and an order from public-sector BHEL. Margin compression in FY26 has been attributed to rising transportation costs and competitive pricing amid record-low freight rates, with employee cost at 3.8% of revenue being the largest disclosed operating expense line.