NSE: TIGERLOGS · BSE: 536264
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. TiGreen (solar and renewable energy logistics) (40%), CUBOX LCL, FreightJar, Other verticals. Asset-light, cyclical freight forwarding and logistics services, exposed to global trade lanes and freight rate cycles
Exhibit 1: Financial summary, FY19–FY20 (all audited; no estimate years)
| ₹ crore · consolidated | FY19 | FY20 |
|---|---|---|
| Revenue | 330 | 301 |
| EBITDA (ex other income) | 14 | (9) |
| margin % | 4.2 | (3.0) |
| Owners' profit | 6 | 0 |
| EPS, as reported (₹) | 6.28 | (11.85) |
| ROE % · ROCE % | 9.7 · 19.0 | (23.5) · (14.2) |
| Debt / equity (x) | 0.54 | 0.70 |
| Cash from operations | — | — |
| Capex | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY19 | Q1 FY20 | Q2 FY20 | Q3 FY20 | Q4 FY20 | Q1 FY21 | Q2 FY21 | Q3 FY21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 97 | 70 | 79 | 84 | 68 | 24 | 33 | 48 |
| Profit before tax | 3 | 1 | 1 | 1 | (15) | (7) | (8) | 2 |
| Net profit | 2 | 1 | 1 | 1 | (15) | (7) | (8) | 1 |
| EPS (₹) | 1.53 | 0.47 | 0.51 | 0.86 | (14.66) | (7.02) | (7.73) | 1.21 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Newspaper publication of AGM voting results submitted to exchanges | compliance | minimal | — | — |
| 27 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Tiger Logistics AGM voting results: both resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 24 Sept 2026 · 26th AGM proceedings of Tiger Logistics held on 24 Sept 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · AGM notice published in newspapers | compliance | minimal | — | — |
| 2 Sept 2026 · Tiger Logistics files FY26 Annual Report; 26th AGM on Sept 24, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Tiger Logistics 26th AGM notice; re-appointment of 86-year-old director | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Tiger Logistics fixes 26th AGM on 24 Sep 2026 at 1 PM via video conferencing | board shareholder meetings | low | — | — |
| 17 Aug 2026 · RBI compounding order under FEMA for compliance lapse | regulatory legal | high | — | — |
| 14 Aug 2026 · Tiger Logistics wins Rs 8.8 cr HPCL air cargo contract | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.