1. At a Glance – The Tiger That Roars… Then Catches Its Breath
Market Cap: ₹349 Cr
Current Price: ₹33
Stock P/E: 13.6
ROCE: 26.7%
ROE: 21.7%
Debt to Equity: 0.32
3-Month Return: -14.6%
Q3 FY26 numbers are out, and Tiger Logistics reported revenue of ₹13,902 lakhs (₹139.02 Cr), EBITDA of ₹757 lakhs (₹7.57 Cr), and PAT of ₹594 lakhs (₹5.94 Cr). TEU volumes grew a stunning 52% YoY. Yes, 52%.
But wait. Revenue fell 13.4% YoY and 17.6% QoQ. EBITDA margins compressed to 5.4% from 6.1% last year. PAT dropped 29.5% YoY.
So what’s happening here?
Volumes up. Margins down. Stock down 36.6% in 1 year.
Is this a logistics tiger preparing for a bigger leap — or just a house cat with a loud marketing team?
Let’s unpack.
2. Introduction – Freight, Finance & Full-On Drama
Logistics is boring.
Until it’s not.
Tiger Logistics isn’t a trucking company. It doesn’t own ships. It doesn’t run ports. It doesn’t have giant warehouses everywhere.
It runs an asset-light model. 98% of fleet hired. Basically Uber for containers — but with customs clearance and multimodal routing.
In Q3 FY26, the company handled:
- 25,433 TEUs (vs 16,711 last year)
- Air cargo volumes of 75,478 kg in Q3 FY26
Volume growth is impressive. But revenue is rate-driven. Freight realizations fell. That means more containers, less money per container.
Imagine delivering 50 pizzas instead of 30 — but each pizza sells cheaper. Sounds familiar?
Now here’s the twist.
Nine-month EBITDA margin improved to 6.0% vs 5.6% last year. So despite Q3 weakness, operational discipline is visible over longer periods.
The question is simple:
Is this temporary freight cycle pressure — or structural margin compression?
Let’s go deeper.
3. Business Model – WTF Do They Even Do?
Tiger Logistics operates in:
- Freight Forwarding & Multimodal Logistics
- Digital Platform – FreightJar
- Air Cargo Logistics
- Green Logistics – TiGreen
Freight Forwarding
They handle FCL, LCL, customs clearance, regulatory compliance. Revenue mix Q3 FY25 shows:
- Multimodal: 95%
- Custom House Agent: 3%
- Transportation: 2%
This is largely forwarding and coordination — not heavy asset ownership.
Digital Play – FreightJar
FreightJar 2.0 allows:
- Instant rate discovery
- Automated RFQs
- Shipment tracking
- Digital documentation
If adopted properly, this improves working capital cycles and reduces manual cost leakages.
Will customers migrate to digital platforms aggressively? That’s the big bet.
