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What the record says.
Tiger Logistics reported a mixed Q3 FY26: volume grew 52% YoY and 9% QoQ, driven by strong performance in the renewable (TIG Green) and pharma verticals, while revenue dipped due to historically low freight rates under the cost-plus model. The company is gaining traction in solar logistics, now among the top 5-7 providers, and expanding its pharma business in North India. Qbox, the LCL product, has broken even but is not yet meeting expectations. Management remains bullish on volume growth and expects tailwinds from easing US tariffs and geopolitical stability. Key risk: sustained low freight rates could continue to pressure reported revenue despite volume gains.
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Guidance to track
- Management expects continued volume growth driven by renewable and pharma sectors, with solar capex in next two quarters providing further impetus.
- Management hopes freight rates will improve from historically low levels, which would boost reported revenue.
- Company is open to acquiring a small or medium-sized international logistics company but has not found suitable candidates yet.
Risks flagged
- Freight rates are at multi-year lows, directly impacting top-line revenue under the cost-plus model despite volume growth.
- The LCL product Qbox has broken even but is not meeting initial expectations; slower ramp-up could delay profitability.
- US tariffs and geopolitical tensions in the Gulf region continue to create uncertainty in export volumes, especially in air freight.
- Management has been unable to identify suitable companies for inorganic growth, limiting expansion options.
Key quotes
- The biggest milestone is that year on year the volume is growing by 52%.
- TIG Green is doing very well for us. It is contributing more than 40% to our total revenue and we expect it to grow much further.
- We are open to any inorganic acquisition... but unfortunately we've not been able to get any good company.
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