Tiger Logistics' Q3 FY26: Volume Surges 52% Amidst Revenue Headwinds

Tiger Logistics (India) Limited posted revenue of ₹13,902 lakhs and a Profit After Tax (PAT) of ₹594 lakhs for Q3 FY26.

Reader Takeaway: Cargo volumes soared 52% YoY on strong demand; revenue pressure from low freight rates persists.

What just happened (today’s filing)

Tiger Logistics convened its Q3 and 9M FY26 earnings call on February 20, 2026, where management highlighted a significant 52% year-on-year (YoY) surge in TEU (Twenty-foot Equivalent Unit) volumes, reaching 25,433 TEUs. This robust growth was achieved despite a dip in total revenue, attributed to historically low global freight rates impacting the company's cost-plus business model.

The company's newer ventures showed promise, with the 'TiGreen' solar logistics vertical performing well and the 'CUBOX' Less-than-Container Load (LCL) service achieving break-even after one year.

Performance remained strong in the pharma sector in North India, alongside continued strength in the auto and government segments. Management expressed a bullish outlook, anticipating tailwinds from settling US trade tariffs and high capital expenditure imports by solar companies in the upcoming quarters.

Why this matters

The strong volume growth signals underlying demand and operational capability, demonstrating Tiger Logistics' market penetration. However, the revenue suppression due to freight rate dynamics underscores a key risk associated with its cost-plus model. The performance of new verticals like TiGreen is crucial for future diversification and profitability.

The backstory (grounded)

Tiger Logistics has been actively expanding its specialized verticals. The 'TiGreen' initiative, focusing on solar logistics, has secured significant contracts, contributing over 40% to revenue and aiming for substantial annual revenue growth. The 'CUBOX' LCL service, launched to tap into the growing demand for consolidated shipments, has now reached operational break-even.

In recent years, the company has also strengthened its ties with Public Sector Undertakings (PSUs), securing contracts for project logistics and customs clearance with major entities like BHEL, HPCL, and HAL. This focus on government contracts diversifies its revenue streams.

Furthermore, Tiger Logistics has been preparing for enhanced market visibility and liquidity, applying for a direct listing on the National Stock Exchange (NSE) Main Board in July 2025. The company also executed a 1:10 stock split in March 2024 to improve share affordability.

What changes now

For shareholders, the company's strategy points towards sustained volume growth and diversification through specialized verticals like solar logistics. The focus on international acquisitions signals an aggressive inorganic growth path, while domestic expansion remains cautious.

The break-even of CUBOX means a new potential profit center, and the robust PSU contracts provide a stable revenue base.

Risks to watch

Freight rate volatility remains a primary concern for Tiger Logistics due to its cost-plus model. Geopolitical factors, such as US tariffs and disruptions in key trade regions, can impact revenue and operational efficiency.

Historically, the company faced regulatory scrutiny. In July 2023, a penalty was imposed related to service tax liabilities for periods up to February 2015, though reduced penalty options were available upon timely payment.

Peer comparison

Tiger Logistics operates in a competitive logistics landscape. Key peers include Container Corporation of India (CONCOR), a leader in rail freight; Delhivery, an integrated logistics provider; and Transport Corporation of India (TCI), offering comprehensive cargo and supply chain solutions. These companies often compete for large-scale contracts and focus on operational efficiency and network expansion.

Context metrics (time-bound)

• Q3 FY26 revenue stood at ₹13,902 lakhs, with Profit After Tax (PAT) at ₹594 lakhs.
• TEU volumes increased by 52.2% year-on-year in Q3 FY26, reaching 25,433 TEUs.
• The Automobile sector contributed 59% to the company's Q3 FY26 revenue.

What to track next

Investors will be closely watching the impact of settling US trade tariffs and increased CAPEX imports by solar companies in the next two quarters.

The continued performance and revenue generation from the TiGreen solar logistics vertical will be a key indicator of success.

Progress on international M&A opportunities will be crucial for the company's stated inorganic growth strategy.

The future profitability and scalability of the CUBOX LCL business model will also be under scrutiny, even as FCL remains the primary focus.