Tiger Logistics Q1 FY27 Results (NSE: TIGERLOGS)
Signal: Margin pressure
The read
The trajectory is volume-led growth without earnings conversion: revenue reached ₹15,252.5 lakh, up 48.8% YoY on 28.7% TEU growth, but EBITDA fell 40.5% and margin contracted 424bps to 2.8%; this is the second consecutive quarter at a 2.8% EBITDA margin after the Q4FY26 margin collapse, so margin recovery and pricing discipline are the key inflection to monitor.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹152.53 Cr | 48.8% | -6.2% |
| EBIT | ₹4.14 Cr | -42.0% | |
| Net profit | ₹2.17 Cr | -53.9% | |
| EPS | ₹0.23 | -51.1% | |
| EBIT margin | 2.8% |
P&L walk
Revenue increased to ₹15,252.5 lakh, up 48.8% YoY and down 6.2% QoQ, but EBITDA fell 40.5% YoY to ₹438.2 lakh as higher freight, fuel, insurance and transportation costs plus competitive pricing pressure compressed EBITDA margin by 424bps to 2.8%; PAT declined 53.9% to ₹217.0 lakh, with other income representing 55.2% of PBT.
Key positives
- Revenue from operations increased 48.8% YoY to ₹15,252.5 lakh, supported by 28.7% YoY TEU volume growth to 23,499.
- The company renewed its logistics mandate with Bank Note Paper Mill India and added a BHEL break-bulk logistics contract, indicating continued customer retention and new-business activity.
- Management cited expanding business volumes, deeper market penetration and new trade-lane opportunities as the basis for its growth outlook.
Key concerns
- EBITDA declined 40.5% YoY to ₹438.2 lakh despite 48.8% revenue growth, with EBITDA margin falling 424bps to 2.8%.
- The filing attributes margin pressure to freight-rate volatility, higher transportation costs, elevated freight, fuel and insurance costs, and competitive pricing pressure.
- Air transport volume declined 29.2% YoY to 51,065 Kg, contrasting with the 28.7% increase in TEU volumes.
- PAT fell 53.9% YoY to ₹217.0 lakh, materially underperforming revenue growth and leaving PAT margin at 1.4%.
Earnings quality: includes non-operating other income
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