Tiger Logistics Q2 FY27 Results (NSE: TIGERLOGS)
Signal: Margin pressure
The read
The key inflection is sequential rather than annual: revenue rebounded 47.5% QoQ and EBITDA margin improved 26bps to 3.1%, but the core trajectory remains weak because operating expenses grew 40.3% YoY against 33.4% revenue growth, leaving PAT down 32.2% and H1 PAT down 39.8%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹225.14 Cr | +33.4% | +47.5% |
| Net profit | ₹5.85 Cr | -32.2% | |
| EPS | ₹0.57 | -31.3% | |
| EBIT margin | 3.1% |
P&L walk
Revenue accelerated to ₹22,513.87 lakh, up 33.4% YoY and 47.5% QoQ, but operating expenses rose 40.3% YoY and kept EBITDA margin at 3.1% versus 6.6% a year earlier; PAT fell 32.2% to ₹584.77 lakh despite higher other income.
Key positives
- Revenue reached ₹22,513.87 lakh, growing 33.4% YoY and 47.5% QoQ, with the sequential recovery stronger than the prior quarter's ₹15,262.50 lakh.
- Employee benefits expense grew only 7.7% YoY to ₹547.42 lakh against 33.4% revenue growth, indicating employee-cost discipline.
- Basic EPS recovered to ₹0.57 from ₹0.23 sequentially, broadly tracking the PAT recovery from ₹216.99 lakh to ₹584.77 lakh.
Key concerns
- Operating expenses rose 40.3% YoY to ₹20,966.21 lakh, outpacing 33.4% revenue growth and keeping EBITDA margin at only 3.1% versus 6.6% a year earlier.
- Finance costs increased 47.9% YoY to ₹140.36 lakh, faster than revenue growth, while gross borrowings rose to ₹7,447.11 lakh from ₹5,028.19 lakh at March 31, 2026.
- H1 PAT fell 39.8% YoY to ₹802.38 lakh despite H1 revenue growth of 39.2% to ₹37,766.37 lakh, showing that growth is not yet translating into earnings.
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