Key Quantitative Figures

  • Credit Rating: Long-term rating reaffirmed at IVR A- and short-term rating at IVR A2+
  • Bank Facilities: ₹45 crore aggregate
  • FY26 Container Volumes: 92,614 TEUs (34.5% year-on-year increase from 68,858 TEUs in FY25)
  • FY26 Total Operating Income: ₹573 crore (6.8% year-on-year growth)
  • Company History: 26+ years of experience in the logistics sector

Rating Agency Assessment

Infomerics Valuation and Rating Limited reaffirmed the investment-grade credit ratings but revised the outlook to Negative. The agency cited:

  • Profitability pressures
  • Working capital challenges
  • Global trade disruptions
  • Industry-wide volatility

Positive factors highlighted include:

  • Established market position
  • Diversified service portfolio (ocean and air freight forwarding, customs clearance, project logistics, warehousing, and supply chain solutions)
  • Asset-light business model
  • Experienced management team
  • Prudent financial profile
  • Long-standing customer relationships
  • Broad industry presence

Operational Performance

FY26 was marked by significant volatility across global logistics markets due to:

  • Geopolitical tensions
  • Supply chain rerouting
  • Competitive pricing pressures
  • Freight-rate fluctuations
  • Evolving global trade dynamics

Despite these challenges, the company expanded cargo volumes and maintained a healthy balance sheet with:

  • Moderate leverage
  • Adequate liquidity

Management Commentary

Mr. Harpreet Singh Malhotra, CMD of Tiger Logistics, stated that the rating reaffirmation reflects:

  • Resilience of business model
  • Operational capabilities
  • Customer relationships

The company has initiated pricing and operational measures aimed at:

  • Improving profitability
  • Enhancing working capital efficiency

Strong momentum was noted across sectors including:

  • Renewable energy
  • Automotive
  • Electronics
  • Pharmaceuticals

Future Outlook

The company expects continued growth supported by:

  • Increasing participation in high-growth sectors
  • Expansion into new international markets
  • Strengthening of integrated logistics solutions

Focus areas include:

  • Operational excellence
  • Cash flow generation
  • Technology-led initiatives
  • Deepening customer relationships
  • Expanding international footprint

Company Background

Tiger Logistics (India) Limited is a publicly listed company providing international logistics solutions with presence across industries including automotive, renewable energy, capital goods, yarn and textiles, chemicals, pharmaceuticals, commodities, and FMCG. The company was founded in 2000.