Tiger Logistics (India) Limited Stock Analysis

Nine-month PAT of INR 1,926 lakhs (including OCI) and total comprehensive income of INR 1,985 lakhs demonstrate the business remains solidly profitable on a cumulative basis despite the weak Q3 FY26 print. / Operating leverage exists in the model: operating expenses as a percentage of revenue from operations held broadly around 88-89% across all reported quarters, indicating reasonable cost discipline even during a revenue trough quarter. / Other income of INR 196 lakhs in Q3 FY26 (INR 544 lakhs for 9M FY26) provides a meaningful recurring supplement to operating profit, suggesting treasury income or fee income diversification beyond pure freight operations. / Leadership continuity is reinforced by the Board's approval of CMD Harpreet Singh Malhotra's re-appointment for five years (May 2026-May 2031), preserving strategic direction under the founder who has 25+ years of industry experience and led the company's 2013 IPO listing. / Finance costs of INR 147 lakhs in Q3 FY26 are modest relative to operating profit of INR 781 lakhs, implying a conservative leverage posture with interest coverage comfortably above 5x at the quarterly level. / Employee benefit expenses grew to INR 574 lakhs in Q3 FY26 from INR 466 lakhs in Q3 FY25 (+23% YoY), reflecting talent investment that, if channeled toward business development, could support future revenue recovery.

Revenue contracted 13.2% QoQ and 13.3% YoY in Q3 FY26 to INR 13,902 lakhs — the lowest quarterly revenue in the six-period data set — raising a red flag about demand softness, client concentration risk, or seasonal factors that management has not explained in this filing. / PAT of INR 594 lakhs in Q3 FY26 represents a sharp 31.1% QoQ decline from INR 862 lakhs in Q2 FY26 and the 9M FY26 PAT of INR 1,926 lakhs annualizes to roughly INR 2,568 lakhs, below FY25 full-year PAT of INR 2,701 lakhs, indicating year-on-year earnings deterioration. / Finance costs surged 55.0% QoQ to INR 147 lakhs in Q3 FY26 from INR 95 lakhs in Q3 FY25 and INR 95 lakhs in Q2 FY26 (nine-month finance costs of INR 327 lakhs vs INR 199 lakhs in 9M FY25, up ~64% YoY), suggesting rising debt or working capital borrowings that warrant monitoring. / The report contains zero forward-looking guidance, no segment-level revenue disclosure, no balance sheet, and no cash flow statement — severely limiting the ability to assess liquidity, capex intensity, working capital cycles, or growth drivers, which is a significant disclosure gap for a listed entity. / Related-party governance concentration is notable: CMD Harpreet Singh Malhotra is related to both Executive Director Mrs. Benu Malhotra and Non-Executive Director Mrs. Surjeet Kaur Malhotra, creating a family-dominated board structure that elevates minority shareholder risk. / Other expenses rose to INR 283 lakhs in Q3 FY26 vs INR 275 lakhs in Q3 FY25 (+2.8% YoY) while revenue fell 13.3% YoY, meaning other expense as a percentage of revenue worsened from 1.7% to 2.0%, reflecting negative operating leverage on discretionary overhead.