Author: Nishtha Mehrotra | EQMint

Synopsis

• Tiger Logistics reported a 33.4% year-on-year increase in Q2 FY27 revenue to ₹225.14 crore, while profit after tax fell 32.1% to ₹5.85 crore.
• Operating margins weakened as expenses increased, while higher borrowings and negative operating cash flow raised working-capital concerns.
• A revised filing increased quarterly PAT by just ₹61,845, leaving the broader financial performance unchanged.

Tiger Logistics (BSE: 536264; NSE: TIGERLOGS) reported higher revenue but weaker profitability for the September 2026 quarter, highlighting the cost pressures accompanying its growth.

Revenue from operations rose 33.4% year on year to ₹225.14 crore, compared with ₹168.73 crore in Q2 FY26. However, profit after tax (PAT) declined 32.1% to ₹5.85 crore from ₹8.62 crore. Profit before tax fell 30.3% to ₹8.34 crore.

For the first half of FY27, revenue increased 39.2% to ₹377.66 crore, while PAT declined approximately 39.8% to ₹8.02 crore.

The company filed revised financial statements on October 17, citing inadvertent clerical, presentation and classification errors. The revision increased Q2 PAT by ₹61,845, a relatively minor adjustment that does not materially alter the reported results.

Margins Under Pressure

Operating expenses consumed 93.3% of quarterly revenue, compared with 88.6% a year earlier. Consequently, the difference between revenue and operating expenses narrowed to ₹15.09 crore from ₹19.27 crore.

Finance costs rose 48% year on year to ₹1.40 crore, while other income of ₹3.11 crore supported profitability.

Borrowings and Cash Flow

Tiger Logistics’ borrowings increased to approximately ₹74.47 crore from ₹50.28 crore in March 2026. Short-term borrowings accounted for most of the increase.

Operating cash flow turned negative at ₹19.19 crore during the first half, compared with a positive ₹0.71 crore a year earlier. Higher working-capital requirements contributed to the outflow.

Trade receivables stood at ₹160.23 crore, making collections an important factor to monitor as the business expands.

The key focus for the coming quarters will be whether Tiger Logistics can improve margins, convert receivables into cash and manage its rising short-term debt while sustaining revenue growth.

Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/eac4e66d-bf79-41db-984d-6979e4986d7f.pdf

Disclaimer: This article is for information purposes only and is not investment advice.

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