Tiger Logistics India Q3 FY26 Results Show Revenue Decline Despite TEU Growth

Tiger Logistics (India) Limited, listed on the BSE, reported weaker Q3 FY26 performance, with revenue, operating profit and net profit all declining on both sequential and annual bases, even as management highlighted strong container volumes and reiterated confidence in the company’s long-term outlook amid changing global trade conditions and geopolitical disruptions.

The global logistics company posted Q3 FY26 revenue of Rs 139.03 crore, which was 17.6% lower than Q2 FY26 revenue of Rs 168.73 crore and 13.4% below Q3 FY25 revenue of Rs 160.47 crore. For the nine months of FY26, revenue stood at Rs 410.27 crore, down 2.7% year-on-year from Rs 421.80 crore in 9M FY25.

On a full-year basis, revenue for FY25 had been Rs 536.31 crore, giving investors a reference point for the latest nine-month performance. In Q3 FY26, EBITDA came in at Rs 7.57 crore, falling 32.0% quarter-on-quarter from Rs 11.14 crore in Q2 FY26 and decreasing 22.6% year-on-year from Rs 9.78 crore booked in Q3 FY25.

Despite the weak quarter, nine-month EBITDA for FY26 improved modestly to Rs 24.61 crore, compared with Rs 23.75 crore recorded in 9M FY25. For the full year FY25, Tiger Logistics (India) Limited had reported EBITDA of Rs 30.94 crore, signaling that the current year’s operating performance may face pressure if the softer run rate continues into Q4 FY26.

EBIT in Q3 FY26 was Rs 9.29 crore, a 28.1% decline versus Rs 12.93 crore in Q2 FY26 and a 24.1% drop compared with Rs 12.23 crore in Q3 FY25. For 9M FY26, EBIT totalled Rs 29.36 crore, slightly below Rs 29.61 crore reported in 9M FY25, while FY25 EBIT stood at Rs 38.93 crore.

The Q3 FY26 EBITDA margin narrowed to 5.4%, compared with 6.6% in Q2 FY26 and 6.1% in Q3 FY25. However, on a nine-month basis, the EBITDA margin improved to 6.0% in 9M FY26 from 5.6% in 9M FY25, while the company’s FY25 EBITDA margin for the full year was 5.8%.

During Q3 FY26, the EBIT margin slipped to 6.7%, versus 7.7% recorded in Q2 FY26 and 7.6% in Q3 FY25. The EBIT margin for 9M FY26 inched up to 7.2%, compared with 7.0% for 9M FY25, whereas FY25 EBIT margin for the entire year was 7.3%, indicating some resilience on a year-to-date basis.

Tiger Logistics (India) Limited reported Profit After Tax of Rs 5.94 crore in Q3 FY26. This represented a 31.1% decline from Rs 8.62 crore in Q2 FY26 and a 29.5% fall from Rs 8.42 crore in Q3 FY25. For the nine months ended FY26, PAT was Rs 19.26 crore, down 6.4% from Rs 20.59 crore in 9M FY25.

Full-year FY25 PAT had been Rs 27.02 crore, giving context to the current year’s reduced profitability. The Q3 FY26 PAT margin was 4.3%, compared with 5.1% in Q2 FY26 and 5.2% in Q3 FY25. For 9M FY26, the PAT margin stood at 4.7%, slightly below the FY25 PAT margin of 4.9% (5.0%).

Earnings per share reflected the weaker quarter. Q3 FY26 EPS was Rs 0.58, down from Rs 0.83 in Q2 FY26 and Rs 0.81 in Q3 FY25. For the nine-month period of FY26, EPS stood at Rs 1.88, versus Rs 2.00 in 9M FY25, while FY25 EPS for the full year was Rs 2.56.

The key quarterly figures for Tiger Logistics (India) Limited are summarised below for finance readers tracking Tiger Logistics Q3 FY26 results and related trends.

Metric	Q3 FY26	Q2 FY26	Q3 FY25
Revenue (Rs crore)	139.03	168.73	160.47
EBITDA (Rs crore)	7.57	11.14	9.78
EBIT (Rs crore)	9.29	12.93	12.23
PAT (Rs crore)	5.94	8.62	8.42
EPS (Rs)	0.58	0.83	0.81

The company linked the weaker revenue performance to external headwinds. "Q3 FY26 revenue was impacted by external factors, including US tariffs, moderation in global freight rates, and geopolitical developments in the Middle East, including the US-Iran situation. Volatility across key trade corridors led to freight rate fluctuations and route adjustments. As freight rates normalized from earlier elevated levels, realizations softened despite strong TEU volume growth of 52% YoY in Q3 and 32% YoY in 9M FY26," said Tiger Logistics in a statement.

Management also outlined its stance on medium to long-term prospects while presenting Tiger Logistics Q3 FY26 results to the market. "Looking ahead, we remain confident in our long-term prospects. Structural improvements in India's logistics ecosystem, combined with our asset-light model and diversified trade portfolio, position us well to navigate market dynamics and deliver sustainable, profitable growth. We remain committed to creating long-term value for our shareholders while strengthening our business fundamentals and scaling efficiently," Mr. Harpreet Singh Malhotra, Chairman & MD of Tiger Logistics (India) Limited, said.

Tiger Logistics India Limited operates as an international logistics solutions provider listed on the Bombay Stock Exchange, offering services such as customs clearance, defence and project logistics, air and ocean freight forwarding, and transportation, and the latest Tiger Logistics Q3 FY26 results provide investors and analysts with updated insight into how these operations are performing against a backdrop of shifting global trade patterns.