Tiger Logistics India Ltd Management Discussions

FY 2025-26 was a year of steady growth and disciplined execution for Tiger Logistics, underpinned by strong operational performance amidst an evolving global trade environment. While geopolitical developments, changing trade policies and periodic supply chain disruptions continued to influence international commerce, global trade remained resilient, supported by diversified sourcing strategies, expanding manufacturing activity and sustained demand across key markets.

Against this backdrop, Tiger Logistics strengthened its market position by delivering a 34.5% year-on-year growth in container volumes while reporting revenue of ^572.82 crore. The Companys performance reflects its ability to capture higher cargo volumes through customer acquisition, sector diversification and deeper engagement across strategic trade corridors. Growth during the year was supported by increased activity across automobiles, renewable energy (solar), electronics, pharmaceuticals, engineering goods and industrial products including Government & PSU companies. The Company also continued to strengthen its specialised capabilities in renewable energy logistics through TiGreen, catering to the evolving logistics requirements of solar and other clean energy projects.

FY 2025-26 also marked an important milestone in the Companys corporate journey with the successful listing of its equity shares on the National Stock Exchange of India, broadening its capital market presence and reaffirming its commitment to transparency, sound corporate governance and long-term value creation. During the year, Tiger Logistics also celebrated 25 years of operations, reflecting a legacy of customer trust, operational excellence and sustained growth in the international logistics sector.

The Company continued to strengthen its international network, enhance operational efficiencies and invest in technology-enabled processes to improve service delivery and customer experience. Its diversified business model, sectoral expertise and strong global partnerships enabled Tiger Logistics to respond effectively to changing market dynamics while reinforcing its position as a trusted logistics solutions provider.

As global supply chains continue to evolve, Tiger Logistics remains focused on delivering sustainable growth through operational excellence, prudent risk management and customer-centric logistics solutions. The Company believes that its established market presence, specialised capabilities and disciplined execution provide a strong foundation for creating long-term value for all stakeholders.

The global economy remained resilient during FY 2025-26 despite continued geopolitical uncertainties, evolving trade policies and periodic disruptions across key shipping corridors. While inflation moderated across several advanced economies and monetary policies gradually stabilised, global trade continued to adapt to an environment characterised by supply chain diversification, changing sourcing patterns and increasing emphasis on operational resilience.

India continued to distinguish itself as one of the worlds fastest-growing major economies, supported by strong domestic demand, sustained public infrastructure investment and expanding manufacturing activity. Government initiatives such as the National Logistics Policy, PM Gati Shakti and the Production Linked Incentive (PLI) Scheme continued to strengthen the countrys logistics ecosystem by improving multimodal connectivity, enhancing infrastructure and promoting manufacturing-led growth.

Indias merchandise trade remained robust during the year, with engineering goods, electronics, petroleum products, pharmaceuticals, chemicals and agricultural commodities continuing to be key contributors to export growth. On the import front, sustained demand for machinery, industrial equipment, electronic components and raw materials reflected continued expansion across manufacturing and infrastructure sectors. These trends reinforced the growing importance of efficient and integrated logistics solutions in supporting Indias expanding role in global trade.

The logistics sector continued to evolve beyond its traditional role of transportation and freight movement. Businesses increasingly sought logistics partners capable of delivering integrated solutions across international freight forwarding, customs clearance, multimodal transportation and project logistics, supported by technology-enabled visibility and efficient execution. As supply chains became more complex, reliability, agility and operational excellence emerged as key differentiators for logistics service providers.

Tiger Logistics remained well positioned to benefit from these structural developments through its diversified service portfolio, established global network and sector-specific expertise. The Companys continued focus on strengthening operational capabilities, expanding customer relationships and delivering reliable logistics solutions enabled it to capitalise on emerging opportunities across both export and import markets while maintaining a resilient business model.

The global logistics industry continued to evolve during FY 2025-26 as businesses adapted to a changing trade environment characterised by geopolitical developments, shifting trade policies and evolving customer requirements. While freight markets stabilised compared to the exceptional volatility witnessed in previous years, supply chains continued to prioritise resilience, flexibility and operational continuity.

Ocean freight remained the dominant mode of international trade, supported by steady container movement across major trade lanes. Although freight rates moderated during the year, periodic capacity adjustments, changes in vessel deployment and regional disruptions continued to influence shipping schedules and transit times. As a result, logistics providers remained focused on ensuring service reliability and maintaining efficient cargo movement across global markets.

At the same time, investments in port infrastructure, multimodal connectivity and logistics parks continued across several economies, reflecting the growing importance of integrated supply chain networks. These developments are expected to improve cargo handling efficiency, reduce logistics costs and strengthen trade competitiveness over the long term.

Sustainability also remained an important area of focus for the logistics industry. Shipping lines, logistics providers and cargo owners increasingly adopted measures aimed at improving fuel efficiency, reducing emissions and supporting environmentally responsible supply chain practices. As regulatory frameworks continue to evolve, sustainability is expected to play an increasingly important role in shaping future logistics operations.

As customer expectations continue to evolve, the ability to provide dependable service, operational flexibility and customised logistics solutions has become a key differentiator. Businesses increasingly seek logistics partners capable of managing complex supply chains efficiently while maintaining consistency, transparency and responsiveness across international trade operations.

The global logistics landscape continues to evolve, creating new opportunities for companies that can adapt to changing customer requirements, emerging industries and evolving trade patterns. Tiger Logistics believes that long-term growth will be driven not only by increasing cargo volumes but also by expanding into specialised logistics solutions, strengthening international partnerships and exploring new business models that enhance value for customers.

The Company continues to evaluate opportunities across emerging sectors that require specialised logistics expertise, particularly in renewable energy, where TiGreen has established a focused presence in supporting the logistics requirements of solar and other clean energy projects. As industries continue to evolve, management remains committed to developing capabilities that address the unique supply chain requirements of high-growth sectors.

Tiger Logistics also sees significant opportunities in expanding its global footprint through stronger international partnerships, wider trade corridor coverage and deeper engagement across key overseas markets. As supply chains become increasingly interconnected, the ability to offer seamless cross-border logistics solutions will remain a key driver of long-term competitiveness.

The Company continues to explore new business models that complement its core freight forwarding

operations, strengthen customer relationships and enhance service offerings. These initiatives will be evaluated with a disciplined approach, focusing on operational scalability, sustainable profitability and long-term value creation.

Backed by a diversified customer base, an experienced management team and twenty-five years of industry expertise, Tiger Logistics believes it is well positioned to capitalise on emerging opportunities while maintaining its focus on operational excellence, prudent risk management and sustainable growth.

The Indian freight forwarding sector demonstrated resilience during FY 2025-26 despite an increasingly dynamic global trade environment. Indias merchandise exports reached US$441.78 billion during the year, while merchandise imports grew to US$774.98 billion, reflecting sustained domestic demand and continued investment across manufacturing, infrastructure and industrial sectors. Total exports of goods and services also crossed US$860 billion, underscoring the continued expansion of Indias international trade ecosystem.

The continued growth in merchandise trade was supported by strong demand across engineering goods, electronics, pharmaceuticals, chemicals and industrial products, while imports of machinery, electronic components and capital equipment reflected the increasing scale of Indias manufacturing economy. These trends reinforced the critical role of organised freight forwarding companies in facilitating seamless cross-border trade.

Indias logistics infrastructure also continued to strengthen during the year. Major ports handled a record 915.17 million tonnes of cargo, registering a 7.06% year-on-year increase, supported by capacity augmentation, operational improvements and continued investments in maritime infrastructure. Alongside policy initiatives such as the National Logistics Policy and PM Gati Shakti, these developments are expected to improve supply chain efficiency and reduce logistics costs over the long term.

However, the operating environment remained dynamic. Geopolitical developments, evolving trade policies and periodic disruptions across key shipping routes continued to influence freight rates, vessel deployment and transit schedules, particularly during the latter part of the financial year. As a result, freight forwarders increasingly focused on maintaining supply chain continuity, strengthening carrier relationships and providing customers with greater flexibility in planning international shipments.

Looking ahead, Indias long-term freight forwarding outlook remains positive, supported by expanding manufacturing capacity, rising trade volumes, continued infrastructure development and policy initiatives aimed at enhancing the countrys global competitiveness. At the same time, the industry is expected to continue operating in an environment where agility, operational excellence and strong global partnerships will remain essential for sustainable growth.

The logistics industry operates in an environment influenced by global economic conditions, geopolitical developments and evolving regulatory frameworks. As an international freight forwarding company, Tiger Logistics continually assesses potential risks and adopts appropriate mitigation strategies to minimise their impact on business operations and customer service.

The Company believes that effective risk management is integral to sustainable growth. Through continuous monitoring, robust internal processes and prudent business practices, Tiger Logistics remains focused on managing risks while maintaining operational resilience and delivering reliable logistics solutions to its customers.

As detailed in the Directors Report, Tiger Logistics delivered a strong financial and operational performance during FY2025-26. The Company recorded a 34.5% increase in container volumes while revenue increased to ^572.82 crore, reflecting sustained business momentum despite an evolving global trade environment. Continued focus on operational excellence, customer relationships and sector diversification supported the Companys performance during the year and reinforced its long-term growth strategy.

The significant changes in the key financial ratio of the Company, as compared to the previous year are as given below: