Tiger Logistics (India) Limited

Industrials — Integrated Freight & Logistics · NSE

₹25.40−₹0.39 (−1.51%)

DalalBaazaar Score

53 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Tiger Logistics (India) Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Tiger Logistics (India) Limited provides inbound and outbound logistics solutions in India and internationally.

IndustryIntegrated Freight & Logistics

SectorIndustrials

Employees240

Annual revenue₹573 Cr

How does it make money?

Turns over ₹573 Cr a year. Of every ₹100 of sales, about ₹4 reaches shareholders as profit, with ₹6 left at the operating level before interest, tax and depreciation. Each of its 240 employees supports ₹2.39 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin6.1%

Net margin3.8%

Revenue / employee₹2.39 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

SIEMENS LTDP/E 88.8x · ROE 10.5%

ABB INDIA LIMITEDP/E 92.6x · ROE 19.1%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 20.4%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 10.1% against a peer median of 15.2% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE20.4%

ROE10.1%

Peer median ROE15.2%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +32% while net margin moved -30% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+32%

Margin effect-30%

DalalBaazaar Score

53/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Revenue CAGR of 9.7% is steady
✗ Profit has declined at 2.5% a year
✗ Profit is compounding slower than revenue — margins are being squeezed as the business grows
✗ Profit fell 31.3% in the latest year

Quality vs. Valuation

Company Quality

50/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

75/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

16.0x

1.3Y Median

25.0x

15 monthly readings · mean 24.3x · range 12.4x–38.3x

Sector Median

88.8x

median of 3 sector peers

🟢Current valuation is approximately 36% below its 1.3y median of 25.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 82% below the peer median of 88.8x.

vs. its own history

Cheap

25.0x median over 15 months · -36%

vs. sector peers

Cheap

88.8x median of 3 peers · -82%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

16.0x

P/B

1.55x

EV/EBITDA

9.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well3

High return on capital employed
ROCE of 20.4% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 16.0x the stock trades 36% below its own median of 25.0x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 7.6% to 6.1% over 3 years.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from 23.8% to 13.4% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 31.8% to 20.4% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 227% against revenue growth of 32% — customers are taking longer to pay.

Red Flags

2 items require attention · 2 high

🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 227% against revenue up 32% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 20.4% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 36% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 82% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 7.6% to 6.1%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 227% against revenue up 32%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 23.8% to 13.4%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 4%✓ 6.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹20 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 7% a year✓ 9.7% CAGR
Latest reported year was 33.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 17%✓ 20.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 5 neutral · 2 weak

Market Cap

₹269 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

16.0x

Fair

Fairly valued against the generic band

P/B Ratio

1.55x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹1.59

Profitable

Profitable on a per-share basis

ROE

10.1%

Moderate

Moderate capital efficiency

ROCE

20.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.44x

Low

Conservative leverage

Revenue Growth (YoY)

33.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-31.3%

Falling

Profits are shrinking

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹41 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹25.4

ROA

4.2%

Average

Average asset productivity

Operating Margin

2.9%

Weak

Thin margins leave little room for error

Net Margin

2.4%

Weak

Very little revenue reaches the bottom line

Current Ratio

2.19

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.70

Defensive

Steadier than the market

52W Range Position

11%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

25.7 / 27.1

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

44.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹433 Cr	₹240 Cr	₹536 Cr	₹573 Cr	+9.7%
EBITDA	₹33 Cr	₹19 Cr	₹40 Cr	₹35 Cr	+1.6%
EBITDA Margin	7.6%	7.9%	7.4%	6.1%	—
PAT (Net Profit)	₹23 Cr	₹13 Cr	₹27 Cr	₹22 Cr	-2.5%
EPS	₹21.94	₹1.23	—	₹2.05	-54.6%
ROE	23.8%	11.7%	19.5%	13.4%	—
ROCE	31.8%	15.7%	27.2%	20.4%	—
Total Debt	—	₹12 Cr	₹34 Cr	₹51 Cr	—
Free Cash Flow	₹16 Cr	-₹20 Cr	-₹19 Cr	-₹20 Cr	—

🟢 Revenue has grown at 9.7% a year over 3 years.

🟡 EBITDA has been broadly flat over 3 years (1.6% a year).

🔴 EBITDA Margin has fallen from 7.6% to 6.1% over 3 years (-1.6 pts).

🔴 PAT (Net Profit) has shrunk at 2.5% a year over 3 years.

🔴 EPS has shrunk at 54.6% a year over 3 years.

🔴 ROE has fallen from 23.8% to 13.4% over 3 years (-10.3 pts).

🔴 ROCE has fallen from 31.8% to 20.4% over 3 years (-11.4 pts).

🔴 Free Cash Flow has turned negative, from ₹16 Cr to -₹20 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹263 Cr

Total Liabilities

₹103 Cr

Total Debt

₹51 Cr

Cash & Equivalents

₹1 Cr

Operating Cash Flow

-₹18 Cr

Capex

-₹2 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.6%

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 positive1 mixed1 negative3 general

Tiger Logistics (India) Ltd. (TIGERLOGS) Share Price Rises 8.17% Today

Univest, 14 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Tiger Logistics Q2FY27 Results: Net profit falls 32% YoY to ₹584.77 lakh

scanx.trade, 16 OctResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

262% Return in 5 Yrs: THIS Small Cap Stock Reports 53.93% Jump in Revenue | Do You Own?

Goodreturns, 16 Oct

Small-cap stock under ₹50 Tiger Logistics jumps 4% after RBI compounding order

Livemint, 18 Aug

Tiger Logistics Jumps 3% After RBI Compounding Order

Equitypandit, 18 Aug

Tiger Logistics (TIGERLOGS.NS) Slips 1.65% to ₹27.36; Range-Bound Between ₹25.99 and ₹28.73 - Dividend ETF

siam.in, 09 SeptCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate9.6/20

🟢Financial HealthStrong14.5/20

🔴GrowthWeak7.7/20

🔴ProfitabilityWeak6/15

🟢ValuationAttractive10.7/15

🔴RiskHigh4.4/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 4%6.1%
✗Free cash flow remains positive-₹20 Cr
✓Revenue growth stays above 7% a year9.7% CAGR
✓Debt / EBITDA stays below 2x1.5x
✓ROCE stays above 17%20.4%