Tiger Logistics (India) Limited reported a standalone net profit of ₹584.77 lakh for the quarter ended September 30, 2026 (Q2FY27), marking a 32.1% decline from ₹861.90 lakh in the corresponding period last year.

Revenue from operations grew 33.4% YoY to ₹22,513.87 lakh, driven by strong volume throughput. However, operating expenses rose sharply to ₹20,966.21 lakh, compressing margins and resulting in a profit before tax of ₹833.49 lakh, down from ₹1,197.69 lakh in Q2FY26.

Financial Performance Overview

The company’s half-yearly results for H1FY27 show a mixed trajectory. While top-line growth remained robust, profitability faced pressure due to higher input costs and finance charges.

For the half-year ended September 30, 2026, revenue stood at ₹37,766.37 lakh, up 39.2% from ₹27,124.97 lakh in H1FY26. Net profit for the period declined to ₹802.38 lakh from ₹1,332.58 lakh, reflecting a 39.8% drop.

Cost Structure and Margins

Operating expenses increased significantly, rising to ₹20,966.21 lakh in Q2FY27 from ₹14,946.18 lakh in Q2FY26. This 40.3% increase outpaced revenue growth, leading to margin contraction. Finance costs also climbed to ₹140.36 lakh from ₹94.84 lakh, indicating higher borrowing costs or increased leverage usage during the quarter.

Employee benefits expense remained relatively stable at ₹547.42 lakh, while other expenses rose to ₹312.04 lakh from ₹304.64 lakh.

What the Numbers Show

A divergence between revenue growth and cash generation is evident in the financial statements. Despite a 33.4% YoY increase in revenue, net cash flow from operating activities turned negative at (₹1,918.64 lakh) for H1FY27, compared to a positive ₹70.64 lakh in H1FY26. This shift is primarily attributed to working capital changes, specifically a ₹2,156.90 lakh outflow in other current assets and a ₹792.17 lakh reduction in trade payables, suggesting increased working capital intensity or collection delays despite higher sales volumes.

Balance Sheet Position

As of September 30, 2026, total assets grew to ₹28,722.33 lakh from ₹26,262.33 lakh as of March 31, 2026. Current assets increased to ₹24,912.76 lakh, driven by higher trade receivables of ₹16,022.75 lakh and cash equivalents of ₹555.23 lakh.

Short-term borrowings rose significantly to ₹7,380.40 lakh from ₹4,979.12 lakh, contributing to the increase in current liabilities to ₹11,398.16 lakh. Equity capital remained unchanged at ₹1,057.25 lakh, with other equity increasing to ₹15,771.66 lakh.

Tiger Logistics adopted its FY26 financial statements and re-appointed Mrs. Surjeet Kaur Malhotra with overwhelming shareholder support at its 26th Annual General Meeting.

The meeting, conducted via Video Conferencing on September 24, 2026, saw both key resolutions pass with requisite majorities. The scrutinizer’s report confirms that the adoption of audited financials received 99.998% votes in favour, while the re-appointment resolution secured 99.993% support.

Voting outcome details

The e-voting process, managed by Bigshare Services Private Limited and scrutinized by Manoj Kumar Jain of AMJ & Associates, concluded on September 23, 2026. The final consolidated results highlight strong promoter alignment with management decisions.

What the Numbers Show

The voting data reveals a distinct pattern of promoter dominance in decision-making. For the re-appointment of Mrs. Surjeet Kaur Malhotra, the Promoter and Promoter Group voted 100% in favour, casting 35,465,220 votes. In contrast, the Public Non-Institutional category showed slight dissent, with 19.63% of their polled votes cast against the resolution. However, due to the high shareholding concentration among promoters, this dissent did not impact the final outcome.

Similarly, for the adoption of financial statements, promoters voted 100% in favour. The minimal opposition from public shareholders (less than 10% of their polled votes) was negligible against the total valid votes cast.

Meeting proceedings and participation

Harpreet Singh Malhotra, Managing Director, chaired the session which commenced at 1:00 pm and concluded at 1:35 pm. A total of 51 shareholders attended the meeting via video conferencing, comprising 6 promoters and 45 public shareholders. The record date for determining eligible voters was September 17, 2026, with a total of 24,437 shareholders on the register.

All directors, along with the Statutory Auditor, Secretarial Auditor, Scrutinizer, Company Secretary, and Chief Financial Officer, participated remotely. The Notice of the meeting was read by the Company Secretary, followed by addresses from the Chairman, CS, and CFO. Members were provided a 30-minute window prior to commencement to join the platform, and a Question and Answer session allowed shareholders to raise queries addressed by the management.