Amid persistent global trade disruptions, ranging from U.S. tariff uncertainties to geopolitical tensions and demand weakness in key overseas markets, Tiger Logistics (India) Ltd has reported resilient volume growth, even as historically low freight rates weighed on revenue during the quarter.
“The overall business is getting settled. With U.S. tariff issues showing signs of resolution and European markets stabilising, the coming quarters are looking very bullish for business growth,” Chairman and Managing Director Harpreet Singh Malhotra said during an earnings call.
Despite headwinds in the EXIM segment, the company recorded a 9% year-on-year rise in volumes, while overall business volumes surged nearly 50% compared with the previous year, reflecting stronger traction across diversified verticals.
Going forward, Tiger Logistics plans to consolidate its leadership in solar, auto and conventional logistics businesses before aggressively expanding into new opportunities — a calibrated strategy aimed at achieving a top-tier industry position.
This growth has been driven primarily by new strategic engines adopted over the past few years. Chief among them is TiGreen, the company’s renewable energy vertical, which has emerged as a standout performer, particularly in solar logistics.
Deepening penetration in the import segment has also begun yielding strong results, alongside steady performance in legacy sectors such as automobiles and government business.
Malhotra expressed satisfaction that volume growth across TEUs (twenty-foot equivalent units of containers) underscores expanding business penetration and reduced dependence on any single sector. “All our verticals are doing very well,” he noted, highlighting the benefits of diversification.
While volumes expanded, revenue saw a slight dip due to the company’s cost-plus operating model. Freight rates during the quarter were the lowest seen in recent years, directly impacting topline figures.
Since revenue is closely linked to prevailing freight levels, lower rates translated into softer turnover despite healthy cargo movement. Malhotra emphasized that freight fluctuations are cyclical, and long-term growth lies in expanding volumes and market share.
Among newer initiatives, CUBOX, the company’s LCL (less-than-container load) vertical, is progressing steadily, though slightly below initial expectations. After nearly a year of operations, the vertical has reached break-even and is generating modest profits.
Malhotra acknowledged that LCL models typically take longer to mature compared to full container businesses but expressed confidence in its long-term potential.
The company has also strengthened its presence in North India’s pharmaceutical belt, having established a major office six months ago to cover Punjab, Haryana, and Himachal Pradesh.
This move has started delivering strong export volumes in pharma and chemical sectors, with shipments reaching multiple global destinations. Management expects this segment to expand further.
TiGreen, however, remains the crown jewel. Contributing over 40% of total revenue, the renewable logistics vertical has positioned Tiger Logistics among the top five to seven service providers in solar sector logistics in India.
With solar companies planning substantial capital expenditure over the next two quarters, the firm is gearing up to handle increased imports of plant and machinery. It has already expanded its bench strength to manage anticipated demand.
While air freight has witnessed a decline due to tariff-related disruptions and reduced demand for high-fashion and garment exports, Malhotra downplayed its impact, noting that Tiger Logistics is primarily a sea freight company focused on engineering goods, auto projects, solar panels, windmill components, and other heavy cargo. Air freight remains a complementary offering rather than a core growth driver.