Tiger Logistics (India) Ltd — Important, 05-06-2026: Company Update

BSE Scrip Code: 536264

NSE Symbol : TIGERLOGS

Registered office: D-174, GF, Okhla Industrial Area, Phase-1, New Delhi -110020 (India).

Tel.: +91-11-47351111 , Fax: +91-11-26229671; 26235205

Email: csvishal@tigerlogistics.in Website: www.tigerlogistics.in

CIN: L74899DL2000PLC105817

Date: 5th June 2026

To,

BSE Ltd.,

P J Tower, Dalal Street,

Mumbai 400001.

To,

National Stock Exchange of India Limited,

Exchange Plaza, Bandra-Kurla Complex,

Bandra (E), Mumbai 400051.

Subject: Revision in Credit rating

Dear Sir,

This is to inform you that as per the captioned subject, M/s Infomerics Valuation and Rating Private

Limited has revised the credit rating, details of which are mentioned below:

Total Bank Loan

Facilities Rated

Rs. 45.00 Crore Regulator^

Long Term Rating IVR A-/Negative (Rating Re-affirmed; Outlook revised to

‘Negative’ from ‘Stable’)

RBI

Short Term Rating IVR A2+ (Rating Re-affirmed) RBI

You are requested to kindly take the aforesaid information on your records and acknowledge the receipt

of the same.

Thanking You

For Tiger Logistics (India) Limited

Vishal Saurav

Company Secretary & Compliance Officer

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Press Release

Tiger Logistics India Limited

June 04, 2026

Rating Action

Total Bank Loan Facilities

Rated

Rs. 45.00 Crore Regulator^

Long Term Rating IVR A-/Negative (Rating Re-affirmed;

Outlook revised to ‘Negative’ from

‘Stable’)

RBI

Short Term Rating IVR A2+ (Rating Re-affirmed) RBI

^Kindly note that for activities or instruments falling under the purview of FSRs other than

SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms

provided by SEBI shall not be available.

Refer Annexures for details of facilities/instruments, facility wise lender details, and detailed explanation

of covenants.

Note: None of the Directors on Infomerics Board are members of rating committee and thus do not participate

in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its

meetings.

Rationale

The reaffirmation of the rating reflects Tiger Logistics India Limited (TLIL)’s established

presence in the freight forwarding and logistics solutions segment, its asset‑light business

model, moderate capital structure and experienced management.

The ratings, however, remain constrained by the inherent susceptibility of the logistics industry

to global trade cycles, geopolitical developments, fluctuations in freight rates, and intense

competition from both organized as well as unorganized players. The factors continue to

constrain company's profitability. Additionally, the business remains dependent on sustenance

of healthy cargo volumes and efficient working capital management, any deterioration in which

could adversely impact cash flows and financial flexibility.

Outlook: Negative

The Negative outlook factors in material deterioration in TLIL’s operating profitability in

FY2026 along with stretch in receivable cycle. Inability to improve EBITDA/TEU levels and

working capital efficiency could exert further pressure on cash accruals and coverage metrics,

potentially leading to a deterioration in the credit profile.

Analytical Approach

Approach Comments

Consolidation/ Standalone Standalone

Parent/ Group Support Not Applicable

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List of companies considered for consolidation/combined analysis is given at Annexure 4.

Key Rating Drivers with Detailed Description

Strengths

Improvement in scale of operations in FY26:

During FY26, the company reported total operating income (TOI) of Rs.572.82 crore, growing

at 6.8% YoY (FY25: Rs.536.31 crore), driven primarily by a 34.5% YoY increase in TEU

volumes to ~92,600 units while the average realization declined by ~20.5%.

The company is projected to achieve a Total Operating Income (TOI) of ~Rs. 650 crores in

FY27 and Rs. 700 crores in FY28, reflecting growth of ~13% and 10% respectively, which is

expected to be supported by improvement in realizations

Asset‑light model and moderate leverage levels:

TLIL continues to operate on an asset‑light model, thereby resulting in low reliance on long

term debt. As on March 31, 2026, total debt stood at Rs.50.28 crore, largely comprising

working capital borrowings while adjusted tangible net worth improved to Rs.159.81 crore,

supported by profit accretion. TOL/TNW remained moderate at 0.64x as on March 31, 2026

(0.42x as on March 31, 2025). Average fund‑based working capital utilisation remained

comfortable at ~63% during H2FY26, providing adequate liquidity cushion.

Established logistics franchise with diversified service offerings:

Incorporated in 2000, Tiger Logistics India Limited is a multi‑vertical logistics solution

provider offering ocean and air freight forwarding, customs clearance, project logistics, supply

chain consulting, cold chain logistics, warehousing and distribution. The company derives a

significant portion of revenues from ocean freight forwarding linked to import‑export trade,

supported by long‑standing relationships with shipping lines and a diversified customer base.

Weaknesses

Sharp deterioration in profitability and unit‑level economics in FY26:

Despite volume‑led revenue growth, profitability weakened materially in FY26. EBITDA

margin moderated to 4.6% in FY2026 from 5.76% in FY2025 primarily on account of inability

to fully pass through elevated freight, rerouting, and logistics costs arising from geopolitical

disruptions (including West Asia / Hormuz route issues) amid intense competitive pressures.

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In Q4FY26, margins compressed sharply to ~1.0%, with EBITDA/TEU declining to Rs.656,

down 83% YoY.

The EBITDA margin is expected to increase significantly to around 7% levels in FY27 and

FY28, supported by cost past through effected since April 2026. Going forward, company’s

ability to improve and sustain EBITDA/TEU above Rs. 2,500 level would remain a key

monitorable which should support gross cash accruals, reduce reliance on working capital

borrowing and underpin debt service coverage ratios.

Elongation in working capital intensity, weakening of coverage indicators:

Debtor levels increased sharply to 98 days (FY25: 70 days). The elongation in receivables is

attributable to the relaxation of credit terms extended to customers to support volume growth,

along with acquisition of new customers, particularly in the renewables segment, which

typically operate on relatively longer credit cycles. Elevated receivables, coupled with

compressed margins, have adversely impacted operating cash flows and liquidity buffers,

increasing dependence on short‑term borrowings.

Owing to margin compression and higher working capital borrowings, interest coverage

declined to 5.74x in FY26 (FY25: 10.87x), while gross cash accruals reduced to Rs.22.39 crore

(FY25: Rs.27.76 crore).

High competitive intensity:

The logistics and freight forwarding industry remains highly competitive and susceptible to

volatility in global trade flows, freight rates, and geopolitical developments. TLIL’s

performance remains sensitive to such external shocks, particularly during periods when cost

escalation cannot be promptly passed on to customers.

Liquidity – Adequate

The liquidity position of the company is expected to remain adequate, supported by satisfactory

cash flow from operations and low scheduled debt repayment obligation of Rs. 0.29 crore in

FY27 and Rs. 0.29 crore in FY28.

The company’s liquidity profile as of March 2026 is supported by unencumbered FDRs of Rs.

40.19 crore and bank balances of Rs. 1.26 crore.

Rating Sensitivities

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Upward Factors

➢ Sustained improvement in unit‑level economics, with EBITDA/TEU improving towards and

sustaining above ~Rs.2,500, leading to strengthening of cash accruals and coverage indicators.

➢ Improvement in working capital management resulting in reduction of debtor days and reliance

on short‑term borrowings.

Downward Factors

➢ Continued pressure on margins due to inability to pass through cost increases or adverse

trade/geopolitical conditions.

➢ Further elongation in receivables or significant increase in working capital intensity,

weakening liquidity and financial risk profile.

About the Company

Tiger Logistics (India) Limited is a publicly listed company providing international logistics

solutions, including freight forwarding (air and ocean), customs clearance, transportation,

project logistics, and other ancillary services. With a strong presence across the country, Tiger

Logistics brings 26+ years of experience across industries such as automotive, renewable

energy, capital goods, yarn and textiles, chemicals, pharmaceuticals, commodities, and FMCG,

among others. Tiger Logistics was founded in 2000 in response to the need for a reliable and

high-principled player in the Indian logistics sector, with the vision of becoming a one-stop

solution for international logistics. With cost innovation and personalized service at its core,

Tiger acts as a logistics partner rather than just a vendor, delivering tailored solutions for

manufacturers, exporters, and importers.

Key Financial Indicators (Standalone):

For the year ended/ As on* 31-03-2025 31-03-2026

Audited Audited

Total Operating Income 542.00 572.82

EBITDA 36.62 26.34

PAT 27.02 21.52

Total Debt 34.38 50.30

Tangible Net Worth (TNW) 137.03 159.72

EBITDA Margin (%) 6.76 4.60

PAT Margin (%) 4.96 3.70

Overall Gearing (times) 0.25 0.31

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Interest Coverage (times) 12.89 5.74

*Classification as per Infomerics’ standards; Amount in Rs. Crore; Source: Company

Applicable Criteria

Rating Methodology for Service Sector

Financial Ratios & Interpretation (Non-Financial Sector)

Criteria for assigning Rating outlook

Policy on Default Recognition and Post Default Curing Period

Complexity Level of Rated Instruments/Facilities

Status of non-cooperation with previous CRA: The rating continues to remain under

ISSUER NOT COOPERATING category from CARE as per press release dated October 10,

2025, due to unavailability of information for monitoring of rating.

Any other information: Nil

Rating History for last three years

Sr.

No.

Instru

ments

/

Faciliti

es

Current Ratings (Year

2026-27)

Rating History for the past 3 years

Type

(Long

Term

/Shor

t

Term)

Amou

nt

outsta

nding

(Rs.

Crore)

Rating

Date(s) &

Rating(s)

assigned in

2025-26

Date(s) &

Rating(s)

assigned in

2024-25

Date(s) & Rating(s) assigned in

in 2023-24

August 06, 2025 Oct 07, 2024 Feb 15, 2024 August 11, 2023

1.

Fund

based

facilities

LT/ST 43.90*

IVR A-

/Negative

& A2+

IVR A-/Stable &

A2+

IVR BBB+/Stable

& A2

IVR BBB+/Stable

& A2

IVR BBB+/Stable &

A2

2.

Non-

fund-

based

facilities

ST 1.10 IVR A2+ IVR A2+

IVR A2

IVR A2

IVR A2

*Includes Proposed Bank Facilities of Rs. 4.73 Crore.

Annexure 1: Instrument/Facility Details

Name of

Facility/

/Security

ISIN Date

of

Issua

nce

Cou

pon

Rate

/

IRR

Matur

ity

Date

Size of

Facility

(Rs.

Crore)

Rating

Assigned/

Outlook

Listing

Status

Regul

ator^

Complexit

y

Indicator

Term Loan - - - April

2028

0.67 IVR A-

/Negative

Unlisted RBI Simple

Cash Credit - - - - 23.50 IVR A-

/Negative

Unlisted RBI Simple

Cash Credit - - - - 10.00 IVR A-

/Negative

Unlisted RBI Simple

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Cash Credit - - - - 3.50 IVR A-

/Negative

Unlisted RBI Simple

CEL - - - - 0.50 IVR A2+ Unlisted RBI Simple

CEL - - - - 1.00 IVR A2+ Unlisted RBI Simple

Bank Guarantee - - - - 1.10 IVR A2+ Unlisted RBI Simple

Proposed - - - - 4.73 IVR A-

/Negative

& IVR A2+

Unlisted RBI Simple

^Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the

grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not

be available.

Annexure 2: Facility wise lender details (Hyperlink to be added)

Annexure 3: Detailed explanation of covenants of the rated Security/facilities: Not

Applicable

Annexure 4: List of companies considered for Consolidated/Combined analysis: Not

Applicable

Annexure 5: List of activities / instruments and names of regulators

Sr.

No.

Instrument / activity Name Regulator of

the

instrument

1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares SEBI

2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference Shares MCA

3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI) * SEBI

4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI) * SEBI

5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI) * RBI

6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI

7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI

8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs ^ RBI

9 External Commercial Borrowings/Loans from overseas lenders/Loans from

Multilaterals

RBI

10 Certificates of Deposit RBI

11 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI

12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA

13 Inter Corporate Deposits/Loans extended by Corporates MCA

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14 Borrowing programme ~ Refer foot

note

15 Issuer Ratings # Refer foot

note

16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI

17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI

18 Listed Security Receipts SEBI

19 Unlisted Security Receipts RBI

20 Independent Credit Evaluation (ICE) RBI

21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from

Banks/NBFCs/NHB/FIs)

RBI

22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures /

Preference Shares (all securities))

SEBI

23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures /

Preference Shares (all securities))

MCA

24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by

RBI) @

Investor-side

Regulator

such as IRDAI,

PFRDA

Footnotes:

* Includes securitisation transactions involving assignee payout, acquirer's payout.

~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank

loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA

and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), CRA shall separately capture the

rated quantum details along with names of respective regulators.

# There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and

definitions are being followed as stipulated in SEBI Master Circular for CRAs.

^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions.

@ These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10,

2026 and accordingly, investor side regulators have been included.

Note: For activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute

redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Analytical Contact

Manav Mahajan

011-45579024

Manav.Mahajan@infomerics.com

About Infomerics

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Infomerics Valuation and Rating Ltd. (“Infomerics”) [Formerly known as Infomerics Valuation

and Rating Private Limited], a SEBI-registered and RBI-accredited credit rating agency, is

dedicated to delivering independent, transparent, and research-driven ratings. Licensed for

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institutions, and issuers.

For more information and definitions of ratings, please visit www.infomerics.com.

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date they are assigned and do not constitute statements of fact or recommendations to buy, hold or sell

securities. The rating reflects Infomerics’ opinion on the relative credit risk of the rated instrument or

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