Tiger Logistics lifts operating margin, but other income remains material
Standalone revenue grew +47.60% QoQ as expenses rose +45.75%, while the tax rate increased 4.66 percentage points.
Filed 16 Oct 2026, 20:49 IST · after market close · Tiger Logistics (India) Ltd (TIGERLOGS)
Key takeaways
- Standalone revenue rose +47.60% QoQ, while operating margin widened 1.24 percentage points to 3.06%.
- Standalone net profit rose +169.59% QoQ, but other income accounted for 37.33% of pre-tax profit.
- Operating margin improved for a second straight quarter, from 1.03% in Q4FY26 to 3.06% in Q2FY27.
Price around the results
Q2FY27 revenue growth outpaced expense growth
Tiger Logistics reported standalone revenue growth of +47.60% QoQ, versus +45.75% growth in expenses. That operating leverage lifted operating profit +147.48% and widened the operating margin by 1.24 percentage points to 3.06%.
Other income supported pre-tax profit
Other income rose +94.37% QoQ and contributed 37.33% of pre-tax profit, making the reported profit increase less dependent on operations alone. The tax rate also rose 4.66 percentage points to 29.84%, while interest expense increased +12.90%.
Margin has improved across the last three reported quarters
Standalone operating margin rose from 1.03% in Q4FY26 to 1.82% in Q1FY27 and 3.06% in Q2FY27, marking two consecutive quarterly improvements. The results were filed after market close, so there is no market reaction to assess yet.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹225 cr | ₹153 cr | +47.60% |
| Other income | ₹3 cr | ₹2 cr | +94.37% |
| Expenses | ₹218 cr | ₹150 cr | +45.75% |
| Operating profit | ₹7 cr | ₹3 cr | +147.48% |
| Operating margin (%) | 3.06% | 1.82% | — |
| Interest | ₹1 cr | ₹1 cr | +12.90% |
| Depreciation | ₹0 cr | ₹0 cr | +0.00% |
| Profit before tax | ₹8 cr | ₹3 cr | +187.24% |
| Tax | ₹2 cr | ₹1 cr | +241.10% |
| Net profit | ₹6 cr | ₹2 cr | +169.59% |
| EPS (₹) | ₹0.57 | ₹0.23 | +147.83% |
What to watch
- Whether standalone operating margin holds above 3.06%.
- Other income's share of pre-tax profit compared with 37.33%.
- Whether expenses continue to grow more slowly than revenue after +45.75% versus +47.60% QoQ.