What’s new

• Infomerics revised Tiger Logistics' outlook from Stable to Negative while reaffirming the IVR A- rating.
• The agency cited material deterioration in operating profitability and stretched working capital.
• EBITDA margin fell to 4.6% in FY26; receivable days stretched to 98.

Why it matters

A rating reaffirmation with a negative outlook is the agency's way of saying the credit is on probation. For a nano-cap with a ₹358 crore market cap, the rating action is a formal warning that the company's ability to service debt is eroding. The shift signals Infomerics sees a real risk of downgrade if FY27's unit economics and receivables don't improve.

What we’re watching

• FY27 first-half results for signs of EBITDA margin recovery.
• Whether receivable days fall back below 80.
• Any covenant breaches or debt-restructuring moves.

The full read

Infomerics kept Tiger Logistics' credit rating at IVR A- but yanked the outlook from Stable to Negative. The move flags material deterioration in operating profitability. EBITDA margin compressed to 4.6% in FY26, and receivable days stretched to 98, eroding the company's ability to cover debt service from operations. For a nano-cap logistics firm with a ₹358 crore market cap, the negative outlook is a formal warning that a downgrade could follow if FY27's unit economics and working-capital cycle don't improve. The rating itself isn't new. What's new is the agency saying the trajectory is now problematic.

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