How did revenue only grow 6.8% when volume jumped 34.5%?

Revenue per TEU must have declined sharply. The company moved significantly more containers but booked only a fraction of that increase as revenue, pointing to lower freight rates or a shift to less profitable routes.

What is the scale of the profit decline?

PAT dropped **20.3%** year-on-year. The volume growth did not translate to the bottom line because costs likely rose while the revenue per unit fell.

What is management's plan for the next year?

Management is guiding for **15-20%** volume growth ahead. The strategy appears to prioritize market share expansion, even at the cost of current profitability.

Earnings · Logistics · Micro cap

Tiger Logistics moves 35% more boxes. It still made less money.

Volume hit **92,614 TEUs** in FY24, up **34.5%**, but profit dropped **20.3%** as revenue growth lagged far behind.

— 2 earlier stories on Tiger Logistics (India) Ltd. →

TIGERLOGS By Tipsheet Editorial 29 May 2026 · 2:27 PM IST Verify on BSE · NSE

Mkt cap₹370 cr

P/E17.20×

ROE19.53%

Debt / eq.0.25

₹57,282 lakhs FY24 revenue, up just 6.8% on 34.5% more volume.

What's new

Annual TEU volume jumped 34.5% to 92,614 units.
Revenue grew only 6.8% to ₹57,282 lakhs despite the volume surge.
PAT fell 20.3% year-on-year, a sharp margin decline.

Why this matters

The gap between volume growth (34.5%) and revenue growth (6.8%) is the core problem. It means the company earned far less per container moved. That pricing pressure, against a fixed cost base, compressed the bottom line even as the network grew.

What we're watching

Whether management's 15-20% volume guidance can improve margins.
Cost-cutting moves to protect profitability at higher volumes.
Competitive pricing trends in the freight-forwarding market.

The full read

Tiger Logistics moved 34.5% more containers. 92,614 TEUs. Revenue grew 6.8%. That's it. The spread between those two numbers is the entire story: a 34.5% volume surge translated into just ₹57,282 lakhs in revenue, which means the freight rate per box fell. The cost to move that box did not. The result is a 20.3% drop in PAT. Management is guiding for another 15-20% volume increase. The business is getting bigger, but less profitable with each step. That is a hard cycle to break.

Questions answered

How did revenue only grow 6.8% when volume jumped 34.5%?: Revenue per TEU must have declined sharply. The company moved significantly more containers but booked only a fraction of that increase as revenue, pointing to lower freight rates or a shift to less profitable routes.
What is the scale of the profit decline?: PAT dropped 20.3% year-on-year. The volume growth did not translate to the bottom line because costs likely rose while the revenue per unit fell.
What is management's plan for the next year?: Management is guiding for 15-20% volume growth ahead. The strategy appears to prioritize market share expansion, even at the cost of current profitability.

Mentioned: Tiger Logistics (India) Ltd. · 92,614 TEUs · PAT down 20.3%

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.

Story so far

All notes on TIGERLOGS →

29 May 2026 · 2:27 PM IST Tiger Logistics moves 35% more boxes. It still made less money.
3d ago Tiger Logistics board approves annual financial results
3d ago Tiger Logistics board approves annual results