Company Overview

Afcom Holdings Limited, an India-based international air cargo company, reported exceptional financial performance for FY 2025-26 with revenue surging 144.27% to ₹58,310.84 lakhs and profit after tax growing 230.05% to ₹12,190.36 lakhs. The company operates with an airport-to-airport connectivity model specializing in time-sensitive cargo including pharmaceuticals, perishables, electronics, and high-value goods, focusing on ASEAN and Middle Eastern markets.

Financial Performance Highlights

FY 2025-26 Key Metrics:

  • Revenue from Operations: ₹58,310.84 lakhs (144.27% growth YoY)
  • EBITDA: ₹23,814.09 lakhs (211.72% growth YoY) with margin of 40.52%
  • Profit After Tax: ₹12,190.36 lakhs (230.05% growth YoY) with PAT margin of 20.74%
  • Diluted EPS: ₹48.65 (195.39% growth YoY)
  • Net Worth: ₹45,668.18 lakhs (123% growth)
  • Total Assets: ₹93,478.03 lakhs (86% growth)

Operational Performance:

  • Cargo Volume Handled: 24,353.42 tonnes
  • Flights Operated: 1,923 trips (1,129 charter flights)
  • Average Weekly Trips per Aircraft: 19
  • Average Cargo per Trip: 12.66 tonnes
  • Average Revenue/Kg (Yield): 2.54 USD

Capital Structure and Lease Liabilities

The company's lease liabilities increased 41% to ₹33,839.56 lakhs in FY26, driven by new aircraft leases and forex losses of ₹2,806.55 lakhs. The maturity analysis shows ₹4,883.58 lakhs due in less than one year and ₹28,029.12 lakhs due in 1-5 years.

Capital Activities:

  • Authorized Capital: ₹30 crores (proposed increase to ₹40 crores)
  • Paid-up Capital: ₹26.07 crores as of March 31, 2026
  • IPO: Raised ₹73.83 crores through IPO in August 2024
  • Preferential Issue: Raised ₹129.61 crores in December 2025
  • QIP: Raised ₹199.85 crores through QIP in May 2026 (post-year-end)

Fleet Expansion and Corporate Recognition

The company expanded its fleet to three Boeing 737-800 freighter aircraft, with the third aircraft inducted on December 31, 2025. Network spans South Asia, Southeast Asia, and Middle East with hubs in Maldives, Thailand, and Vietnam. Key recognitions include:

  • Designated Indian Carrier status granted by Ministry of Finance (February 2026)
  • ACUITE BBB+/Stable credit rating assigned (January 2026)
  • Multiple industry awards including Fastest Growing Cargo Airline of the Year

Corporate Governance and AGM Details

The 13th AGM was convened on September 25, 2026, with agenda items including adoption of financial statements, director reappointments, increase in borrowing limits to ₹500 crores, authorized share capital increase to ₹40 crores, ESOP scheme implementation, and revision of managerial remuneration.

Financial Ratios and Contingent Liabilities

Key Ratio Improvements (FY26 vs FY25):

  • Return on Capital Employed: 23% vs 14% (63.10% improvement)
  • Return on Equity: 27% vs 18% (49.02% improvement)
  • Debt-Equity Ratio: 0.14 vs 0.13
  • Current Ratio: 1.79 vs 1.11 (61.42% improvement)
  • Inventory Turnover: 18.49 vs 9.01 (105.20% improvement)

Contingent Liabilities: ₹692.07 lakhs as of March 31, 2026, including income tax demand of ₹658.53 lakhs for AY 2022-23 under appeal.

Forward Outlook

The company plans to induct 2 additional narrow-body aircraft and 4 wide-body Boeing 777 aircraft as part of Phase II expansion strategy, focusing on strengthening presence in existing markets and expanding to Australia and European markets. The expansion is supported by strong financial performance and successful capital raising activities.