1. Approval of Unaudited Financial Statements
The Board approved the unaudited financial statements and its limited review report for the period ended September 30, 2026. The following documents were enclosed:
- Statement showing unaudited financial results including Statement of Assets and Liabilities, Profit and Loss Statement and Cashflow Statement for period ended September 30, 2026
- Limited Review Report on financial statements issued by M/s. PPN and Company, Chartered Accountants (Statutory Auditors) pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015
2. Monitoring Agency Reports Approval
The Board approved:
- Monitoring Agency Report for funds raised through Preferential Issue along with Board comments for quarter ended June 30, 2026
- Monitoring Agency Report for funds raised through Qualified Institutional Placement along with Board comments for quarter ended June 30, 2026
3. Business Update on Subsidiary
The Board took note of a business update regarding the Indian subsidiary Global Indavi Private Limited for taking equity investments.
4. Conversion of Warrants into Equity Shares
The Board approved conversion of 1,25,000 warrants into equal number of equity shares of the Company. This is in continuation to the intimation dated December 17, 2025 regarding allotment of 11,65,000 convertible warrants at an issue price of ₹863.17 each (face value ₹10, premium ₹853.17).
Three warrant holders applied for conversion of convertible warrants into equity shares along with receipt of the remaining exercise price of ₹647.37 per warrant (75% of issue price ₹863.17).
Key details of the conversion:
- New equity shares rank pari passu with existing equity shares
- Application for listing and trading approval to be made in due course
- Equity shares allotted will be locked in as per Chapter V of SEBI (ICDR) Regulations, 2018
- Warrant holders can convert balance warrants by June 17, 2027 (18 months from date of allotment)
Allottee details:
- Anant Pal Singh (Public): 15,000 shares, ₹97.11 lakh received, 5,000 warrants pending
- Anoop Jain HUF (Public): 1,00,000 shares, ₹647.37 lakh received, 0 warrants pending
- Zarana Tushar Sarda (Public): 10,000 shares, ₹64.74 lakh received, 0 warrants pending
- Total: 1,25,000 shares, ₹809.22 lakh received
5. Resignation of Director
The Board took note of the resignation of Wg. Cdr. Jaganmohan Manthena (Retd.) (DIN: 03139809), Non-Executive Director of the Company. The resignation was accepted with immediate effect.
In his resignation letter dated November 12, 2026, Wg. Cdr. Manthena stated the resignation was voluntary and after careful consideration to "pursue the next phase of my entrepreneurial, professional and personal priorities." He also resigned from all committee memberships including Audit Committee and Nomination and Remuneration Committee.
Financial Results Highlights (Standalone)
Balance Sheet as at September 30, 2026:
- Total Assets: ₹1,20,094.84 lakh (vs ₹93,478.03 lakh as at March 31, 2026)
- Total Equity: ₹75,840.45 lakh (vs ₹45,668.18 lakh as at March 31, 2026)
- Equity Share Capital: ₹2,869.86 lakh (vs ₹2,606.81 lakh as at March 31, 2026)
- Other Equity: ₹72,970.59 lakh (vs ₹43,061.37 lakh as at March 31, 2026)
Profit and Loss Statement for Quarter Ended September 30, 2026:
- Revenue from Operations: ₹24,022.50 lakh
- Other Income: ₹120.93 lakh
- Total Income: ₹24,143.43 lakh
- Profit Before Tax: ₹6,634.71 lakh
- Tax Expense: ₹1,560.39 lakh
- Profit for the Quarter: ₹5,074.31 lakh
- Basic EPS: ₹17.68
- Diluted EPS: ₹17.50
Profit and Loss Statement for Half Year Ended September 30, 2026:
- Revenue from Operations: ₹41,632.39 lakh
- Other Income: ₹259.68 lakh
- Total Income: ₹41,892.07 lakh
- Profit Before Tax: ₹11,857.54 lakh
- Tax Expense: ₹2,859.06 lakh
- Profit for Half Year: ₹8,998.48 lakh
- Basic EPS: ₹31.90
- Diluted EPS: ₹31.57
Fund Utilization Details
Preferential Issue and Convertible Warrants:
- Equity Issue proceeds: ₹104.47 crore received
- Warrants (25% upfront): ₹43.26 crore received
- Total received: ₹147.73 crore
- Utilized up to March 31, 2026: ₹70.09 crore
- Utilized during Q1 FY27: ₹59.47 crore
- Unutilized balance as at September 30, 2026: ₹0.05 crore
Qualified Institutional Placement (QIP):
- QIP issue size: ₹199.84 crore (26,30,520 equity shares at ₹759.72 per share)
- Issue expenses: ₹7.21 crore
- Amount placed in fixed deposits: ₹28.00 crore
- Utilized during quarter: ₹95.63 crore
- Unutilized balance in Monitoring Fund Account: ₹69.01 crore
Consolidated Financial Results
The Board also reviewed consolidated financial results including subsidiaries AFCOM CARGO FZCO and Global Indavi Private Limited.
Consolidated Balance Sheet as at September 30, 2026:
- Total Assets: ₹1,20,415.13 lakh
- Total Equity: ₹75,883.99 lakh
Consolidated Profit for Half Year Ended September 30, 2026:
- Profit for Half Year: ₹9,042.01 lakh
- Basic EPS: ₹32.05
- Diluted EPS: ₹31.73
The disclosure will be hosted on the company website at https://afcomcargo.com/.