Key Financial Figures - Full Year FY26 (12M FY26)

Profit & Loss Statement (₹ Lakhs):

  • Total Income: ₹58,772.55
  • Total Expenditure: ₹34,958.46
  • EBITDA: ₹23,814.09 (EBITDA Margin: 40.52%)
  • Finance Costs: ₹3,175.99
  • Depreciation: ₹5,329.55
  • Profit Before Tax (PBT): ₹15,308.55
  • Tax Expense: ₹3,118.19
  • Net Profit: ₹12,190.36 (Net Profit Margin: 20.74%)
  • Other Comprehensive Income: ₹30.31
  • Total Comprehensive Income: ₹12,220.67
  • Diluted EPS: ₹48.65

Balance Sheet Position (₹ Lakhs) as of FY26:

  • Total Assets: ₹93,478.03
  • Equity: ₹2,606.81
  • Reserves: ₹43,061.37
  • Net Worth: ₹45,668.18
  • Non-Current Liabilities: ₹30,081.87 (includes Lease Liabilities of ₹28,955.98)
  • Current Liabilities: ₹17,727.97 (includes Current Borrowings of ₹6,160.63 and Current Lease Liabilities of ₹4,883.58)
  • Current Assets: ₹31,658.07 (includes Trade Receivables of ₹13,575.85 and Cash & Bank Balance of ₹6,205.66)

Cash Flow Statement (₹ Lakhs) for FY26:

  • Cashflow from Operations: ₹3,599.03
  • Cashflow from Investments: -₹20,671.12
  • Cashflow from Financing: ₹23,269.24
  • Net Cash Flow: ₹6,197.15

Key Financial Figures - Fourth Quarter FY26 (Q4 FY26)

Profit & Loss Statement (₹ Lakhs):

  • Total Income: ₹19,188.64
  • Total Expenditure: ₹11,779.88
  • EBITDA: ₹7,408.76 (EBITDA Margin: 38.61%)
  • Net Profit: ₹4,466.08 (Net Profit Margin: 23.27%)
  • Diluted EPS: ₹17.82

Key Performance Highlights & YoY Growth

  • Revenue: ₹583 Cr in FY26, up 144% YoY from FY25
  • Net Profit: ₹122 Cr in FY26, up 230% YoY from FY25
  • Net Margin: 20.9% in FY26 vs. 15.5% in FY25
  • EBITDA Margin: 39.9% in FY26 vs. 31.3% in FY25
  • Total Equity: ₹457 Cr, up 123% YoY
  • Total Assets: ₹935 Cr, up 86% YoY
  • Operating Cash Flow: ₹36 Cr (turned positive)
  • Basic EPS: ₹48.73, up 196% YoY

Strategic and Operational Updates

Capital Raising:

  • Successfully raised ₹199.85 crore through a Qualified Institutions Placement (QIP).
  • Allotted 26,30,520 equity shares at an issue price of ₹759.72 per share.
  • The proceeds are designated to support fleet expansion.

Fleet Expansion:

  • Received the DGCA Certificate of Registration (CofR) for the third aircraft.
  • Successfully inducted the third aircraft into operations.
  • Added additional flights through transshipment hubs to support cargo movement.

Regulatory Status & Benefits:

  • Recognized as a "Designated Indian Carrier" by the Ministry of Finance, making the company eligible for statutory benefits on export-related operations.
  • Received exemption from VAT on Aviation Turbine Fuel (ATF) purchases in Tamil Nadu.
  • This status is expected to reduce overall operating costs by 5%–7%.

Credit Rating:

  • Received a long-term credit rating of "ACUITE BBB+ / Stable" from Acuité Ratings & Research.

Operational Awards & Recognition:

  • Awarded Top Airline by Air-to-Air Import 2026 at the Velana Awards 2026.
  • Recognized as Freighter of the Year at the Velana Awards 2026.
  • Awarded "Fast Growing Cargo Freighter of the Year 2025" at the 6th Aviation Cargo Express (ACE) Awards.

Network Expansion:

  • Entered the Australian and Pacific Region countries through a strategic relationship with Nauru Air Corporation of the Republic of Nauru.
  • Launched its inaugural freighter service to Dubai World Central (DWC), strengthening cargo connectivity with the United Arab Emirates.

Cost Structure Analysis (FY26)

  • Total Expenses: ₹434.6 Cr
  • Direct Expenses: ₹317.2 Cr (73% of total expenses; includes Aircraft Fuel ₹116.6 Cr, Wet Lease Fee ₹33.5 Cr, Trip Support ₹44.6 Cr, Supplementary Rentals ₹51.9 Cr)
  • Depreciation: ₹53.3 Cr (12.3%)
  • Finance Costs: ₹31.8 Cr (7.3%)
  • Employee Costs: ₹10.5 Cr (2.4%)
  • Other Expenses: ₹24.3 Cr (5.6%)

Lease Breakdown

  • Right-of-Use (ROU) Assets: ₹306 Cr (33% of total assets)
  • Total Lease Liability: ₹338 Cr (up 41% YoY)
  • Current Lease Due (within 12 months): ₹49 Cr
  • Lease Finance Cost: ₹16.1 Cr (51% of total finance cost)

Aircraft-wise Lease Breakdown:

  • Aircraft 1: Lease Liability ₹114.4 Cr, ROU Amortisation ₹16.0 Cr, Finance Cost ₹6.9 Cr, Redelivery Provision ₹3.15 Cr
  • Aircraft 2: Lease Liability ₹118.3 Cr, ROU Amortisation ₹16.1 Cr, Finance Cost ₹7.1 Cr, Redelivery Provision ₹3.09 Cr
  • Aircraft 3: Lease Liability ₹104.8 Cr, ROU Amortisation ₹6.2 Cr, Finance Cost ₹2.1 Cr, Redelivery Provision ₹3.43 Cr
  • Total: Lease Liability ₹338.4 Cr, ROU Amortisation ₹39.2 Cr, Finance Cost ₹16.1 Cr, Redelivery Provision ₹9.67 Cr

Ind AS Transition Impact on PAT

The transition to Ind AS resulted in accounting adjustments impacting Profit After Tax (PAT). The quarterly reconciliation from previous GAAP to Ind AS PAT is provided:

  • Q1 FY25: Ind AS PAT ₹2,109.18 Lakh vs. Previous GAAP PAT ₹2,706.96 Lakh
  • Q2 FY25: Ind AS PAT ₹2,170.40 Lakh vs. Previous GAAP PAT ₹2,792.45 Lakh
  • Q3 FY25: Ind AS PAT ₹3,444.70 Lakh vs. Previous GAAP PAT ₹3,847.14 Lakh
  • Q4 FY25: Ind AS PAT ₹4,466.07 Lakh vs. Previous GAAP PAT ₹4,631.82 Lakh

Operational Metrics

  • Revenue Growth: Q1→Q2 +7.0%; Q2→Q3 +15.96%; Q3→Q4 +15.94%
  • Trip Growth: Q1→Q2 +20.2%; Q2→Q3 +12.3%; Q3→Q4 +19.92%
  • Aircraft Utilization: VT-AFO Peak at 11.45 hrs/day (Q2); VT-AFN Peak at 10.51 hrs/day (Q3)
  • Cargo Tonne-Kilometre (CTK): Q1→Q3 Growth +82.5%; FY Total CTK 37.6M t-km
  • Yield: Overall yield of ₹210.88/kg

Market Context

  • Chennai Airport's international cargo growth was approximately +12.5% for FY26, significantly ahead of the national average growth of +5.4%.
  • The company's CTK growth far exceeded the IATA Global CTK Growth rate of +11.4% for 2024.