Key Quantitative Figures (Q1 FY27 ended 30th June 2026)

  • Total Income: ₹136.85 million (₹13,684.73 lakhs)
  • Total Expenses: ₹1,542.12 million (₹15,421.17 lakhs)
  • Loss Before Tax: ₹(173.64) million (₹(1,736.44) lakhs)
  • Tax Expense (Deferred Tax): ₹(55.16) million (₹(551.63) lakhs)
  • Net Loss for the Period: ₹(118.48) million (₹(1,184.81) lakhs)
  • Other Comprehensive Income: ₹(13.67) million (₹(136.73) lakhs)
  • Total Comprehensive Income for the Period: ₹(132.15) million (₹(1,321.54) lakhs)
  • Paid-up Equity Share Capital: ₹140.00 million (₹1,400.00 lakhs)
  • Earnings Per Share (Basic & Diluted): ₹(8.46)
  • Net Worth (as of 30th June 2026): Negative ₹(213.18) million (₹(2,131.84) lakhs)
  • Net Current Liabilities (as of 30th June 2026): ₹2,933.55 million (₹29,335.50 lakhs)

Dates of Action

  • Board Meeting Date: 11th August 2026 (commenced 11:30 PM, concluded 5:45 AM)
  • Quarter End Date: 30th June 2026
  • 28th AGM Date: Scheduled for Tuesday, 29th September 2026

Parties Involved

  • Statutory Auditor: Kalyaniwalla & Mistry LLP (Firm Registration Number 104607W/W00166)
  • Stock Exchanges: BSE Limited and National Stock Exchange of India Limited (NSE)
  • Regulator: Securities and Exchange Board of India (SEBI)

Board Decisions and Appointments

1. Approval of Financial Results: The Board approved the Unaudited Financial Results for the quarter ended 30th June 2026, along with the Limited Review Report from the Statutory Auditor.

2. Annual General Meeting: The 28th Annual General Meeting of the company is scheduled to be held on Tuesday, 29th September 2026.

3. Re-appointment of Chairman: The re-appointment of Lt. Gen. Sarab Jot Singh Saighal (Retd.) (DIN: 01518126) as Chairman for a one-year term from 1st October 2026 to 30th September 2027, subject to shareholder approval.

4. Appointment of CEO: The appointment of Mr. Michael Lewis Edwin Barber as Chief Executive Officer for a one-year term from 11th August 2026 to 10th August 2027, subject to shareholder approval.

5. Appointment of Director: The appointment of Mr. Hemang Ravi Rishi (DIN: 09838892) as an Additional Director (Non-Executive, Non-Independent) with effect from 11th August 2026, subject to appointment at the ensuing AGM.

Financial and Operational Impact

  • Going Concern: The Board and Management assert confidence in the company's ability to continue as a going concern. This is based on cited operational improvements (dedicated standby aircraft, OEM consignment stock, fleet rationalization, improved contract values) and financing measures (enhanced working capital facilities, External Commercial Borrowings).
  • Reason for Losses: Losses were attributed to industry-wide supply chain disruptions affecting aircraft availability, consequent customer penalties, and the sustained depreciation of the Indian Rupee against the US Dollar and Euro.
  • Exceptional Items: For the year ended 31st March 2026, an exceptional item of ₹(1.56) million (₹(156.39) lakhs) was recognized related to the impact of implementing the New Labour Codes on gratuity and compensated absences.
  • Write-backs: Other income for the year ended 31st March 2026 includes a write-back of ₹339.64 million (₹3,396.44 lakhs) for balances payable to related parties deemed no longer payable. Other expenses include a write-back of ₹70.44 million (₹704.38 lakhs) for similar reasons.

Capital Structure Impact

No change in paid-up equity share capital was reported for the quarter. The appointments (Chairman, CEO, Director) do not directly impact the capital structure but pertain to governance.

Auditor's Review Report

Kalyaniwalla & Mistry LLP issued a limited review report. They drew attention to the material uncertainty related to going concern (Note 4) but concluded that the use of the going concern basis was appropriate based on management's plans and forecasts. Their conclusion was not modified.