Financial Performance Summary

Quarterly Performance (Q2 FY2027 vs Q2 FY2026)

  • Revenue from operations: ₹882.86 lakhs (Q2 FY2027) vs ₹1,176.18 lakhs (Q2 FY2026) - decrease of ₹293.32 lakhs
  • Total Income: ₹908.42 lakhs vs ₹1,318.93 lakhs
  • Total Expenses: ₹1,323.41 lakhs vs ₹1,399.38 lakhs
  • Loss before tax: ₹(414.99) lakhs vs ₹(80.44) lakhs
  • Net Loss: ₹(264.78) lakhs vs ₹(61.62) lakhs
  • Basic EPS: ₹(18.91) vs ₹(4.40)

Half-Yearly Performance (H1 FY2027 vs H1 FY2026)

  • Revenue from operations: ₹2,189.99 lakhs (H1 FY2027) vs ₹2,469.66 lakhs (H1 FY2026)
  • Total Income: ₹2,276.89 lakhs vs ₹2,631.06 lakhs
  • Total Expenses: ₹2,865.52 lakhs vs ₹2,841.00 lakhs
  • Loss before tax: ₹(588.63) lakhs vs ₹(209.94) lakhs
  • Net Loss: ₹(383.26) lakhs vs ₹(155.87) lakhs
  • Basic EPS: ₹(27.38) vs ₹(11.13)

Expense Breakdown (Quarter Ended 30th September 2026)

  • Helicopter maintenance: ₹318.91 lakhs
  • Lease rentals: ₹98.60 lakhs
  • Employee benefits expense: ₹305.32 lakhs
  • Finance costs: ₹116.15 lakhs
  • Depreciation and Amortisation: ₹251.51 lakhs
  • Other expenses: ₹232.91 lakhs

Balance Sheet Position (as at 30th September 2026)

  • Total Assets: ₹10,111.23 lakhs (vs ₹8,881.84 lakhs as at 31st March 2026)
  • Property, plant and equipment: ₹1,880.05 lakhs
  • Right of Use Assets: ₹4,993.35 lakhs
  • Total Equity: ₹(520.22) lakhs (negative)
  • Equity share capital: ₹140.00 lakhs (face value ₹10 per share)
  • Other Equity: ₹(660.22) lakhs (negative)
  • Total Liabilities: ₹10,631.45 lakhs
  • Non-current liabilities: ₹5,103.09 lakhs
  • Current liabilities: ₹5,528.36 lakhs
  • Current assets: ₹2,547.19 lakhs
  • Current liabilities exceed current assets by ₹2,981.17 lakhs

Cash Flow Statement (Half Year Ended 30th September 2026)

  • Net cash flow from operating activities: ₹646.43 lakhs
  • Net cash flow from investing activities: ₹(1,226.22) lakhs
  • Net cash flow from financing activities: ₹712.65 lakhs
  • Net increase in cash and cash equivalents: ₹132.86 lakhs
  • Cash and cash equivalents at period end: ₹142.65 lakhs

Material Uncertainty Related to Going Concern

The review report highlights a material uncertainty regarding the company's ability to continue as a going concern due to:

  • Net loss of ₹383.26 lakhs for H1 FY2027
  • Negative net worth of ₹520.22 lakhs as at 30th September 2026
  • Current liabilities exceeding current assets by ₹2,981.17 lakhs

Despite these conditions, the auditors conclude that the use of the going concern basis of accounting is appropriate based on the company's future business plans and detailed cash flow forecasts reviewed by the Board.

Tax and Regulatory Matter

Note 4 discloses a significant contingent liability:

  • Order-in-Original dated 1st September 2026 received from Principal Commissioner of Customs, Mumbai
  • Demand related to compliance with conditions for IGST exemption on imports of helicopters and aircraft parts under lease arrangements
  • Total demand amount: ₹2,523.37 lakhs
  • Company is contesting the demand and preparing an appeal before Customs, Excise and Service Tax Appellate Tribunal
  • No provision has been made in the financial statements as management considers the demand not payable

Auditor's Review

Kalyaniwalla & Mistry LLP conducted a limited review and concluded that nothing has come to their attention that causes them to believe that the financial results contain any material misstatement. The review was conducted in accordance with Standard on Review Engagement (SRE) 2410.

Board Approval

The financial results were approved by the Board of Directors at their meeting held on 13th November 2026, which commenced at 11:30 a.m. and concluded at 7:15 p.m.