Company Overview

Jet Freight Logistics Limited (BSE: 543420, NSE: JETFREIGHT, ISIN: INE982V01025) filed its Annual Report for FY 2025-26 pursuant to SEBI Regulations 30 and 34(1), along with audited financial statements dated May 13, 2026.

Financial Performance Highlights

Consolidated Results:

  • Revenue from Operations: ₹444.30 crore (compared to ₹445.33 crore in FY25)
  • EBITDA: ₹20.54 crore, up 31.0% YoY (margin improved to 4.58% from 3.52%)
  • Profit Before Tax: ₹11.60 crore, up 83.3% YoY
  • Profit After Tax: ₹6.81 crore, up 81.5% YoY (PAT margin improved to 1.52% from 0.84%)
  • Earnings Per Share: Increased to ₹1.47 from ₹0.81

Standalone Results:

  • Total Income: ₹448.03 crore (growth of 2.35% from ₹437.75 crore)
  • Profit After Tax: ₹6.80 crore, up 82.57% YoY
  • Closing Retained Earnings: ₹23.44 lakhs, increased by 41.90%

Capital Structure & Financing

  • Authorized Share Capital: ₹75 crores divided into 15 crore equity shares
  • Issued and Paid-up Capital: ₹23.20 crores divided into 4.64 crore equity shares
  • Preferential Warrant Issue: Approved issuance of 4.04 crore convertible warrants at ₹18 per warrant aggregating ₹72.82 crores to promoter group and non-promoter category
  • Debt Position: Total borrowings of ₹73.49 crore with debt-equity ratio of 0.84
  • Credit Rating: 'IVR BBB-/Stable' for long-term and 'IVR A3' for short-term bank facilities

Strategic Developments

Airbus A330 P2F Conversion Program:

  • Entered strategic partnership with Elbe Flugzeugwerke GmbH (EFW), Seclink Group and Confity Capital Partners
  • First Indian cargo airline operator to participate in widebody Airbus A330 P2F aircraft operation in India
  • Multi-aircraft order for Airbus A330 Passenger-to-Freighter Conversion Programme

Subsidiary Operations:

The company has 4 subsidiaries including Jet Freight Express Private Limited (Revenue: ₹73.11 lakhs, EBITDA: ₹1.18 lakhs) and international entities in Netherlands and USA. Post-year-end, board approved strategic investment to acquire 45% stake in Natwest Trade & Logistics Services – FZCO, Dubai.

Auditor Qualifications & Risk Factors

Auditors issued a qualified opinion regarding:

  • Advance of ₹25.68 crore given for warehouse construction from Rights Issue proceeds of FY22-23
  • No physical progress observed at project site as of signing date
  • ₹4.79 lakhs refunded during FY25-26
  • Concerns regarding recoverability and appropriate classification

Contingent Liabilities:

  • Income tax disputes: ₹2.15 crore
  • GST disputes: ₹2.66 crore
  • Bank guarantees: ₹4.49 crore (net of margin money)

Corporate Governance & AGM Details

Board of Directors:

  • Mr. Richard Francis Theknath (Chairman & Managing Director)
  • Mr. Dax Francis Theknath (Executive Director)
  • Mrs. Agnes Francis Theknath (Non-Executive Woman Director)
  • Independent Directors: Mr. Ajay Madhusudan Gandeja, Mr. Rushabh Prashant Patil, Ms. Jaya Ankur Singhania

20th Annual General Meeting:

Scheduled for September 23, 2026, through Video Conferencing with key resolutions including:

  • Adoption of financial statements
  • Re-appointment of Mr. Richard Theknath
  • Increase in borrowing limits to ₹250 crores
  • Creation of mortgage/charge on assets up to ₹250 crores
  • Increase in investment/loan/guarantee limits to ₹150 crores under Section 186

Operational Metrics & Industry Context

  • Countries Served: 150+
  • Branches in India: 13 locations
  • International Offices: USA, Netherlands, UK, Dubai
  • Cargo Handled Daily: 150+ tonnes
  • Employees: 205 permanent employees
  • Segment Performance: Export services grew significantly to ₹43.39 crore (FY25: ₹23.24 crore)

Supported by government initiatives (National Logistics Policy, PM Gati Shakti), increasing pharmaceutical exports, expanding airport infrastructure, and growing international trade.

No dividend recommended for FY 2025-26 to conserve capital for expansion initiatives.