Financial Performance Highlights (Q1 FY27)

Revenue & Income:

  • Revenue From Operations: ₹17,898.84 lakh (up 49.50% YoY from ₹11,972.28 lakh in Q1 FY26)
  • Other Income: ₹23.91 lakh (down 83.66% YoY from ₹146.37 lakh)
  • Total Income: ₹17,922.75 lakh (up 47.89% YoY from ₹12,118.65 lakh)

Expenditure:

  • Operational Expenses: ₹16,570.45 lakh (up 51.42% YoY)
  • Employee Benefits Expense: ₹494.22 lakh (down 9.30% YoY)
  • Other Expenses: ₹182.62 lakh (up 1.91% YoY)
  • Total Expenditure: ₹17,247.29 lakh (up 47.83% YoY)

Profitability:

  • EBITDA: ₹675.46 lakh (up 49.62% YoY)
  • EBITDA Margin: 3.77% (vs 3.73% in Q1 FY26)
  • EBIT: ₹627.84 lakh (up 57.14% YoY)
  • Finance Costs: ₹260.87 lakh (up 61.34% YoY)
  • Profit Before Tax: ₹366.97 lakh (up 54.28% YoY)
  • Tax: ₹114.09 lakh (up 89.46% YoY)
  • PAT: ₹252.88 lakh (up 42.36% YoY)
  • PAT Margin: 1.41% (vs 1.47% in Q1 FY26)
  • EPS: ₹0.54 (up 42.11% YoY from ₹0.38)

Quarter-over-Quarter Comparison (Q1 FY27 vs Q4 FY26):

  • Revenue increased 40.27% from ₹12,759.93 lakh
  • PAT decreased 17.86% from ₹307.88 lakh
  • EBITDA decreased 15.02% from ₹794.81 lakh

Fundraising Activity

Preferential Warrant Issue:

  • Upfront subscription received: ₹16.84 crore
  • Upfront subscription represents 25% of issue size
  • Purpose: Reinforcing balance sheet and fueling next phase of growth

Business Overview & Operations

Service Portfolio:

  • Air Freight: IATA-certified with partnerships with 100+ airlines, specializing in perishables, pharma, hazardous & time-sensitive cargo
  • Ocean Freight: Global seaport reach with heavy lift & overdimensional cargo capabilities
  • Customs Clearance: Licensed CHA with end-to-end import/export documentation
  • Surface Transportation: Domestic & international door-to-door services through JETXPS
  • Rail Transportation: Global rail network with cross-border services
  • Courier Services: Express, same-day & next-day delivery via Jet Express subsidiary

Operational Capacity:

  • Handling 150+ tonnes of air cargo daily
  • Operating across 13 branches in India
  • Present in 4 international locations (Netherlands, Dubai, and two proposed subsidiaries)
  • Key international hubs: Dubai, London, Doha, Frankfurt, Rotterdam, Sharjah, Abu Dhabi, Bangkok
  • Operating in 150+ countries

Key Partnerships:

  • Strategic partnerships with multiple global airline carriers including Emirates, Qatar Airways, Air India, Etihad Airways, Singapore Airlines, British Airways, Lufthansa, and 30+ shipping lines
  • Tier-1 status and Blocked Space Agreements (BSA) with major airlines
  • Recognized as No. 1 Agent for international perishable cargo by Air India
  • Awarded Top Cargo Agent by Emirates

Industries Served:

  • Pharmaceuticals & Healthcare: Time-sensitive and temperature-controlled shipments
  • E-commerce & Courier: Driven by cross-border demand and fast delivery requirements
  • Consumer Goods & Electronics: High-volume, fast-moving shipments
  • Industrial & Engineering Goods: Bulk and project cargo movements

Technology Initiatives

  • Advanced digital tracking with full end-to-end visibility
  • Digital platform under development
  • Unified cloud-based ERP & CRM platform managing end-to-end business processes
  • AI integration planned for next 3 quarters including predictive insights, route optimization, and anomaly detection

Management & Governance

Key Management Personnel:

  • Richard Francis Theknath: Chairman & Managing Director (28+ years experience)
  • Dax Francis Theknath: Executive Director (16+ years experience)
  • Deepak Kacha: Chief Financial Officer
  • Anmol Patni: Company Secretary and Compliance Officer

Board of Directors:

  • Agnes Theknath: Non-Executive Director
  • Ajay Gandeja: Independent Director
  • Jaya Singhania: Independent Director
  • Rushabh Patil: Independent Director

Geographic Revenue Distribution (FY26)

  • Europe: 35.40% (₹15,011.34 lakh)
  • USA: 19.38% (₹8,217.17 lakh)
  • Asia: 16.51% (₹7,003.27 lakh)
  • Gulf: 19.53% (₹8,280.57 lakh)
  • Africa: 6.89% (₹2,920.48 lakh)
  • Australia: 2.30% (₹975.47 lakh)

Historical Financial Performance

Annual P&L (FY2024-FY2026):

  • Revenue From Operations: FY2024: ₹40,125.22 lakh, FY2025: ₹44,375.57 lakh, FY2026: ₹44,429.87 lakh
  • PAT: FY2024: ₹16.90 lakh (0.04% margin), FY2025: ₹375.05 lakh (0.84% margin), FY2026: ₹680.86 lakh (1.52% margin)
  • EPS: FY2024: ₹0.04, FY2025: ₹0.81, FY2026: ₹1.47

Growth Strategy

Expansion Initiatives:

  • Ocean freight scale-up (3x expansion target)
  • Focus on India-US, India-Europe & intra-Asia trade corridors
  • E-commerce expansion (marketplaces, D2C brands, courier tie-ups)
  • Technology-driven automation and visibility enhancements

Target Markets: High-volume sectors including agro, retail, and industrial cargo

Industry Outlook

  • India's international air cargo grew ~19% in 2024 vs global average of 13%
  • Government target: 10 million tonnes of air cargo annually by 2030
  • E-commerce logistics market projected at USD 103.83 Bn by 2034 (CAGR 20.39%)
  • PM Gati Shakti & National Logistics Policy targeting cost reduction from ~14% to sub-10% of GDP
  • Government allocation: ~$1.83Bn for airport infrastructure by 2026, ~$4.99Bn investment in air cargo sector