Key Financial Figures - Q2 FY27 (All figures in ₹ Lakhs)

Revenue Performance:

  • Revenue from Operations: ₹11,811.01 Lakhs (Q2 FY27), showing 40.98% YoY growth from ₹8,377.77 Lakhs in Q2 FY26
  • QoQ revenue decreased 34.01% from ₹17,898.84 Lakhs in Q1 FY27, attributed to seasonal monsoon impact on air freight business
  • Other Income: ₹32.49 Lakhs (down 37.05% YoY)
  • Total Income: ₹11,843.50 Lakhs (up 40.50% YoY)

Profitability Metrics:

  • EBITDA: ₹616.18 Lakhs (up 86.26% YoY from ₹330.82 Lakhs)
  • EBITDA Margin: 5.20% (vs. 3.92% in Q2 FY26)
  • PAT: ₹207.54 Lakhs (up 137.90% YoY from ₹87.24 Lakhs)
  • PAT Margin: 1.75% (vs. 1.03% in Q2 FY26)
  • Finance Costs: ₹280.19 Lakhs (up 84.58% YoY)

Key Financial Figures - H1 FY27 (All figures in ₹ Lakhs)

Half-Year Performance:

  • Revenue from Operations: ₹29,709.85 Lakhs (up 45.99% YoY from ₹20,350.05 Lakhs)
  • EBITDA: ₹1,291.64 Lakhs (up 65.11% YoY from ₹782.27 Lakhs)
  • EBITDA Margin: 4.34% (vs. 3.81% in H1 FY26)
  • PAT: ₹460.42 Lakhs (up 73.82% YoY from ₹264.88 Lakhs)
  • PAT Margin: 1.55% (vs. 1.29% in H1 FY26)

Balance Sheet Position (as of September 2026)

Assets:

  • Total Assets: ₹22,259.88 Lakhs
  • Non-Current Assets: ₹5,923.49 Lakhs (including PPE: ₹1,154.60 Lakhs, Intangible Assets: ₹1,189.57 Lakhs)
  • Current Assets: ₹16,336.39 Lakhs (including Trade Receivables: ₹10,967.87 Lakhs, Bank Balance: ₹1,371.71 Lakhs)

Liabilities and Equity:

  • Total Equity: ₹9,333.18 Lakhs (Paid-up capital: ₹2,546.17 Lakhs, Reserves and Surplus: ₹6,808.18 Lakhs)
  • Non-Current Liabilities: ₹2,414.77 Lakhs (Long-term Borrowings: ₹2,273.11 Lakhs)
  • Current Liabilities: ₹10,511.93 Lakhs (Short-term Borrowings: ₹6,163.87 Lakhs, Trade Payable: ₹3,429.37 Lakhs)

Operational and Strategic Developments

Major Business Achievements:

  • Moved the first-ever perishable shipment from Navi Mumbai International Airport (NMIA)
  • Board-approved investment to acquire 45% stake in Natwest Trade & Logistics Services – FZCO, Dubai (July 2026)
  • Expanding into South America with local representative hired in Brazil for India-Brazil and India-Argentina trade routes

Business Performance Highlights:

  • Revenue growth driven by strong performance in air exports
  • Focus on higher-value cargo resulting in perishable export revenue growth of 54% despite lower tonnage, with revenue per tonne roughly doubling
  • General cargo exports grew 55% on stable volumes
  • Courier and e-commerce business grew with Q2 shipments up 57% and tonnage up 33% YoY
  • Ocean freight volumes impacted by higher sea freight rates and route disruptions caused by regional conflict

Management Commentary:

Mr. Richard Francis Theknath, Chairman & Managing Director, expressed satisfaction with H1 FY27 performance, highlighting:

  • 47% YoY revenue growth to ₹297.6 crore
  • Improved margins due to shift in product mix toward higher-value cargo
  • Confidence in growth path and commitment to creating long-term shareholder value
  • ERP and CRM implementation progressing well

Seasonal Business Trend:

The company's air freight business, particularly perishable cargo transportation, is impacted by monsoon season. Q1 and Q4 are typically stronger quarters, while Q2 and Q3 witness relatively softer business activity.

Company Overview:

  • India's full-stack integrated logistics partner providing specialized air cargo services through dedicated full charter operations
  • Tier-1 status with 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
  • Handling 150+ tonnes of air cargo daily across 13 branches in India
  • International presence in Dubai, London, Doha, Frankfurt, Rotterdam, Sharjah, Abu Dhabi, Bangkok, and expanding to Brazil/South America

Industry Outlook:

  • India's international air cargo grew ~19% in 2024 vs. global average of 13%
  • Ministry of Civil Aviation target: 10 million tonnes of air cargo annually by 2030
  • E-commerce logistics market valued at USD 19.54 Bn in 2025, projected at USD 103.83 Bn by 2034 (CAGR 20.39%)
  • Government plans to allocate $1.83Bn for airport infrastructure by 2026
  • Navi Mumbai Airport planned 3.5 Mn tonne cargo capacity seen as long-term catalyst

Growth Strategy:

  • Strengthen partnerships and optimize logistics
  • Expand services and improve margins
  • Technology and process optimization including ERP/CRM implementation with AI integration planned
  • Expansion into ocean freight as strategic growth driver
  • Target markets: India-US, India-Europe, and intra-Asia corridors