Commercial Highlights for the period ended September 2025
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Afcom Holdings reported strong Q2 FY2026 results, expanding its cargo network with new stations at Hanoi (serving Winfast, Samsung) and Yangon, and launching a new Yangon-Male trade lane supporting garment exports for H&M, Inditex, and Adidas. Chennai was established as an international transshipment hub. Cargo volume rose 16.42% quarter-on-quarter in Q2 to a cumulative H1 FY2026 tonnage of 11,856.47 tons, with an impressive 89.80% cargo load factor. Total trips grew 8.45% Q-o-Q to 888 trips in H1 FY2026. H1 FY2026 revenue surged approximately 166% versus H1 FY2025, and 57.72% versus H2 FY2025, while Q2 revenue grew 2.1% over Q1. New interline partnerships were forged with Nippon Cargo, VietJet, Fly Dubai, Condor, and Etihad Airways.
The 166% revenue jump and high cargo load factor reflect aggressive network expansion and rising demand, which is positive for future earnings. However, the small sequential Q-o-Q revenue growth (2.1%) suggests rapid scaling may take time to convert top-line gains into sustained profitability, warranting close tracking of margins.