Afcom Holdings Limited

Operates an air cargo airline flying chartered and scheduled freight for shippers and freight forwarders, with Chennai as its base. Revenue comes from selling freighter and charter capacity by kilogramme, with Q4 FY26 alone producing 415 charters out of 602 trips, lifted by a March geopolitical tailwind from the West Asia conflict that knocked out regional cargo carriers. The fleet is being scaled up from three narrow-body aircraft toward nine total including four Boeing 777 wide-bodies, with two 777 additions planned by FY27 end, funded in part by a Rs 199.85 crore QIP raised in May 2026. The biggest cost line is depreciation at 9.1% of revenue, reflecting leased aircraft (lease ROU assets of Rs 306 crore and lease liabilities of Rs 338 crore), followed by fuel, on which its designated Indian carrier status delivers a 5–7% VAT benefit. Employees are a tiny 1.8% of revenue and materials are zero, confirming an asset-heavy, capital-intensive model rather than a labour- or goods-intensive one.