BSE: 544224
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Air cargo charter and freighter services. Cyclical, asset-heavy air cargo with near-zero materials cost and single-digit employee cost
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 148 | 239 | 583 |
| EBITDA (ex other income) | — | — | 234 |
| margin % | — | — | 40.0 |
| Owners' profit | — | — | 122 |
| EPS, as reported (₹) | 14.38 | 21.61 | 48.73 |
| ROE % · ROCE % | — · 34.9 | — · 27.4 | 26.7 · 24.4 |
| Debt / equity (x) | — | — | 0.14 |
| Cash from operations | (23) | 27 | 36 |
| Capex | — | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 89 | 150 | 119 | 240 | 153 | 190 | 176 |
| Profit before tax | 0 | 25 | 40 | 33 | 71 | 51 | 48 | 52 |
| Net profit | — | — | — | — | — | — | 45 | 39 |
| EPS (₹) | 0.00 | 9.45 | 13.20 | 10.89 | 22.12 | 15.48 | 17.85 | 14.16 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 32,380 | 26.0 | 2.48 | 13.7 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 28,606 | 305.6 | 2.95 | 29.2 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 17,061 | 106.0 | 9.78 | 67.7 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 10,021 | 34.9 | 5.64 | 10.5 | 13.9 | 13.4 | 13.3 | 16.7 |
| TRANSPORT CORPN OF INDIA | 6,519 | 14.2 | 2.50 | 11.8 | 17.7 | 14.4 | 11.9 | 11.3 |
| TVS SUPPLY CHAIN SOL L | 4,874 | 75.6 | 2.36 | 6.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 4,688 | 17.6 | 4.10 | — | 20.7 | 14.5 | — | 21.9 |
| MAHINDRA LOGISTIC LIMITED | 4,309 | 116.4 | 3.59 | 11.0 | 0.9 | 2.0 | 16.5 | 6.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.9 | 15.6 | 30 of 51 | 42% |
| P/B | 8.0 | 1.5 | 38 of 40 | 5% |
| ROCE | 20.2 | 7.7 | 5 of 55 | 93% |
| ROE | 26.7 | 6.0 | 1 of 40 | 100% |
| Debt / Equity | 0.1 | 0.3 | 16 of 40 | 62% |
| EBITDA margin | 41.1 | 8.7 | 2 of 43 | 98% |
| Revenue growth | 48.1 | 9.5 | 6 of 42 | 88% |
| Market cap | 3644 | 119 | 9 of 56 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Promoters propose 3.61% transfer from Jaganmohan Manthena to Manjula Annamalai | ownership changes | high | — | — |
| 21 Oct 2026 · Promoter to acquire 10.44 lakh shares via off-market transfer | ownership changes | medium | — | — |
| 9 Oct 2026 · Compliance certificate filed for quarter ended September 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Afcom Holdings shareholders approve higher authorised share capital | corporate actions | medium | — | — |
| 25 Sept 2026 · 13th AGM of Afcom Holdings - All Resolutions Passed | compliance | minimal | — | — |
| 25 Sept 2026 · Afcom Holdings AGM clears borrowing cap hike to Rs 500 cr and ESOP scheme | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Afcom Holdings to present at 13th AGM | investor communications | medium | — | — |
| 15 Sept 2026 · President-Commercials retires, additional role assigned to CCO | management changes | medium | — | — |
| 15 Sept 2026 · Afcom corrects AGM date to 25 September 2026 at 3:30 PM via VC | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.