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
| ₹ crore · consolidated | 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 |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CONTAINER CORP OF IND LTD | 38,024 | 30.5 | 2.91 | 16.2 | 9.5 | 11.6 | 7.2 | 24.5 |
| DELHIVERY LIMITED | 32,882 | 351.3 | 3.39 | 33.6 | 1.6 | 1.2 | — | 8.7 |
| SHADOWFAX TECHNOLOGIES L | 14,920 | 92.7 | 8.55 | 59.0 | 6.4 | 5.7 | — | 8.3 |
| BLUE DART EXPRESS LTD | 11,490 | 40.0 | 6.47 | 12.1 | 13.9 | 13.4 | 13.3 | 16.7 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 5 Sept 2026 · Afcom Holdings sends Annual Report link to non-registered shareholders | compliance | minimal | — | — |
| 4 Sept 2026 · Afcom Holdings 13th AGM notice published in newspapers | compliance | minimal | — | — |
| 3 Sept 2026 · Afcom Holdings to acquire four Boeing 777-8F freighter aircraft | compliance | low | — | — |
| 3 Sept 2026 · 13th AGM on September 25, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Afcom Holdings files FY26 Annual Report; 13th AGM on Sept 25 via VC | results | high | — | — |
| 2 Sept 2026 · Afcom signs LoI to buy up to 4 Boeing 777-8F freighter aircraft | strategic transactions | high | — | — |
| 31 Aug 2026 · Board approves FY26 results, ESOP, capital hike and warrant conversion | results | high | — | — |
| 26 Aug 2026 · Board meeting on Aug 31, 2026 to approve AGM notice and ESOP scheme | capital market events | medium | — | — |
| 20 Aug 2026 · New cargo route Navi Mumbai to Dubai World Central launched | business updates | high | — | — |
| 10 Aug 2026 · Board meeting on Aug 14, 2026 to approve Q1 FY27 results | results | low | — | — |
| 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 |
| TRANSPORT CORPN OF INDIA |
| 6,587 |
| 14.4 |
| 2.53 |
| 11.9 |
| 17.7 |
| 14.4 |
| 11.9 |
| 11.3 |
| TVS SUPPLY CHAIN SOL L | 5,770 | 89.5 | 2.80 | 7.0 | 5.7 | 4.8 | — | 7.2 |
| VRL LOGISTICS LIMITED | 5,044 | 18.9 | 4.41 | — | 20.7 | 14.5 | — | 21.9 |
| Afcom Holdings Limited ◆ | 4,284 | 22.2 | 9.38 | — | 26.7 | 20.2 | — | 41.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.2 | 15.7 | 35 of 54 | 36% |
| P/B | 9.4 | 1.6 | 39 of 40 | 3% |
| ROCE | 20.2 | 6.8 | 5 of 56 | 93% |
| ROE | 26.7 | 5.7 | 1 of 42 | 100% |
| Debt / Equity | 0.1 | 0.2 | 18 of 42 | 59% |
| EBITDA margin | 41.1 | 8.7 | 2 of 43 | 98% |
| Revenue growth | 48.1 | 9.5 | 6 of 42 | 88% |
| Market cap | 4284 | 123 | 8 of 56 | 87% |
| 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 |
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.
