Afcom Holdings: share price, financial results, shareholding and management
Afcom Holdings runs a cargo-only airline from Chennai, flying goods for freight forwarders to Southeast Asia, the Maldives, Sri Lanka and the Middle East. Its shares trade on BSE SME.
What this page is built from. Read for this page: 3 investor presentations, 3 annual reports, 2 earnings call transcripts, 1 offer document. Also 2 exchange announcements, 7 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.
- Market cap
- ₹4,680 cr at ₹1,631
- Share price
- ₹1,631 close on 4 Sept 2026
- 52-week high / low
- ₹1,711 / ₹638 to the same date
- P/E
- 38.4× on FY26 profit
- Book value
- ₹159 P/B 10.2×
- ROCE
- 28% FY26, average capital
- ROE
- 37% FY26, average equity
- Debt to equity
- 0.88 borrowings ₹401 cr
- Promoter holding
- 35.84% 30 June 2026
- Dividend
- None in the past year
- Face value
- ₹10 lot of 120
- IPO price
- -
Our arithmetic on reported figures; prices run 30 days behind the market, as SEBI's rules for education sites require.
Afcom Holdings key points: what to know in 30 seconds
The third aircraft joined at the end of FY26; two more 737-800s and four Boeing 777 wide-body freighters are in the pipeline.
Annual report FY26, p.6 and p.91,129 of them were charters; 24,353 tonnes carried, about 19 trips per aircraft a week, mostly on two aircraft.
Annual report FY26, p.9 and p.16Customer A gave ₹158.6 cr and Customer B ₹98.9 cr of FY26 revenue; in FY25 a single customer gave ₹172.1 cr, about 72%.
Annual report FY26, p.80; reported figures, our arithmeticFor the three aircraft over the rest of their leases; ₹49.0 cr of lease payments plus ₹16.1 cr of lease interest fall due in the next twelve months.
Earnings call, June 2026, p.526,30,520 shares placed with institutions at ₹759.72 in May 2026, after a preferential issue of shares and warrants in December 2025.
Annual report FY26, p.17 and p.30Lowers the tax on fuel for international flights: the whole-time director said fuel listed at ₹2,24,000 a kilolitre on 1 April 2026 was offered to the company at ₹1,69,000.
Annual report FY26, p.11; Earnings call, June 2026, p.17More than three fifths of billing is in US dollars, while aircraft rent and part of maintenance are dollar linked too.
Earnings call, June 2026, p.17; Annual report FY26, p.16Against EBITDA of ₹238.1 cr; the annual report names better conversion of profit into cash as a priority for FY27.
Annual report FY26, p.16, p.17 and p.29Odd-dimensional cargo 29%, general cargo 28%, dangerous goods 26%, hazardous materials 5% and other goods 12%.
Investor presentation, March 2026, p.24In November 2024 the whole-time director spoke of upwards of ₹1,200 cr of FY26 revenue with five aircraft; the company flew mostly two.
Earnings call, November 2024, p.14; Annual report FY26, p.16Each point is read from the company's documents or worked out from its reported figures, with the source under it.
What does Afcom Holdings do? Business, products and customers
Afcom Holdings carries cargo airport to airport in leased Boeing 737-800 freighters, selling space to freight forwarders and cargo agents, who in turn serve exporters and importers. General sales agents such as the TT Group in India market the space, and the offer document says these agents must provide at least half the cargo volume. Loads include machinery and oversized cargo, dangerous goods, electronics, perishables and medicines.
Capt. Deepak Parasuraman founded the company in 2013; it began flying leased aircraft on a quasi charter basis in 2021, obtained its Air Operator Permit in 2024 and listed on BSE SME in August 2024. FY26 was the first full year flying its own dry leased aircraft, with the third Boeing 737-800 freighter added at the end of the year. The network runs from Chennai to Singapore, Bangkok, Hanoi, Ho Chi Minh City, Jakarta, the Maldives, Sri Lanka and, since FY26, Dubai World Central.
Revenue from operations was ₹583.1 cr in FY26 against ₹238.7 cr in FY25, and profit after tax was ₹121.9 cr against ₹36.9 cr; FY26 is the first year reported under Ind AS. The company says much of the year's charter work came from the West Asia conflict, which cut capacity at Gulf hubs, and that this may not recur if those hubs recover.
The company plans two more 737-800 freighters and four Boeing 777 wide-body freighters, funded by a preferential issue in December 2025 and a ₹199.9 cr share placement in May 2026. After the year end it set up a Dubai subsidiary, Afcom Cargo FZCO, and acquired an Indian company, Global Indavi Private Limited.
From the offer document, the FY26 annual report, the March 2026 investor presentation and the June 2026 earnings call.
Who runs Afcom Holdings? Management and board background
On the board since 15 February 2013 and Managing Director for five years from 1 October 2023. A qualified pilot with more than 20,000 flying hours and over 20 years in airline operations and cargo aviation; Bachelor of Commerce with a doctoral degree on trade and trade barriers, as the offer document states. Promoted Crescent Air Cargo Services during 2004 to 2006 and later Flyington Freighters, worked with Lufthansa Consulting, was Sukhoi's exclusive dealer for South Asia, represented CKBA (Russia) and was associated with Ezanda Leasing. Also a director of FlySBS Aviation Limited, another listed company. The 2026 AGM notice proposes raising the monthly pay limit from ₹5 lakh to ₹10 lakh.
Annual report FY26, p.13, p.26, p.27 and p.40; Offer document, p.131 and p.132Science graduate from St. Joseph's College, Tiruchirapalli, with 19 years of leadership in automotive, retail, pharmaceuticals and corporate consulting, including work with Mercedes-Benz, Volkswagen, Mahindra & Mahindra and Force Motors. Founder Partner of Shreshtha Business Solutions LLP. With the company since October 2021, oversees its operations, and Whole-Time Director for five years from 1 October 2023; also a non-executive director of FlySBS Aviation Limited.
Annual report FY26, p.13, p.27, p.28 and p.40; Offer document, p.132On the board since 20 April 2018. Fighter and helicopter pilot in the Indian Air Force from 1987 to 2010, Chief Operating Officer of the Aviation Department of the Government of Andhra Pradesh from 2007 to 2009, and a VVIP pilot since. Post-graduate in Aviation Law and Air Transport Management from NALSAR (2016), post-graduate diploma from IIM Shillong and an alumnus of the National Defence Academy. Attended four of six board meetings in FY26 and retires by rotation at the 2026 AGM, seeking reappointment.
Annual report FY26, p.13, p.19 and p.29Not on the board. The offer document describes Manjula Annamalai as a director of several companies in retail and services, including Fresh2Day and Chettinad Hotels and Resorts Private Limited, with other directorships at Garuda Overseas Trading, Garuda Online Ventures, Srinivasa Cars and Telum Defence Research and Technologies. The documents read do not state education or years of experience. The FY26 shareholding table lists this holding under the name Manjula A.
Offer document, p.106 and p.144; Annual report FY26, p.46On the board since 1 October 2023. Former Joint Director at DGCA, where Dr. Gupta headed the National Aviation Safety Team, a contributor to the South Asia Regional Aviation Safety Team and deputed by the Ministry of Civil Aviation to ICAO. M.Tech in Aeronautical Engineering from IIT Kanpur and a Doctor of Science from Hindustan Institute of Technology and Science.
Annual report FY26, p.13; Offer document, p.131 and p.132Over 35 years in banking regulation and corporate governance; Chief General Manager and Regional Director at the Reserve Bank of India from 2016 to 2019. Also an independent director at HDB Financial Services and Shivalik Small Finance Bank.
Annual report FY26, p.13Chief Financial Officer since 1 February 2024, with over 24 years across banking, insurance and aviation at HSBC, Royal Sundaram and Aviva. B.Sc. in Statistics and M.A. in Economics from the University of Madras and a post-graduate diploma in business administration from LIBA.
Annual report FY26, p.14; Offer document, p.135 and p.142Afcom Holdings order book, guidance and what the company says is coming
On the June 2026 call the Chairman and Managing Director said the third aircraft was flying, the fourth and fifth 737-800 freighters were on the way and would be operating before the next quarter, and financing for all four Boeing 777s had closed, with at least one 777 expected to fly in the last quarter of FY27 and the full fleet of nine in the second half of calendar 2027. Asked about FY27, the whole-time director said revenue should at least double as capacity doubles, and that each 777 should bring about three times the revenue of a 737-800. The FY26 annual report expects Designated Indian Carrier status to keep helping fuel costs and warns that the FY26 charter premium may fade if Gulf hub capacity returns.
| What management said | When | What happened |
|---|---|---|
| Third, fourth and fifth 737-800 freighters before the end of FY25 | Nov 2024 call | Third aircraft joined at the end of FY26; fourth and fifth still on the way in June 2026 |
| Upwards of ₹1,200 cr revenue in FY26 with five aircraft | Nov 2024 call | ₹583.1 cr revenue from operations, flown mostly on two aircraft |
| Two Boeing 777 wide-body freighters in FY26, all going well | Nov 2024 call | None by June 2026; at least one now expected to fly in the last quarter of FY27 |
| EBITDA margin of 30% to 34% on dry lease flying | Nov 2024 call | 40.5% in FY26, reported under Ind AS, which moves aircraft rent out of operating costs |
The company's own statements, attributed; not newboard's estimates.
Afcom Holdings strengths and things to watch, from the numbers
- Sales have grown very fast.
- It earns a high return on the money it uses.
- Customers take longer to pay than before.
- Its borrowings rose a lot last year.
- The promoters' share has come down.
- It paid no dividend in the past year.
Worked out from the reported figures by fixed rules, the same for every company. Facts, not a view on the shares.
Afcom Holdings peers and competitors: listed SME companies in transport services
Other SME companies in the same industry are listed on NSE Emerge and BSE SME. By sales, Afcom Holdings is the fourth biggest of the 48 listed SMEs in its industry; the ones closest to it in size are below.
| Company | Market cap ₹ cr | P/E | Revenue ₹ cr | Profit ₹ cr | EBITDA margin | D/E |
|---|---|---|---|---|---|---|
| Afcom Holdings | 4,680 | 38.4 | 583 | 122 | 40% | 0.88 |
| Wise Travel India | 248 | 9.0 | 827 | 27 | 11% | 0.73 |
| S J Logistics (India) | 500 | 6.6 | 654 | 76 | 18% | 0.39 |
| Tejas Cargo India | 968 | 46.2 | 629 | 21 | 17% | 1.14 |
| Paradeep Parivahan | 473 | 13.9 | 419 | 34 | 13% | 0.43 |
| Blue Water Logistics | 535 | 21.2 | 386 | 25 | 11% | 1.33 |
| Timescan Logistics (India) | 28 | 4.4 | 341 | 6 | 3% | 0.24 |
| Premier Roadlines | 87 | 6.3 | 332 | 14 | 8% | 0.54 |
| FlySBS Aviation | 1,100 | 18.0 | 319 | 61 | 22% | 0.12 |
| ABS Marine Services | 830 | 10.2 | 319 | 81 | 47% | 1.21 |
| Ashapura Logistics | 85 | 9.4 | 319 | 9 | 9% | 0.57 |
Each company's latest full year and its price 30 days back; a list of companies in the same line of business, not a comparison of their shares.
Afcom Holdings profit and loss: revenue, profit and margins (FY21 to FY26)
Sales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 14 | 48 | 84 | 148 | 239 | 583 |
| Expenses | 20 | 39 | 66 | 112 | 164 | 349 |
| Operating profit | -6 | 10 | 18 | 36 | 75 | 234 |
| OPM | -43% | 20% | 22% | 24% | 31% | 40% |
| Other income | 0 | 0 | 1 | 1 | 2 | 5 |
| Interest | 0 | 1 | 1 | 2 | 11 | 33 |
| Depreciation | 0 | 0 | 0 | 0 | 14 | 53 |
| Profit before tax | -6 | 8 | 18 | 34 | 52 | 153 |
| Tax rate | -31% | 39% | 25% | 26% | 28% | 20% |
| Net profit | -4 | 5 | 14 | 25 | 37 | 122 |
| EPS ₹ | -19.74 | 20.61 | 7.78 | 14.12 | 14.86 | 46.76 |
₹ crore, consolidated where the company reports it. Growth is compounded a year (our arithmetic).
Afcom Holdings balance sheet: assets, borrowings and net worth
The company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 18 | 18 | 25 | 26 |
| Reserves | -6 | 20 | 56 | 85 | 180 | 431 |
| Borrowings | 15 | 0 | 0 | 18 | 266 | 401 |
| Other liabilities | 0 | 3 | 9 | 16 | 31 | 77 |
| Total liabilities | 12 | 25 | 83 | 138 | 502 | 935 |
| Fixed assets | 0 | 0 | 0 | 0 | 251 | 322 |
| Capital work in progress | 0 | 0 | 12 | 12 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 11 | 25 | 70 | 125 | 251 | 613 |
| Total assets | 12 | 25 | 83 | 138 | 502 | 935 |
Afcom Holdings cash flow: operations, investing and financing
Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares.
Bars below the line are cash going out.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | -13 | -4 | -33 | 31 | -45 | 36 |
| Cash from investing | 0 | 0 | -13 | -55 | -257 | -207 |
| Cash from financing | 13 | 4 | 52 | 21 | 299 | 233 |
| Net cash flow | 0 | 0 | 6 | -3 | -3 | 62 |
Afcom Holdings ratios: working capital days and returns
Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 15 | 118 | 62 | 56 | 90 | 85 |
| Inventory days | - | - | - | - | - | 21 |
| Days payable | - | - | - | - | - | 33 |
| Cash conversion cycle | 15 | 118 | 62 | 56 | 90 | 85 |
| Working capital days | 189 | 161 | 212 | 80 | 13 | 48 |
| ROCE | - | 55% | 40% | 37% | 21% | 28% |
| ROE | - | 56% | 29% | 28% | 24% | 37% |
Afcom Holdings latest news, orders and filings
The company's filings with the exchange, latest first.
- Insider Trading / SASTTrading Window closure for the quarter ended September 30, 2026
- Company UpdateDue to the superannuation of Mr. Kochat Narendran, President - Commercials, has stepped down from his position with effect from September 15, 2026. The transiti
Afcom Holdings share split, bonus and dividends
No share split, bonus issue or dividend is on record since listing.
From the corporate actions the company announces on the exchange.
Afcom Holdings annual reports, earnings calls and documents
- Offer documentread
- 30 June 2026read
- 30 Nov 2024read
Every document links to its source; “read” marks those this page is built from.
Checks we ran on Afcom Holdings' data
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,86,98,616 shares).
- !The FY26 results imply 2,60,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY22 (₹20.61) and FY23 (₹7.78) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to 4 Sept 2026, 30 days behind the market, from the exchange's daily figures.
Afcom Holdings study: what the filings say about the business
Read from 9 of the company's own documents
1Is it a good business?
Afcom Holdings earns its money by filling its own leased freighters with cargo for freight forwarders, and in the latest year it flew those aircraft hard and picked up many well paid charters.
Its weak spots are a handful of large customers, long fixed lease bills in dollars, and a good year that leaned on a war which squeezed rival capacity.
Higher fuel costs go to customers through a fuel surcharge, as is usual in air cargo. Freight rates still follow the market, and the company says the charter premium of the latest year may fade.
The evidence
The Chairman and Managing Director said 100% of the higher fuel cost is passed on through the surcharge; yield averaged USD 2.54 a kg in FY26 and USD 2.72 in the fourth quarter; the annual report says charter volumes and the yield premium may moderate if Gulf hub constraints ease.
Earnings call, June 2026, p.15; Annual report FY26, p.9 and p.17Few Indian companies hold the approvals to run a cargo airline, and its Designated Indian Carrier status cuts its fuel tax. It still competes with cargo space in passenger planes and with other freighter operators.
The evidence
The offer document points to a highly regulated industry with long lead times to entry; the FY26 annual report names belly cargo on passenger airlines and other freighter operators as competition; fuel offered at ₹1,69,000 a kilolitre against ₹2,24,000 after the carrier status.
Offer document, p.111; Annual report FY26, p.16; Earnings call, June 2026, p.17It sells space to freight forwarders through sales agents rather than to the owners of the goods. A few of these customers bring in a large share of revenue.
The evidence
Two customers gave ₹158.6 cr and ₹98.9 cr of FY26 revenue of ₹583.1 cr; one customer gave ₹172.1 cr of FY25 revenue of ₹238.7 cr; the annual report lists a concentrated set of charter and forwarder relationships as a risk.
Annual report FY26, p.16 and p.80The aircraft are leased rather than bought, but the leases are long fixed commitments and fast growth ties up cash in amounts owed by customers. The company has raised fresh equity twice since listing for the fleet.
The evidence
Lease liability of ₹338.0 cr with ₹65.1 cr due in the next twelve months; FY26 cash from operations ₹36.0 cr against EBITDA of ₹238.1 cr; a preferential issue in December 2025 and a ₹199.9 cr placement in May 2026; the 2026 AGM notice seeks to raise the borrowing limit from ₹200 cr to ₹500 cr.
Earnings call, June 2026, p.5 and p.18; Annual report FY26, p.16, p.17, p.19 and p.29It has added routes and partners every year and in the latest year demand ran ahead of the space it could offer. More growth depends on the new aircraft arriving.
The evidence
New service to Dubai World Central and a strategic partnership with Naoero Air Corporation in FY26; the Chairman and Managing Director said demand is high and the company is short of capacity; capacity used was 81.42% on a gross weight basis in FY26.
Annual report FY26, p.8 and p.16; Earnings call, June 2026, p.21 and p.22Air cargo rates jump in a crisis and settle when capacity returns, and much of the latest year came from charters during the West Asia conflict. Fuel prices and the rupee also move results.
The evidence
Charters were 1,129 of 1,923 trips in FY26; the annual report calls a return of Gulf hub capacity the principal risk to comparing FY27 revenue with FY26 and lists fuel and currency as exposures; the whole-time director compared the boost to the COVID period, when rates rose and later settled.
Annual report FY26, p.16; Earnings call, June 2026, p.24Each answer is about that one question, read from the documents; it is not a view on the shares.
2What do the numbers say?
Sales and profit have grown every year since the first loss making year of flying, and the latest year was the biggest jump, helped by charters during the West Asia conflict.
Margins widened in the latest year, partly because the new accounting rules move aircraft rent out of operating costs and into depreciation and interest.
Cash from the business stayed well below profit as fast growth tied up money in amounts owed by customers, and fresh equity is paying for the bigger fleet.
- The fourth and fifth Boeing 737-800 freighters, which the Chairman and Managing Director said in June 2026 were on the way to India (Earnings call, June 2026, p.10 and p.12).
- The first of four Boeing 777 wide-body freighters, expected to fly in the last quarter of FY27 (Earnings call, June 2026, p.10 and p.25).
- Whether charter demand and the yield premium hold up if Gulf hub capacity returns, which the annual report calls the principal risk to comparing FY27 with FY26 (Annual report FY26, p.16 and p.17).
- Turning profit into cash, a stated priority for FY27; the whole-time director also said advance tax paid for FY26 fell short of the final liability and would be addressed this year (Annual report FY26, p.17; Earnings call, June 2026, p.16).
Frequently asked questions about Afcom Holdings
- What does Afcom Holdings do?
- Afcom Holdings runs a cargo-only airline from Chennai, flying goods for freight forwarders to Southeast Asia, the Maldives, Sri Lanka and the Middle East. Its shares trade on BSE SME.
- What is the share price of Afcom Holdings?
- ₹1,631 at the close on 4 Sept 2026; prices on newboard run 30 days behind the market.
- What is the market cap of Afcom Holdings?
- ₹4,680 cr at the close on 4 Sept 2026, on 2,86,98,616 shares.
- What is the P/E of Afcom Holdings?
- 38.4 times FY26 profit at the close on 4 Sept 2026 (our arithmetic).
- What are Afcom Holdings' revenue and profit?
- Revenue ₹583 cr and profit after tax ₹122 cr in FY26.
- Who are the promoters of Afcom Holdings?
- Capt. Deepak Parasuraman, Mr. Kannan Ramakrishnan, Wg. Cdr. Jaganmohan Manthena (Retd.), Mrs. Manjula Annamalai; promoters held 35.84% at 30 June 2026.
- What is Afcom Holdings' website?
- afcomcargo.com