Afcom Holdings Limited (AFCOM) share price

₹1540.50 on BSE as of 2026-09-11. -2.48% on the day. market cap ₹3,829 Cr. P/E 25.5. 52-week range ₹652.20 to ₹1652.35. Services.

Afcom Holdings FY26: ₹583 Cr Revenue, 144% Annualised Growth, ₹401 Cr New Debt for Fleet

At a glance

Afcom closed FY26 with ₹583 Cr in sales—a 144% jump from FY25's ₹239 Cr. Not a typo; a full fleet-capacity ramp.

Net profit landed at ₹122 Cr (36% PAT margin), up 152% from ₹48 Cr a year ago. The treble-digit growth is raw: more aircraft = more cargo = more margin. But one number casts a shadow. Borrowings vaulted from ₹26 Cr to ₹401 Cr. The balance sheet traded lightness for leverage to fund five freighter aircraft.

The question isn't whether growth is real—it's whether leverage takes it hostage.

Introduction

Afcom Holdings, incorporated 2013, is India's standalone cargo airline. It operates Boeing 737-800 freighters on airport-to-airport cargo runs: e-commerce, seafood, pharmaceuticals, mobile phones, hazmat. No passengers; all cargo. The company got its Air Operator Permit in Aug 2024 and went public the same month at ₹450/share, IPO size ₹74 Cr.

Six months into FY26, it inducted its third aircraft. By Dec 2025, a fourth arrived. March saw the fifth airborne. Simultaneously, promoter Capt. Deepak Parasuraman's stake fell from 42.7% (Sep 2024) to 36.9% (May 2026)—diluted by equity raises and a ₹200 Cr QIP at ₹760/share in May 2026. On 19 Feb 2026, DGCA designated Afcom as a "Designated Indian Carrier," unlocking a 5–7% ATF VAT exemption. It signed a six-year cargo pact with Nauru Air Corporation to serve Australia and the Pacific.

Acuite assigned a BBB+ rating (Stable) in Jan 2026.

Business model

Afcom rents freighters. It buys or dry-leases aircraft, staffs them, gets DGCA clearance, and hauls cargo between airports. Revenue per trip averaged ₹32,600 USD in Q3 FY26; average yield hit ₹2.56 per kg.

The competitive surface is simple: load factor, fuel, airport slot fees, crew cost. High debtor days (85 in FY26, up from 56 in FY24) mean cash lags invoice by months. Inventory is lean (18 Cr, mostly spare parts). The model is asset-heavy (aircraft ≈ ₹322 Cr net block in Mar 26) but operationally asset-light (no warehouses, no trucks, no hubs). Wet lease agreements lock in aircraft rental; fuel is commodity volatile.

Afcom spans domestic charters (shrimp, e-comm) and interline routes to Bangkok, Hanoi, Colombo, Male, Yangon. It serves 330 partner airlines. Its top customer concentration fell from 98.5% in FY24 to 85% in FY23—a slow march away from customer risk, though still lumpy. Hazardous cargo, odd-dimensional cargo, general cargo, and dangerous goods each command their own margin tiers.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Afcom Holdings Limited.

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