Global Vectra Helicorp Limited (GLOBALVECT) share price
₹125.94 on NSE as of 2026-10-07. -3.69% on the day. market cap ₹176 Cr. P/E 5.1. 52-week range ₹125.52 to ₹243.14. Services.
Global Vectra Helicorp FY26: Operating Profit of ₹21 Cr, Other Income of ₹57 Cr, and a Net Worth That Went Below Zero
At a glance
Global Vectra Helicorp flies helicopters for India's offshore oil-and-gas sector. In the year to March 2026 it reported revenue of ₹521 crore and a net loss of ₹32.3 crore, the deepest loss in the ten years on record. Operating profit fell to ₹21 crore from ₹55 crore a year earlier. Other income, meaning money earned outside the core flying business, rose to ₹57 crore. The non-operating line was therefore larger than the operating one. In the three months to March 2026 the operating line turned negative, at minus ₹8.3 crore.
Net worth, the owners' residual stake once debts are deducted, stood at minus ₹8.1 crore. Accumulated reserves of ₹7.3 crore moved to minus ₹22.1 crore. Borrowings stood at ₹601 crore.
The auditors issued an unmodified opinion, meaning they found the accounts properly drawn. They also drew attention to a material-uncertainty-on-going-concern note, a flag that the company's ability to keep trading is in question. The flying business still flies; the equity on the balance sheet now reads below zero.
The company has served ONGC and Reliance for over two decades. The FY26 filings attribute the year's result to the lease-heavy cost base and to penalties levied by the customer. The market capitalisation stands at ₹233 crore.
Introduction
Global Vectra was incorporated in 1988 and belongs to the Vectra group. Its filings describe it as the largest private helicopter-services operator in India. The same filings record more than 2.6 lakh flying hours without an accident.
The core market is offshore crew-change and production support for oil-and-gas exploration. Crew-change means ferrying workers out to rigs and bringing the previous shift home. Onshore work runs alongside it: religious pilgrimage routes, geophysical survey, powerline inspection, election flying and VIP charter.
The customer roster is reputed and narrow. According to a rating report by CARE, a credit-rating agency, the top five customers contribute more than 90 per cent of revenue. CARE puts ONGC alone at roughly 64 per cent as of March 2025. Contracts typically run three to ten years including extensions, which gives medium-term revenue visibility on paper.
The recent record is largely one of management responding to outside pressure. The FY26 results note attributes the year's losses to three things: supply-chain disruption affecting aircraft availability, contractual penalties levied by the customer for service disruption, and the rupee weakening against the dollar and the euro. In response, management states that it inducted a dedicated standby aircraft. It also says it set up consignment-stock arrangements with the original equipment makers, so spare parts sit on site until used. Management further states that it ran a fleet-rationalisation programme and negotiated improved contract values going forward.
On the people side, the announcement records that the chief executive, Ashley Roy, resigned with effect from 30 November 2024.
Business model
The company owns a few helicopters, leases most of them, and rents the lot out by the hour. The buyers are overwhelmingly oil companies that need crews moved to platforms in the Arabian Sea.
As of September 2025, according to CARE, the credit-rating agency, the fleet was about 28 aircraft. Four of those were owned. The remaining two dozen sat on operating and finance leases, several of them taken from group entities.
That last detail is the whole model in miniature. Because the aircraft are leased, lease rentals and depreciation on right-of-use assets are permanent fixtures of the cost base. Lease rentals came to ₹80 crore in FY26. A right-of-use asset is a leased item the accounts treat as though it were owned. Those costs run whether the helicopters fly or sit on the apron. The balance sheet carries right-of-use assets of ₹470 crore against lease liabilities of roughly ₹502 crore.
The FY23 breakup puts about 84 per cent of revenue in sale of services. Embedded-lease income accounted for about 8 per cent, with other items making up the rest. Embedded-lease income is the portion of a flying contract the accounts treat as hire of the aircraft itself.
One customer at 64 per cent of revenue leaves little room elsewhere. When that customer levies penalties for service disruption, there is no second customer to spread the effect. According to the filings, that penalty mechanism has dragged on profitability for several years.
So the fleet is mostly rented and the customer base is mostly one name. Operating leverage, the way fixed costs magnify any swing in revenue, runs in both directions here. The FY26 operating profit of ₹21 crore sits against lease rentals of ₹80 crore.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Global Vectra Helicorp Limited.
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