544224
Afcom share price & financials
- Price
- ₹1,176
- Market cap
- ₹4.5k Cr
- Sector
- Services
- Calls analysed
- 1
Afcom Q4 FY26
What went well
- Q4 Revenue of INR191.88 crores, up 87.80% YoY.
- FY26 Total Revenue of INR587.72 crores, up 143.86% YoY.
- FY26 PAT of INR121.90 crores, up 230.05% YoY.
What to watch
- Q4 EBITDA margin optically lower due to Ind AS adjustments for forex loss and maintenance reserve accounting.
- Outstanding tax payment of INR33 crores contributing to high interest cost, acknowledged as an area for improvement.
What Afcom does
Afcom Holdings (AFCOM) is a standalone air-cargo airline that operates converted Boeing 737-800 freighter aircraft on an airport-to-airport model, working through General Sales and Service Agents (GSSAs) and interline tie-ups with carriers such as Etihad Airways, Turkish Airlines and VietJet. It carries general cargo, pharmaceuticals, perishables, express/e-commerce parcels, over-dimensional cargo, hazardous goods, high-value goods and fragile cargo for shippers and freight forwarders. The company commenced commercial operations in September 2021 after receiving Ministry of Civil Aviation approval in 2017, and runs its aircraft on dry-lease and charter arrangements out of its Chennai base and an international hub in Singapore.
- Fleet size
- 3 Boeing 737-800 (BCF) converted freighter aircraft in operation (Q4 FY26)
- Cargo capacity per aircraft
- 22 tonnes (Boeing 737-800 BCF)
- International network
- Destinations spanning Singapore, Bangkok, Hanoi, Jakarta, Kuala Lumpur, Saigon, Maldives, Sri Lanka, Dubai, Middle East, Europe and USA
- International hub
- Singapore
- Indian operating bases
- Chennai (primary base) and Bengaluru (Kempegowda International Airport)
- Cargo categories handled
- 8 (general cargo, pharmaceuticals, perishables, express cargo, over-dimensional cargo, high-value goods, hazardous goods, fragile cargo)
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 0 delivered 0 missed 7 open- Aircraft Operationalization (4th & 5th) open said Q4 FY26 Promised: Operational before the next quarter Q4 FY26: Guidance issued for the fourth and fifth aircraft to be operational before the start of Q1 FY27.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 47.9%, net profit up 85.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 89 | 50 | 100 | 119 | 121 +36% | 153 +206% | 190 +90% | 176 +48% |
| EBITDA | 26 | 13 | 47 | 47 | 39 +50% | 65 +400% | 73 +55% | 71 +51% |
| Net profit | 19 | 9 | 26 | 21 | 28 +47% | 34 +278% | 45 +73% | 39 +86% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +61.6% 1Y
1Y: ₹953 on 10 Sept 2025 → ₹1,540.5. High ₹1,647 (3 Sept 2026), low ₹652.2 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +6.0%
- 12 Jun
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 109.0% a year over 1 year, FY25 to FY26. Operating margin widened to 38.4%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹279 Cr | ₹583 Cr |
| Operating profit | ₹87 Cr | ₹224 Cr |
| Operating margin | 31.2% | 38.4% |
| Interest | ₹7 Cr | ₹23 Cr |
| Depreciation | ₹14 Cr | ₹45 Cr |
| Net profit | ₹55 Cr | ₹128 Cr |
| Net margin | 19.7% | 22.0% |
| Cash from operations | ₹27 Cr | ₹36 Cr |
| Free cash flow | ₹22 Cr | ₹-76 Cr |
| ROCE | 36.0% | 33.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹18 Cr | ₹18 Cr | ₹25 Cr | ₹26 Cr |
| Reserves | ₹-6 Cr | ₹20 Cr | ₹56 Cr | ₹85 Cr | ₹250 Cr | ₹431 Cr |
| Borrowings | ₹15 Cr | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹34 Cr | ₹401 Cr |
| Other liabilities | ₹0 Cr | ₹3 Cr | ₹9 Cr | ₹16 Cr | ₹23 Cr | ₹77 Cr |
| Total liabilities | ₹12 Cr | ₹25 Cr | ₹83 Cr | ₹138 Cr | ₹332 Cr | ₹935 Cr |
| Fixed assets | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹17 Cr | ₹322 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹12 Cr | ₹12 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹11 Cr | ₹25 Cr | ₹70 Cr | ₹125 Cr | ₹315 Cr | ₹613 Cr |
| Total assets | ₹12 Cr | ₹25 Cr | ₹83 Cr | ₹138 Cr | ₹332 Cr | ₹935 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −6.89 pp while DIIs added +6.70 pp. The shareholder count grew 90% to 6,978.
- Promoters
- 35.8%
- FIIs
- 0.7%
- DIIs
- 8.0%
- Public
- 55.5%
Since Jun 2025
- Promoters −6.89 pp
- DIIs +6.70 pp
- FIIs +0.68 pp
How it drifted, 7 quarters
Over this window DIIs went from 0.9% to 8.0% — +7.1 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 42.7%, FIIs 3.5%, DIIs 0.9%, Public 52.9%.Mar '25: Promoters 42.7%, DIIs 1.0%, Public 56.3%.Jun '25: Promoters 42.7%, DIIs 1.3%, Public 56.0%.Sep '25: Promoters 42.6%, FIIs 0.1%, DIIs 1.6%, Public 55.7%.Dec '25: Promoters 42.6%, FIIs 0.1%, DIIs 1.9%, Public 55.5%.Mar '26: Promoters 40.6%, FIIs 0.1%, DIIs 0.8%, Public 58.5%.Jun '26: Promoters 35.8%, FIIs 0.7%, DIIs 8.0%, Public 55.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Bandhan Small Cap Fund Mutual fund newly disclosed 3.18% held
- Abakkus Emerging Opportunities Fund-1 AIF newly disclosed 1.97% held
- Bengal Finance And Investment Pvt Ltd newly disclosed 1.26% held
- Chartered Finance & Leasing Limited newly disclosed 1.05% held
The same filing shows 10 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Afcom above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Deepak Parasuraman | 15.37% | −1.55 pp |
| Manjula A | 12.39% | −1.26 pp |
| Jaganmohan Manthena | 4.50% | −0.45 pp |
| Bandhan Small Cap Fund Mutual fund | 3.18% | newly disclosed |
| Thiagaraja | 2.74% | −1.42 pp |
| Ritu Bapna | 2.22% | −0.22 pp |
| Abakkus Emerging Opportunities Fund-1 AIF | 1.97% | newly disclosed |
| Vijay Kumar | 1.80% | −0.42 pp |
| Sanjay Katkar | 1.65% | −0.17 pp |
| Purvesh Mukeshkumar Shah | 1.39% | −0.14 pp |
| Bengal Finance And Investment Pvt Ltd | 1.26% | newly disclosed |
| Mayur Vijay Patwa | 1.06% | −0.19 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
AttractiveTo justify its price of ₹1540, this stock must grow earnings at 19% every year for 7 years. Our analysis caps realistic growth at ~123%. At that growth it is worth ₹100977 — upside of 6455%.
- Growth the price implies
- 18.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 127.3% a year
- net profit, FY25–FY26 · EPS 123.2%
- The gap
- -1.0 pp
- 6455% downside if it only repeats history
Learn to analyse Afcom
Guides on how to read this kind of business and the numbers that matter.