Chennai-based cargo airline flying Boeing 737-800 freighters across India, ASEAN, Middle East and beyond.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 176 | +47.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 40.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 39.0 | +85.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 44.11 | +12.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -13.04 | +108.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | +82.4 pts | Trailing twelve months | TTM to Jun 2026 | Not in the analysed materials. No older figure is substituted. |
Guidance
7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aircraft Operationalization (4th & 5th) | Operational before the next quarter | Q4 FY26 | Guidance issued for the fourth and fifth aircraft to be operational before the start of Q1 FY27. | New |
7 of Afcom Holdings Limited's 7 targets are still open. See which are on track and which have gone quiet. The 1 above are the free sample; 6 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹844.65 on 24 Oct 2025 → ₹1,315. High ₹1,647 (3 Sept 2026), low ₹652.2 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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.
close before → close after
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.
Guidance
7 targets tracked, none judged yet · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Aircraft Operationalization (4th & 5th) | Operational before the next quarter | Q4 FY26 | Guidance issued for the fourth and fifth aircraft to be operational before the start of Q1 FY27. | New |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 7 tracked commitments, with each call’s wording and source.
Call summaries
Afcom Q4 FY26
Afcom reported a strong Q4 and FY26, with significant revenue and profit growth driven by increased charter operations and fleet expansion. The company achieved key industry awards and expanded its strategic partnerships. Management highlighted the successful adoption of Ind AS and outlined plans for further fleet additions, expecting continued growth and improved operational efficiency.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +86% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 89 | 50 | 100 | 119 | 121 | 153 | 190 | 176 |
| Expenses | 63 | 36 | 53 | 72 | 83 | 88 | 118 | 105 |
| Operating profit | 26 | 13 | 47 | 47 | 39 | 65 | 73 | 71 |
| Operating margin | 29.0% | 27.0% | 47.0% | 40.0% | 32.0% | 43.0% | 38.0% | 40.0% |
| Other income | 1 | 0 | 2 | 0 | 4 | 1 | 2 | 1 |
| Interest | 2 | 0 | 5 | 5 | 1 | 7 | 10 | 4 |
| Depreciation | 0 | 1 | 13 | 12 | 3 | 13 | 17 | 17 |
| Profit before tax | 25 | 12 | 31 | 31 | 38 | 46 | 48 | 52 |
| Tax rate | 25.0% | 24.0% | 18.0% | 32.0% | 26.0% | 25.0% | 6.0% | 25.0% |
| Net profit | 19 | 9 | 26 | 21 | 28 | 34 | 45 | 39 |
| EPS (₹ per share) | 7.59 | 3.64 | 10.40 | 8.48 | 11.42 | 13.22 | 17.13 | 13.67 |
| Line item | Mar 2025 | Mar 2026 |
|---|---|---|
| Sales | 279 | 583 |
| Expenses | 190 | 361 |
| Operating profit | 87 | 224 |
| Other income | 3 | 7 |
| Interest | 7 | 23 |
| Depreciation | 14 | 45 |
| Profit before tax | 69 | 163 |
| Net profit | 55 | 128 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 18 | 18 | 25 | 25 | 26 |
| Reserves | 20 | 56 | 85 | 180 | 250 | 431 |
| Borrowings | 0 | 0 | 18 | 266 | 34 | 401 |
| Other liabilities | 3 | 9 | 16 | 31 | 23 | 77 |
| Total liabilities | 25 | 83 | 138 | 502 | 332 | 935 |
| Fixed assets | 0 | 0 | 0 | 251 | 17 | 322 |
| Capital work in progress | 0 | 12 | 12 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 25 | 70 | 125 | 251 | 315 | 613 |
| Total assets | 25 | 83 | 138 | 502 | 332 | 935 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| 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 | -4 | -3 | 62 |
| Free cash flow | -13 | -4 | -45 | 31 | -290 | -76 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 15 | 118 | 62 | 56 | 90 | 85 |
| Cash conversion cycle | 15 | 118 | 62 | 56 | 90 | 85 |
| Working capital days | 189 | 161 | 212 | 80 | 13 | 48 |
| Return on capital employed | — | 59.0% | 39.0% | 37.0% | 21.0% | 28.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
To justify its price of ₹1315, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~123%. At that growth it is worth ₹100977 — upside of 7579%.
Ownership
Public hold 56.70% as of Sept 2026; institutions cut 0.75 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Afcom Holdings Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 15.25% | −0.12 pp | |
| 12.30% | −0.09 pp | |
| 4.47% | unchanged | |
| Mutual fund | 2.90% | −0.28 pp |
| 2.54% | −0.20 pp | |
| 2.20% | unchanged | |
| AIF | 1.95% | unchanged |
| 1.78% | unchanged | |
| 1.64% | unchanged | |
| 1.25% | −0.14 pp | |
| 1.25% | unchanged | |
| 1.04% | unchanged |
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.
Your own record
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