Afcom Holdings Ltd

BSE: 544224

₹ 1,315.55-4.08%refreshed 23 Oct, 03:57 pm ISTMarket cap: ₹ 3,804 crWebsite: afcomcargo.comUpdated: 24 Oct 2026

About

Afcom Holdings Ltd is a Chennai-based dedicated air cargo carrier, established in 2013, operating Boeing 737-800 Converted Freighters on a hub-and-spoke network spanning India, the Middle East, Southeast Asia and the Maldives. The company reported total income of ₹587.7 Cr in FY26, having grown 4x in revenue over three years. It is listed on BSE SME (August 2024) and holds a DGCA Air Operator's Certificate and an ACUITE BBB+/Stable long-term credit rating.^[1][2][3][4]

Business model

Afcom operates as a single-segment air cargo business; it does not sell capacity directly to shippers but provides dedicated freighter capacity to freight forwarders who service logistics companies, exporters and importers.^[3]
Commercial reach is extended through a network of General Sales and Service Agents (GSSAs) and interline and transshipment arrangements with partner carriers via a hub-and-spoke model.^[3]
The TTK Group acts as GSSA, channelling business from DHL, Kuehne+Nagel, DSV, DB Schenker and Geodis to Afcom.^[2]
Interline relationships include Etihad Airways, Turkish Airlines, SriLankan Airlines, Virgin Atlantic, British Airways, Aeroflot and Turkish Cargo.^[2]

Cargo products and services

Afcom offers eight cargo product lines: General Cargo, Flying Fresh, Flying Pharma, Flying Priority, Fly Courier, Project Cargo, Dangerous Goods and High-Value Cargo.^[3]

Fleet and network

Fleet as of Q1 FY27 comprises three Boeing 737-800 Converted Freighters (BCF), each with a structural cargo capacity of approximately 22 tonnes, held under dry-lease arrangements.^[3][2]
Third aircraft VT-AFJ was inducted in June 2026, contributing only a partial Q1 FY27 quarter at 16% utilisation and 98.8 flight hours.^[2]
Home hub is Chennai; transshipment hubs operate at Velana International Airport (Maldives), Hanoi (Vietnam) and Bangkok (Thailand). Dubai World Central (DWC) route was also commenced in FY26.^[3]
Afcom has accumulated over 20,000 flying hours since inception in 2013.^[3]

Key operating numbers

Cargo volume handled in FY26: 24,353 tonnes across 1,923 trips; charter flights accounted for 58.7% of total trips in FY26.^[2]
Average yield was USD 2.54/kg in FY26; cargo yield per kg was ₹270.59/kg in Q1 FY27, +13.7% vs the IATA Asia-Pacific benchmark of ₹238/kg.^[2]
Overall capacity utilisation was 81.42% in FY26; VT-AFO ran at 98% utilisation / 625.3 hrs / 238 trips in Q1 FY27.^[1][2]
Fuel cost as a percentage of revenue was 23.5% in Q1 FY27 vs an industry average of approximately 28%, a 5.5 percentage point advantage.^[2]
Cargo tonne-kilometres were approximately 37.6 million t-km in FY26.^[2]

Wet-lease to dry-lease transition

Dry-lease operations contributed ₹528.71 Cr (over 90% of total revenue) in FY26; wet-lease fees fell from ₹106 Cr in FY25 to ₹33.5 Cr in FY26, a 68% reduction.^[1]
FY26 was Afcom's first year of reporting under Indian Accounting Standards (Ind AS); audited financials received an unmodified opinion from statutory auditors M/s. P P N and Company.^[3]

Expansion and fleet build-out

Two additional Boeing 737-800 Converted Freighters are in the induction pipeline, targeting a total narrow-body fleet of five aircraft.^[3][2]
Phase II strategy plans introduction of wide-body freighter capacity; a future Boeing 777F is targeted for long-haul trunk routes to Japan/Korea and deep South and West Africa, offering approximately 102.9 tonnes payload and approximately 9,070 km range.^[2][3]
One Boeing 777 wide-body is targeted to be operational by Q4 FY27; full fleet of nine aircraft (5 narrow-body + 4 Boeing 777) is planned for mid-to-second half of calendar year 2027.^[1]
East Africa (Nairobi and coastal East African gateways) is identified as a potential future network market; the Naoero Air Corporation alliance continues to extend reach into Australia-Pacific corridors.^[2][3]
Afcom will be among the first cargo aircraft to operate from the new Noida airport, with international operations from Delhi and Mumbai also planned.^[1]

Recent developments

QIP of ₹199.85 Cr completed in May 2026 at ₹759.72 per share; ₹66.92 Cr deployed toward aircraft lease deposits, spares, simulator training and ground support equipment as of Q1 FY27.^[2][3]
Designated Indian Carrier status recognised by the Ministry of Finance in February 2026, conferring ATF VAT exemption in Tamil Nadu; management estimates benefit at approximately 5 - 7% of operating costs on qualifying uplift.^[3]
ACUITE BBB+/Stable long-term credit rating assigned by Acuité Ratings & Research in January 2026.^[3]
Afcom won Fastest Growing Cargo Airline of the Year and was awarded Top Airline by Air-to-Air Import 2026 and Freighter of the Year 2026 at Velana International Airport Awards (Republic of Maldives).^[3]
Strategic alliance with Naoero Air Corporation (formerly Nauru Airlines) extended, opening Australia-Pacific cargo corridors; Dubai World Central inaugural freighter service commenced in FY26.^[3][5]

Market Cap

₹3,804 Cr

High / Low

₹1,711 / 638

Stock P/E

31.0

Price / Book

8.3

Book Value

₹159

EPS

₹42.5

No. of Shares

2.87 Cr

ROCE

48.3%

ROE

36.0%

OPM

31.4%

Debt / Equity

0.14

Sales

₹583 Cr

Net Profit

₹122 Cr

Promoter holding

35.4%

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