Afcom Holdings Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Afcom Holdings Ltd filed with BSE on 17 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
AFCOM Holdings reported Q4 FY26 revenue of INR191.88 crores, up 87.80% year-on-year, with EBITDA of INR74.08 lakhs and PAT of INR44.66 crores. For the full year, revenue was INR587.72 crores (up 143.86% year-on-year), EBITDA was INR238.14 crores, and PAT was INR121.90 crores, with results reported under Ind AS for the first time. Management discussed fleet expansion plans, the impact of the West Asia conflict on charter demand and fuel costs, and progress on inducting additional narrow-body and wide-body aircraft.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR191.88 crores (Q4 FY26)
p. 4
“INR191.88 crores of, the revenue, which is 87.80% of, the growth over the same period last year.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
EBITDA: 74.08 lakhs (Q4 FY26)
p. 4
“which resulted into an EBITDA of 74.08 lakhs, which is a 51.52% year-on-year growth.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
PAT: INR44.66 crores (Q4 FY26)
p. 4
“which is, which has left with INR44.66 crores of, the PAT, which is 72.85% growth year-on-year for the quarter.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
Revenue: INR587.72 crores (FY26)
p. 4
“the total recorded revenue is INR587.72 crores, which is 143.86% growth year-on-year.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
EBITDA: INR238.14 crores (FY26)
p. 4
“which is, left with an EBITDA of INR238.14 crores, which is a growth of 211.72%.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
PAT: INR121.90 crores (FY26)
p. 4
“And PAT stands at INR121.90 crores, which is 230.05% year-on-year growth.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
PAT margin: 20.74% (FY26)
p. 4
“And the PAT margin stands at 20.74%, which is a 542 basis points, growth year-on-year.”
Kannan Ramakrishnan, page 4 of the filed PDF · View the filing
EPS: INR48.65 (FY26)
p. 5
“And the EPS has grown from 16.47 to 48.65 on the yearly basis.”
Kannan Ramakrishnan, page 5 of the filed PDF · View the filing
Total equity: INR457 crores (FY26)
p. 5
“The total equity has, stands at INR457 crores.”
Kannan Ramakrishnan, page 5 of the filed PDF · View the filing
Total assets: INR935 crores (FY26)
p. 5
“Total assets as INR935 crores.”
Kannan Ramakrishnan, page 5 of the filed PDF · View the filing
Return on equity: 26.69% (FY26)
p. 9
“Return on equity stands at, 26.69%.”
Kannan Ramakrishnan, page 9 of the filed PDF · View the filing
Return on capital employed: 35.62% (FY26)
p. 9
“Return on capital, employed stands at 35.62% for the current year.”
Kannan Ramakrishnan, page 9 of the filed PDF · View the filing
Cash flow from operations: INR36 crores (FY26)
p. 9
“Cash flow from operations stands at positive INR36 crores roughly.”
Kannan Ramakrishnan, page 9 of the filed PDF · View the filing
Dry lease revenue: INR528.71 crores (FY26)
p. 6
“We have done INR528.71 crores of revenue.”
Kannan Ramakrishnan, page 6 of the filed PDF · View the filing
Average yield per kg: USD2.72 (Q4 FY26)
p. 6
“And average revenue per kg is USD2.72 as a yield.”
Kannan Ramakrishnan, page 6 of the filed PDF · View the filing
Capacity utilization: 81.42% (FY26)
p. 21
“So for the last year, the capacity utilization stands at, you know, overall year stands at 81.42% for the last year.”
Kannan Ramakrishnan, page 21 of the filed PDF · View the filing
Share of billings in USD: 60% and above
p. 17
“60% and above our billing is in USD, sir.”
Kannan Ramakrishnan, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Fourth and fifth aircraft induction — operational before next quarter · before next quarter
stated firmly by Deepak Parasuraman
p. 10
“Sir, all I would say is that they will be operational, the third aircraft is operational, fourth and fifth will be operational definitely before the next quarter.”
Deepak Parasuraman, page 10 of the filed PDF · View the filing
Wide-body (Boeing 777) induction — at least one operational · last quarter of FY27
stated conditionally by Deepak Parasuraman
p. 10
“By the end of the calendar year, this year, it will be inducted, so at least one aircraft will be operational by the end of FY27 last quarter.”
Deepak Parasuraman, page 10 of the filed PDF · View the filing
FY27 revenue — more than double · FY27
stated conditionally by Deepak Parasuraman
p. 13
“But actually the resources are more than double.”
Deepak Parasuraman, page 13 of the filed PDF · View the filing
Full wide-body fleet (four aircraft) operational — entire fleet operational · second half of next calendar year
stated conditionally by Deepak Parasuraman
p. 25
“Sometime by the mid of next year, sir. That is the second half of next calendar year, we will have the entire fleet operational.”
Deepak Parasuraman, page 25 of the filed PDF · View the filing
MRO segment activity — starting next quarter
stated as an aspiration by Kannan Ramakrishnan
p. 24
“And very soon that in the starting from the next quarter, and the activity towards that will pick up momentum, and it will get communicated to the investor’s community.”
Kannan Ramakrishnan, page 24 of the filed PDF · View the filing
Advance tax payment — current year
stated firmly by Kannan Ramakrishnan
p. 16
“Current year, you know, we will be addressing that, you know, quite positively.”
Kannan Ramakrishnan, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the fourth and fifth aircraft would be operational before the next quarter, and at least one wide-body would be operational by the end of FY27's last quarter.
Answered by Deepak Parasuraman
Asked by Priyanshu: What is the timeline for inducting the fourth, fifth and wide-body aircraft?
p. 10
“Sir, all I would say is that they will be operational, the third aircraft is operational, fourth and fifth will be operational definitely before the next quarter.”
Deepak Parasuraman, page 10 of the filed PDF · View the filing
Management said receivables have not increased in pure terms and there are no receivables outstanding beyond six months.
Answered by Kannan Ramakrishnan
Asked by Chintan: Have trade receivables increased and are any outstanding more than 6 months?
p. 11
“So basis that, we are well within the control. And to answer your second question that, you know, we don't have any outstanding which are more than 6 months.”
Kannan Ramakrishnan, page 11 of the filed PDF · View the filing
Management attributed the shortfall to operating with only two aircraft and said performance would scale as capacity expands.
Answered by Kannan Ramakrishnan
Asked by Chaitanya: Why did FY26 revenue fall short of the earlier INR1,000 crore and later INR700 crore expectations?
p. 13
“So which is also, makes something very clear that as the capacity gets expanded, definitely, we will be in a position, to achieve the numbers whatever we have committed earlier.”
Kannan Ramakrishnan, page 13 of the filed PDF · View the filing
Management said fuel cost is fully passed through via a fuel surcharge and 100% of the increase is passed on to customers.
Answered by Deepak Parasuraman
Asked by Rohit: How has the company managed the sharp rise in ATF prices and passed it to customers?
p. 15
“So the fueling companies announce their monthly fuel price per station and the surcharge is a direct reflection of the same and 100% of the increased fuel cost is passed on to the customer.”
Deepak Parasuraman, page 15 of the filed PDF · View the filing
Management described the steep jump in fuel prices from March 31 to April 1, the benefit of the designated carrier certification in reducing costs, and expectation that prices would settle down.
Answered by Kannan Ramakrishnan
Asked by Imran: Can management reassure that fuel cost increases will not affect operations despite the steep price jump?
p. 17
“The earlier the what was available as INR85,000 per KL has gone higher to INR2,24,000 per KL. But because of our, the designated carrier certification, the INR2,24,000, the fuel was offered to us at INR1,69,000.”
Kannan Ramakrishnan, page 17 of the filed PDF · View the filing
Management explained that a higher proportion of charters affected yield dynamics, and that the EBITDA margin decline was due to Ind AS forex loss adjustments rather than fuel cost pass-through issues.
Answered by Kannan Ramakrishnan
Asked by Pinkesh: Why did Q4 yield rise only modestly despite higher freight rates, and why did EBITDA margin fall versus Q3?
p. 20
“No, sir. I mean, the Ind AS adjustments are also there in in that. That is why quarter-wise build-up, you know, I have given it in a slide.”
Kannan Ramakrishnan, page 20 of the filed PDF · View the filing
Management said funding for the fourth, fifth and wide-body aircraft is already covered through preferential allotment and QIB proceeds, and no further fundraise is required.
Answered by Kannan Ramakrishnan
Asked by Chetan: Is the company sufficiently funded for the planned aircraft additions or will further fundraising be required?
p. 18
“So we don't require any further, you know, the fundraise, you know, for the fleet expansion whatever we have envisaged and communicated.”
Kannan Ramakrishnan, page 18 of the filed PDF · View the filing
Management clarified that financial closure has been done for four wide-body aircraft, and guided to roughly INR75 crores per month per aircraft as a conservative estimate.
Answered by Deepak Parasuraman
Asked by Hriday: Is the company planning to induct two or four wide-body aircraft, and what is the expected monthly revenue per 777?
p. 25
“Four, sir. It's the entire four. Somebody was asking by end of this year, that's why we stuck, but actually it is four. And for financial closure for the entire four has happened.”
Deepak Parasuraman, page 25 of the filed PDF · View the filing
Management attributed the cost increase to Ind AS-related restatement of forex losses on deposits and lease rentals, and to maintenance reserve now being charged to the P&L.
Answered by Kannan Ramakrishnan
Asked by Hriday: Why did costs rise sharply this quarter despite fuel being a pass-through?
p. 26
“So, as I mentioned, sir, the cost is after giving -- see from the balance I mean, from the P&L whatever has been charged with regards to the forex the losses, because they have done a restatement the entire deposits and other stuff, the lease rentals and everything has been restated and the forex losses has been booked.”
Kannan Ramakrishnan, page 26 of the filed PDF · View the filing
Risks flagged
Tracking data on aircraft utilization may be inaccurate due to regional conflict, complicating monitoring
p. 12
“it's not my business to talk about the accuracy of these tracking mechanisms which are currently available, which are in my view is a little inaccurate because of the West Asian conflict.”
Deepak Parasuraman, page 12 of the filed PDF · View the filing
Substantial rise in fuel prices creates uncertainty over whether the industry can continue to absorb the pass-through cost
p. 17
“The price increase is quite substantial. When it becomes substantial, whether the industry will absorb it is the question what you are trying to, you know, put across.”
Kannan Ramakrishnan, page 17 of the filed PDF · View the filing
Outstanding current tax liability of INR33 crores attracts a non-tax-deductible interest cost
p. 16
“Why are we paying such a high interest cost because that interest expense is even not tax deductible, so effectively the cost come to 16-17%”
Neeraj, page 16 of the filed PDF · View the filing
Demand surge from the Middle East conflict is viewed as a temporary boost rather than a permanent shift
p. 24
“So, it has just given a temporary boost.”
Kannan Ramakrishnan, page 24 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.