# Afcom Holdings
**Afcom Holdings Limited** is a Chennai-based Indian international air [cargo airline](https://www.edgepedia.org/cargo-airline) that operates dedicated [Boeing 737](https://www.edgepedia.org/boeing-737)-800 freighter aircraft on an airport-to-airport model, flying scheduled and charter cargo services to ASEAN and Middle Eastern markets under its own Air Operator's Certificate[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf) • [2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf). It is listed on the SME Platform of BSE Limited under the symbol 544224[3](https://www.bseindia.com/xml-data/corpfiling/Attachhis/e7a2d3f0-3e9a-406e-a256-f5645fad6fea.pdf). The company describes itself as India's first standalone cargo airline[3](https://www.bseindia.com/xml-data/corpfiling/Attachhis/e7a2d3f0-3e9a-406e-a256-f5645fad6fea.pdf).
| Key fact | Detail |
|---|---|
| Business | Dedicated air freighter services on an airport-to-airport model, focused on ASEAN and Middle East markets[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf) |
| Founded | 2013 by Capt. Deepak Parasuraman; commercial operations from September 2021[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf) • [4](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03092025/dc09fd7b-ded4-4885-9339-295bc26049f1.pdf) |
| Listing | BSE SME platform, 9 August 2024; issue price ₹108, listing price ₹205.20, subscribed 303 times, raising ₹738.3 million (₹73.83 crore)[4](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03092025/dc09fd7b-ded4-4885-9339-295bc26049f1.pdf) |
| Fleet | Three dry-leased Boeing 737-800 BCF freighters with 24 operating crew members[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf) • [5](https://www.goodreturns.in/company/afcom-holdings/director-report.html) |
| FY26 results | Revenue from operations ₹5.831 billion (₹58,310.84 lakhs; +144.27%); profit after tax ₹1.219 billion (₹12,190.36 lakhs; +230.05%); EBITDA margin 40.52%[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf) |
| Volume | 24,353.42 tonnes of cargo handled and 1,923 trips in FY26, including 1,129 pure charter flights[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf) • [6](https://www.itln.in/aviation/afcom-capitalises-on-cargo-disruptions-posting-an-fy26-profit-surge-1359506) |
| Valuation | Share price ₹871.55 and market capitalization ₹25.01 billion (₹2,501.23 crore) on 28,698,616 shares (June 2026); no dividend for FY26[7](https://afcomcargo.com/wp-content/uploads/2026/06/Investor-presentation.pdf) • [5](https://www.goodreturns.in/company/afcom-holdings/director-report.html) |
## What Afcom Holdings does
Afcom carries cargo on an airport-to-airport basis rather than offering door-to-door logistics. Its flights serve ASEAN countries including Singapore, Indonesia, and Brunei, with Singapore the most frequent destination[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf). Chennai is its base, and it operates transshipment hubs for west-bound cargo in the Republic of Maldives, Bangkok (Thailand), and Hanoi (Vietnam)[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf). It also offers a transshipment facility for import and export cargo across India by connecting major ports[3](https://www.bseindia.com/xml-data/corpfiling/Attachhis/e7a2d3f0-3e9a-406e-a256-f5645fad6fea.pdf).
**Operating model.** Afcom holds its own Air Operator's Certificate and dry-leases its freighters, managing flight crew, maintenance coordination, operational planning, regulatory compliance, and network execution internally[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf). Distribution runs through General Sales and Service Agents (GSSAs), which management says guarantee a minimum level of business[8](https://91capital.substack.com/p/raising-serious-questions-on-afcom). Cargo products span general cargo, perishables (Flying Fresh), temperature-controlled pharma, priority and courier services, project cargo, dangerous goods, and high-value cargo[5](https://www.goodreturns.in/company/afcom-holdings/director-report.html). At the prospectus stage the company stated that temperature-controlled shipments can be held at −2 to −5 degrees using its aircraft facility, and that it handles hazardous goods in Classes 1 to 9 and high-value goods such as gold and diamonds[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf).
## History and listing
Capt. Deepak Parasuraman, described in filings as an aviation industry veteran, incorporated the company in 2013 with the aim of starting a cargo airline[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf). It obtained a No Objection Certificate from India's Ministry of Civil Aviation in 2017 and commenced commercial operations in September 2021[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf) • [4](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03092025/dc09fd7b-ded4-4885-9339-295bc26049f1.pdf). The company converted from a private to a public limited company in 2023 and imported two dry-lease aircraft into India in 2024[4](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03092025/dc09fd7b-ded4-4885-9339-295bc26049f1.pdf).
The IPO of 6,836,400 equity shares of ₹10 face value at a premium of ₹98 each (issue price ₹108) listed on the BSE SME platform on 9 August 2024, raising ₹738.3 million (₹73.83 crore) at 303 times subscription[5](https://www.goodreturns.in/company/afcom-holdings/director-report.html) • [4](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03092025/dc09fd7b-ded4-4885-9339-295bc26049f1.pdf). The shares were proposed for listing under Chapter IX of the SEBI (ICDR) Regulations, 2018, and the prospectus noted no acquisition, merger, or disinvestment in the company's first ten years[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf).
## By the numbers
Afcom's revenue trajectory shows a young company scaling quickly. Revenue from operations grew from ₹138.9 million (₹1,388.72 lakhs) in FY2021 to ₹482.7 million (₹4,827.40 lakhs) in FY2022 and ₹841.4 million (₹8,414.42 lakhs) in FY2023, with profit after tax moving from a loss of ₹42.03 million (₹420.31 lakhs) to ₹51.48 million (₹514.80 lakhs) and then ₹135.9 million (₹1,358.62 lakhs); net worth swung from negative ₹33.72 million (₹337.19 lakhs) in FY21 to ₹1.009 billion (₹10,087.71 lakhs) by 29 February 2024[2](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf). [Operating income](https://www.edgepedia.org/operating-income) then reached ₹1.476 billion (₹147.55 crore) in FY2024 and ₹2.387 billion (₹238.72 crore) in FY2025, with FY2025 profit after tax of ₹484.2 million (₹48.42 crore) at a 20.28% margin[9](https://scanx.trade/stock-market-news/earnings/afcom-holdings-reports-strong-q3-fy26-financial-results-with-revenue-of-15-258-39-lakhs/32276519).
**FY26 was a step change.** Revenue from operations rose 144.27% to ₹5.831 billion (₹58,310.84 lakhs), total income rose 143.86% to ₹5.877 billion (₹58,772.55 lakhs), EBITDA rose 211.72% to ₹2.381 billion (₹23,814.09 lakhs) with the margin expanding 882 basis points to 40.52%, and profit after tax rose 230.05% to ₹1.219 billion (₹12,190.36 lakhs)[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf). [Earnings per share](https://www.edgepedia.org/earnings-per-share) improved to ₹48.73 from ₹16.47[5](https://www.goodreturns.in/company/afcom-holdings/director-report.html). In the fourth quarter alone, total income was ₹1.92 billion, up 87.8% year on year, with net profit of ₹446.6 million, up 72.85%[6](https://www.itln.in/aviation/afcom-capitalises-on-cargo-disruptions-posting-an-fy26-profit-surge-1359506). Headcount grew from roughly 10 founding employees to more than 130 across flight operations, engineering and maintenance, cargo handling, commercial functions, and corporate support[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf).
FY25 comparatives differ between company documents: the FY2024-25 annual report reported FY25 profit after tax of ₹484.2 million (₹4,842.23 lakhs; 20.0% margin), total income of ₹2.425 billion (₹24,254.16 lakhs) and an EBITDA margin of 29.9%, while the FY2025-26 annual report's comparatives show prior-year PAT of ₹369.4 million (₹3,693.54 lakhs), total income of ₹2.41 billion (₹24,100.75 lakhs) and an EBITDA margin of 31.70%[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf). The discrepancy is unresolved in the company's own filings.
## Recent developments
The listing and fleet build-out came in 2024, followed by rapid reported growth. At a November 2024 conference call after its first-half FY25 results, management guided for revenue growth from FY24's reported ₹1.48 billion (₹148 crore) to ₹12 billion (₹1,200 crore) in FY26 with 30–35% EBITDA margins, based on a fleet then of two Boeing 737-800 freighters expected to reach five planes by end-FY25, each flying six days a week at 21–22 tons per flight, implying about ₹200 million (₹20 crore) of monthly revenue per plane[8](https://91capital.substack.com/p/raising-serious-questions-on-afcom). Reported FY26 revenue of ₹5.83 billion (₹583 crore) fell well short of that guidance, though the reported EBITDA margin of 40.52% exceeded the guided range[1](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf) • [8](https://91capital.substack.com/p/raising-serious-questions-on-afcom).
**Corporate expansion also continued in 2026.** In February 2026 the board approved incorporation of a greenfield partially owned subsidiary in India for aircraft Maintenance, Repair and Overhaul (MRO) services[9](https://scanx.trade/stock-market-news/earnings/afcom-holdings-reports-strong-q3-fy26-financial-results-with-revenue-of-15-258-39-lakhs/32276519). Subsequent to the FY26 year-end, a Dubai subsidiary named Afcom Cargo FZCO was incorporated, and an Indian subsidiary, Global Indavi Private Limited, was acquired in May 2026[5](https://www.goodreturns.in/company/afcom-holdings/director-report.html). A March 2026 investor call presentation reiterated the positioning as India's first standalone cargo airline[3](https://www.bseindia.com/xml-data/corpfiling/Attachhis/e7a2d3f0-3e9a-406e-a256-f5645fad6fea.pdf).
## References
1. [Afcom Holdings Annual Report FY 2025-26](https://afcomcargo.com/wp-content/uploads/2026/09/Afcom-Annual-Report-FY-2025-26.pdf)
2. [Afcom Holdings Limited — Draft Red Herring Prospectus (BSE, July 2024)](https://www.bseindia.com/corporates/download/345822/DRHPAFCOMfinal_merged(1)_20240719163553.pdf)
3. [BSE corporate filing — AFCOM Corporate Presentation for Investor Call, March 06, 2026](https://www.bseindia.com/xml-data/corpfiling/Attachhis/e7a2d3f0-3e9a-406e-a256-f5645fad6fea.pdf)
4. [AFCOM Holdings corporate presentation filed with BSE (September 2025)](https://bsmedia.business-standard.com/_media/bs/data/announcements/bse/03092025/dc09fd7b-ded4-4885-9339-295bc26049f1.pdf)
5. [Directors Report of Afcom Holdings Ltd. — Goodreturns](https://www.goodreturns.in/company/afcom-holdings/director-report.html)
6. [AFCOM capitalises on cargo disruptions, posting an FY26 profit surge (ITLN)](https://www.itln.in/aviation/afcom-capitalises-on-cargo-disruptions-posting-an-fy26-profit-surge-1359506)
7. [Afcom Holdings Investor Presentation, June 2026 (BSE filing)](https://afcomcargo.com/wp-content/uploads/2026/06/Investor-presentation.pdf)
8. [Raising serious questions on Afcom Holdings Ltd (91capital Substack)](https://91capital.substack.com/p/raising-serious-questions-on-afcom)
9. [AFCOM Holdings reports strong Q3 FY26 financial results (ScanX)](https://scanx.trade/stock-market-news/earnings/afcom-holdings-reports-strong-q3-fy26-financial-results-with-revenue-of-15-258-39-lakhs/32276519)
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Industrial, energy, and transport companies*
*Initially written Sep 17, 2026 · Reviewed: Sep 30, 2026; Oct 10, 2026 · Edited: Sep 30, 2026; Oct 10, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Oct 10, 2026*
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