Afcom Holdings Q2 Results: Net Profit Surges 135% YoY to ₹51.2 Crore

Key numbers

Market Cap	₹3,852.08 CrTransportation
P/E TTM	31.6Sector 32.77
Promoter Holding	35.4%Latest Qtr
1-Year Return	79.83%Stock Performance

Key highlights

• Net profit grew by 135.9% YoY to ₹51.2 crore compared to ₹21.7 crore in the same period last year
• Revenue from operations reached ₹241 crore, nearly doubling the ₹121 crore reported in Q2 FY26
• Operating margins stood at 27.6%, reflecting improved efficiency over the previous year's 23.3%
• The board approved the conversion of 1.25 lakh warrants into equity shares, bringing in ₹8.09 crore in capital
• Total consolidated assets for the company increased to ₹1,204.15 crore as of September 30, 2026

Operational Growth and Profitability Surge

Afcom Holdings witnessed a substantial scale-up in its operational footprint during the September 2026 quarter, with revenue from operations reaching ₹241 crore. This represents a significant climb from the ₹121 crore recorded in the corresponding quarter of the previous year. The bottom-line performance was even more pronounced, as net profit reached ₹51.2 crore, marking 30.6% growth on a sequential basis.

The company’s total income for the quarter stood at ₹242 crore, while Profit Before Tax reached ₹66.8 crore, reflecting a 131.9% increase compared to Q2 FY26. These results were achieved despite a reduction in other income, which moderated from ₹2.2 crore to ₹1.2 crore over the year.

Corporate Actions and Board Decisions

• Approved the conversion of 1,25,000 warrants into an equal number of equity shares following the receipt of ₹8.09 crore.
• Noted the resignation of Wg. Cdr. Jaganmohan Manthena (Retd.) from the post of Non-Executive Director effective November 12, 2026.
• Took note of a business update regarding Indian subsidiary Global Indavi Private Limited for pursuing equity investments.
• Approved the Monitoring Agency Reports for funds raised through Preferential Issue and Qualified Institutional Placement for the quarter ended June 2026.
• New equity shares allotted via warrant conversion will rank pari-passu with existing shares regarding dividends and voting rights.

Strategic Fleet and Subsidiary Expansion

The company's expansion strategy remains focused on augmenting its air cargo capacity and subsidiary network. In September 2026, Afcom signed a Letter of Intent with Boeing to acquire up to four 777-8F wide-body freighter aircraft to enhance its international logistics reach. Financially, the current operating margin of 27.6% exceeds the management guidance of 22% to 25% provided earlier in the year.

The company also integrated its newly acquired subsidiary, Global Indavi, which was purchased for ₹0.90 lakhs in May 2026. This acquisition resulted in a goodwill of ₹0.68 lakhs, with the subsidiary's results now consolidated for the first time in the current financial reporting cycle.

What to watch next

• Deadline for remaining warrant holders to exercise conversion options by June 17, 2027
• Finalization of aircraft acquisition milestones following the LOI with Boeing
• Approval of equity investment structures for Indian subsidiary Global Indavi Private Limited
• Third-quarter FY27 results announcement expected in February 2027

“Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that 2 (Three) of the said warrant holders have applied for conversion of Convertible Warrants into Equity Shares.”

Afcom Holdings · financial snapshot

Share price	₹1477.7
Market capitalisation	₹3,852.08 Cr
Revenue (annual)	₹583.11 Cr
Net profit (annual)	₹121.90 Cr
Revenue (latest quarter)	₹176.10 Cr-7.48% vs previous quarter
Net profit (latest quarter)	₹39.24 Cr-12.13% vs previous quarter
P/E (TTM)	31.6×Sector 32.77×
Promoter holding	35.4%-0.44% QoQ
FII holding	0.28%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.