Afcom Holdings Ltd
Incorporated in February 2013, Afcom Holdings Limited is involved in transporting cargo on an airport-to-airport basis.[1]
- Market Cap ₹ 2,097 Cr.
- Current Price ₹ 844
- High / Low ₹ 1,269 / 618
- Stock P/E 24.8
- Book Value ₹ 111
- Dividend Yield 0.00 %
- ROCE 36.0 %
- ROE 28.9 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 28.6%
Cons
- Stock is trading at 7.62 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 71.2 to 95.5 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Services Services Transport Services Logistics Solution Provider
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|
| 14 | 48 | 84 | 148 | 239 | 390 | |
| 20 | 39 | 66 | 112 | 170 | 272 | |
| Operating Profit | -6 | 10 | 18 | 36 | 69 | 118 |
| OPM % | -43% | 20% | 22% | 24% | 29% | 30% |
| 0 | 0 | 1 | 1 | 4 | 6 | |
| Interest | 0 | 1 | 1 | 2 | 3 | 3 |
| Depreciation | 0 | 0 | 0 | 0 | 4 | 10 |
| Profit before tax | -6 | 8 | 18 | 34 | 65 | 111 |
| Tax % | -31% | 39% | 25% | 26% | 26% | |
| -4 | 5 | 14 | 25 | 48 | 85 | |
| EPS in Rs | -19.74 | 20.61 | 7.78 | 14.12 | 19.48 | 34.02 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 70% |
| TTM: | 136% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 109% |
| TTM: | 163% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 27% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 29% |
| Last Year: | 29% |
Balance Sheet
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 18 | 18 | 25 | 25 |
| Reserves | -6 | 20 | 56 | 85 | 196 | 250 |
| 15 | 0 | 0 | 18 | 26 | 34 | |
| 0 | 3 | 9 | 16 | 29 | 23 | |
| Total Liabilities | 12 | 25 | 83 | 138 | 275 | 332 |
| 0 | 0 | 0 | 0 | 17 | 17 | |
| CWIP | 0 | 0 | 12 | 12 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| 11 | 25 | 70 | 125 | 258 | 315 | |
| Total Assets | 12 | 25 | 83 | 138 | 275 | 332 |
Cash Flows
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| -13 | -4 | -33 | 31 | 27 | |
| -0 | -0 | -13 | -55 | -104 | |
| 13 | 4 | 52 | 21 | 74 | |
| Net Cash Flow | -0 | 0 | 6 | -4 | -3 |
Ratios
Figures in Rs. Crores
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 15 | 118 | 62 | 56 | 95 |
| Inventory Days | |||||
| Days Payable | |||||
| Cash Conversion Cycle | 15 | 118 | 62 | 56 | 95 |
| Working Capital Days | 189 | 161 | 212 | 80 | 117 |
| ROCE % | 59% | 39% | 37% | 36% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Nov - Newspaper Publication of Unaudited Financials Results for the period ended September 30, 2025
-
Unaudited Financial Results For The Period Ended September 30, 2025
12 Nov - Board approved unaudited results for half-year ended Sep 30, 2025: revenue Rs24,027.84 lakh; PAT Rs5,499.42 lakh.
-
Board Meeting Outcome for Outcome Of Board Meeting - Unaudited Half Yearly Results For The Period Ended September 30, 2025
12 Nov - Approved unaudited half-year results for Sep 30, 2025: PAT ₹5,499.42 lakh; EPS ₹22.12
-
Board Meeting Intimation for Unaudited Financial Results For The Period Ended September 30, 2025
7 Nov - AFCOM HOLDINGS: Board meeting on Nov 12, 2025 to approve unaudited results for Sept 30, 2025; trading window closed.
-
General Announcement - Awards - Afcom Recognised As Fast-Growing Cargo Freighter Of The Year 2025
3 Nov - Afcom Holdings won “Fast-Growing Cargo Freighter of the Year 2025” at ACE Awards on October 31, 2025.
Annual reports
Concalls
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Aug 2025TranscriptNotesPPT
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Mar 2025TranscriptNotesPPT
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Nov 2024Transcript PPT REC
Business Profile[1][2]
Afcom Holdings is in air freight services, with a strong focus on domestic and international cargo movement, including e-commerce, mobile phones, and seafood. The company operates a Boeing 737-800 aircraft and holds key permits such as the Air Operator Permit and import approvals.