AFCOM standalone H1 revenue rises 73%, profit reaches Rs 89.95 crore

AFCOM HOLDINGS LIMITED reported standalone revenue from operations of Rs 416.32 crore for the half year ended September 30, 2026, up 73% year on year, and net profit of Rs 89.95 crore, up 88%. The board approved the unaudited results on November 12, 2026 after a limited review.

How did AFCOM’s H1 revenue and profit change?

AFCOM’s revenue from operations rose by Rs 176.13 crore to Rs 416.32 crore in the half year ended September 30, 2026, from Rs 240.19 crore in the corresponding 2025 period. Total income increased to Rs 418.92 crore from Rs 242.61 crore, as other income rose to Rs 2.60 crore from Rs 2.42 crore.

AFCOM’s net profit increased by Rs 42.00 crore to Rs 89.95 crore from Rs 47.80 crore, while profit before tax rose to Rs 118.58 crore from Rs 59.69 crore. Basic earnings per share, or EPS, increased to Rs 31.90 from Rs 17.22, while diluted EPS was Rs 31.57 against Rs 17.22. AFCOM reports air transportation services as its single operating segment under Indian Accounting Standard 108.

What changed in AFCOM’s costs during H1?

AFCOM’s total expenses rose by Rs 117.43 crore to Rs 300.35 crore, less than the Rs 176.31 crore increase in total income. Direct expense was the largest cost line, rising to Rs 258.09 crore from Rs 126.42 crore, while employee benefits expense increased to Rs 7.21 crore from Rs 5.38 crore.

Depreciation and amortisation rose to Rs 33.06 crore from Rs 23.45 crore, whereas finance costs declined to Rs 10.94 crore from Rs 15.29 crore. Other expenses fell to Rs 7.00 crore from Rs 10.48 crore. The change in finished-goods inventories reduced expenses by Rs 15.95 crore in H1 2026, compared with an expense of Rs 1.91 crore in H1 2025.

AFCOM’s tax expense rose to Rs 28.62 crore from Rs 16.19 crore as pre-tax profit increased. Total comprehensive income was Rs 89.99 crore, compared with Rs 47.80 crore a year earlier. In the September 2026 quarter, revenue from operations was Rs 240.23 crore and net profit was Rs 50.74 crore, compared with Rs 176.10 crore and Rs 39.24 crore respectively in the June 2026 quarter.

How did AFCOM’s balance sheet change by September 2026?

AFCOM’s standalone total assets increased to Rs 1,200.95 crore on September 30, 2026, from Rs 934.78 crore on March 31, 2026. Total equity rose to Rs 758.40 crore from Rs 456.68 crore, while total liabilities declined to Rs 442.54 crore from Rs 478.10 crore.

Non-current assets increased to Rs 753.56 crore from Rs 618.20 crore, led by other non-current assets rising to Rs 326.39 crore from Rs 209.05 crore and non-current investments of Rs 45.27 crore. Right-of-use assets, which relate to leased assets, declined to Rs 280.49 crore from Rs 306.35 crore over the same period.

Current assets rose to Rs 447.39 crore from Rs 316.58 crore. Inventories increased to Rs 34.20 crore from Rs 18.25 crore, while cash and cash equivalents rose to Rs 92.31 crore from Rs 62.06 crore. Trade receivables were broadly stable at Rs 134.52 crore versus Rs 135.76 crore at March 31, 2026.

AFCOM’s non-current borrowings increased to Rs 27.16 crore from Rs 0.65 crore, but current borrowings fell to Rs 49.23 crore from Rs 61.61 crore. Non-current lease liabilities declined to Rs 269.41 crore from Rs 289.56 crore. Trade payables due to parties other than micro and small enterprises decreased to Rs 3.24 crore from Rs 28.23 crore.

Where did AFCOM generate and deploy cash?

AFCOM generated net cash from operating activities of Rs 49.47 crore in H1 2026, compared with Rs 23.96 crore in H1 2025. Its cash flow statement reported profit before tax of Rs 118.58 crore, offset partly by Rs 39.19 crore of taxes and related interest paid during the six months.

Working-capital movements included a Rs 15.95 crore increase in inventories, a Rs 29.01 crore increase in other current assets and a Rs 25.00 crore reduction in trade payables. These movements followed cash generated from operations of Rs 88.66 crore, compared with Rs 41.88 crore in the previous-year half.

Investing activities used Rs 214.46 crore, compared with Rs 11.68 crore in H1 2025. The outflow included Rs 89.07 crore invested in lease deposits, Rs 82.42 crore in other capital advances and Rs 45.27 crore recorded for investments in subsidiaries or loans given. Financing activities generated Rs 195.24 crore, compared with an outflow of Rs 9.88 crore a year earlier.

AFCOM disclosed gross qualified institutional placement, or QIP, proceeds of Rs 199.84 crore. The filing says Rs 7.21 crore was applied to issue expenses, Rs 28.00 crore was placed in fixed deposits and Rs 95.63 crore was utilised for stated objects through September 30, 2026; it reported Rs 69.01 crore in the designated monitoring fund account and no deviation in the use of proceeds.

Conclusion

AFCOM’s standalone H1 results show revenue growth outpacing the increase in total expenses, resulting in profit before tax of Rs 118.58 crore and net profit of Rs 89.95 crore. The balance sheet expanded by Rs 266.17 crore from March 2026, with higher equity, non-current assets and cash alongside a Rs 35.56 crore reduction in total liabilities.

The next disclosed developments to watch are the deployment of QIP funds toward aircraft-related items, including the Rs 33.61 crore balance earmarked for aircraft lease deposits and Rs 42.07 crore for customs duty and clearance charges. AFCOM also disclosed that holders may convert the remaining warrants by June 17, 2027, while the board approved conversion of 1,25,000 warrants into an equal number of equity shares on November 12, 2026.