Global Vectra Helicorp September loss widens to Rs 26.4783 crore

Global Vectra Helicorp Limited reported a Rs 26.4783 crore net loss for the quarter ended 30 September 2026, versus a Rs 6.1618 crore loss a year earlier, as revenue from operations fell to Rs 88.2862 crore and depreciation and finance costs increased. The Board approved the unaudited results on 13 November 2026.

Why did Global Vectra Helicorp’s September-quarter loss widen?

Global Vectra Helicorp’s loss widened as total income declined more than total expenses in the quarter ended 30 September 2026. Total income fell to Rs 90.8415 crore from Rs 131.8933 crore a year earlier, while total expenses declined to Rs 132.3405 crore from Rs 139.9375 crore. The resulting loss before tax was Rs 41.499 crore, compared with Rs 8.0442 crore in the September 2025 quarter.

A deferred-tax credit of Rs 15.0207 crore reduced the reported September-quarter loss from the pre-tax figure to Rs 26.4783 crore. The corresponding deferred-tax credit was Rs 1.8824 crore a year earlier. Basic and diluted loss per share was Rs 18.91, compared with Rs 4.40, on equity share capital of Rs 14 crore.

How did Global Vectra Helicorp’s revenue and costs change?

Global Vectra Helicorp’s revenue from operations fell by Rs 29.3317 crore year on year and by Rs 42.4273 crore from Rs 130.7135 crore in the preceding quarter ended 30 June 2026. Other income declined to Rs 2.5553 crore from Rs 14.2754 crore a year earlier. The company reports helicopter services in India as its only reportable segment, so it did not disclose business-level revenue or profit splits.

Helicopter maintenance expense decreased to Rs 31.891 crore from Rs 34.6886 crore, lease rentals declined to Rs 9.8602 crore from Rs 18.8544 crore, and employee-benefit expense fell to Rs 30.5324 crore from Rs 34.4485 crore. These reductions were offset in part by finance costs rising to Rs 11.6149 crore from Rs 8.8801 crore and depreciation and amortisation increasing to Rs 25.1507 crore from Rs 19.3957 crore. Other expenses were Rs 23.2913 crore, against Rs 23.6702 crore.

For the half year ended 30 September 2026, revenue from operations was Rs 218.9997 crore, compared with Rs 246.9658 crore in the year-earlier half. The six-month loss for the period rose to Rs 38.3264 crore from Rs 15.5872 crore, while finance costs increased to Rs 21.961 crore from Rs 16.0387 crore and depreciation and amortisation rose to Rs 49.8711 crore from Rs 36.388 crore.

What does Global Vectra Helicorp’s balance sheet show?

Global Vectra Helicorp reported negative equity of Rs 52.0216 crore at 30 September 2026, compared with negative equity of Rs 8.1031 crore at 31 March 2026. Share capital remained Rs 14 crore, while other equity moved to negative Rs 66.0216 crore from negative Rs 22.1031 crore. Total assets increased to Rs 1,011.1234 crore from Rs 888.1843 crore during the six months.

Combined borrowings were Rs 235.796 crore at 30 September 2026, up from Rs 99.5333 crore at 31 March 2026. Non-current borrowings rose to Rs 189.6838 crore from Rs 17.5043 crore, while current borrowings fell to Rs 46.1122 crore from Rs 82.029 crore. Lease liabilities totalled Rs 473.9718 crore, including Rs 304.1541 crore of non-current liabilities and Rs 169.8177 crore of current liabilities.

Current liabilities exceeded current assets by Rs 298.1169 crore at 30 September 2026. Current assets stood at Rs 254.7188 crore and current liabilities at Rs 552.8357 crore, while total liabilities increased to Rs 1,063.145 crore from Rs 896.2874 crore at 31 March 2026.

How did Global Vectra Helicorp fund its first-half cash flows?

Global Vectra Helicorp generated net operating cash flow of Rs 64.6428 crore in the half year ended 30 September 2026, compared with Rs 7.5487 crore a year earlier. Cash generated from operations was Rs 70.0956 crore despite a pre-tax loss of Rs 58.8634 crore, with the statement recording a Rs 62.3631 crore increase in trade payables.

Investing activities used Rs 122.6223 crore, compared with an inflow of Rs 44.5996 crore in the previous-year half. Purchases of property, plant and equipment were Rs 99.5426 crore, while additions or derecognition of right-of-use assets were Rs 54.8552 crore. Financing activities supplied Rs 71.265 crore, including Rs 106.4928 crore from long-term borrowings, partly offset by Rs 64.4516 crore of lease-liability payments.

Cash and cash equivalents rose to Rs 14.2652 crore at 30 September 2026 from Rs 1.5312 crore at the beginning of the financial year. Other bank balances were Rs 6.30 crore, separate from cash and cash equivalents. The cash-flow statement used the indirect method under Indian Accounting Standard 7.

What are Global Vectra Helicorp’s going-concern and customs matters?

Global Vectra Helicorp prepared its results on a going-concern basis despite negative net worth of Rs 52.0216 crore and the Rs 298.1169 crore excess of current liabilities over current assets at 30 September 2026. The independent reviewer identified a material uncertainty related to going concern, but said the accounting basis was appropriate after considering Board-reviewed cash-flow forecasts, business plans and projections.

Management said customer penalties had been reduced through a dedicated standby aircraft, original equipment manufacturer consignment-stock arrangements and fleet rationalisation. It also disclosed enhanced bank working-capital facilities, external commercial borrowings, and an ongoing process to finalise a term loan or additional working-capital facility. Management said improved contract values secured on a going-forward basis are expected to contribute to revenue and profitability.

A customs order dated 1 September 2026 concerns Integrated Goods and Services Tax exemption conditions for imports of helicopters and aircraft parts under lease arrangements. The order aggregates Rs 252.3368 crore, comprising tax dues of Rs 76.1684 crore and applicable interest and penalties of Rs 176.1684 crore. Management is preparing an appeal before the Customs, Excise and Service Tax Appellate Tribunal and, based on legal advice and judicial precedents, considers cash outflow highly unlikely; no provision was recorded.

Conclusion

Global Vectra Helicorp’s September-quarter loss widened as operating revenue and other income declined, while finance costs and depreciation increased. The half-year figures also show a higher loss, increased borrowings, negative equity and a working-capital deficit, although operating cash flow rose with a substantial increase in trade payables.

The next disclosed developments to watch are the proposed term loan or additional working-capital facility, management’s expectation that improved contract values will support future performance, and the appeal against the Rs 252.3368 crore customs order. Global Vectra Helicorp also said it will update its estimates for the New Labour Codes when relevant state rules are notified.