Afcom Holdings Ltd

Afcom Holdings Ltd — Closure of Trading Window from October 01, 2026 till 48 hours from the declaration of the unaudited financial results for the period ended September 30, 2026 (both days inclusive)

AGM Details

• AGM held on 25 September 2026 via VC/OAVM.

Key Resolutions

• All resolutions in the AGM notice passed by members with requisite majority.

Voting & Results

• Voting results to be uploaded in XBRL within 2 working days.

Scrutiniser Report

• Scrutiniser's report on remote e-voting and AGM voting submitted.

Documentation

• Consolidated scrutinizer’s report available on company website.

AGM Details

• Date, time, and mode: 25 Sep 2026, 3:30 PM IST, VC/OAVM.
• Attendance: 48 members; meeting duration: 1 hour.

Key Resolutions

• Adopt audited financial statements, Board’s Report, and Auditor’s Report (ordinary).
• Reappoint director retiring by rotation (ordinary).
• Reappoint statutory auditors (ordinary).
• Increase borrowing powers to a higher cap (special).
• Increase authorised share capital and amend MOA (ordinary).
• Approve ESOP formulation and implementation (special).
• Approve remuneration revision for Managing Director (special).
• Approve remuneration revision for Whole-Time Director (special).
• Continue independent director (special).

Auditor Appointments

• Statutory auditors reappointed for a second term.

Director Changes

• Reappointment of director retiring by rotation.
• Continuation of independent director on the board.

Business Overview

• Core business: international air cargo carrier building India's cross-border freight network.
• Home hub Chennai; operates freighter flights with planned expansion to five 737-800 freighters.
• Strategic initiatives: designated Indian Carrier status; VAT exemption; UAE gateway; Naoero Air alliance.
• Funding: IPO, preferential issue, and QIP mobilised capital for fleet expansion.

Key Operational Highlights

• FY26: Inducted third freighter in Dec 2025; fleet scales to 3 freighters.
• ACUITE BBB+/Stable rating assigned Jan 2026.
• Designated Indian Carrier status conferred Feb 2026; Tamil Nadu VAT exemption.
• First freighter flight to Dubai (DWC) FY26; UAE gateway via GSA partnership.
• May 2026 alliance with Naoero Air expands Pacific reach.
• Capital mobilisation: IPO ₹73.83 Cr; preferential ₹205 Cr; QIP ₹199.85 Cr.
• Total capital mobilised since listing ~₹479 Cr.
• Chennai international cargo tonnage grew ~12.9% Apr-Feb FY26.

Financial Performance

• FY26 total income nearly tripled; EBITDA margin 40.52%; net profit margin 20.74%.
• Net worth ₹457 Cr; total assets ₹935 Cr; operating cash flow ₹36 Cr.
• Lease liabilities ₹338 Cr; debt-equity 0.14x.
• FY26 operations: 1,923 flights; average cost per kg ₹1.58; charter flights 1,129.
• Chennai hub grew international tonnage ~12.9% vs all-India 5.4%.

Capital Structure & Liquidity

• ACUITE BBB+/Stable rating strengthens access to lenders.
• Capital mobilisation totalling ~₹479 Cr funded fleet expansion.
• Lease liabilities ₹338 Cr and debt-equity 0.14x indicate modest leverage.

Strategic Priorities & Outlook

• Engine One: up to 5 Boeing 737-800 freighters; 3 in operation; two more planned.
• Engine Two: long-haul Boeing 777 Freighter to connect Japan/Korea to India and Africa.
• Consolidate Chennai as a regional hub; expand Asia-Pacific and Middle East gateways.
• Policy tailwinds: National Air Cargo Policy; ATF VAT exemption.
• GSSA with TTK Group; alliances with Etihad, Turkish Airlines, SriLankan, Virgin Atlantic.
• Capital mobilisation supports fleet and network expansion.

Risks & Mitigation

• Fuel price movements mitigated by surcharges and VAT exemptions.
• Currency exposure hedged via US-dollar leases and revenue.
• Charter demand normalization addressed by longer-term contracts.
• Counterparty concentration mitigated by diversified GSSA/forwarder base.

Governance & Leadership

• Designation as Indian Carrier status conferred by Ministry of Finance (Feb 2026).
• ACUITE BBB+/Stable rating confirms growth financing access.
• Disciplined risk management and rigorous DGCA safety/compliance oversight.

Kochat Narendran steps down

• Change: Stepping down of Mr. Kochat Narendran, President - Commercials, due to superannuation.
• Effective cessation date: September 15, 2026.
• Reason: Superannuation.

Sunil Chandrasekhar assumes SMP duties

• Change: Assignment of additional responsibilities to Sunil Chandrasekhar, Chief Commercial Officer, as part of Senior Management Personnel (SMP).
• Effective date: September 16, 2026.
• Reason: Assignment forming part of Senior Management Personnel (SMP).

AGM date correction

• Corrected date for the 13th AGM: Friday, 25 September 2026, at 3:30 PM IST.
• Mode of meeting: Through Video Conferencing or Other Audio Visual Means.
• Earlier notice incorrectly stated AGM date as Friday, 25 August 2026.
• Addendum confirms contents of Sept 4 letter unchanged; AGM details updated.
• Annual Report for FY2025-26 accessible on the company's website.

Key update

• Afcom signs long-term aviation fuel supply agreement with HPCL, effective 1 September 2026.
• HPCL to supply Jet A-1 fuel across its pan-India aviation network.
• Agreement structured on IATA Model Terms with a Location Agreement.
• Quality assurance per IS 1571:2008 and single supply framework for Afcom.
• Executed by Afcom Chairman Capt. Deepak Parasuraman and HPCL General Manager Amit Tandon.

Event

• Afcom executed LOI with Boeing to acquire up to four Boeing 777-8F Freighter Aircraft.

Fleet expansion rationale

• Acquisition supports long-haul cargo operations and international growth initiatives.

Capacity rationale

• 777-8F freighters offer approximately five times the capacity of current B737-800 freighters.

Strategic objectives

• Expansion aligns with Afcom's plan to connect more markets and strengthen its international network.