Afcom Holdings
AFCOMHOLDINGSLTD NSE
Afcom Holdings
Logistics & CargoNSE: AFCOMHOLDINGSLTD BSE: AFCOM Logistics Solution Provider
Key Fundamentals
SMELogistics Solution ProviderLogistics & CargoMarket Cap
₹4,496 Cr
Volatility
Moderate
P/E Ratio
31.1
EBITDA
₹234 Cr
Return on Equity
21.97%
Debt to Equity
0.88
Book Value
₹244.85
EPS
₹5.31
52W High
₹1,711
52W Low
₹637.85
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has delivered good profit growth of 98.8% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 32.9%
- Company's working capital requirements have reduced from 81.7 days to 48.4 days
Weaknesses
2- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -4.77%
Growth Rate
Revenue Growth
140% higher than
3Y
Net Income Growth
141% higher than
3Y
Cash Flow Change
-12.07% lower than
3Y
ROE
-10.84% lower than
3Y
ROCE
-21.58% lower than
3Y
EBITDA Margin (Avg.)
32.7% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk high
Afcom Holdings Ltd is a small-cap services company with a market cap of ~Rs 3,981 crore, trading at a PE of 32.3x and 6x book value. The company has demonstrated exceptional revenue and profit growth (sales CAGR of 91% over 3 years, profit CAGR of 109% over 3 years) with strong ROE of 36% in the last year, but pays no dividend and has seen recent promoter selling.
Bull Case 8
- Exceptional profit growth of 98.8% CAGR over the last 5 years indicates strong business momentum
- TTM sales growth of 144% shows accelerating revenue trajectory
- ROE of 36% in the last year reflects highly efficient capital deployment
- Consistent 3-year ROE of 33% demonstrates sustained profitability, not a one-off spike
- TTM profit growth of 160% outpacing sales growth of 144% suggests expanding margins
- Working capital days reduced from 81.7 to 48.4 days, indicating improved operational efficiency and cash conversion
- 5-year compounded sales growth of 111% shows the company has scaled revenues consistently over a longer horizon
- Stock has delivered 59% returns in the last 1 year, reflecting market recognition of growth
Bear Case 8
- Stock trades at 7.84x book value, significantly above the reported PB of 6x, indicating expensive valuation relative to net assets
- PE of 32.3x is demanding for a small-cap services company and prices in substantial future growth
- Promoter holding decreased by 5.70% in the last quarter, a material reduction that may signal insider concerns
- Zero dividend yield despite repeated profits suggests shareholders receive no income return on investment
- Small market cap of Rs 3,981 crore implies limited liquidity and higher volatility risk
- Debt-to-equity ratio is undisclosed (null), making it difficult to assess leverage and financial risk
- Limited long-term track record — 10-year growth data is unavailable for sales, profit, and ROE, making durability hard to assess
- 52-week high and low data unavailable (reported as 0), preventing assessment of current price relative to trading range
This is AI-generated analysis, not financial advice. Do your own due diligence.
Quarterly Results
| Particulars | Jun 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 40 | 50 | 100 | 119 | 121 | 153 | 190 | 176 |
| Expenses | 38 | 36 | 53 | 72 | 83 | 88 | 118 | 105 |
| Operating Profit | 1 | 13 | 47 | 47 | 39 | 65 | 73 | 71 |
| OPM % | 3.6% | 27% | 47% | 40% | 32% | 43% | 38% | 40% |
| Other Income | 0 | 0 | 2 | 0 | 4 | 1 | 2 | 1 |
| Interest | 0 | 0 | 5 | 5 | 1 | 7 | 10 | 4 |
| Depreciation | 0 | 1 | 13 | 12 | 3 | 13 | 17 | 17 |
| PBT | 1 | 12 | 31 | 31 | 38 | 46 | 48 | 52 |
| Tax % | 34% | 24% | 18% | 32% | 26% | 25% | 6% | 25% |
| Net Profit | 1 | 9 | 26 | 21 | 28 | 34 | 45 | 39 |
| EPS in Rs | 0.34 | 3.64 | 10.4 | 8.48 | 11.42 | 13.22 | 17.13 | 13.67 |
Profit & Loss
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 14 | 48 | 84 | 148 | 239 | 583 | 640 |
| Expenses | 20 | 39 | 66 | 112 | 170 | 350 | 393 |
| Operating Profit | -6 | 10 | 18 | 36 | 69 | 234 | 247 |
| OPM % | -43% | 20% | 22% | 24% | 29% | 40% | 39% |
| Other Income | 0 | 0 | 1 | 1 | 4 | 5 | 7 |
| Interest | 0 | 1 | 1 | 2 | 3 | 32 | 21 |
| Depreciation | 0 | 0 | 0 | 0 | 4 | 53 | 50 |
| PBT | -6 | 8 | 18 | 34 | 65 | 153 | 184 |
| Tax % | -31% | 39% | 25% | 26% | 26% | 20% | — |
| Net Profit | -4 | 5 | 14 | 25 | 48 | 122 | 147 |
| EPS in Rs | -19.74 | 20.61 | 7.78 | 14.12 | 19.48 | 46.76 | 55.44 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 18 | 18 | 25 | 26 |
| Reserves | -6 | 20 | 56 | 85 | 196 | 431 |
| Borrowings | 15 | 0 | 0 | 18 | 26 | 401 |
| Other Liabilities | 0 | 3 | 9 | 16 | 29 | 77 |
| Total Liabilities | 12 | 25 | 83 | 138 | 275 | 935 |
| Fixed Assets | 0 | 0 | 0 | 0 | 17 | 322 |
| CWIP | 0 | 0 | 12 | 12 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 11 | 25 | 70 | 125 | 258 | 613 |
| Total Assets | 12 | 25 | 83 | 138 | 275 | 935 |
Cash Flow
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Operating | -13 | -4 | -33 | 31 | 27 | 36 |
| Investing | 0 | 0 | -13 | -55 | -104 | -207 |
| Financing | 13 | 4 | 52 | 21 | 74 | 233 |
| Net Cash Flow | 0 | 0 | 6 | -4 | -3 | 62 |
| Free Cash Flow | -13 | -4 | -45 | 31 | 22 | -76 |
| CFO/OP | 221 | -39 | -171 | 97 | 54 | 22 |
Ratios
| Particulars | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 15 | 118 | 62 | 56 | 95 | 85 |
| Inventory Days | — | — | — | — | — | 21 |
| Days Payable | — | — | — | — | — | 33 |
| Cash Conversion Cycle | 15 | 118 | 62 | 56 | 95 | 73 |
| Working Capital Days | 189 | 161 | 212 | 80 | 117 | 48 |
| ROCE % | — | 59% | 39% | 37% | 36% | 33% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Afcom Holdings insights
53 extracted metrics + investor summaries across FY21–FY26.
Documents
1
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
12h - Postal ballot approved appointment of S.A.E. & Associates LLP as secretarial auditors for five years. 12h - Postal ballot approved appointment of S.A.E. & Associates LLP as secretarial auditors for five years.
2
Announcement under Regulation 30 (LODR)-Press Release / Media Release
6 May - Afcom Holdings raised ₹199.85 crore via QIP on May 5, 2026, for fleet expansion. 6 May - Afcom Holdings raised ₹199.85 crore via QIP on May 5, 2026, for fleet expansion.
3
Board Meeting Outcome for Qualified Institutions Placement Of Equity Shares Of Face Value Rs. 10/- Each By Afcom Holdings Limited Under The Provisions Of Chapter VI Of SEBI (ICDR) Regulations, 2018.
5 May - Afcom allotted 26,30,520 shares via QIP at Rs 759.72 on May 5, 2026. 5 May - Afcom allotted 26,30,520 shares via QIP at Rs 759.72 on May 5, 2026.
4
Announcement under Regulation 30 (LODR)-Qualified Institutional Placement
5 May - Board approved QIP allotment of 26,30,520 shares for Rs. 199.84 crore on May 05, 2026. 5 May - Board approved QIP allotment of 26,30,520 shares for Rs. 199.84 crore on May 05, 2026.
5
Announcement under Regulation 30 (LODR)-Qualified Institutional Placement
5 May - Board allotted 26.30 lakh shares via QIP at Rs 759.72, raising Rs 199.84 crore. 5 May - Board allotted 26.30 lakh shares via QIP at Rs 759.72, raising Rs 199.84 crore.
Frequently Asked Questions about Afcom Holdings
What does Afcom Holdings Ltd do?
Incorporated in February 2013, Afcom Holdings Limited is involved in transporting cargo on an airport-to-airport basis.[1]
Where is Afcom Holdings Ltd (544224) listed?
Afcom Holdings Ltd trades as AFCOMHOLDINGSLTD on the NSE and under code AFCOM on the BSE.
Which sector does Afcom Holdings Ltd belong to?
Afcom Holdings Ltd is classified under the Logistics & Cargo sector, in the Logistics Solution Provider industry.
What is the market capitalisation of Afcom Holdings Ltd?
Afcom Holdings Ltd has a market capitalisation of ₹4,496 Cr, which places it in the Small Cap band.
What is the PE ratio of Afcom Holdings Ltd?
Afcom Holdings Ltd trades at a PE ratio of 31.10, on earnings per share of ₹5.31, against a book value of ₹244.85 per share.
What is the 52-week high and low of Afcom Holdings Ltd?
Over the last 52 weeks Afcom Holdings Ltd has traded between ₹637.85 and ₹1,711.
What is the Return on Equity (ROE) of Afcom Holdings Ltd?
Afcom Holdings Ltd reported a return on equity of 21.97%. Its debt-to-equity ratio is 0.88.
Company Information
Incorporated in February 2013, Afcom Holdings Limited is involved in transporting cargo on an airport-to-airport basis.[1]
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