Afcom Holdings Q1 FY27: standalone PAT +86% YoY to ₹39.2 Cr, margins expand
PAT +86.05% YoY · revenue +48.12% · margins expanding
₹176.1 Cr
+48.12% YoY
₹39.24 Cr
+86.05% YoY
22.11%
-0.7pp YoY
₹14.16
Afcom Holdings' standalone Q1 FY27 (quarter ended June 30, 2026, unaudited, limited-review) print shows revenue from operations of ₹176.10 Cr, up 48.1% YoY from ₹118.89 Cr, and PAT of ₹39.24 Cr, up 86.1% YoY from ₹21.09 Cr — clean growth with no exceptional items on either side of the comparison (note 7), so no adjustment is needed. Net margin expanded to 22.28% from 17.74% a year ago, and the operating (EBITDA-level) margin improved modestly to ~40.4% from ~39.5%, with direct expenses (₹109.58 Cr) scaling roughly in line with revenue while employee costs and other expenses stayed a small share of the base. Sequentially, though, revenue fell 7.5% and PAT fell 12.1% versus the audited Q4 FY26 print (₹190.33 Cr revenue, ₹44.66 Cr PAT) — a step down off a strong March quarter that bears watching next print.
Q1 FY-2027 vs prior quarters
There is no analyst coverage or consensus estimate identifiable for this stock (a web search for a Q1 FY27 preview returned nothing specific to Afcom Holdings), so vsStreet is unknown; likewise the company has issued no formal guidance in our records or found on the web, so this quarter cannot be graded against a prior outlook. The quarter's capital-raise activity is the more material context: the company converted the last 15,000 of its 11,65,000 warrants from the December-2025 preferential issue into equity (₹0.97 Cr received, completing that tranche), and utilised ₹66.92 Cr of its ₹199.84 Cr June-2026 QIP proceeds during the quarter (largest single item being ₹42.07 Cr earmarked for customs duty & clearance, still unutilised) — paid-up equity capital rose to ₹28.70 Cr. Two new pre-revenue subsidiaries were also flagged: Afcom Cargo FZCO in Dubai (aircraft parts/leasing trading, incorporated 14-05-2026) and Global Indavi Pvt Ltd in India (aircraft MRO, acquired 16-05-2026) — neither has started operations or turnover, so they carry no P&L impact this quarter but mark forward capacity build-out. No separate management press release accompanies the filing beyond the board-outcome note; the auditor (PPN and Company) issued an unqualified limited-review opinion with no flagged misstatements.
The stock went into the print at ₹1,502.05, up 8.8% over the past month of trading.
For context: this is the second-highest quarterly PAT of the last 6 quarters.
W1
Remaining QIP deployment — ₹125.86 Cr of the ₹192.60 Cr planned utilisation still pending, including ₹42.07 Cr for customs duty & clearance
W2
Whether Afcom Cargo FZCO (Dubai) and Global Indavi (MRO) begin generating revenue/consolidated numbers in coming quarters
W3
Whether the QoQ dip (-7.5% revenue, -12.1% PAT vs Q4 FY26) was a one-off or the start of a slower run-rate
Figures in ₹ Lakhs converted to Cr. Only standalone statement filed — note 11 states the company has no subsidiary/associate/JV as of this quarter, even though Annexures B/C disclose two newly formed subsidiaries (both nil-turnover, pre-revenue), so no consolidated P&L exists yet. DB comparison record for Q1 FY26 (netProfit ₹27.07 Cr, EPS ₹2706.96) conflicts with the PDF's own reported comparative-period PAT of ₹21.09 Cr and EPS ₹8.48 for the same quarter (revenue matches exactly) — treated the DB figure as erroneous and used the PDF's own comparative column for YoY math. No exceptional items in current or year-ago quarter (note 7), so no adjusted-growth figure is needed.