🛫 “From Cargo to Capex: Is Afcom Holdings the Indigo of Air Freight?”
Date of Publishing -
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At a Glance
Afcom Holdings Ltd, listed on BSE SME and now a ₹2,140 Cr market cap beast, is India’s quietly booming air-cargo operator focusing on ASEAN. With 3-year PAT CAGR of 112%, 30% ROE, and a Boeing 737 in the hangar, it’s no longer just ‘a freight company’ — it’s trying to become the SpiceJet of logistics (hopefully minus the drama). But at 44x P/E and 9.7x P/B, is this high-flyer overpriced or just getting started?
1. 💥 Introduction with Hook
India’s logistics story is taking off — and no, not on highways this time.
Say hello to Afcom Holdings Ltd, a cargo airline that went from ₹14 Cr in revenue (FY21) to ₹239 Cr (FY25) — a 17x flight path without much turbulence (except maybe the debt runway).
From delivering boxes in ASEAN to tying up with Etihad, Bangkok, and IATA, Afcom is no small freight fry anymore.
2. ✈️ Business Model – WTF Do They Even Do?
Operates airport-to-airport air cargo services.
Key markets: Singapore, Brunei, Indonesia — ASEAN focus.
Clients include logistics majors, export firms, and global carriers.
Recently added Boeing 737-800 to the fleet (leased).
Runs on asset-light + dry lease model — think Air India Express, but for cartons.
✅ Diversified Routes ✅ International Permits ✅ IATA Clearing House access (2025)
