Afcom Holdings Ltd

- Capitalized pre-op expenses related to dry lease planes amount to around INR31 crores, including fixed assets, tools, equipment, and employee costs. - Depreciation for the coming year is estimated at INR1.75 to INR2 crores, based on the leased aircraft with an 8-year lease term. - Plans to expand fleet to 5 Boeing 737-800 aircraft by the end of the current financial year, with three more joining in addition to the two already acquired. - Phase two of business plan includes adding two wide-body aircraft (mostly Boeing 777s) to expand the network. - Working capital requirement estimated at INR50 crores, funded through institutional borrowings at around 9.5% to 10.5% interest. - Interest cost on working capital expected to be between INR5 to 6 crores annually with five aircraft operating. - Pre-op expenses started amortizing to P&L from September 4, 2024, over the lease term.

- Revenue from each Boeing 737-800 aircraft is conservatively estimated at INR 18-20 crores per month. - Afcom plans an optimum fleet size of five aircraft by the end of FY25, implying potential monthly revenue of approximately INR 90-100 crores from the fleet. - Full-year operation of two aircraft in FY26 is expected to generate around INR 480 crores top line. - With all five aircraft operational in FY26, the top-line revenue could exceed INR 1,200 crores. - Each aircraft is targeted to operate a minimum of six flights per week, with capability to fly up to 17-18 hours daily, increasing utilization and volume. - Plans to add two wide-body aircraft (777s) in FY26 for network expansion. - Market growth at 6-7% CAGR and strong pent-up demand support volume growth. - Existing GSAA contracts guarantee minimum revenue/load from cargo agents, aiding assured volumes.

- Each Boeing 737-800 aircraft is conservatively estimated to generate INR 18-20 crores in monthly revenue. (Page 4, 13, 14) - Planned fleet size: 5 aircraft by end of FY25, enabling expected revenue upwards of INR 1,200 crores annually with full fleet operation. (Page 13, 14) - EBITDA margin is projected at 30-34% per aircraft after rental expenses. (Page 3, 4, 15, 18) - Load factor assumptions for EBITDA estimates are around 70-75%. (Page 14-15) - Operating leverage and economies of scale from expanding fleet expected to improve EBITDA sustainability. (Page 14-15) - Interest and depreciation costs expected to be INR 5-6 crores and INR 1.75-2 crores annually respectively as the fleet expands. (Page 15) - Phase two plans include adding two wide-body aircraft (777s) to expand network in FY26, potentially increasing revenue further. (Page 13) - Confident ramp-up of schedules beyond current 6 per aircraft weekly to maximize utilization and earnings. (Page 11, 13) Overall, substantial growth in top-line and EBITDA/profitability is expected driven by fleet expansion, scale, and operational efficiencies.

- Afcom Holdings Limited currently has two Boeing 737-800 aircraft operational since November 25-26, 2024. - The company plans to bring in three additional Boeing 737-800 aircraft by the end of the financial year (FY25), completing a fleet of five aircraft. - All five aircraft are the same model, 737-800 BCS. - The ramp-up plan involves operating each aircraft for a minimum of six flights a week. - The new aircraft's start of operation is expected before the end of FY25, with the full fleet operation planned for FY26. - The orderbook thus includes five aircraft, with two already operational and three expected shortly. - This fleet expansion aims to increase capacity and better serve multiple destinations.

- The company estimates a working capital requirement of INR 50 crores to begin with, which will be met through institutional borrowings (bill discounting facility) at an interest cost of around 9.5% to 10.5%. - This working capital borrowings imply an annualized interest cost estimated around INR 4.5 to 5 crores. - No explicit mention of any immediate or planned equity fundraising in the provided transcript. - The focus is currently on optimizing fleet operations and managing short-term borrowings for working capital. - Future plans indicate operating five aircraft fully in FY26 and possibly adding wide-body aircraft thereafter, but no direct fundraising details disclosed related to this expansion.