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Jet Freight Logistics Ltd

JETFREIGHT

NSE

₹17.56-6.60%19 Oct 2026

Reports

Transport Airlines

Jet Freight Logistics Ltd

JETFREIGHT

NSE

₹17.56

-6.60%

19 Oct 2026

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Transport Airlines

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Jet Freight Logistics is a freight forwarder that started in 1986 as a small air-cargo shop for Indian farmers and has spent nearly four decades building into a technology-driven, full-stack logistics partner that now moves anything, anywhere, by air, sea, road or rail. The company was founded by Mr. Francis Theknath in Mumbai as a proprietorship called Jet Airfreight, incorporated in 2006, and listed on the NSE Emerge platform in 2016 before migrating to the Main Board of NSE and BSE in 2021. The recurring approach that explains everything else is an asset-light model built on preferred access to airline and shipping capacity, a 5,000-plus agency network reaching over 150 countries, and a steady expansion from its perishable-cargo roots into ocean freight, surface transport, courier services, and now its own cargo airline - each new leg added without owning the ships, planes or trucks itself.

Business segments

A single integrated logistics engine that earns fees per shipment by buying space on planes, ships, trucks and trains and selling it as managed, door-to-door cargo movement - with a growing fleet of owned aircraft on the horizon.

1. Integrated freight forwarding: a travel agent for cargo, with a perishables edge

The company makes its money by buying cargo space in bulk from airlines and shipping lines at negotiated rates, then selling it to businesses that need to move goods across borders - handling every document, customs check and temperature requirement along the way.

Perishables are the anchor - over half the cargo it moved in FY24 was agricultural and perishable goods, a niche where 24/7 temperature control and speed decide whether a shipment arrives fresh or worthless, and where the company has been named the No. 1 agent for international perishable cargo by Air India.
Preferred access to airline capacity - it holds Tier-1 status and Blocked Space Agreements with carriers including Emirates, Qatar Airways and Air India, which means its cargo gets on the plane when competitors are waitlisted, and it can lock in space for future months at better rates.
One shipment, one fee, many modes - revenue is earned per consignment, priced by volume, weight, route and service type such as time-sensitive or temperature-controlled, with the company stitching together air, ocean, rail and road legs into a single door-to-door service.
Customs clearance is built in - as a licensed Customs House Agent, it handles import and export documentation and compliance in-house across multiple Tier-1 locations, so clients do not need a separate broker.
An asset-light model with a working-capital wrinkle - it buys capacity from airlines and shipping lines as its key input rather than owning the assets, but it gives customers credit while most airlines require payment within 30 days, so it uses invoice discounting and factoring to bridge the gap.

2. The emerging cargo airline: from space-buyer to space-owner

The company is becoming the first Indian cargo airline to operate widebody Airbus A330 freighters, shifting from buying capacity on other carriers to flying its own.

Official partner for a converted freighter programme - in April 2025, Jet Freight became the official partner under a multi-aircraft order with Elbe Flugzeugwerke (a joint venture between ST Engineering and Airbus), Seclink Group and Confity Capital Partners for Airbus A330 Passenger-to-Freighter conversions.
Bigger planes, more cargo per flight - the A330-300P2F can carry a gross payload of up to 62 tonnes with containerised volume of up to 18,581 cubic feet, offering up to 23% more cargo space than other freighters in its class, while the A330-200P2F can carry up to 60 tonnes over 7,700 kilometres.
Full charter capability already in place - the company already offers dedicated full charter operations, an advanced capability that few forwarders in India have, and it received initial approval from the Ministry of Civil Aviation to operate scheduled cargo air transport services.

3. Ocean, surface and rail forwarding: the multimodal backbone

Beyond air, the company moves cargo by sea, truck and train - ocean freight has grown more than 300% in a single year, and a domestic subsidiary handles last-mile delivery on electric two-wheelers.

Ocean freight is the fastest-growing leg - started only in 2019, sea freight volumes jumped from 1,639 TEUs in FY22 to 6,350 TEUs in FY23 and 6,803 TEUs in FY24, with shipping-line partners that include Maersk, CMA CGM, Hapag-Lloyd and MSC.
Surface transport through a dedicated subsidiary - Jet Freight Express Private Limited (JETXPS) runs a fleet of trucks, trailers and delivery vehicles for B2B services, and began last-mile delivery using electric two-wheelers under exclusive contracts with e-commerce companies in Mumbai and Pune.
Rail fills the cross-border gap - the company offers global rail network services handling bulk cargo, temperature-controlled shipments, ISO containers and consumer goods, with cross-border capabilities.

4. Courier and e-commerce services: the small-package play

A courier division launched in 2022 chases the e-commerce market with express, same-day and next-day delivery - and the company has now secured shareholder approval to trade goods on e-commerce platforms itself.

Express delivery for everything from documents to relocation - the courier arm, operated through subsidiary Jet Express, covers international and domestic courier, overnight delivery, student baggage, gifts and samples, FMCG and corporate products.
A licence to sell, not just ship - in FY25, the board approved an amendment to the company's charter allowing it to buy, sell, import and export all types of goods through e-commerce platforms, websites and mobile applications, and to provide related fulfillment, warehousing and digital payment services, subject to shareholder approval at the ensuing AGM.

Group structure and partners

A family-led, publicly listed Indian company with wholly-owned subsidiaries in the Netherlands, the US and the UAE, and a domestic subsidiary handling last-mile delivery - all feeding the same freight-forwarding engine.

The company is listed on NSE and BSE, led by Chairman and Managing Director Mr. Richard Francis Theknath (28-plus years in logistics) and his son, Executive Director Mr. Dax Francis Theknath, who holds a commercial pilot licence from the FAA.
The domestic subsidiary Jet Freight Express Private Limited (Jet XPS) provides inter-city logistics, micro-fulfillment and last-mile delivery across more than 13 regional locations in India.
A 51% stake in Vank Global Services Private Limited, acquired in 2023, adds vertical integration into the import and export of fresh fruits, vegetables and farm products.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

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Mkt Cap

Market Capitalization

₹90Cr

Close Price

₹17.66

Industry

Transport Airlines

Price To Earnings

10.90

Price To Sales

0.18

Revenue

₹504Cr

Rev Gr TTM

Revenue Growth TTM

21.00%

PAT Gr TTM

PAT Growth TTM

69.51%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	92	95	98	147	87	94	115	120	84	113	128	179
Growth YoY Revenue Growth YoY%	-13.3	5.1	2.5	26.2	-4.6	-0.1	16.5	-18.7	-4.2	19.8	11.4	49.5
Expenses ExpensesCr	91	92	94	144	84	90	111	117	81	109	121	172
Operating Profit Operating ProfitCr	0	3	4	3	3	4	3	3	3	4	7	7
OPM OPM%	0.3	3.1	4.0	2.3	3.4	4.4	3.0	2.5	3.3	3.5	5.4	3.6
Other Income Other IncomeCr	-2	3	1	0	0	1	0	1	1	1	1	0
Interest Expense Interest ExpenseCr	1	1	2	1	2	2	2	2	2	2	2	3
Depreciation DepreciationCr	1	1	0	1	1	1	1	1	0	0	0	0
PBT PBTCr	-4	4	3	2	1	3	1	2	1	2	6	4
Tax TaxCr	0	0	0	1	1	1	1	1	0	1	3	1
PAT PATCr	-4	4	3	1	1	2	0	2	1	1	3	3
Growth YoY PAT Growth YoY%	-1,522.7	314.4	169.7	134.4	116.5	-58.1	-87.3	67.9	47.5	-38.3	805.9	42.1
NPM NPM%	-3.9	4.4	2.7	0.7	0.7	1.9	0.3	1.5	1.0	0.9	2.4	1.4
EPS EPS₹	-0.8	0.9	0.6	0.2	0.1	0.4	0.1	0.4	0.2	0.2	0.7	0.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	92	95	98	147	87	94	115	120	84	113	128	179
Growth YoY Revenue Growth YoY%	-13.3	5.1	2.5	26.2	-4.6	-0.1	16.5	-18.7	-4.2	19.8	11.4	49.5
Expenses ExpensesCr	91	92	94	144	84	90	111	117	81	109	121	172
Operating Profit Operating ProfitCr	0	3	4	3	3	4	3	3	3	4	7	7
OPM OPM%	0.3	3.1	4.0	2.3	3.4	4.4	3.0	2.5	3.3	3.5	5.4	3.6
Other Income Other IncomeCr	-2	3	1	0	0	1	0	1	1	1	1	0
Interest Expense Interest ExpenseCr	1	1	2	1	2	2	2	2	2	2	2	3
Depreciation DepreciationCr	1	1	0	1	1	1	1	1	0	0	0	0
PBT PBTCr	-4	4	3	2	1	3	1	2	1	2	6	4
Tax TaxCr	0	0	0	1	1	1	1	1	0	1	3	1
PAT PATCr	-4	4	3	1	1	2	0	2	1	1	3	3
Growth YoY PAT Growth YoY%	-1,522.7	314.4	169.7	134.4	116.5	-58.1	-87.3	67.9	47.5	-38.3	805.9	42.1
NPM NPM%	-3.9	4.4	2.7	0.7	0.7	1.9	0.3	1.5	1.0	0.9	2.4	1.4
EPS EPS₹	-0.8	0.9	0.6	0.2	0.1	0.4	0.1	0.4	0.2	0.2	0.7	0.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	252	344	304	352	462	427	401	444	444	504
Growth Revenue Growth%		36.1	-11.7	15.9	31.2	-7.5	-6.0	10.6	0.1	21.0
Expenses ExpensesCr	242	330	309	343	450	419	395	430	428	483
Operating Profit Operating ProfitCr	11	14	-5	9	11	8	6	14	17	20
OPM OPM%	4.3	4.0	-1.8	2.6	2.4	1.8	1.5	3.2	3.8	4.0
Other Income Other IncomeCr	0	0	1	1	1	1	3	2	4	3
Interest Expense Interest ExpenseCr	3	3	4	4	4	5	6	7	7	8
Depreciation DepreciationCr	1	1	1	2	3	3	2	2	2	2
PBT PBTCr	8	10	-10	3	5	0	0	6	12	13
Tax TaxCr	3	2	0	1	2	1	0	3	5	5
PAT PATCr	5	8	-10	2	3	0	0	4	7	8
Growth PAT Growth%		53.7	-227.5	120.3	42.4	-113.9	141.0	2,119.2	81.5	69.5
NPM NPM%	2.1	2.4	-3.4	0.6	0.6	-0.1	0.0	0.8	1.5	1.5
EPS EPS₹	2.0	3.9	-3.8	0.8	1.1	-0.1	0.0	0.8	1.5	1.6

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	252	344	304	352	462	427	401	444	444	504
Growth Revenue Growth%		36.1	-11.7	15.9	31.2	-7.5	-6.0	10.6	0.1	21.0
Expenses ExpensesCr	242	330	309	343	450	419	395	430	428	483
Operating Profit Operating ProfitCr	11	14	-5	9	11	8	6	14	17	20
OPM OPM%	4.3	4.0	-1.8	2.6	2.4	1.8	1.5	3.2	3.8	4.0
Other Income Other IncomeCr	0	0	1	1	1	1	3	2	4	3
Interest Expense Interest ExpenseCr	3	3	4	4	4	5	6	7	7	8
Depreciation DepreciationCr	1	1	1	2	3	3	2	2	2	2
PBT PBTCr	8	10	-10	3	5	0	0	6	12	13
Tax TaxCr	3	2	0	1	2	1	0	3	5	5
PAT PATCr	5	8	-10	2	3	0	0	4	7	8
Growth PAT Growth%		53.7	-227.5	120.3	42.4	-113.9	141.0	2,119.2	81.5	69.5
NPM NPM%	2.1	2.4	-3.4	0.6	0.6	-0.1	0.0	0.8	1.5	1.5
EPS EPS₹	2.0	3.9	-3.8	0.8	1.1	-0.1	0.0	0.8	1.5	1.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	12	23	23	23	23
Reserves ReservesCr	18	8	12	15	41	38	41	48
Current Liabilities Current LiabilitiesCr	56	61	64	73	77	93	101	105
Non Current Liabilities Non Current LiabilitiesCr	11	11	14	14	16	16	16	16
Total Liabilities Total LiabilitiesCr	96	91	101	114	157	170	181	192
Current Assets Current AssetsCr	72	61	50	57	67	94	119	135
Non Current Assets Non Current AssetsCr	24	30	51	57	90	76	62	57
Total Assets Total AssetsCr	96	91	101	114	157	170	181	192

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	12	12	12	12	23	23	23	23
Reserves ReservesCr	18	8	12	15	41	38	41	48
Current Liabilities Current LiabilitiesCr	56	61	64	73	77	93	101	105
Non Current Liabilities Non Current LiabilitiesCr	11	11	14	14	16	16	16	16
Total Liabilities Total LiabilitiesCr	96	91	101	114	157	170	181	192
Current Assets Current AssetsCr	72	61	50	57	67	94	119	135
Non Current Assets Non Current AssetsCr	24	30	51	57	90	76	62	57
Total Assets Total AssetsCr	96	91	101	114	157	170	181	192

Consolidated

Standalone

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	13	10	-11	-37	15	-3	-8
Investing Cash Flow Investing Cash FlowCr	-8	-1	-1	-4	-3	-6	1	4
Financing Cash Flow Financing Cash FlowCr	10	-11	-10	14	43	-11	1	4
Net Cash Flow Net Cash FlowCr	2	1	-1	0	3	-3	0	0
Free Cash Flow Free Cash FlowCr	-6	12	9	-16	-39	16	-4	-8
CFO To PAT CFO To PAT%	-13.8	-124.2	467.9	-354.1	8,930.4	8,879.9	-67.2	-119.6
CFO To EBITDA CFO To EBITDA%	-8.1	-238.7	108.1	-95.1	-475.9	249.6	-17.9	-48.7

Financial Year	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-1	13	10	-11	-37	15	-3	-8
Investing Cash Flow Investing Cash FlowCr	-8	-1	-1	-4	-3	-6	1	4
Financing Cash Flow Financing Cash FlowCr	10	-11	-10	14	43	-11	1	4
Net Cash Flow Net Cash FlowCr	2	1	-1	0	3	-3	0	0
Free Cash Flow Free Cash FlowCr	-6	12	9	-16	-39	16	-4	-8
CFO To PAT CFO To PAT%	-13.8	-124.2	467.9	-354.1	8,930.4	8,879.9	-67.2	-119.6
CFO To EBITDA CFO To EBITDA%	-8.1	-238.7	108.1	-95.1	-475.9	249.6	-17.9	-48.7

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	45	30	15	19	78	55	58	53	81	90
Price To Earnings Price To Earnings	8.6	3.7		9.3	26.4		311.0	14.1	11.9	10.9
Price To Sales Price To Sales	0.2	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.2
Price To Book Price To Book	2.1	1.0	0.8	0.8	3.0	0.9	0.9	0.8	1.1	1.1
EV To EBITDA EV To EBITDA		5.0	-8.9	5.2	10.9	13.5	16.7	7.4	8.4	7.7
Profitability Ratios Profitability Ratios
GPM GPM%		8.6	5.3	5.7	6.6	7.5	9.0	9.3	10.0	10.0
OPM OPM%	4.3	4.0	-1.8	2.6	2.4	1.8	1.5	3.2	3.8	4.0
NPM NPM%	2.1	2.4	-3.4	0.6	0.6	-0.1	0.0	0.8	1.5	1.5
ROCE ROCE%		18.5	-10.8	13.7	11.7	4.5	5.4	10.4	12.8	12.8
ROE ROE%		27.3	-52.4	8.9	11.2	-0.6	0.3	5.8	9.6	9.6
ROA ROA%		8.4	-11.3	2.1	2.6	-0.3	0.1	2.1	3.5	3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	45	30	15	19	78	55	58	53	81	90
Price To Earnings Price To Earnings	8.6	3.7		9.3	26.4		311.0	14.1	11.9	10.9
Price To Sales Price To Sales	0.2	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.2	0.2
Price To Book Price To Book	2.1	1.0	0.8	0.8	3.0	0.9	0.9	0.8	1.1	1.1
EV To EBITDA EV To EBITDA		5.0	-8.9	5.2	10.9	13.5	16.7	7.4	8.4	7.7
Profitability Ratios Profitability Ratios
GPM GPM%		8.6	5.3	5.7	6.6	7.5	9.0	9.3	10.0	10.0
OPM OPM%	4.3	4.0	-1.8	2.6	2.4	1.8	1.5	3.2	3.8	4.0
NPM NPM%	2.1	2.4	-3.4	0.6	0.6	-0.1	0.0	0.8	1.5	1.5
ROCE ROCE%		18.5	-10.8	13.7	11.7	4.5	5.4	10.4	12.8	12.8
ROE ROE%		27.3	-52.4	8.9	11.2	-0.6	0.3	5.8	9.6	9.6
ROA ROA%		8.4	-11.3	2.1	2.6	-0.3	0.1	2.1	3.5	3.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	FLYSBS	JETAIRWAYS	GLOBALVECT	ZEAL	JETFREIGHT
Market CapitalizationMkt CapCr	1,038	388	176	91	90
Close PriceClose₹	600.00	34.16	125.98	68.00	17.66
IndustryIndustry	Transport Airlines	Transport Airlines	Transport Airlines	Transport Airlines	Transport Airlines
Price To EarningsPE	14.85			8.12	10.90
Price To SalesPS	3.26	5.19	0.34	0.32	0.18
RevenueRevenueCr	319	75	523	286	504
Revenue Growth TTMRev Gr TTM%	64.3%	-0.5%	-1.6%	-22.4%	21.0%
PAT Growth TTMPAT Gr TTM%	114.0%	35.9%	-778.7%	-22.9%	69.5%

	FLYSBS	JETAIRWAYS	GLOBALVECT	ZEAL	JETFREIGHT
Market CapitalizationMkt CapCr	1,038	388	176	91	90
Close PriceClose₹	600.00	34.16	125.98	68.00	17.66
IndustryIndustry	Transport Airlines	Transport Airlines	Transport Airlines	Transport Airlines	Transport Airlines
Price To EarningsPE	14.85			8.12	10.90
Price To SalesPS	3.26	5.19	0.34	0.32	0.18
RevenueRevenueCr	319	75	523	286	504
Revenue Growth TTMRev Gr TTM%	64.3%	-0.5%	-1.6%	-22.4%	21.0%
PAT Growth TTMPAT Gr TTM%	114.0%	35.9%	-778.7%	-22.9%	69.5%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2026

Jun 26

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Mar 26

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Dec 25