• IPO debt deleverage: The company is allocating ₹216.8 crore from its ₹583 crore IPO proceeds toward long-term debt repayment and ₹130 crore for working capital, aiming to reduce annual interest costs by ₹16 to 18 crore.
• Operating cash turnaround: Operating cash flows shifted from negative ₹9 crore in FY24 to ₹113 crore in FY26, driven by higher volume scale, technology integration, PLI incentives, and the resolution of GST refund cycles.
• Working capital cycle: Gross working capital days have decreased from 90 to 75 days, maintaining a net working capital cycle of 43 days due to credit extended by carrier partners.
• Carrier contract renewals: Most annual carrier capacity agreements have been renewed, and terms for the key Qatar Airways contract are finalized with formal signing expected within weeks.
• Litigation and compliance: Management noted that the investigation into an FIR alleging a ₹44 crore loss from inflated freight rates is nearing completion, while past statutory and ROC filing delays related to an acquisition have been rectified.