India, June 18 -- India's air cargo industry has historically remained heavily dependent on belly-cargo capacity operated by passenger airlines, leaving the dedicated cargo airline segment relatively underdeveloped compared to global markets. This structural gap is where AFCOM Holdings Limited is quietly building its niche. The Chennai-based cargo carrier, operating under the tagline Beyond Flying Cargo, has now emerged as one of the fastest-growing listed aviation companies in India after delivering one of the strongest earnings performances seen in the small-cap logistics space during FY26.

What makes AFCOM's latest performance particularly noteworthy is that this growth came from an extremely constrained operating base. Management con...