Global Vectra Helicorp

Global Vectra Helicorp is India’s largest private helicopter company with a fleet of 29 aircrafts ranging from small light helicopters to medium sized twin engined helicopters seating 4 to 15 passengers. Of the aircrafts 7 are owned and rest are leased. Biggest customer is ONGC which is also a risk in terms of customer concentration. However, the trigger going forward is that the company has bagged a INR 550 cr 3 year contract from ONGC (, which is expected to start kicking in from Q1FY18. Sound management with solid corporate governance (KPMG is the auditor which is rare for a small cap). Results for Q4FY17 were also good (

Below are the quarterly financials of the company. There has been a significant EBITDA margin expansion in FY17 over FY16. Despite a low growth this year, most of the costs have been rationalized in FY17 vs FY16. Net Debt levels are almost constant (assuming maturity of LT borrowing same as last year) with improving leverage ratios (Net debt/EBITDA) from 3.7x in FY16 to 2.5x in FY17. Pawan Hans is the biggest competitor, however unlike Pawan Hans, the company has no precedence of air accidents. With the ONGC order kicking in FY18 and with operating leverage, expect a re-rating of the stock in near term.

Disclosure: Invested

3 Likes Shareholding pattern (Promoters hold 75% with 27% with Azerbaijan aviation through AAA rotors). Strong corporate governance controls for a small cap. (Clearance to Global Vectra to carry out flights for pilgrims to the Himalayan shrine of Kedarnath)

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Please do note that the PDF link does not mention a 500 cr deal.

Hi sougata, Do you have any further updates regarding the 550 cr deal? Did that order start kicking in as expected in Q1?

Anyone tracking this?
Marquee investor Vijay Kedia acquired 1.49% stake in March quarter

Since Vijay Kedia’s investment, the stock has been consistently hitting upper circuits, but with minimal trading volumes. Despite acquiring approximately a 1.5% stake, which at the current market cap appears to be around 4-5 crore INR, it’s relatively insignificant considering his extensive portfolio.

However, given the current high PE ratio of 52 and a substantial debt-to-equity ratio of 33, the stock appears overpriced and heavily reliant on debt.

Disclosure: I’m not invested in this stock; I’m merely observing its performance for educational purposes.