Kazan Helicopter Plant (KVZ) reported revenue of 58.4 billion rubles in 2025, which was slightly lower than the result of 2024. At the same time, an analysis of the cost and revenue structure revealed serious differences between the domestic and foreign markets.
The cost of goods sold on the domestic market increased from 30.3 billion to 38.6 billion rubles, while the cost of production for foreign partners amounted to only 1.55 billion rubles.
The costs for export goods turned out to be almost three times less than for helicopters for Russia. This significantly affected profitability: the domestic market gave 17.4% profitability, the external market - 61.6%, which is more than 3.5 times higher.
This is probably due to more favorable contractual conditions and the ability to dictate prices on international deliveries, while in the domestic market, key customers, including government agencies, put a lot of pressure on the margin.
As a reminder, the model range of the Kazan enterprise consists of four items: Mi-8, Ansata, Mi-38, Mi-34. Earlier, legal cases were brought against it due to debt of 881 million rubles.
