Fly-Hi Maritime Travels IPO
Fly-Hi Maritime Travels IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹102 |
| Face Value | ₹5 |
| Lot Size | 1200 Shares |
| Issue Size | ₹52.63 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| NSE Symbol | FLYHI.BO |
| BSE Scrip Code | 7931 |
| Min Investment | ₹122,400 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1,200 | ₹122,400 |
| Retail (Max) | 1 | 1,200 | ₹122,400 |
| HNI (Min) | 2 | 2,400 | ₹244,800 |
Strengths & Risks
Strengths
- Profit has grown more than four times in two years, from Rs 1.82 crore in FY2024 to Rs 3.44 crore in FY2025 and Rs 8.43 crore in FY2026.
- Sales grew 36% in FY2026, from Rs 45.75 crore to Rs 62.21 crore.
- EBITDA rose sharply from Rs 2.68 crore in FY2024 to Rs 5.27 crore in FY2025 and Rs 12.49 crore in FY2026.
- Return ratios are very high, with RoCE of 45.18% and RoNW of 44.08%, and the issue is priced at about 17.17 times earnings on an EPS of Rs 5.94.
- This is a niche business. Crew travel has to match ship schedules and joining windows, which needs specialist knowledge that a general travel agent does not have.
- It is accredited by IATA, which is needed to issue airline tickets directly, and is recognised as a startup by the DPIIT.
- It serves shipping companies in more than six countries including Cyprus, Greece, the USA, the UK, Singapore and the UAE, so it is not dependent on Indian customers alone.
- It is an asset light service business. It does not own aircraft, ships or hotels, so it does not carry heavy fixed assets.
Risks
- The company is very young, having started only in September 2021, so it has under five years of operating history.
- Sales were flat before the latest year. Total income was Rs 45.41 crore in FY2024 and Rs 45.75 crore in FY2025, so almost all the growth has come in a single year.
- The company is small and is raising a lot relative to its size. Net worth was Rs 17.96 crore as on 31 March 2026 against an issue of Rs 52.63 crore, which is close to three times its own funds.
- Borrowing of Rs 12.97 crore is high against a net worth of Rs 17.96 crore.
- This is a travel booking business, so the earnings depend on commissions and service fees. Airlines can change commission terms, and fare swings affect both cost and margin.
- Demand depends on shipping activity and crew rotation volumes. A downturn in global trade or shipping reduces crew movement directly.
- The customer base is a limited set of commercial shipping companies, so losing a few accounts would be felt quickly.
- This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- Promoter holding falls sharply from 80% to 49.48%, which leaves the promoters below a half share.
- This is a fixed price SME issue at Rs 102 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.22 lakh, and SME shares usually trade in low volume after listing.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 37.94 | 23.00 | 16.47 |
| Total Income | 62.21 | 45.75 | 45.41 |
| Profit After Tax | 8.43 | 3.44 | 1.82 |
| EBITDA | 12.49 | 5.27 | 2.68 |
| NET Worth | 17.96 | 9.53 | 6.09 |
| Reserves and Surplus | 12.95 | 9.52 | 6.08 |
| Total Borrowing | 12.97 | 10.03 | 4.84 |
About The Company
Fly-Hi Maritime Travels Limited was started in September 2021. It is a specialised travel company that works only for the shipping industry. Its job is to move seafarers from their home country to the port where they are to join their ship, and back again.
For each crew member it arranges air tickets, plans the route, books ground transport and hotels, coordinates the visa and gives round the clock travel support. Its services include global crew ticketing, visa and immigration work, OK-to-board confirmations, live tracking of the journey, handling of delays and cancellations, emergency support and confirmation of boarding. All of this has to fit the ship's schedule and the window in which the crew must join, so timing matters more than in ordinary travel booking.
The company runs a centralised operation from its Mumbai corporate office and also has a distributor in the UAE to serve some international customers. It works for commercial shipping companies in more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, the UAE and India. It is accredited by the International Air Transport Association and its registered office is recognised as a startup by the DPIIT. As on 31 July 2026 it had 54 employees.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 0× | 0 | — |
| Non-Institutional Investors (NII) | 0.62× | 2,712,000 | — |
| Retail Individual Investors (RII) | 3.67× | 2,448,000 | — |
| Employee | 0× | 0 | — |
| Shareholder | 0× | 0 | — |
| Total | 2.07× | 5,160,000 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
Considering This IPO?
Talk to Alpha Funda about how an IPO application fits into your broader portfolio.
Get In Touch