Skyways Air Services IPO
Skyways Air Services IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹131-138 |
| Face Value | ₹10 |
| Lot Size | 100 Shares |
| Issue Size | ₹582.8 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| NSE Symbol | SKYWAYS.NS |
| BSE Scrip Code | 7903 |
| Min Investment | ₹13,800 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 100 | ₹13,800 |
| Retail (Max) | 14 | 1,400 | ₹193,200 |
| S-HNI (Min) | 15 | 1,500 | ₹207,000 |
| B-HNI (Min) | 73 | 7,300 | ₹1,007,400 |
Strengths & Risks
Strengths
- Sales have more than doubled in two years. Total income went from Rs 1,316.81 crore in FY2024 to Rs 2,270.99 crore in FY2025 and Rs 2,839.67 crore in FY2026.
- Profit after tax has grown every year, from Rs 34.49 crore in FY2024 to Rs 48.14 crore in FY2025 and Rs 63.52 crore in FY2026.
- EBITDA has grown even faster, from Rs 48.34 crore in FY2024 to Rs 86.49 crore in FY2025 and Rs 125.65 crore in FY2026.
- Net worth more than doubled in two years, from Rs 154.26 crore in FY2024 to Rs 332.64 crore in FY2026.
- The company has a long record in this business, having started in 1984 as a Custom House Agent and grown into air and ocean freight forwarding.
- It follows an asset light model. Cargo moves through airline and shipping partners instead of an owned fleet, so it does not carry the heavy fixed cost of aircraft.
- The service range is wide, covering air freight, ocean freight, trucking, warehousing, custom broking and express cargo, so a customer can be served end to end.
- Rs 216.79 crore of the issue money will repay borrowings of the company and its subsidiary Forin Container Line, which will bring down interest cost.
- Retail investors get a reasonable share of this issue at 1,48,00,000 shares, which is 35.04% of the offer.
Risks
- Debt is high and has kept rising, from Rs 357.34 crore in FY2024 to Rs 558.43 crore in FY2025 and Rs 624.06 crore in FY2026. That is close to twice the net worth of Rs 332.64 crore, and a large loan will remain even after the Rs 216.79 crore repayment.
- The profit margin is very thin. PAT margin was 2.14%, which is normal for freight forwarding but leaves almost no cushion when costs rise.
- The issue looks expensive for a thin margin business. The offer document data does not state a P/E, but on an EPS of Rs 4.37 the upper band of Rs 138 works out to roughly 31 times earnings.
- Return ratios are only moderate, with RoCE of 14.61% and RoNW of 15.85%.
- 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.
- Freight rates move with global trade volumes, fuel prices and shipping capacity, none of which the company controls, and a weak trade cycle hits both volume and rate together.
- Rs 130 crore of the money is for working capital, which shows how much cash stays blocked in receivables from exporters and importers.
- The business depends on airline and shipping partners for cargo space. If capacity gets tight or a partner changes terms, cost goes up immediately.
- Promoter holding falls sharply from 79.14% to 56.82% after the issue.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,508.24 | 1,321.64 | 790.35 |
| Total Income | 2,839.67 | 2,270.99 | 1,316.81 |
| Profit After Tax | 63.52 | 48.14 | 34.49 |
| EBITDA | 125.65 | 86.49 | 48.34 |
| NET Worth | 332.64 | 247.14 | 154.26 |
| Total Borrowing | 624.06 | 558.43 | 357.34 |
About The Company
Skyways Air Services Limited is an Indian logistics and air freight forwarding company that was founded in 1984 by S. L. Sharma. The company initially started its operations as a Custom House Agent (CHA) and gradually expanded into the international cargo and logistics sector. Over the years, it has developed into a well-known player in India’s air freight forwarding industry, with headquarters in New Delhi and operations connected to several international logistics networks.
The company provides a wide range of logistics services including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, and express cargo delivery. Its business model is largely asset-light, where it coordinates cargo transportation through airline partners and logistics networks instead of owning aircraft. The company is currently led by Yashpal Sharma, Chairman and Managing Director, who has helped expand the business into multiple logistics segments and international markets.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 139.69× | 8,432,000 | — |
| Non-Institutional Investors (NII) | 87.24× | 6,351,600 | — |
| Retail Individual Investors (RII) | 25.4× | 14,800,000 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 71.25× | 29,583,600 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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