Fly-Hi Maritime Travels IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Fly-Hi Maritime Travels

Price band

₹102

Lot size

1200 shares

Min investment

₹1,22,400

Issue size

₹52.63 Cr

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.

Fly-Hi Maritime Travels Limited arranges end to end travel for ships' crews, moving seafarers from their home countries to their ports of joining. Started in 2021 and IATA accredited, it handles ticketing, visas, hotels, ground transport and 24x7 support for shipping companies across more than six countries.

IPO details

Issue price: ₹102
Price band: ₹102
Face value: ₹5
Lot size: 1200
Min investment: ₹1,22,400
Issue size: ₹52.63 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 7931
NSE symbol: FLYHI.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	1,200	₹1,22,400
Retail (Max)	1	1,200	₹1,22,400
HNI (Min)	2	2,400	₹2,44,800

Investor reservation

CATEGORY	RESERVED
NII	24,48,000 shares (50.00% of the Offer)
Retail	24,48,000 shares (50.00% of the Offer)

Objects of the issue

1Funding working capital requirements of the Company24.24

2Repayment and/or pre-payment, in part, of borrowing availed by the Company4.00

3Towards Business Marketing and Development activities1.80

4General Corporate Purposes6.37

5Issue Expenses6.03

Financials

Rs. Crore • restated

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

Key performance indicators

P/E Ratio

17.17

EPS (₹)

5.94

RoCE

45.18%

RoNW

44.08%

PAT Margin

7.59%

✓ 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.

Promoters & holding

Jitendra Kumar Negi and Mridul Dilip Singhvi

Pre-issue promoter holding

80%

Post-issue promoter holding

49.48%

Data refreshed 07 Nov 2026, 05:00 pm IST. GMP is unofficial market sentiment, not investment advice.