Skyways Air Services IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Skyways Air Services

Price band

₹131 – ₹138

Lot size

100 shares

Min investment

₹13,800

Issue size

₹582.8 Cr

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.

Skyways Air Services Limited is a New Delhi based logistics and air freight forwarding company running since 1984. It works on an asset light model, moving cargo through airline, shipping and trucking partners instead of owning aircraft, and also does ocean freight, warehousing, custom broking and express delivery.

IPO details

Issue price: ₹138
Price band: ₹131 – ₹138
Face value: ₹10
Lot size: 100
Min investment: ₹13,800
Issue size: ₹582.8 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7903
NSE symbol: SKYWAYS.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	100	₹13,800
Retail (Max)	14	1,400	₹1,93,200
S-HNI (Min)	15	1,500	₹2,07,000
B-HNI (Min)	73	7,300	₹10,07,400

Investor reservation

CATEGORY	RESERVED
QIB	2,10,80,000 shares (49.92% of the Offer)
NII	63,51,600 shares (15.04% of the Offer)
Retail	1,48,00,000 shares (35.04% of the Offer)

Objects of the issue

1Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company and Subsidiary Forin Container Line Pvt.Ltd..216.79

2Funding incremental working capital requirements of the Company.130.00

3General Corporate Purposes

Financials

Rs. Crore • restated

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

Key performance indicators

P/E Ratio

31.58

EPS (₹)

4.37

RoE

14.15%

RoCE

18.11%

RoNW

12.33%

PAT Margin

2.26%

EBITDA Margin

4.47%

Debt / Equity

1.26

NAV (₹)

28.91

✓ 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.

Promoters & holding

Yashpal Sharma and Tarun Sharma

Pre-issue promoter holding

79.14%

Post-issue promoter holding

56.82%

Data refreshed 07 Nov 2026, 05:04 pm IST. GMP is unofficial market sentiment, not investment advice.