Skyways Air Services
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 139.69×
- Big non-institutionalbNII · above ₹10 lakh
- 91.33×
- Small non-institutionalsNII · ₹2–10 lakh
- 78.59×
- Retail individualRII · up to ₹2 lakh
- 24.34×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 20 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Sept 2026 | ₹33 | +23.91% | ₹2,500 | ₹171 | ₹3,300 |
| 31 Aug 2026 | ₹32 | +23.19% | ₹2,400 | ₹170 | ₹3,200 |
| 30 Aug 2026 | ₹39.5 | +28.62% | ₹3,000 | ₹177.5 | ₹3,950 |
| 29 Aug 2026 | ₹39.5 | +28.62% | ₹3,000 | ₹177.5 | ₹3,950 |
| 28 Aug 2026 | ₹37 | +26.81% | ₹2,800 | ₹175 | ₹3,700 |
| 27 Aug 2026 | ₹44 | +31.88% | ₹3,300 | ₹182 | ₹4,400 |
| 26 Aug 2026 | ₹42 | +30.43% | ₹3,200 | ₹180 | ₹4,200 |
| 25 Aug 2026 | ₹29 | +21.01% | ₹2,200 | ₹167 | ₹2,900 |
| 24 Aug 2026 | ₹32 | +23.19% | ₹2,400 | ₹170 | ₹3,200 |
| 23 Aug 2026 | ₹32 | +23.19% | ₹2,400 | ₹170 | ₹3,200 |
| 22 Aug 2026 | ₹37 | +26.81% | ₹2,800 | ₹175 | ₹3,700 |
| 21 Aug 2026 | ₹45 | +32.61% | ₹3,400 | ₹183 | ₹4,500 |
| 20 Aug 2026 | ₹50 | +36.23% | ₹3,800 | ₹188 | ₹5,000 |
| 19 Aug 2026 | ₹42 | +30.43% | ₹3,200 | ₹180 | ₹4,200 |
| 18 Aug 2026 | ₹40 | +28.99% | ₹3,000 | ₹178 | ₹4,000 |
| 17 Aug 2026 | ₹31 | +22.46% | ₹2,400 | ₹169 | ₹3,100 |
| 16 Aug 2026 | ₹28 | +20.29% | ₹2,100 | ₹166 | ₹2,800 |
| 15 Aug 2026 | ₹28 | +20.29% | ₹2,100 | ₹166 | ₹2,800 |
| 14 Aug 2026 | ₹28 | +20.29% | ₹2,100 | ₹166 | ₹2,800 |
| 13 Aug 2026 | ₹19 | 0.00% | ₹0 | ₹19 | ₹1,900 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 24 Aug 2026 – 27 Aug 2026
- Listing date
- 01 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹131 – ₹138
- Lot size
- 100 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹583 Cr
- Fresh issue
- ₹399 Cr 2,88,98,300 shares
- Offer for sale
- ₹184 Cr 1,33,33,300 shares
- Market cap at offer price
- ₹2,006 Cr
- Promoter holding
- 79.14% → 56.82% pre-issue → post-issue
- ISIN
- INE0PX301025
- CIN
- U74899DL1984PLC019666
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Holani Consultants Pvt.Ltd.
- Registered office
- RZ 128-129A, Mahipalpur Extension NH-8, New Delhi, Delhi, India, 110037
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 84,32,000 | 28.50% | 28.50% |
| Anchor investor · within QIB | 1,26,48,000 | — | 42.75% |
| NII (HNI) | 63,51,600 | 21.47% | 21.47% |
| bNII > ₹10L · within NII | 42,34,400 | — | 14.31% |
| sNII < ₹10L · within NII | 21,17,200 | — | 7.16% |
| Retail (RII) | 1,48,00,000 | 50.03% | 50.03% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 2,95,83,600 | — | 100.00% |
Net offer to the public of 2,95,83,600 shares, out of a total issue of 2,95,83,600. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 100 shares per lot, in multiples, at ₹138
| 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 |
| S-HNI (max) | 72 | 7,200 | ₹9,93,600 |
| B-HNI (min) | 73 | 7,300 | ₹10,07,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹138 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.46 | 4.37 |
| P/E (×) | 25.27 | 31.58 |
| Price to book (×) | 5.90 | — |
| Market cap | — | ₹2,006 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 15.85%
- ROCE
- 14.61%
- Debt / equity
- 1.42
- PAT margin
- 2.14%
- EBITDA margin
- 3.85%
- NAV per share
- ₹23.4
- Price to book
- 5.90
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 2,839.67 | 2,270.99 | 1,316.81 |
| Revenue from operations | 2,812.9 | 2,247.82 | 1,289.11 |
| Other income | 26.77 | 23.17 | 27.7 |
| Total expenses | 2,751.1 | 2,204.16 | 1,268.43 |
| Operating profit | 88.57 | 66.83 | 48.38 |
| Operating margin | 3.12% | 2.94% | 3.67% |
| Profit before tax | 87.68 | 67.15 | 48.38 |
| Profit after tax | 63.52 | 48.14 | 34.49 |
| PAT margin | 2.24% | 2.12% | 2.62% |
| Balance sheet | |||
| Total assets | 1,508.24 | 1,321.64 | 790.35 |
| Current assets | 1,078.16 | 951.09 | 583.05 |
| Current liabilities | 898.9 | 812.45 | 527.34 |
| Total liabilities | 1,013.5 | 929.32 | 604.3 |
| Net worth | 494.74 | 392.32 | 186.06 |
| Current ratio | 1.20× | 1.17× | 1.11× |
| Return on equity | 12.84% | 12.27% | 18.54% |
| Cash flow | |||
| Operating cash flow | 113.62 | 2.01 | -9.04 |
| Investing cash flow | -179.11 | -152.29 | -131.01 |
| Financing cash flow | 52.08 | 221.49 | 155.34 |
| Net cash flow | -13.41 | 71.21 | 15.29 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment/pre-payment of outstanding borrowings ₹217 Cr
The company proposes to utilize proceeds for repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiary Forin Container Line Private Limited. This will help reduce outstanding indebtedness and debt servicing costs.
2 Funding incremental working capital requirements ₹130 Cr
The company proposes to utilize proceeds towards funding its incremental working capital requirements to support projected business growth and operations. This will reduce dependence on supplier credit and enable timely settlement of dues with vendors.
3 General corporate purposes —
The company intends to deploy balance proceeds for general corporate purposes including strategic initiatives, brand building exercises, funding growth opportunities and ongoing corporate exigencies. The amount shall not exceed 25% of gross proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Skyways Air Services
Skyways Air Services Limited, incorporated on December 21, 1984, and converted to a public company in 2025, is a leading Indian logistics and freight forwarding company. The company primarily generates revenue from air freight forwarding (77% of FY26 revenue), ocean freight forwarding (15%), express cargo services (6%), trucking, warehousing, and value-added logistics services. The company operates through a network spanning 1,204 pin codes, serves over 9,500 customers, maintains relationships with 56 airlines, and has been ranked India's No. 1 Air Freight Forwarder for four consecutive years (2022-2025) based on airway shipments generated. The company operates on a 3PL model, utilizing third-party carriers for cargo transportation rather than owning its own aircraft or shipping lines. It has expanded domestically and internationally through subsidiaries and strategic acquisitions, including a 51% stake in Odyssey Logistics Private Limited.
Management
Yashpal Sharma
MD
Tarun Sharma
CEO
Himanshu Chhabra
CFO
Rohit Sehgal
COO
Rajiv Gul Hariramani
CTO
Strengths
As stated in the offer document
Experienced Promoters
The company is led by experienced promoters Mr. Yashpal Sharma and Mr. Tarun Sharma, having cumulative experience of more than two decades in logistics industry with deep understanding of trade dynamics and regulatory framework.
Comprehensive range of Logistics Solutions
The company provides comprehensive suite of services including air cargo, ocean cargo, express cargo, customs clearance, warehousing, and advanced supply chain management software, accredited with ISO 9001:2015 certification valid through January 2027.
Broad network of partners that enhances reach
The company maintains strategic affiliations with global logistics networks including WCA, AOP, C5C, MGLN, GFA, and TWIG, encompassing over 26,300 logistics partners and exclusive agents worldwide.
Strong collaborations with a diverse and wide-ranging customer base
The company serves diverse clientele across multiple industry verticals including pharmaceuticals (22.89% of revenue in FY26), textiles & apparels (13.04%), and serves 9,504 customers in FY26.
Information Technology and its Infrastructure driving Operational Effectiveness
The company's proprietary software platform SLS 100x is actively deployed by 5,587 registered users, with direct airline integrations and advanced technologies like OCR, RPA, and machine learning algorithms.
Long-standing business relationships with clientele
The company maintains enduring partnerships with clients since inception, with some client relationships dating back to 2010, demonstrating sustained trust and service excellence over multiple years.
Risk factors
As stated in the offer document
100% Dependency on Third-Party Carriers for Cargo Transportation
The company relies entirely on third-party carriers for transportation of cargo as it does not operate its own aircraft or shipping lines. Any disruption in carrier availability, cost fluctuations, or service disruptions could materially and adversely affect the company's business operations and financial condition, as 97.83% of total revenue comes from freight forwarding services.
Geopolitical Tensions and Global Conflicts Impact Operations
Ongoing geopolitical conflicts including the Russian invasion of Ukraine, Israel-Hamas war, and Iran-Israel conflict create significant uncertainty in the global economy. These events have already caused air freight realization to decline by 7.88% and ocean freight realization to decline by 18.79% in Fiscal 2026, with potential for further adverse impacts on supply chains and operations.
Concentration Risk with Limited Number of Suppliers
The company procures 36.01% of its cost of service from top 5 suppliers and 49.00% from top 10 suppliers as of March 31, 2026. Any failure to maintain good business relations with these limited air carriers could adversely impact the company's business operations and results, particularly given the limited number of carriers in the air cargo industry.
High Working Capital Requirements Funded Through Borrowings
The company has significant working capital requirements funded primarily through borrowings (86.23% in Fiscal 2026). With a working capital gap of ₹31,107.09 Lakhs as of March 31, 2026, and debt-to-equity ratio of 1.26, any inability to access adequate working capital loans on commercially reasonable terms may adversely affect business operations.
Geographic Revenue Concentration in Asia Region
The company derives 85.51% of its total revenue from Asia region as of March 31, 2026. This geographical concentration heightens exposure to adverse developments related to competition, economic and demographic changes in these regions, which may adversely affect business prospects and financial conditions.
Criminal Proceedings Against Company and Material Subsidiary
FIR no. 172/25 has been filed against the company, its material subsidiary Brace Port Logistics Limited, and 7 other parties under multiple sections of Bharatiya Nyaya Sanhita 2023. The complainant alleges business exceeding ₹8,000 lakhs was conducted and claims estimated direct loss of ₹4,420 lakhs, which could adversely impact operations and reputation.
Negative Cash Flows from Operating Activities
The company experienced negative cash flows from operating activities of ₹904.17 lakhs in Fiscal 2024, though it improved to positive ₹11,361.60 lakhs in Fiscal 2026. Sustained negative cash flows could adversely impact the company's ability to operate business and implement growth plans.
Company Analysis
from RHPSkyways Air Services Limited is an integrated logistics company providing air freight forwarding, ocean freight forwarding, express cargo, warehousing, and supply chain solutions across India and internationally.
Skyways Air Services Limited, incorporated on December 21, 1984, and converted to a public company in 2025, is a leading Indian logistics and freight forwarding company. The company primarily generates revenue from air freight forwarding (77% of FY26 revenue), ocean freight forwarding (15%), express cargo services (6%), trucking, warehousing, and value-added logistics services. The company operates through a network spanning 1,204 pin codes, serves over 9,500 customers, maintains relationships with 56 airlines, and has been ranked India's No. 1 Air Freight Forwarder for four consecutive years (2022-2025) based on airway shipments generated. The company operates on a 3PL model, utilizing third-party carriers for cargo transportation rather than owning its own aircraft or shipping lines. It has expanded domestically and internationally through subsidiaries and strategic acquisitions, including a 51% stake in Odyssey Logistics Private Limited.
Objects of the Issue
- Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company and our Subsidiary 'Forin Container Line Private Limited' ₹21,678.67 lakhs p.114
- Funding incremental working capital requirements of our Company ₹13,000.00 lakhs p.121
- General corporate purposes [●] p.127
Issue Structure
- Total Issue
- Up to 4,22,31,600 Equity Shares of face value of ₹ 10/- each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 2,88,98,300 Equity Shares of face value of ₹ 10/- each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Up to 1,33,33,300 Equity Shares of face value of ₹ 10/- each aggregating to ₹ [●] Lakhs
- Price Band
- ₹ [●] to ₹ [●] per Equity Share (to be determined through Book Building Process)
- Lot Size
- [●] Equity Shares (minimum bid lot to be determined)
- Face Value
- ₹ 10/- each
Business Model
The company earns revenue primarily through air freight forwarding services (₹2,16,639.87 lakhs in FY26, 77% of total revenue), ocean freight forwarding services (₹42,260.32 lakhs, 15%), express cargo and parcel services (₹16,277.96 lakhs, 5.79%), trucking (₹3,868.35 lakhs, 1.38%), value-added services (₹1,726.44 lakhs, 0.61%), and warehousing (₹368.16 lakhs, 0.13%). The company operates on a 3PL (Third-Party Logistics) model, securing cargo space on back-to-back basis from carriers after receiving customer confirmations, rather than chartering dedicated capacity. Revenue streams also include e-commerce and retail services (₹148.79 lakhs).
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Yashpal Sharma | Promoter | 46.49% | [●] |
| Tarun Sharma | Promoter | 32.65% | [●] |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Skyways Air Services Ltd. THIS ISSUE | 3.56 | 28.91 | 31.58, computed at the offer price | 5.90, computed at the offer price | 12.33% |
| 2.04 | 129.40 | 260.00 | — | 1.58% | |
| 2.59 | 46.09 | 54.00 | — | 5.62% | |
| 0.25 | 130.57 | 1548.00 | — | 0.19% | |
| 2.22 | 34.04 | 104.00 | — | 6.40% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.