| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1289.11 | 2247.82 | 2812.90 |
| Expenses | 1268.43 | 2204.16 | 2751.10 |
| Other Income | 27.70 | 23.17 | 26.77 |
| Total Revenue | 1316.81 | 2270.99 | 2839.67 |
| Profit Before Tax | 48.38 | 67.15 | 87.68 |
| Net Profit | 34.49 | 48.14 | 63.52 |
Skyways Air Services
Skyways Air Services IPO
₹13,100
0.71 xOver-subscribedBidding Dates 24 Aug, 26 -27 Aug, 26
Min Investment ₹13,100
Lot Size100
Price Range ₹131 – ₹138
Issue Size ₹582.80 Cr.
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IPO Subscription Details
Retail Subscription Details
1.18 x
Non-Institutional Buyers (sHNI)
0.99 x
Non-Institutional Buyers (bHNI)
0.34 x
Qualified Institutional Buyers (QIB)
0 x
Total0.71 x
0.71 x IPO Timeline
IPO Offer Start
24 Aug,26
IPO Offer Ends
27 Aug,26
Allotment Finalisation
28 Aug,26
Refund Initiation
31 Aug,26
Listing of Shares
01 Sept,26
IPO Analysis
Strengths
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.
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.
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.
Risks
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.
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.
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.
Objectives
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.
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.
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.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 790.35 | 1321.64 | 1508.24 |
| Current Assets | 583.05 | 951.09 | 1078.16 |
| Fixed Assets | 207.30 | 370.55 | 430.08 |
| Total Equity & Liabilities | 790.35 | 1321.64 | 1508.24 |
| Total Liabilities | 604.30 | 929.32 | 1013.50 |
| Current Liabilities | 527.34 | 812.45 | 898.90 |
| Non Current Liabilities | 76.96 | 116.87 | 114.60 |
| Total Equity | 186.06 | 392.32 | 494.74 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 15.29 | 71.21 | -13.41 |
| Investing Activities | -131.01 | -152.29 | -179.11 |
| Operating Activities | -9.04 | 2.01 | 113.62 |
| Financing Activities | 155.34 | 221.49 | 52.08 |
About Skyways Air Services
Skyways Air Services Limited (SASL), established in 1984, is India's leading air freight forwarder, consistently ranked No. 1 by World ACD for air cargo consignments handling for the last four calendar years (2022-2025). The company provides comprehensive logistics services including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking,...more
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Managing DirectorYashpal Sharma
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