Fly-Hi Maritime Travels IPO announced: ₹36.41 crore issue, what you need to know
- Fly-Hi Maritime Travels files DRHP for ₹36.41 crore SME IPO via fresh issue.
- IPO opens on 01-Sep-2026 and closes on 03-Sep-2026; listing date TBD.
- Revenue grew to ₹62.04 Crores in FY2026; PAT surged to ₹8.43 Crores.
- Top 10 customers contribute 91.39% of revenue, indicating high concentration risk.
- Proceeds primarily for working capital (₹24.24 Crores) and debt repayment.
*this image is generated using AI for illustrative purposes only.
Fly-Hi Maritime Travels Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI for an SME IPO. The maritime crew travel management company plans to raise ₹36.41 Crores through a fresh issue, marking its entry into the public equity markets.
Company Overview
Fly-Hi Maritime Travels Limited is a specialized provider of end-to-end travel logistics for crew members of commercial shipping companies globally. Incorporated in September 2021 and converted to a public limited company in December 2025, the firm operates from its corporate office in Mumbai and registered office in New Delhi.
The company manages airline tickets, ground transportation, hotel accommodations, visa applications, and provides 24/7 support for crew movements. It serves clients across more than 6 countries, including Cyprus, Greece, USA, UK, Singapore, UAE, and India. The management team includes Managing Director Jitendra Kumar Negi, who brings 15+ years of maritime industry experience, and CEO Mridul Dilip Singhvi, with 22+ years of business experience.
Offer Details
The issue is structured as a fresh issue with no Offer for Sale (OFS). While the price band and lot size are not yet disclosed, the total issue size is approximately ₹36.41 Crores based on the objects of the issue. The IPO is scheduled to open on 01-Sep-2026 and close on 03-Sep-2026. Listing and allotment dates are currently not available.
Financial Highlights
The company has reported significant growth in profitability over the last three years. Revenue from operations grew from ₹45.08 Crores in FY2024 to ₹62.04 Crores in FY2026. Profit After Tax (PAT) surged from ₹1.82 Crores in FY2024 to ₹8.43 Crores in FY2026.
| Financial Year | Revenue from Operations (₹ Cr) | PAT (₹ Cr) | PAT Margin (%) |
|---|---|---|---|
| FY2024 | 45.08 | 1.82 | 4.01% |
| FY2025 | 45.40 | 3.44 | 7.52% |
| FY2026 | 62.04 | 8.43 | 13.55% |
Objects of the Issue
The proceeds from the IPO will be utilized for the following purposes:
- Funding Working Capital Requirements: ₹24.24 Crores
- Repayment and/or Pre-payment of Borrowings: ₹4.00 Crores
- General Corporate Purposes: ₹6.37 Crores
- Talent Acquisition for Business Marketing and Development Activities: ₹1.80 Crores
Risk Factors
Investors should note several material risks highlighted in the DRHP:
- High Customer Concentration: Top 10 customers account for 91.39% of revenue, with the top 2 contributing 62.14% in FY2025-26.
- Foreign Market Dependence: Approximately 90% of revenue is derived from foreign markets, exposing the company to currency fluctuations and geopolitical risks.
- Negative Operating Cash Flows: The company reported negative cash flows from operating activities of ₹0.98 Crores in FY2026 despite strong PAT.
- Working Capital Strain: Working capital requirements grew from ₹652.21 lakhs in FY2024 to ₹2,026.41 lakhs in FY2026.
- Statutory Compliance Delays: The company has faced delays in GST, TDS, EPF, and ESIC filings, extending up to 170 days in some instances.
Valuation & Peer Comparison
Peer comparison data is not available in the provided DRHP data. Valuation metrics such as P/E ratio cannot be calculated until the price band is announced. However, the company demonstrates a PAT CAGR of ~115.33% over FY2024–FY2026.
Bottom Line
Fly-Hi Maritime Travels presents a high-growth profile with expanding margins but carries significant risks related to customer concentration, negative operating cash flows, and statutory compliance issues. Investors should monitor the price band and further disclosures before making investment decisions.
How might the company's heavy reliance on its top two customers for over 60% of revenue impact its valuation stability if it loses a key client post-listing?
What specific strategies will Fly-Hi implement to mitigate currency fluctuation risks given that approximately 90% of its revenue is derived from foreign markets?
Could the allocation of ₹24.24 Crores for working capital indicate underlying liquidity pressures, and how will this affect the company's ability to sustain negative operating cash flows?
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