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Fly-Hi Maritime Travels Ltd IPO
Fly-Hi Maritime Travels Ltd
₹2,44,800 /2400 sharesMinimum investment
IPO listing details
Listed on
8 Sep '26
Issue price
₹102.00
Listing price
₹81.60
Listing gains
-₹20.40 (20.00%)
Exchange
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IPO details
Minimum investment
₹2,44,800
Price range
₹102 - ₹102
Lot size
1,200
Issue size
52.63 Cr
Face value
5
IPO document
Subscription rate
Data will be available soon
Schedule
1 Sep 2026
IPO open date
3 Sep 2026
IPO close date
4 Sep 2026
Allotment date
4 Sep 2026
Funds unblock or debit
8 Sep 2026
Tentative listing date
About
Founded in
2021
MD/CEO
Mr Jitendra Kumar Negi
Parent organisation
Fly-Hi Maritime Travels Ltd
Fly-Hi Maritime Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company claims to have developed relationships with commercial shipping companies that contribute to repeat business and customer referrals. According to the company, word-of-mouth recommendations from existing customers have also supported the acquisition of new clients.
The company claims to have a workforce capable of handling complex crew movements requiring travel planning, real-time monitoring, prompt responses, and 24/7 support, which are particularly relevant when vessel schedules depend on the timely arrival of crew members.
The company claims to have appointed a distributor in the UAE to serve international customers more closely. This presence may help address the preferences of shipping clients operating through Dubai while potentially supporting access to additional international customers.
The company claims that operating primarily from India provides lower manpower and operating costs compared with certain international markets. This cost structure may allow it to offer competitive crew travel services while potentially supporting its operating margins.
The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 45.08 crore in FY24 to Rs 45.39 crore in FY25 to Rs 62.04 crore in FY26, while PAT increased from Rs 1.82 crore in FY24 to Rs 3.44 crore in FY25 to Rs 8.42 crore in FY26.
The company derives a substantial portion of its revenue from international markets, exposing its business to economic, regulatory, and geopolitical developments outside India. Revenue from overseas markets stood at Rs 41.12 crore (91.21% of total revenue) in FY24, Rs 42.19 crore (92.95%) in FY25, and Rs 56.04 crore (90.31%) in FY26. Changes in local laws, regulatory requirements, data privacy norms, economic conditions, or other adverse developments in these markets could disrupt operations and adversely affect revenue and profitability.
The company depends on a limited number of customers for a substantial portion of its revenue. Revenue from the top 10 customers contributed Rs 56.69 crore (91.39%) in FY26, Rs 41.56 crore (91.56%) in FY25, and Rs 38.84 crore (86.16%) in FY24. Any loss of key customers, reduction in their requirements, or inability to secure new orders could adversely affect revenue, cash flows, and financial performance.
The company requires significant working capital to fund the gap between payments to suppliers and collections from customers, including expenses related to airline tickets, hotels, visa applications, and other crew travel arrangements. Its net working capital requirement increased from Rs 6.52 crore in FY24 to Rs 9.70 crore in FY25 and Rs 20.26 crore in FY26. The operating cycle also increased from 51 days in FY24 to 77 days in FY25 and 120 days in FY26. Going forward, if the company is unable to secure adequate working capital financing or manage delays in customer collections, its operations, liquidity, and financial performance could be adversely affected.
The company is dependent on an exclusive distributor for a significant portion of its revenue, creating concentration risk. Revenue generated through the distributor stood at Rs 4.50 crore (9.98% of revenue from operations) in FY24, Rs 30.34 crore (66.83%) in FY25, and Rs 28.90 crore (46.59%) in FY26. Any dispute with the distributor, disruption in its operations, deterioration in service quality, or loss of the distribution arrangement could adversely affect customer relationships, revenue, and profitability.
The company relies on a limited number of third-party suppliers to provide travel-related services, creating supplier concentration risk. Purchases from the top 10 suppliers accounted for Rs 33.06 crore (95.39% of total purchases) in FY24, Rs 30.41 crore (92.03%) in FY25 and Rs 36.78 crore (94.12%) in FY26. Any deterioration in relationships with these suppliers, withdrawal of services, reduced access to travel inventory, or delays in refunds and incentives could disrupt service delivery and adversely affect the company's business and financial performance.
The company reported negative cash flows from operating activities of Rs 0.98 crore in FY26 and Rs 0.92 crore in FY24, primarily due to increases in trade and other receivables and other working capital requirements. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company and promoters are involved in certain ongoing criminal proceedings, tax proceedings, and material civil litigations. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of FY26, the company’s trade receivables were Rs 24.79 crore. Any failure to collect these receivables on time or at all can have a negative impact on the business and its financial condition.
As of FY26, the company had outstanding financial indebtedness of Rs 12.97 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Application details
For Fly-Hi Maritime IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹102 - ₹102 | ₹2 - ₹5 Lakhs | 1200 |
About
Objectives of Fly-Hi Maritime Travels IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding working capital requirements of the company |
24.23 |
|
Repayment and or pre-payment, in part, of borrowing availed by the company |
4.00 |
|
Towards Business Marketing and Development activities |
2.75 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Fly-Hi Maritime Travels IPO
|
Book Running Lead Manager |
Corporate Makers Capital Limited |
|
Registrar to the Issue |
KFin Technologies Limited |
|
Market Maker to the Issue |
Bhaijee Broking & Investments Private Limited |
Key Performance Indicators (KPIs) of Fly-Hi Maritime Travels Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
61.29 |
|
ROCE (%) |
67.22 |
|
EBITDA Margin (%) |
20.14 |
|
PAT Margin (%) |
13.58 |
|
Debt-to-equity Ratio (times) |
0.72 |
|
Return on Net Worth (RoNW) (%) |
61.29 |
Fly-Hi Maritime Travels IPO Contact Details
|
Company Name |
Fly-Hi Maritime Travels Limited |
|
Registered Office |
SF-04, 2nd Floor, Vasant Square Mall, Vasant Kunj, New Delhi110070 |
|
Phone |
+91 91521 10080 |
|
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Website |
Fly-Hi Maritime Travels IPO Registrar Contact Details
|
Company Name |
KFin Technologies Limited |
|
Phone |
+91 40 6716 2222 / 1800 309 4001 |
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Website |