Fly-Hi Maritime Travels IPO Financials, Risk Factors, Peers & Objects of Issue
An investor-focused breakdown of the Fly-Hi Maritime Travels IPO offer document: restated financial performance, key ratios, valuation across the price band, competitive strengths, risk factors, listed peers, objects of the issue and the business model, all drawn from the company's RHP disclosures.
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Fly-Hi Maritime Travels IPO Financial Performance (Restated)
On a restated consolidated basis, the company revenue increased by 36% and profit after tax (PAT) rose by 145% between the financial year ending with March 31, 2026, a useful one-line read on operating momentum heading into the listing.
Here is how the books have moved over the last three financial years:
31 Mar 2026 to 31 Mar 2024₹ Crore
All figures in ₹ Crore unless stated otherwise. Source: restated financials disclosed in the offer documents.
Profits have scaled from ₹1.82 Cr to ₹8.43 Cr over two years; the borrowings-to-net-worth ratio has eased to about 0.72. For investors, the trend matters more than any single year, steady compounding with contained leverage is what institutional bidders typically reward, while a late spike in borrowings deserves scrutiny against the stated objects of the issue.
Fly-Hi Maritime Travels IPO Key Performance Indicators (KPI)
ROE61.29%
RoCE67.22%
Return on Net Worth61.29%
Debt / Equity0.72
NAV per share17.92
Price to Book5.69
Reading these numbers. RoE and RoCE measure how efficiently the business turns shareholder capital into profit; anything in double digits is respectable, mid-twenties plus is strong. A debt-to-equity ratio well below 1 signals a balance sheet that does not depend on lenders. NAV per share anchors the book value of your bid, while price-to-book tells you how many rupees the issue is charging for each rupee of that book, compare it with listed peers in the same sector before deciding whether the premium is justified.
Fly-Hi Maritime Travels IPO Valuation, Pre IPO vs Post IPO
The issue price converts into a different earnings multiple once the fresh shares hit the books. Here is the dilution-adjusted picture:
EPS (₹)8.41→ 5.94 post-IPO
P/E (x)12.13→ 17.17 post-IPO
Market Cap at offer₹102Cr→ ₹144.64 Cr post-IPO
Pre-IPO figures are computed on the pre-issue share count; post-IPO figures assume full subscription at the upper band.
Fly-Hi Maritime Travels IPO Competitive Strengths (as disclosed in the RHP)
Key strengths
- Revenue grew from Rs. 4,508.05 lakhs in FY 2023-24 to Rs. 6,203.63 lakhs in FY 2025-26, with Profit After Tax increasing from Rs. 182.13 lakhs to Rs. 842.58 lakhs over the same period.
- Promoter Mr. Jitendra Negi has over 15 years of experience in the maritime industry and promoter Mr. Mridul Dilip Sanghvi has over 22 years of business experience, enabling specialized crew travel services for commercial shipping companies.
- Appointed a distributor in UAE to serve international customers who prefer doing business in Dubai, expanding reach to new clients in international markets.
- Operates with cost advantage from India-based operations (registered office in New Delhi, corporate office in Mumbai) due to low manpower costs and overheads, ensuring competitive margins.
- Provides exclusive crew travel services to commercial shipping companies, differentiating from general travel companies by focusing on a niche maritime segment.
- Customized travel planning and 24/7 operational support.
- IATA accreditation and international servicing capabilities.
- Presence in international markets through a UAE distributor.
- Centralized and efficient operational model supported by a skilled workforce.
Fly-Hi Maritime Travels IPO Risk Factors (per RHP)
- Revenue concentration in international markets In FY 2025-26, 90.31% of total revenue was generated outside India, with UAE contributing 56.64% (Rs. 3,513.77 lakhs), Cyprus 29.48% (Rs. 1,828.86 lakhs), and UK 3.26% (Rs. 202.13 lakhs).
- Customer concentration risk The company has executed agreements with large clients, and loss of any such customer or failure to procure new orders on a regular basis could adversely affect business and results of operations.
It is essential to read the complete risk factors in the offer document before investing; this list summarises the key disclosures only.
Fly-Hi Maritime Travels IPO Industry Snapshot
- Our Company's business is not seasonal in nature. Hence, our business is not subject to seasonality or cyclicality.
- We face competition from existing and potential competitors which is common for any business. Competitive conditions are as described under the Chapters 'Industry Overview' and 'Our Business' beginning on page nos. 99 and 123 respectively of this Prospectus.
- Our Company has not announced any new product or service. Except as disclosed in the Chapter 'Our Business' beginning on page no 123, our Company has not announced any new product or service.
Fly-Hi Maritime Travels IPO Objects of the Issue
Funding Working Capital Requirements of our Company2423.72
Repayment and/or pre-payment, in part, of borrowing availed by our Company400.00
Towards Talent Acquisition for Business Marketing and Development activities180.00
General Corporate Purposes636.54
Disclaimer: The financial data on this page is auto-extracted from the company's offer document (RHP/DRHP) and is provided for education only. DostIpo is not a SEBI-registered investment adviser; verify all figures against the official prospectus before making any investment decision. Investments in the securities market are subject to market risks.
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Last updated: 02 Sep 2026, 22:25 IST