Fly-Hi Maritime Travels SME IPO

Strengths · 8

• 01Profit has grown more than four times in two years, from Rs 1.82 crore in FY2024 to Rs 3.44 crore in FY2025 and Rs 8.43 crore in FY2026.
• 02Sales grew 36% in FY2026, from Rs 45.75 crore to Rs 62.21 crore.
• 03EBITDA rose sharply from Rs 2.68 crore in FY2024 to Rs 5.27 crore in FY2025 and Rs 12.49 crore in FY2026.
• 04Return ratios are very high, with RoCE of 45.18% and RoNW of 44.08%, and the issue is priced at about 17.17 times earnings on an EPS of Rs 5.94.
• 05This is a niche business. Crew travel has to match ship schedules and joining windows, which needs specialist knowledge that a general travel agent does not have.
• 06It is accredited by IATA, which is needed to issue airline tickets directly, and is recognised as a startup by the DPIIT.
• 07It serves shipping companies in more than six countries including Cyprus, Greece, the USA, the UK, Singapore and the UAE, so it is not dependent on Indian customers alone.
• 08It is an asset light service business. It does not own aircraft, ships or hotels, so it does not carry heavy fixed assets.

Risks · 10

• 01The company is very young, having started only in September 2021, so it has under five years of operating history.
• 02Sales were flat before the latest year. Total income was Rs 45.41 crore in FY2024 and Rs 45.75 crore in FY2025, so almost all the growth has come in a single year.
• 03The company is small and is raising a lot relative to its size. Net worth was Rs 17.96 crore as on 31 March 2026 against an issue of Rs 52.63 crore, which is close to three times its own funds.
• 04Borrowing of Rs 12.97 crore is high against a net worth of Rs 17.96 crore.
• 05This is a travel booking business, so the earnings depend on commissions and service fees. Airlines can change commission terms, and fare swings affect both cost and margin.
• 06Demand depends on shipping activity and crew rotation volumes. A downturn in global trade or shipping reduces crew movement directly.
• 07The customer base is a limited set of commercial shipping companies, so losing a few accounts would be felt quickly.
• 08This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
• 09Promoter holding falls sharply from 80% to 49.48%, which leaves the promoters below a half share.
• 10This is a fixed price SME issue at Rs 102 per share, so there is no price discovery through bidding. One lot is 1,200 shares, about Rs 1.22 lakh, and SME shares usually trade in low volume after listing.

Fly-Hi Maritime Travels Limited was started in September 2021. It is a specialised travel company that works only for the shipping industry. Its job is to move seafarers from their home country to the port where they are to join their ship, and back again.

For each crew member it arranges air tickets, plans the route, books ground transport and hotels, coordinates the visa and gives round the clock travel support. Its services include global crew ticketing, visa and immigration work, OK-to-board confirmations, live tracking of the journey, handling of delays and cancellations, emergency support and confirmation of boarding. All of this has to fit the ship's schedule and the window in which the crew must join, so timing matters more than in ordinary travel booking.

The company runs a centralised operation from its Mumbai corporate office and also has a distributor in the UAE to serve some international customers. It works for commercial shipping companies in more than six countries, including Cyprus, Greece, the USA, the UK, Singapore, the UAE and India. It is accredited by the International Air Transport Association and its registered office is recognised as a startup by the DPIIT. As on 31 July 2026 it had 54 employees.

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