Fly Hi Maritime Travels
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 0.27×
- Retail individualRII · up to ₹2 lakh
- 3.07×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 9 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Sept 2026 | ₹1 | +0.98% | ₹900 | ₹103 | ₹1,200 |
| 07 Sept 2026 | ₹1 | +0.98% | ₹900 | ₹103 | ₹1,200 |
| 06 Sept 2026 | ₹1 | +0.98% | ₹900 | ₹103 | ₹1,200 |
| 05 Sept 2026 | ₹1 | +0.98% | ₹900 | ₹103 | ₹1,200 |
| 04 Sept 2026 | ₹1 | +0.98% | ₹900 | ₹103 | ₹1,200 |
| 03 Sept 2026 | ₹1 | +0.98% | ₹900 | ₹103 | ₹1,200 |
| 02 Sept 2026 | ₹20 | +19.61% | ₹18,200 | ₹122 | ₹24,000 |
| 01 Sept 2026 | ₹12.5 | +12.25% | ₹11,400 | ₹114.5 | ₹15,000 |
| 31 Aug 2026 | ₹5 | +4.90% | ₹4,600 | ₹107 | ₹6,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Sept 2026 – 03 Sept 2026
- Listing date
- 08 Sept 2026
- Face value
- ₹5 per share
- Price band
- ₹102
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Fixed Price issue
- Listing at
- BSE
- Total issue size
- ₹52.63 Cr
- Fresh issue
- ₹39.74 Cr 38,96,400 shares
- Offer for sale
- ₹10.2 Cr 9,99,600 shares
- Market cap at offer price
- ₹145 Cr
- Promoter holding
- 80.00% → 49.48% pre-issue → post-issue
- ISIN
- INE2J7801015
- CIN
- U63030DL2021PLC387367
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Corporate Makers Capital Ltd.
- Registered office
- SF-04, 2nd Floor, Vasant Square Mall, Vasant Kunj, New Delhi- 110070
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 0 | 0.00% | 0.00% |
| Anchor investor · within QIB | 0 | — | 0.00% |
| NII (HNI) | 25,80,000 | 50.00% | 47.57% |
| bNII > ₹10L · within NII | 25,80,000 | — | 47.57% |
| sNII < ₹10L · within NII | 0 | — | 0.00% |
| Retail (RII) | 25,80,000 | 50.00% | 47.57% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,64,000 | — | 4.87% |
| Total issue | 54,24,000 | — | 100.00% |
Net offer to the public of 51,60,000 shares, out of a total issue of 54,24,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹102
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,22,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,44,800 |
| S-HNI (max) | 8 | 9,600 | ₹9,79,200 |
| B-HNI (min) | 9 | 10,800 | ₹11,01,600 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹102 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.41 | 5.94 |
| P/E (×) | 12.13 | 17.17 |
| Price to book (×) | 0.01 | — |
| Market cap | — | ₹145 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 44.08%
- ROCE
- 45.18%
- Debt / equity
- 1.05
- PAT margin
- 7.59%
- EBITDA margin
- 11.60%
- NAV per share
- ₹9,534
- Price to book
- 0.01
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 62.21 | 45.75 | 45.41 |
| Revenue from operations | 62.04 | 45.4 | 45.08 |
| Other income | 0.18 | 0.35 | 0.33 |
| Total expenses | 50.85 | 41.03 | 42.87 |
| Operating profit | 11.36 | 4.72 | 2.54 |
| Operating margin | 18.26% | 10.32% | 5.59% |
| Profit before tax | 11.36 | 4.71 | 2.53 |
| Profit after tax | 8.43 | 3.44 | 1.82 |
| PAT margin | 13.55% | 7.52% | 4.01% |
| Balance sheet | |||
| Total assets | 37.94 | 23 | 16.47 |
| Current assets | 30.99 | 16.75 | 14.98 |
| Current liabilities | 15.69 | 9.22 | 8.49 |
| Total liabilities | 19.98 | 13.47 | 10.38 |
| Net worth | 17.96 | 9.53 | 6.09 |
| Current ratio | 1.98× | 1.82× | 1.76× |
| Return on equity | 46.94% | 36.10% | 29.89% |
| Cash flow | |||
| Operating cash flow | -0.98 | 0.92 | -0.92 |
| Investing cash flow | -0.97 | -4.84 | -0.99 |
| Financing cash flow | 2.05 | 4.65 | 1.64 |
| Net cash flow | 0.1 | 0.73 | -0.27 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding Working Capital Requirements ₹24.24 Cr
The company proposes to utilize funds to manage day-to-day operations and support business growth. The company offers credit terms to clients for travel bookings, visa services, and route planning, while suppliers typically work on advance payments, creating ongoing working capital requirements.
2 Repayment and/or Pre-payment of Borrowings ₹4 Cr
The company intends to repay in part certain outstanding borrowings availed from banks and financial institutions. This repayment will help reduce outstanding indebtedness and debt servicing costs, enabling utilization of internal accruals for further business growth.
3 Talent Acquisition for Business Marketing and Development Activities ₹1.8 Cr
The company plans to allocate funds for talent acquisition to onboard managerial sales and marketing personnel. This investment will allow the company to capitalize on competitive strengths, expand market presence, and drive sustainable revenue growth.
4 General Corporate Purposes ₹6.37 Cr
The company intends to deploy funds for general corporate purposes including meeting operating expenses, strengthening business development and marketing capabilities, meeting exigencies, and other purposes as approved by the Board of Directors.
About Fly Hi Maritime Travels
The company was incorporated as Fly-Hi Maritime Travels Private Limited on September 29, 2021, and later converted to a public limited company in December 2025. The company manages end-to-end travel arrangements for crew of commercial shipping companies, ensuring seamless movement from their home country to the port of boarding. The company handles airline tickets, ground travel, hotel stays, visa applications, and provides 24/7 support during crew travel. The company operates with a centralized model from its Mumbai corporate office and serves customers from more than 6 countries including Cyprus, Greece, USA, UK, Singapore, UAE and India.
Management
Jitendra Kumar Negi
MD
Mridul Dilip Singhvi
CEO
Strengths
As stated in the offer document
Proven Track Record
The company has been consistently performing over the last 3 years, covering the Russia-Ukraine war period which was testing for the commercial shipping industry, showing resilience to geopolitical pressures with revenue growing from ₹4,508.05 lakhs to ₹6,203.63 lakhs and PAT from ₹182.13 lakhs to ₹842.58 lakhs.
Experienced Management
The company is managed by qualified and experienced promoters - Mr. Jitendra Negi with 15+ years maritime industry experience and Mr. Mridul Dilip Sanghvi with 22+ years business experience, enabling better understanding of shipping company requirements and achieving good business volumes in short time.
Established Relationships with Customers
The company has built good relationships with customers over recent years, growing through word-of-mouth publicity from existing customers which helps in acquiring new customers, with focus on keeping customer requirements as first priority and continuously improving services.
Skilled and Hardworking Workforce
The company's achievements are due to disciplined and hardworking workforce providing top-notch service quality through complex planning, prompt feedback, and continuous real-time monitoring with 24/7 working schedule, with emphasis on continuous learning and skill development.
Distributor for better customer servicing
The company has appointed a distributor in UAE to be closer to international customers and take care of their needs, capitalizing on large international customers who prefer doing business in Dubai and helping reach new clients in international markets.
Business operation in outside India
The company operates from registered office in New Delhi and corporate office in Mumbai, providing cost advantage due to low manpower costs and other overheads, making the company competitive and ensuring good margins.
Risk factors
As stated in the offer document
Significant Revenue Dependence on Foreign Markets
The company derives approximately 90% of its revenue from markets outside India, particularly UAE, Cyprus, and UK. The company faces risks related to varying legal and regulatory systems, currency exchange rate fluctuations, political instability, and compliance challenges across different jurisdictions.
High Customer Concentration Risk
The company's top 10 customers account for 91.39% of revenue, with top 2 customers contributing 62.14% in FY 2025-26. Loss of any key customer could significantly impact revenues, and the company may have difficulty securing comparable business levels from alternative customers.
Substantial Working Capital Requirements
The company's working capital requirements have increased dramatically from ₹652.21 lakhs in FY 2024 to ₹2,026.41 lakhs in FY 2026, with estimated requirements of ₹4,704 lakhs for FY 2027. Inability to secure adequate working capital could severely impact operations and growth prospects.
Heavy Dependence on Exclusive Distributor
The company relies heavily on an exclusive distributor who contributed 66.83% of revenue in FY 2024-25 and 46.59% in FY 2025-26. Any dispute, service disruption, or termination of this relationship could result in significant loss of business and adversely affect revenues.
Critical Supplier Dependency
The company's top 10 suppliers account for over 94% of total purchases, creating significant operational risk. Any adverse changes in supplier relationships, withdrawal of services, or inability to enter new supplier arrangements could severely disrupt operations.
Persistent Statutory Compliance Delays
The company has experienced repeated delays in GST, TDS, EPF, and ESIC filings, with some delays extending up to 170 days. Continued non-compliance could result in penalties, regulatory scrutiny, and reputational damage affecting business operations.
Foreign Exchange Exposure Risk
Over 90% of the company's revenue is generated in foreign currencies (primarily AED and Euro), exposing it to significant foreign exchange fluctuations. The company recorded foreign exchange losses of ₹56.55 lakhs (0.91% of revenue) in FY 2025-26 and lacks formal hedging policies.