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
- 3.66×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Non-institutional | 24,48,000 | 14,10,000 | ₹14.38 Cr | 0.58× |
| Retail individual | 24,48,000 | 89,59,200 | ₹91.38 Cr | 3.66× |
| Total | 48,96,000 | 1,03,81,200 | ₹106 Cr | 2.12× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 03 Sept, 06:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 01 Sep 2026 – 03 Sep 2026
- Listing date
- 08 Sep 2026
- Face value
- ₹5 per share
- Price band
- ₹102
- Issue price
- ₹102 per share
- 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
- ₹10.20 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 ₹1.80 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
Fly-Hi Maritime Travels Limited (formerly Fly-Hi Maritime Travels Private Limited) was incorporated on September 29, 2021, and converted to a public limited company on December 8, 2025. The company specializes in providing comprehensive travel arrangements for crew members of commercial shipping companies, managing the seamless movement of crew from their home country to the port of boarding. The company handles airline tickets, ground travel arrangements, hotel accommodations, visa applications, and provides 24/7 support throughout the crew's journey. Revenue is generated through the provision of these services to shipping companies, with significant geographic diversification across UAE, Cyprus, UK, and other international markets. The company has two promoters, Jitendra Kumar Negi and Mridul Dilip Singhvi, and operates through an exclusive distributor model in certain markets.
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.
Company Analysis
from PROSPECTUSFly-Hi Maritime Travels Limited provides end-to-end crew travel management solutions for commercial shipping companies, encompassing global crew ticketing, accommodation arrangements, visa & immigration services, and ground logistics across maritime and travel services industries.
Fly-Hi Maritime Travels Limited (formerly Fly-Hi Maritime Travels Private Limited) was incorporated on September 29, 2021, and converted to a public limited company on December 8, 2025. The company specializes in providing comprehensive travel arrangements for crew members of commercial shipping companies, managing the seamless movement of crew from their home country to the port of boarding. The company handles airline tickets, ground travel arrangements, hotel accommodations, visa applications, and provides 24/7 support throughout the crew's journey. Revenue is generated through the provision of these services to shipping companies, with significant geographic diversification across UAE, Cyprus, UK, and other international markets. The company has two promoters, Jitendra Kumar Negi and Mridul Dilip Singhvi, and operates through an exclusive distributor model in certain markets.
Objects of the Issue
- Funding working capital requirements p.30
- Funding Working Capital Requirements of our Company 2,423.72 lakhs p.81
- Repayment and/or pre-payment, in part, of borrowing availed by our Company 400.00 lakhs p.81
- Towards Talent Acquisition for Business Marketing and Development activities 180.00 lakhs p.81
- General Corporate Purposes 636.54 lakhs p.81
- Not specified in this part of the document - objects of the offer section not provided in pages 176-252
- Funding capex and general corporate purposes ₹5,263.20 Lakhs total Issue size (₹4,243.61 Lakhs Fresh Issue + ₹1,019.59 Lakh Offer for Sale) p.264
Issue Structure
- Total Issue
- Upto 51,60,000 Equity Shares aggregating to ₹5,263.20 Lakhs
- Fresh Issue
- Upto 41,60,400 Equity Shares aggregating to ₹4,243.61 Lakhs
- Offer for Sale
- Upto 9,99,600 Equity Shares by Mr. Jitendra Kumar Negi aggregating to ₹1,019.59 Lakhs
- Price Band
- ₹102/- per Equity Share (Including a Premium of ₹97/-)
- Lot Size
- Bid Lot: 2400 Equity Shares and in multiples of 1200 Equity Shares thereafter for Individual Investors and 3600 Equity Shares and in multiples of 1200 Equity Shares for other than Individual Investors
- Face Value
- ₹5 (Rupees Five Only) per Equity Share
Business Model
The company earns revenue from the provision of end-to-end travel arrangement services for crew members of commercial shipping companies. Revenue is generated through sale of services including global crew ticketing, accommodation arrangements, visa & immigration processing, and ground logistics. The business model involves working with customers (shipping companies) who are introduced to an exclusive distributor for service delivery, while the company handles back-office operations and invoicing. The company derives 90.33% of its revenue from operations outside India, primarily from UAE (56.64%), Cyprus (29.48%), and UK (3.26%) as of FY 2025-26.
Business Segments
SWOT Analysis
- • Established presence in high-growth maritime crew management sector(p.25)
- • Strong international revenue generation with 90.31% from overseas markets(p.25)
- • High customer concentration enabling stable revenue base(p.25)
- • Experienced promoter-led management with established industry relationships(p.36)
- • Experienced management team with proven track record(p.90)
- • Established relationships with customers(p.90)
- • Skilled workforce(p.90)
- • Strong revenue and EBITDA growth trajectory(p.92)
- • High return on equity demonstrating operational efficiency(p.92)
- • Proven track record in operations(p.90)
- • International business operations presence(p.90)
- • Experienced management with deep shipping industry expertise(p.126)
- • Marquee customer base with multi-billion dollar companies(p.126)
- • Geographically diversified customer base reducing country-specific risks(p.126)
- • Recurring revenue from essential maritime logistics services(p.126)
- • Demonstrated financial resilience and profitability growth(p.130)
- • IATA accreditation as international ticketing agent(p.124)
- • Recent rapid revenue and profitability growth with 36.66% revenue increase and 144.69% PAT increase in FY2026(p.233)
- • Strong EBITDA margin improvement from 11.60% to 20.14% demonstrating operational leverage(p.227)
- • High return on equity of 61.29% and return on capital employed of 67.22% indicating efficient capital deployment(p.227)
- • Expanding market presence across multiple countries with crew transfer services(p.226)
- • Significant customer concentration risk with top 2 customers representing 62.14% of revenue(p.25)
- • High dependence on single exclusive distributor for 46.59% of revenue(p.30)
- • Elevated trade receivables with 146 days collection period in FY 2026(p.36)
- • Negative operating cash flows in past years (-₹98.20 lakhs in FY 2026)(p.32)
- • Recurring GST, TDS, EPF and ESI payment delays with multiple compliance violations(p.28)
- • Heavy reliance on third-party service providers with limited control(p.31)
- • Pending trademark litigation with significant damages claim of ₹200 crores(p.36)
- • Outstanding debt obligations of ₹1,296.70 lakhs with restrictive covenants(p.39)
- • Rising financial indebtedness requiring repayment(p.53)
- • Concentration of shareholding among promoters(p.70)
- • Negative operating cash flow in recent fiscal(p.92)
- • Heavy reliance on trade receivables for working capital(p.53)
- • Dependence on limited customer base for revenue(p.82)
- • Concentration of revenue in single industry segment(p.126)
- • High dependency on third-party aggregators limiting margins(p.126)
- • Significant customer concentration risk(p.133)
- • High supplier concentration creating vendor dependency(p.132)
- • Manual tracking processes creating operational inefficiencies(p.126)
- • Price volatility in key inputs impacting margins(p.126)
- • Negative operating cash flow in FY2026 of ₹(98.20) Lakhs due to working capital strain from receivables buildup(p.235)
- • High debt-to-equity ratio of 0.72 as of March 31, 2026 indicating material leverage(p.225)
- • Pending trademark infringement litigation with claimed damages of ₹2 crores threatening brand name usage(p.240)
- • Criminal litigation against promoter Jitendra Kumar Negi for alleged involvement in illicit liquor case(p.241)
- • Material outstanding dues to creditors of ₹2 creditors accounting for 85.53% of total trade payables(p.246)
- • Outstanding income tax demand notices totaling ₹19,11,155 for multiple assessment years under adjudication(p.244)
- • Expansion into additional geographic markets beyond current UAE, Cyprus, UK presence(p.22)
- • Acquisition of new shipping company clients to expand customer base(p.22)
- • Potential to enhance service offerings and technology infrastructure(p.41)
- • IPO capital deployment to strengthen working capital and infrastructure(p.30)
- • Expansion into emerging maritime markets(p.110)
- • Digitalization of crew travel processes(p.111)
- • Growing demand driven by rising maritime trade(p.108)
- • Increasing crew welfare and safety compliance requirements(p.108)
- • Expansion of offshore and remote region operations(p.111)
- • Value-added travel solutions for crew well-being(p.110)
- • Market expansion from USD 2.18 billion in 2024 to USD 4.25 billion by 2033(p.112)
- • Growing global maritime trade increasing crew movement demand(p.127)
- • Expansion into European and North American markets(p.127)
- • Cost advantage from India-based operations(p.127)
- • Diversification into non-shipping corporate travel market(p.127)
- • Expansion into specialized maritime segments like offshore and cruise lines(p.132)
- • Appointment of international distributors for market penetration(p.131)
- • Growth in global crew ticketing and maritime travel services market driven by commercial shipping expansion(p.226)
- • Development of proprietary software platform for maritime crew travel automation and real-time tracking(p.203)
- • Expansion of visa and immigration coordination services across multiple nationalities(p.226)
- • Diversification into hotel and ancillary travel services through existing vendor network(p.210)
- • Significant revenue exposure to foreign currency fluctuations (90.33% in foreign currency)(p.37)
- • Highly fragmented and competitive crew management industry with intense price competition(p.31)
- • Dependence on international shipping industry cycles and global economic conditions(p.22)
- • Regulatory changes and compliance requirements across multiple jurisdictions(p.25)
- • Political instability and geopolitical risks in operating markets(p.23)
- • Risk of service provider disruptions affecting crew movement and vessel schedules(p.22)
- • Natural calamities and force majeure events impact on operations(p.30)
- • Adverse India sovereign rating downgrades affecting financing availability(p.23)
- • Global crew shortage in maritime sector(p.109)
- • Geopolitical risks disrupting maritime routes(p.109)
- • Rising travel costs pressuring operators(p.109)
- • Technology integration challenges for maritime operations(p.109)
- • Limited visibility in global crew movements(p.109)
- • Global economic growth moderating(p.99)
- • Intense competition from travel management companies globally and domestically(p.127)
- • Evolving regulatory environment affecting operational costs(p.127)
- • Rapid technological disruption requiring continuous investment(p.127)
- • Talent retention challenges due to rising human resource costs(p.127)
- • Exposure to geopolitical disruptions affecting shipping routes(p.121)
- • Dependency on global maritime trade cycles and economic downturns(p.115)
- • Significant foreign exchange volatility exposure with exchange fluctuation loss of ₹56.55 Lakhs in FY2026(p.215)
- • Dependence on international airline ticketing and pricing which may become volatile during geopolitical events(p.210)
- • Regulatory changes in maritime and travel industry, visa policies, and GST compliance requirements(p.237)
- • Concentration of customer base in commercial shipping industry with only 6+ countries of operation(p.226)
- • Outstanding GST audit demand of ₹7,71,100 for FY2023-24 indicating compliance risk(p.245)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Jitendra Kumar Negi | Promoter/Promoter Group | — | — |
| Mr. Mridul Dilip Singhvi | Promoter/Promoter Group | — | — |
| Jitendra Kumar Negi | Promoter | 49.05% | 27.61% |
| Mridul Dilip Singhvi | Promoter | 30.95% | 21.87% |
| Jitendra Kumar Negi | Promoter and Managing Director & Chairman | 49.05% | — |
| Mridul Dilip Singhvi | Promoter and Whole Time Director | 30.95% | — |
| Jitendra Kumar Negi | Promoter & Managing Director | 49.05% | — |
| Mridul Dilip Singhvi | Promoter & Whole Time Director | 30.95% | — |
Leadership
Auto-extracted from the company's PROSPECTUS using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official PROSPECTUS before relying on it.