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Skyways Air Services

· NSE upcoming
Opens in 5 days · 24 Aug 2026
₹40
GMP* · 19 Aug, 06:20 pm
Price Band
₹131 – ₹138
Issue Size
₹583 Cr
1 lot at upper band
₹13,800
Lot Size
100
Open
24 Aug 2026
Close
27 Aug 2026
Allotment
—
Listing
01 Sept 2026

Scheduled dates

  1. Open
    24 Aug 2026
  2. Close
    27 Aug 2026
  3. Refund
    31 Aug 2026
  4. Demat credit
    31 Aug 2026
  5. Listing
    01 Sept 2026

GMP Trend*

Daily grey market premium (₹). Unofficial.

Latest GMP: ₹40 7 sessions

Subscription (times)

Latest per-category subscription.

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About Skyways Air Services

Skyways Air Services Limited (SASL), established in 1984, is India's leading air freight forwarder, consistently ranked No. 1 by World ACD for air cargo consignments handling for the last four calendar years (2022-2025). The company provides comprehensive logistics services including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, and technology-driven express cargo and parcel delivery across domestic and international markets. The company has evolved from a Custom House Agent to a multi-modal logistics service provider with operations across 28 cities in 12 states in India and maintains strategic alliances with major international airlines and global logistics networks.

www.skyways-air.in ↗

Strengths

  • Experienced Promoters
    The company is led by experienced promoters Mr. Yashpal Sharma and Mr. Tarun Sharma, having cumulative experience of more than two decades in logistics industry with deep understanding of trade dynamics and regulatory framework.
  • Comprehensive range of Logistics Solutions
    The company provides comprehensive suite of services including air cargo, ocean cargo, express cargo, customs clearance, warehousing, and advanced supply chain management software, accredited with ISO 9001:2015 certification valid through January 2027.
  • Broad network of partners that enhances reach
    The company maintains strategic affiliations with global logistics networks including WCA, AOP, C5C, MGLN, GFA, and TWIG, encompassing over 26,300 logistics partners and exclusive agents worldwide.
  • Strong collaborations with a diverse and wide-ranging customer base
    The company serves diverse clientele across multiple industry verticals including pharmaceuticals (22.89% of revenue in FY26), textiles & apparels (13.04%), and serves 9,504 customers in FY26.
  • Information Technology and its Infrastructure driving Operational Effectiveness
    The company's proprietary software platform SLS 100x is actively deployed by 5,587 registered users, with direct airline integrations and advanced technologies like OCR, RPA, and machine learning algorithms.
  • Long-standing business relationships with clientele
    The company maintains enduring partnerships with clients since inception, with some client relationships dating back to 2010, demonstrating sustained trust and service excellence over multiple years.

Risk Factors

  • 100% Dependency on Third-Party Carriers for Cargo Transportation
    The company relies entirely on third-party carriers for transportation of cargo as it does not operate its own aircraft or shipping lines. Any disruption in carrier availability, cost fluctuations, or service disruptions could materially and adversely affect the company's business operations and financial condition, as 97.83% of total revenue comes from freight forwarding services.
  • Geopolitical Tensions and Global Conflicts Impact Operations
    Ongoing geopolitical conflicts including the Russian invasion of Ukraine, Israel-Hamas war, and Iran-Israel conflict create significant uncertainty in the global economy. These events have already caused air freight realization to decline by 7.88% and ocean freight realization to decline by 18.79% in Fiscal 2026, with potential for further adverse impacts on supply chains and operations.
  • Concentration Risk with Limited Number of Suppliers
    The company procures 36.01% of its cost of service from top 5 suppliers and 49.00% from top 10 suppliers as of March 31, 2026. Any failure to maintain good business relations with these limited air carriers could adversely impact the company's business operations and results, particularly given the limited number of carriers in the air cargo industry.
  • High Working Capital Requirements Funded Through Borrowings
    The company has significant working capital requirements funded primarily through borrowings (86.23% in Fiscal 2026). With a working capital gap of ₹31,107.09 Lakhs as of March 31, 2026, and debt-to-equity ratio of 1.26, any inability to access adequate working capital loans on commercially reasonable terms may adversely affect business operations.
  • Geographic Revenue Concentration in Asia Region
    The company derives 85.51% of its total revenue from Asia region as of March 31, 2026. This geographical concentration heightens exposure to adverse developments related to competition, economic and demographic changes in these regions, which may adversely affect business prospects and financial conditions.
  • Criminal Proceedings Against Company and Material Subsidiary
    FIR no. 172/25 has been filed against the company, its material subsidiary Brace Port Logistics Limited, and 7 other parties under multiple sections of Bharatiya Nyaya Sanhita 2023. The complainant alleges business exceeding ₹8,000 lakhs was conducted and claims estimated direct loss of ₹4,420 lakhs, which could adversely impact operations and reputation.
  • Negative Cash Flows from Operating Activities
    The company experienced negative cash flows from operating activities of ₹904.17 lakhs in Fiscal 2024, though it improved to positive ₹11,361.60 lakhs in Fiscal 2026. Sustained negative cash flows could adversely impact the company's ability to operate business and implement growth plans.

Objects of the Issue

  • Repayment/pre-payment of outstanding borrowings
    The company proposes to utilize proceeds for repayment or prepayment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiary Forin Container Line Private Limited. This will help reduce outstanding indebtedness and debt servicing costs.
    216.79 crores
  • Funding incremental working capital requirements
    The company proposes to utilize proceeds towards funding its incremental working capital requirements to support projected business growth and operations. This will reduce dependence on supplier credit and enable timely settlement of dues with vendors.
    130.00 crores
  • General corporate purposes
    The company intends to deploy balance proceeds for general corporate purposes including strategic initiatives, brand building exercises, funding growth opportunities and ongoing corporate exigencies. The amount shall not exceed 25% of gross proceeds.

Financial Snapshot

Annual values as reported in the offer document.

Year endRevenueRev. growthProfitProfit growthAssetsEquityOperating cash flow
31/03/20262839.67+25.0%63.52+31.9%1508.24494.74113.62
31/03/20252270.99+72.5%48.14+39.6%1321.64392.322.01
31/03/20241316.81—34.49—790.35186.06-9.04
Units: crores

Issue Details

Face Value
₹10
ROCE
14.61%
Shares / Lot
100
Minimum Bid
100 shares
Refund
31 Aug 2026
Credit to Demat
31 Aug 2026
ISIN
INE0PX301025
CIN
U74899DL1984PLC019666
Registrar
Bigshare Services Pvt.Ltd.
Lead Managers
Holani Consultants Pvt.Ltd.
Registered Office
RZ 128-129A, Mahipalpur Extension NH-8, New Delhi, Delhi, India, 110037
RHP ↗DRHP ↗

Management

Yashpal SharmaMD
Tarun SharmaCEO
Himanshu ChhabraCFO
Rohit SehgalCOO
Rajiv Gul HariramaniCTO

* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.