Incorporated in December 1984, Skyways Air Services Limited (SASL) is a well-established logistics and freight forwarding company with over four decades of experience in India’s air freight forwarding and logistics sector. The Company provides a comprehensive range of logistics solutions, including air and ocean freight forwarding, trucking, warehousing, customs broking, technology-driven express cargo and parcel delivery, and other value-added services. It has evolved from a Custom House Agent into a multi-modal logistics service provider offering end-to-end supply chain solutions across domestic and international markets.
The Company has a strong market position and global connectivity, being consistently ranked No. 1 Air Freight Forwarder in terms of AWBs generated by World ACD for the last four calendar years from 2022 to 2025. Its operations are supported by strategic alliances with leading international airlines, including Saudi Cargo, Air India Cargo, Emirates and Lufthansa, along with memberships in global logistics networks such as WCA, AOP, C5C, MGLN, GFA and TWIG. The Company has also developed proprietary technology platforms such as SLS HIKE, SLS 100X, SLS 100X 2.0, Cargo Dash, Skart-Edge and the upcoming ASAP platform to support freight booking, shipment tracking, workflow automation, documentation and operational reporting.
As of June 30, 2026, the Company had 320 employees across top-level management, accounts and finance, HR and administration, global logistics and corporate strategy, sales and marketing, and operations. The Company also has a broader employee base of 1,193 employees across the Company and its subsidiaries as of March 31, 2026. Its technology subsidiary, sGate Tech Solutions Private Limited, further supports the digital transformation of its logistics operations.
Strengths
Skyways Air Services Ltd.’s revenue increased by 25% and profit after tax (PAT) rose by 32% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,508.24 | 1,321.64 | 790.35 |
| Total Income | 2,839.67 | 2,270.99 | 1,316.81 |
| Profit After Tax | 63.52 | 48.14 | 34.49 |
| EBITDA | 125.65 | 86.49 | 48.34 |
| NET Worth | 332.64 | 247.14 | 154.26 |
| Total Borrowing | 624.06 | 558.43 | 357.34 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Shiprocket Ltd. | Mainboard | ₹1,617.48 Cr | ₹97 | -77.6 | ₹143.45 | +47.89% | ₹140.81 |
| Shadowfax Technologies Ltd. | Mainboard | ₹1,907.27 Cr | ₹124 | 1017.96 | ₹109.98 | -11.31% | ₹255.39 |
| Om Freight Forwarders Ltd. | Mainboard | ₹122.31 Cr | ₹135 | 19.56 | ₹85.57 | -36.61% | ₹94.92 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the Company and Subsidiary Forin Container Line Pvt.Ltd.. | 216.79 |
| 2 | Funding incremental working capital requirements of the Company. | 130.00 |
| 3 | General Corporate Purposes | |
| Total | 346.79 |
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 14.15% | 19.52% |
| ROCE | 18.11% | 14.61% |
| RoNW | 12.33% | 15.85% |
| PAT Margin | 2.26% | 2.14% |
| EBITDA Margin | 4.47% | 3.85% |
| NAV | 28.91 | 23.40 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 5.46 | 4.37 |
| IPO Date | 24 to 27 Aug, 2026 |
| Listing Date | Tue, Sep 1, 2026T |
| Face Value | ₹10 per share |
| Price Band | ₹131 to ₹138 |
| Lot Size | 100 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 4,22,31,600 shares (agg. up to ₹583 Cr) |
| Fresh Issue | 2,88,98,300 shares (agg. up to ₹399 Cr) |
| Offer for Sale | 1,33,33,300 shares of ₹10 (agg. up to ₹184 Cr) |
| Share Holding Pre Issue | 11,64,45,244 shares |
| Share Holding Post Issue | 14,53,43,544 shares |
As per our analysis and Based on the information we have, this is the output.
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