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Sat, 15 Aug 2026
04:06:58 pm
Sat, 15 Aug 2026
04:06:58 pm
Synopsis
Skyways Air Services IPO opens on August 24 at ₹131 to ₹138 per share. Check IPO size, lot size, financials, dates and listing details.
Skyways Air Services IPO will open for subscription on August 24, 2026, and close on August 27. The ₹582.80 crore IPO includes a ₹398.80 crore fresh issue and a ₹184 crore offer for sale. The price band is ₹131 to ₹138 per share, with a lot size of 100 shares. Retail investors need ₹13,800 at the upper price band for one lot. The company is scheduled to list on NSE and BSE on September 1, 2026.
The financial performance shows strong revenue and profit growth, with total income rising to ₹2,839.67 crore in FY26 from ₹2,270.99 crore in FY25 and PAT increasing to ₹63.52 crore from ₹48.14 crore. EBITDA also rose to ₹125.65 crore, while the EBITDA margin improved to 4.47%. However, total borrowings increased to ₹624.06 crore, ROE declined to 14.15% and the IPO includes a sizeable offer for sale. So, whether investors should apply depends on how they view the company's earnings growth, debt levels and working capital needs.
Skyways Air Services is raising ₹582.80 crore through a combination of fresh issue and offer for sale. The fresh issue will provide up to ₹398.80 crore to the company, while ₹184 crore will be raised through the sale of existing shares.
| IPO metric | Details |
|---|---|
| IPO size | ₹582.80 crore |
| Fresh issue | ₹398.80 crore |
| Offer for sale | ₹184 crore |
| Price band | ₹131 to ₹138 |
| Face value | ₹10 |
| Lot size | 100 shares |
| Retail minimum investment | ₹13,800 |
| Market cap at upper price | ₹2,005.74 crore |
| Issue type | Bookbuilding IPO |
| Listing | NSE, BSE |
| IPO opens | August 24, 2026 |
| IPO closes | August 27, 2026 |
| Allotment | August 28, 2026 |
| Listing | September 1, 2026 |
Skyways Air Services is a logistics and freight forwarding company incorporated in 1984. It provides air and ocean freight forwarding, trucking, warehousing, customs broking and cargo delivery services. The company has also developed technology platforms for freight booking, shipment tracking, workflow automation, documentation and operational reporting.
The company has partnerships with airlines including Saudi Cargo, Air India Cargo, Emirates and Lufthansa. As of June 30, 2026, it had 320 employees, while the company and its subsidiaries had 1,193 employees as of March 31, 2026.
The financial numbers show a clear improvement in revenue, profit and EBITDA. Total income increased from ₹1,316.81 crore in FY24 to ₹2,839.67 crore in FY26. PAT increased from ₹34.49 crore to ₹63.52 crore during the same period. EBITDA rose from ₹48.34 crore to ₹125.65 crore.
However, borrowings also increased from ₹357.34 crore in FY24 to ₹624.06 crore in FY26. This makes debt and working capital important factors to monitor after the IPO.
| Financial metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total income | ₹1,316.81 crore | ₹2,270.99 crore | ₹2,839.67 crore |
| Profit after tax | ₹34.49 crore | ₹48.14 crore | ₹63.52 crore |
| EBITDA | ₹48.34 crore | ₹86.49 crore | ₹125.65 crore |
| Net worth | ₹154.26 crore | ₹247.14 crore | ₹332.64 crore |
| Total borrowings | ₹357.34 crore | ₹558.43 crore | ₹624.06 crore |
| Total assets | ₹790.35 crore | ₹1,321.64 crore | ₹1,508.24 crore |
Skyways Air Services reported ROCE of 18.11% in FY26, up from 14.61% in FY25. EBITDA margin also improved from 3.85% to 4.47%, while PAT margin increased from 2.14% to 2.26%.
At the same time, ROE declined from 19.52% to 14.15%, while RoNW fell from 15.85% to 12.33%. This gives a mixed picture, with operating efficiency improving but some return ratios declining.
| Financial metric | FY25 | FY26 |
|---|---|---|
| ROE | 19.52% | 14.15% |
| ROCE | 14.61% | 18.11% |
| RoNW | 15.85% | 12.33% |
| PAT margin | 2.14% | 2.26% |
| EBITDA margin | 3.85% | 4.47% |
| NAV | ₹23.40 | ₹28.91 |
The company plans to use ₹216.79 crore towards repayment or prepayment of borrowings and ₹130 crore towards incremental working capital requirements. The remaining amount is intended for general corporate purposes.
This means a substantial part of the fresh capital will be used to reduce borrowings, while working capital will also receive additional funding.
| IPO object | Amount |
|---|---|
| Repayment or prepayment of borrowings | ₹216.79 crore |
| Incremental working capital | ₹130 crore |
| General corporate purposes | Balance |
| Total stated amount | ₹346.79 crore |
The biggest positive is the company's recent revenue and profit growth. Total income increased 25% in FY26, while PAT rose 32%. EBITDA growth was also strong, and the EBITDA margin improved.
The company also operates across several logistics services instead of depending on a single service line. Its air freight, ocean freight, warehousing, trucking and customs-related operations give it exposure to different parts of the logistics chain.
The main point to watch is borrowings. Total debt increased to ₹624.06 crore in FY26 from ₹558.43 crore in FY25. The company is using ₹216.79 crore of the IPO proceeds to repay or prepay borrowings, but working capital requirements remain significant.
The second factor is profitability. Although PAT has grown, the PAT margin is only 2.26%. A relatively small change in costs or operating conditions can therefore have an impact on profit.
The offer for sale of ₹184 crore is another factor investors may consider because these proceeds go to selling shareholders rather than the company.
At the upper price band, Skyways Air Services has a market capitalisation of ₹2,005.74 crore. EPS is ₹5.46 before the issue and ₹4.37 after the issue. The supplied IPO information does not provide a P/E figure.
| Valuation metric | Pre-IPO | Post-IPO |
|---|---|---|
| EPS | ₹5.46 | ₹4.37 |
| Market cap at offer price | - | ₹2,005.74 crore |
The numbers present both positives and areas to watch. Revenue, PAT and EBITDA have grown strongly, and EBITDA margin has improved. The company also plans to use a significant portion of the fresh issue for debt repayment and working capital.
On the other hand, borrowings have increased, ROE has declined and the PAT margin remains relatively low. The IPO also includes a ₹184 crore offer for sale.
For investors considering the IPO, the main factors to assess are earnings growth, debt levels, working capital requirements and the company's ability to maintain its improved margins. The supplied financial data does not by itself establish a direct "Buy" or "Avoid" call, so the decision should be based on an investor's own assessment of the IPO price and the company's future earnings.
The IPO has 49.92% reserved for QIBs, 15.04% for NIIs and 35.04% for retail investors. Retail investors can apply for a minimum of 100 shares.
| Investor category | Shares | Allocation |
|---|---|---|
| QIB | 2,10,80,000 | 49.92% |
| NII | 63,51,600 | 15.04% |
| Retail | 1,48,00,000 | 35.04% |
| Total | 4,22,31,600 | 100% |
The Skyways Air Services IPO will open on August 24, 2026, and close on August 27, 2026.
The price band is ₹131 to ₹138 per share.
The lot size is 100 shares. At the upper price band of ₹138, the minimum retail investment is ₹13,800.
The IPO is worth ₹582.80 crore, comprising a ₹398.80 crore fresh issue and a ₹184 crore offer for sale.
The tentative listing date is September 1, 2026, on NSE and BSE.
Skyways Air Services is a logistics and freight forwarding company providing air and ocean freight forwarding, trucking, warehousing, customs broking and cargo delivery services.
The company reported total income of ₹2,839.67 crore and PAT of ₹63.52 crore in FY26. EBITDA stood at ₹125.65 crore.
The company's total borrowings stood at ₹624.06 crore in FY26, compared with ₹558.43 crore in FY25.
At the upper price band of ₹138, the company's market capitalisation is ₹2,005.74 crore.
The company plans to use ₹216.79 crore for repayment or prepayment of borrowings and ₹130 crore for incremental working capital requirements. The remaining amount will be used for general corporate purposes.
Promoter and promoter group holding is expected to fall from 79.14% to 56.82%, while public shareholding is expected to increase from 20.86% to 43.18% after the IPO.
Investors can track revenue growth, profit margins, borrowings and working capital requirements as the company expands its logistics operations.
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