Highlights
| Issue Size – 4,22,31,600 shares | Issue Open/Close – 24 Aug / 27 Aug, 2026 |
| Price Band (Rs.) 131-138 | Issue Size (Rs.) – 5,828 mn |
| Face Value (Rs) 10 | Lot Size (shares) – 100 |
Skyways Air Services Limited (SASL) incorporated in 1984 is a well-established logistics and freight forwarding company with over four decades of experience in India’s air freight forwarding and logistics sector. They provide 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.
SASL 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, and has established a strong market position with global connectivity, being consistently ranked the No. 1 Air freight forwarder by AWBs generated for four consecutive years from 2022-25.
SASL served nearly 9,500+ customers in FY26, supported by a strategically established network across 28 cities in 12 states of India (including the Union Territory of Delhi), enabling consistent, reliable, and locally-informed management of international logistics flows.
Out of the total proceeds of Rs. 5,828 mn, Rs. 2,168 mn would go towards repayment/pre-payment of certain outstanding borrowings availed by the company and its subsidiaries, Rs. 1,300 mn would go towards funding incremental working capital requirements and Rs. 520 mn go towards funding general corporate purposes. Additionally, Rs. 1,840 is going towards promoter selling shareholders of the company.
Key Highlights
- India’s logistics sector, valued at USD 215 bn in 2021, is projected to USD 357 bn by FY26 at a 10.7 pct CAGR. Air freight volumes grew from 3.33 mn tonnes in FY20 to 3.96 mn tonnes in FY26, led by international freight, which increased its share from 60.2 pct to 61.9 pct, driven by pharma, electronics and e-commerce exports.
- SASL serves a broad network of smaller air freight forwarders, sub-agents, and logistics firms in addition to large enterprises, acting as a freight consolidator to aggregate lower-volume shipments into significant loads – unlocking operational efficiency and securing highly competitive freight rates.
- SASL manages end-to-end logistics, from cargo collection at warehouses or manufacturing facilities to delivery at shipping terminals. Further, overseeing customs clearance, documentation, and air waybill generation, while offering customized warehousing and cargo handling solutions that ensure secure, efficient, and timely delivery across diverse supply chain scenarios.
- SASL leverages proprietary technology platforms such as ASAP for integrated platform for freight rate discovery, booking and shipment tracking; SLS HIKE for workflow automation and shipment lifecycle management; SLS 100X & SLS 100X 2.0 for digital freight rate discovery and booking; Cargo Dash for operational dashboards and shipment monitoring; and Skart-Edge , a fast, transparent courier booking for franchise partners and direct customers.
- SASL maintains strategic alliances and performance-based agreements with leading global airlines, including Saudi Cargo, Air India Cargo, Emirates, Lufthansa and Qatar Airways, strengthening access to international routes and cargo capacity while enhancing service reliability and providing competitive transit times.
- SASL has strategic affiliations with leading global logistics networks including WCA, AOP, C5C, MGLN, GFA and TWIG, providing access to over 26,300 logistics partners and exclusive agents worldwide and enabling global reach without significant fixed infrastructure investments
- SASL’s key growth strategies include (i) To keep growing and strengthening existing operations, (ii) increasing the development of infrastructure, (iii) strengthen and enhance connections with customer, (iv) improve and strengthen technological abilities, (v) venture into rapidly developing global markets, and (vi) diversifying its service portfolio.
- The sales of the company have grown by 47.72 pct CAGR over FY24-26 and EBITDA/profit has grown 61.32 pct CAGR/35.67 pct CAGR over the same period. In FY26, the company reported sales of Rs. 28,129 mn, rose 25.14 pct YoY. EBITDA of the company increased 45.32 pct YoY to Rs. 1,257 mn. In FY26, the company posted profit of Rs. 635 mn, up 32.02 pct YoY.
Key Risk
- The company faces complete reliance on third-party carriers for cargo transportation, exposing it to capacity, cost, and service disruption risks.
- SASL’s freight forwarding business is closely linked to trade volumes and broader economic conditions, and any slowdown driven by weaker global demand, geopolitical uncertainties, or sector-specific declines can reduce cargo movement and negatively affect sales.
- SASL faces geographic concentration risk, with 85.51 pct sales is dependent on Asia region, making it vulnerable to economic downturns, political instability of those areas.
- SASL contingent liabilities and commitments stood at 86.90 pct of its total net worth, if materialized, these could adversely affect its financial condition and results of operations.
Financial Performance
| Particulars (Rs. mn) | FY24 | FY25 | FY26 | CAGR | YoY |
| Sales | 12,891 | 22,478 | 28,129 | 47.72% | 25.14% |
| EBITDA | 483 | 865 | 1,257 | 61.32% | 45.32% |
| EBITDA Margin % | 3.75% | 3.85% | 4.47% | ||
| Profit | 345 | 481 | 635 | 35.67% | 32.02% |
| Profit Margin % | 2.68% | 2.14% | 2.26% | ||
| ROE % | 22.37% | 19.52% | 14.15% | ||
| ROCE % | 15.57% | 14.61% | 18.11% | ||
| RONW % | 20.26% | 15.85% | 12.33% | ||
| Net Fixed Asset Turnover (X) | 12.21 | 13.98 | 14.14 |
Source: – RHP.
Peer Comparison based on FY26 Financials.
| Particulars (Rs. mn) | Skyways Air Services | Delhivery | Mahindra Logistics | TVS Supply Chain Solution | Shadowfax Technologies |
| Sales | 28,129 | 1,05,083 | 69,993 | 1,10,030 | 42,024 |
| EBITDA | 1,257 | 6,213 | 3,689 | 8,590 | 2,118 |
| EBITDA Margin % | 53.21% | 66.26% | 59.88% | 45.85% | 41.91% |
| Profit | 635 | 1,525 | 106 | 1,170 | 1,117 |
| Profit Margin % | 2.26% | 1.45% | 0.15% | 1.06% | 2.66% |
| ROE % | 14.15% | 1.60% | 0.28% | 5.96% | 9.29% |
| ROCE % | 18.11% | (0.77)% | 7.38% | 13.24% | 5.41% |
| RONW % | 12.33% | 1.58% | 0.19% | 5.62% | 6.40% |
| Net Fixed Asset Turnover (X) | 14.14 | 3.60 | 7.66 | 5.41 | 8.60 |
Source: – RHP.
Valuation
Skyways has constantly innovated and expanded its growth avenues. The company has also expanded its serviceable geography by becoming an active member of multiple global logistics networks, like World Cargo Alliance (WCA), Air & Ocean Partners (AOP) etc. The networks serve as structured platforms for cooperation among international freight forwarders and logistics service providers. These affiliations not only expand SASL international reach but also enhance their capability to deliver consistent service quality, regardless of destination, cargo type, or complexity of shipment. At the upper end of the price band of Rs. 138, the issue is priced at an PE of 32x its FY26 post issue capital. The issue appears to be fully priced.
Disclaimer: The views shared in blogs are based on personal opinions and do not reflect the company’s views. Investment involves risk, and it is advisable to consult a financial advisor before making any investment through the app. The decision to invest is solely that of the investor, and the company or its communication cannot be held responsible for it.
