Fly-Hi Maritime Travels Ltd. IPO

Fly-Hi Maritime Travels Limited is a specialised travel-management company focused on providing end-to-end travel arrangements for crew members of commercial shipping companies. The company was incorporated in 2021 as Fly-Hi Maritime Travels Private Limited and was subsequently converted into a public limited company in December 2025.

The company manages travel requirements for seafarers and crew members who need to move from their home countries to the ports where they are scheduled to board commercial vessels. Its services are designed around the specialised requirements of maritime companies, where travel arrangements often need to be coordinated around vessel schedules, port timings and crew-change requirements.

Fly-Hi Maritime Travels provides a range of services covering global crew ticketing, visa and immigration coordination, OK-to-board confirmations, real-time travel monitoring, disruption handling, emergency support and boarding confirmation. Its operating model is designed to provide shipping companies with a centralised travel-management solution rather than requiring them to coordinate each travel requirement separately.

The company's business includes arranging airline tickets, route planning, ground transportation, hotel accommodation, visa-related coordination and other travel requirements for crew members. Because maritime crew movements are often time-sensitive, the company provides operational support around the clock to manage changes and disruptions.

Fly-Hi Maritime Travels serves commercial shipping companies operating across international markets. Its customers are located in more than six countries, including Cyprus, Greece, the United States, the United Kingdom, Singapore, the UAE and India.

The company also has an international presence through a distributor in the UAE. This provides access to customers outside India and supports its international crew-travel operations. The company states that its specialised focus on maritime crew travel differentiates it from conventional leisure and corporate travel businesses.

The maritime industry creates specific travel requirements because crew members are employed on vessels that operate across multiple countries and ports. Crew changes can require travel arrangements at short notice, and delays can affect vessel operations. Fly-Hi Maritime Travels attempts to address this requirement through specialised travel coordination and operational support.

The company's management team includes professionals with experience in the commercial shipping and travel sectors. Jitendra Kumar Negi is the Chairman and Managing Director, while Mridul Dilip Singhvi is a Whole Time Director. The company also has independent directors and dedicated finance and compliance personnel.

Fly-Hi Maritime Travels is headquartered in New Delhi, with its registered office at Vasant Kunj. The company also has a corporate office in Mumbai. Its official company contact information lists SF-04, 2nd Floor, Vasant Square Mall, Vasant Kunj, New Delhi, Delhi – 110070 as its registered office.

The company has grown its revenue and profitability significantly over the reported financial periods. Total income increased from ₹45.41 Cr in FY2024 to ₹45.75 Cr in FY2025 and ₹62.21 Cr in FY2026. Profit After Tax increased from ₹1.82 Cr in FY2024 to ₹3.44 Cr in FY2025 and ₹8.43 Cr in FY2026.

Revenue from operations increased from ₹45.08 Cr in FY2024 to ₹45.40 Cr in FY2025 and ₹62.04 Cr in FY2026. The increase in FY2026 was accompanied by a substantial improvement in profitability, with PAT rising by more than 145% compared with FY2025.

EBITDA also improved substantially. EBITDA increased from approximately ₹2.68 Cr in FY2024 to ₹5.27 Cr in FY2025 and ₹12.49 Cr in FY2026. The company's FY2026 EBITDA margin was approximately 20.14%.

The company's net worth increased from ₹6.09 Cr in FY2024 to ₹9.53 Cr in FY2025 and ₹17.96 Cr in FY2026. Total assets increased from ₹16.47 Cr in FY2024 to ₹23.00 Cr in FY2025 and ₹37.94 Cr in FY2026.

Fly-Hi Maritime Travels has also reduced its debt-to-equity ratio from 1.05 in FY2025 to 0.72 in FY2026. The company's FY2026 ROE and RoNW stood at approximately 61.29%, while ROCE was 67.22%.

The company's business is dependent on commercial shipping companies and their requirements for crew movement. Demand is therefore linked to global shipping activity, vessel movements, crew-change requirements and the operating environment of international maritime companies.

The company's specialised positioning provides an opportunity to develop long-term relationships with shipping companies. Once a travel-management provider becomes integrated into a customer's crew-movement process, recurring travel requirements can potentially create repeat business.

At the same time, the business is exposed to several risks. Customer concentration can affect revenue if major shipping clients reduce their business or move to alternative travel-management providers. International operations also expose the company to foreign-exchange movements, regulatory requirements and geopolitical conditions.

The company has a relatively small operating history, having been incorporated in 2021. Therefore, investors should consider whether the recent growth rate and profitability can be sustained as the business expands.

The IPO is a combination of a Fresh Issue and an Offer for Sale. The total issue comprises 51,60,000 equity shares at ₹102 per share, aggregating up to approximately ₹52.63 Cr. The Fresh Issue consists of 41,60,400 shares aggregating to approximately ₹42.44 Cr, while 9,99,600 shares are offered for sale by promoter Jitendra Kumar Negi, aggregating to approximately ₹10.20 Cr.

The company will use the net proceeds primarily for working capital, repayment or pre-payment of borrowings, business marketing and development activities and general corporate purposes.

Fly-Hi Maritime Travels operates in a specialised travel-management niche serving commercial shipping companies and their crew members. Its focus on maritime crew movement differentiates it from conventional travel agencies and provides exposure to recurring travel requirements generated by the global shipping industry.

The company offers a broad range of services, including crew ticketing, visa and immigration coordination, OK-to-board confirmations, travel monitoring, disruption management and emergency support. This integrated approach can provide value to shipping companies that require continuous coordination of crew movements across different countries and ports.

Financial performance has improved significantly. Total income increased from ₹45.41 Cr in FY2024 to ₹62.21 Cr in FY2026, while PAT increased from ₹1.82 Cr to ₹8.43 Cr. EBITDA also increased from approximately ₹2.68 Cr to ₹12.49 Cr over the same period.

The company's profitability ratios are also strong. FY2026 ROE/RoNW was 61.29%, ROCE was 67.22%, EBITDA margin was 20.14% and PAT margin was 13.58%. The debt-to-equity ratio stood at 0.72.

At ₹102 per share, the IPO is valued at approximately 12.13x pre-issue earnings and 17.17x post-issue earnings, based on EPS of ₹8.41 and ₹5.94 respectively. The post-issue valuation is higher because the Fresh Issue increases the company's share capital.

The IPO's use of proceeds is primarily focused on working capital, with ₹24.24 Cr allocated to this requirement. This reflects the operating nature of the business, where travel-related transactions and customer servicing can require substantial working capital.

The company also intends to spend ₹1.80 Cr on marketing and business development. Building relationships with additional commercial shipping companies could be important for maintaining revenue growth and reducing dependence on a limited customer base.

However, investors should consider the company's limited operating history and its dependence on the maritime industry. A slowdown in global shipping activity, changes in crew-management practices or loss of important customers could affect business performance.

International operations also introduce additional risks, including foreign-exchange movements, immigration regulations, geopolitical developments and travel disruptions. The company's ability to maintain reliable service during emergencies and disruptions is important to its reputation and customer relationships.

Overall, Fly-Hi Maritime Travels offers exposure to a specialised maritime travel-management business with strong recent revenue and profit growth, international operations and high FY2026 return ratios. The IPO valuation is based on a pre-issue P/E of 12.13x and post-issue P/E of 17.17x. Investors should nevertheless evaluate customer concentration, operating history, working-capital requirements, international exposure and the risks associated with SME-listed companies before making an investment decision.

Listing Performance

Fly-Hi Maritime Travels IPO has not yet listed as of 2 September 2026. The shares are scheduled to list on the BSE SME platform on 8 September 2026. Therefore, no actual listing price or listing gain/loss should be reported at this stage.

Fly-Hi Maritime Travels IPO applications can be made through ASBA and UPI mechanisms during the IPO bidding period. The minimum retail application is 2,400 shares, or 2 lots, requiring ₹2,44,800 at the issue price of ₹102.

Through UPI

1. Log in to your stockbroker app or website.
2. Open the IPO section.
3. Select Fly-Hi Maritime Travels IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account during the allotment process.
10. If shares are allotted, the applicable amount is debited; otherwise, the blocked amount is released according to the IPO process.