Fly-Hi Maritime Travels Ltd.
FLY-HISME
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Overview
Fly-Hi Maritime Travels Limited is a niche marine travel management company that provides end-to-end crew logistics for commercial shipping operators, covering flight ticketing, route design, ground transfers, hotels, visa and immigration coordination, “OK to board” clearances, and 24/7 disruption handling so seafarers reach the correct port on schedule. The company runs a centralized operations setup (corporate office in Mumbai) and serves shipping clients across multiple countries, supported by supplier tie-ups/aggregators and an overseas distributor presence in the UAE.
Opening Date
Sep 01, 2026
Closing Date
Sep 03, 2026
Listing Date
Sep 08, 2026
IPO Type
SME
IPO Status
Closed
Issue Size
52.64 Cr
Fresh Issue
42.44 Cr
Offer for Sale
10.2 Cr
Price Band
₹102 - ₹102
Lot Size
1200
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
Use of IPO funds
Key Performance Indicator
P/E Ratio
12.13
EPS
8.41
ROE
61.29%
ROCE
67.22%
RONW
61.29%
Debt to Equity Ratio
0.72
PAT Margin
13.58%
EBITDA Margin
20.14%
P/B
5.69
Bull vs Bear
Bull case
- •
End-to-end, 24/7 crew travel handling makes the company “mission-critical” for shipping clients, which can support repeat business if service stays reliable.
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International revenue base can spread demand across countries, reducing reliance on any single domestic market cycle for long-term stability.
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IATA accreditation can improve airline access and ticketing execution, which matters because fewer disruptions protect client relationships and margins.
Bear case
- •
With ~90% revenue from outside India, changes in foreign rules, sanctions, or demand could hit earnings and cash flows without much domestic cushion.
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Revenue is highly concentrated in a few customers, so losing even one major client could quickly reduce sales and pressure profitability.
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The business is working-capital heavy, and longer receivable days can strain liquidity, forcing more borrowing and raising finance costs.
Net takeaway
The long-term story is a niche service that shipping firms depend on because crew travel directly affects vessel schedules, so strong execution can create sticky relationships. But the business is exposed to overseas markets and a small set of big customers, and it also needs cash upfront while waiting for payments. Over time, the key thing to monitor is receivables and operating cash flow, because that shows whether growth is healthy or debt-fueled.
