Flysbs Aviation deploys ₹90.8073 crore IPO proceeds by September

Flysbs Aviation Limited deployed ₹90.8073 crore of its ₹102.5325 crore initial public offering, or IPO, proceeds by September 30, 2026, led by ₹69.4454 crore spent on long-term dry leases of six pre-owned aircraft. The company reported an unutilised IPO balance of ₹11.7252 crore in its bank account at that date.

How much of Flysbs Aviation's IPO proceeds had been used?

Flysbs Aviation had used ₹90.8073 crore of the ₹102.5325 crore allocated from its IPO as of September 30, 2026. The balance of ₹11.7252 crore was held in the bank account, according to the utilisation statement included with the unaudited standalone financial results approved by the board on November 11, 2026.

The amount used represented about 88.57% of the total allocation, leaving about 11.43% unspent. Flysbs Aviation stated that it had not used IPO proceeds for purposes other than those for which the funds were raised. Its cash-flow statement for the year ended March 31, 2026 recorded ₹102.5325 crore of net proceeds from issuance of share capital, matching the total allocation in the utilisation note.

The remaining IPO amount was concentrated in two objects. Aircraft dry-lease expenditure had ₹11.0270 crore still available, while general corporate expenses had ₹69.82 lakh available. The repayment of borrowings and issue-expense objects had no balance remaining at September 30, 2026.

Where did Flysbs Aviation spend the IPO proceeds?

Flysbs Aviation directed its largest allocation, ₹80.4724 crore, to capital expenditure for acquiring six pre-owned aircraft on a long-term dry-lease basis. It had used ₹69.4454 crore for that purpose by September 30, 2026, making aircraft dry leases the dominant use of the ₹90.8073 crore deployed.

The dry-lease allocation accounted for about 78.49% of total IPO proceeds and about 76.47% of funds used. The filing does not identify individual payments for the six aircraft, nor does it provide a timetable for spending the remaining ₹11.0270 crore under this object.

Flysbs Aviation used the full ₹7.2760 crore earmarked for prepayment or repayment, in full or part, of certain outstanding borrowings. It also used all ₹4.9909 crore allocated to issue-related expenses. General corporate expenses absorbed ₹9.0950 crore against an allocation of ₹9.7931 crore.

Which aircraft additions did Flysbs Aviation disclose?

Flysbs Aviation disclosed the induction of an Embraer Legacy 650, described as New Aircraft Type 1 in its IPO prospectus, with 13 seats. The company said the aircraft had received a certificate of registration from the Directorate General of Civil Aviation, or DGCA, and had commenced commercial operations from June 2025.

The filing also records a subsequent event in October 2026, when Flysbs Aviation inducted a Hawker 900XP with nine-passenger seating capacity. As the utilisation disclosure ends on September 30, 2026, it does not assign an IPO-proceeds amount to the Hawker 900XP or state whether the ₹11.0270 crore remaining dry-lease allocation will be used for that aircraft.

Flysbs Aviation reported one business segment and therefore provided no separate revenue, profit or asset disclosures for individual aircraft, dry-leasing activities or other operations. The company made the single-segment disclosure under Accounting Standard 17, which addresses segment reporting.

How did Flysbs Aviation's financial results change by September?

Flysbs Aviation reported revenue from operations of ₹192.4219 crore for the half year ended September 30, 2026, compared with ₹137.60 crore for the half year ended September 30, 2025. Profit after tax increased to ₹37.3517 crore from ₹23.8434 crore, while basic and diluted earnings per share rose to ₹21.59 from ₹16.86.

Against the preceding half year ended March 31, 2026, revenue rose from ₹180.9260 crore to ₹192.4219 crore and profit after tax increased from ₹36.9300 crore to ₹37.3517 crore. Finance costs, however, increased to ₹3.8796 crore from ₹1.8340 crore over the same sequential comparison.

Cash and cash equivalents were ₹30.7997 crore at September 30, 2026, down from ₹40.8270 crore at March 31, 2026. The half-year cash-flow statement showed a ₹10.0273 crore net decrease in cash, with ₹25.3514 crore used in investing activities and ₹12.4922 crore generated from operating activities.

Long-term loans and advances increased to ₹210.3643 crore at September 30 from ₹185.1438 crore at March 31, 2026. Trade receivables rose to ₹53.7840 crore from ₹38.2069 crore, while short-term borrowings increased to ₹35.4475 crore from ₹34.7904 crore.

What reporting basis applies to Flysbs Aviation's disclosure?

Flysbs Aviation's standalone results for the half year ended September 30, 2026 were unaudited and subject to a limited review by A. John Moris & Co. The auditor said nothing had come to its attention that caused it to believe the results failed to make disclosures required under Regulation 33 of the Securities and Exchange Board of India listing regulations.

The auditor also stated that a limited review is substantially narrower in scope than an audit and does not provide audit assurance. Flysbs Aviation prepared the financial statements under Accounting Standards rather than Indian Accounting Standards, or Ind AS, citing the exemption for companies listed on the small and medium enterprise exchange under the Ministry of Corporate Affairs notification dated February 16, 2015.

On July 21, 2026, Flysbs Aviation invested ₹27.06 lakh in Flysbs Aviation LLC in Dubai, acquiring 100 shares of AED 1,000 each. The filing identifies the Dubai entity as a wholly owned subsidiary, and the half-year cash-flow statement records a ₹27.06 lakh investment in a subsidiary.

Conclusion

Flysbs Aviation had deployed most of its ₹102.5325 crore IPO proceeds by September 30, 2026, with ₹69.4454 crore directed to long-term dry leases for six pre-owned aircraft. The company had also fully used the ₹7.2760 crore debt-repayment allocation and ₹4.9909 crore issue-expense allocation, leaving the unspent balance principally connected to aircraft leasing and general corporate expenses.

The next disclosed matter to watch is the use of ₹11.0270 crore still allocated to aircraft dry leases and ₹69.82 lakh for general corporate expenses. Flysbs Aviation's October 2026 induction of the nine-seat Hawker 900XP is the reported post-period event, but the filing does not specify its funding source, commercial operating date or financial contribution.