Flysbs Aviation standalone profit rises 57% to Rs 37.35 crore

Flysbs Aviation Limited reported standalone profit after tax of Rs 37.35 crore for the half year ended September 30, 2026, up 57% from Rs 23.84 crore a year earlier, as revenue from operations rose 40% to Rs 192.42 crore. The board approved the unaudited results on November 11, 2026.

How did Flysbs Aviation’s September-half earnings change?

Flysbs Aviation increased standalone profit after tax by Rs 13.51 crore year on year in the half year ended September 30, 2026. Revenue from operations increased by Rs 54.82 crore from Rs 137.61 crore in the half year ended September 30, 2025, while total income, including other income, rose to Rs 195.54 crore from Rs 139.60 crore.

Profit before tax increased 60% to Rs 50.10 crore from Rs 31.39 crore, while total tax expense rose to Rs 12.75 crore from Rs 7.55 crore. Basic and diluted earnings per share were Rs 21.59 for the September 2026 half, compared with Rs 16.86 in the corresponding half a year earlier. The company said half-year earnings per share were not annualised.

What costs changed for Flysbs Aviation in the September half?

Flysbs Aviation’s total expenses increased 34% to Rs 145.43 crore in the September 2026 half from Rs 108.21 crore a year earlier, growing more slowly than its 40% rise in operating revenue. Direct operating expense accounted for most of the increase, rising to Rs 132.02 crore from Rs 99.51 crore.

Other expenses increased to Rs 7.00 crore from Rs 3.94 crore, and finance costs rose to Rs 3.88 crore from Rs 1.45 crore. Depreciation and amortisation increased to Rs 31.27 lakh from Rs 26.30 lakh. Employee benefit expense moved lower, falling to Rs 2.23 crore from Rs 3.04 crore in the September 2025 half.

Compared with the immediately preceding half year ended March 31, 2026, revenue from operations rose from Rs 180.93 crore to Rs 192.42 crore and profit after tax increased from Rs 36.93 crore to Rs 37.35 crore. In the same comparison, finance costs rose from Rs 1.83 crore, while employee benefit expense declined from Rs 3.24 crore.

Other income was Rs 3.12 crore in the September 2026 half, compared with Rs 1.99 crore in the September 2025 half and Rs 13.60 crore in the half year ended March 31, 2026. The reported half-year figures contain no exceptional or extraordinary items.

How did Flysbs Aviation’s assets, receivables and cash move?

Flysbs Aviation’s cash and cash equivalents declined by Rs 10.03 crore to Rs 30.80 crore at September 30, 2026, from Rs 40.83 crore at March 31, 2026. The cash-flow statement reported Rs 12.49 crore of net cash from operating activities and Rs 25.35 crore used in investing activities during the half year.

Trade receivables increased to Rs 53.78 crore at September 30 from Rs 38.21 crore at March 31, a rise of Rs 15.58 crore. Long-term loans and advances rose by Rs 25.22 crore to Rs 210.36 crore, while other non-current assets increased to Rs 59.02 crore from Rs 55.66 crore.

Non-current assets stood at Rs 276.49 crore at September 30, 2026, compared with Rs 247.91 crore at March 31, 2026. Current assets increased to Rs 148.10 crore from Rs 143.63 crore, including inventories of Rs 19.29 crore and short-term loans and advances of Rs 29.93 crore.

What aircraft and subsidiary developments did Flysbs Aviation disclose?

Flysbs Aviation invested Rs 27.06 lakh in Flysbs Aviation LLC in Dubai on July 21, 2026, acquiring 100 shares of AED 1,000 each and making it a wholly owned subsidiary. Its standalone balance sheet reported non-current investments of Rs 27.06 lakh at September 30, 2026, compared with nil at March 31, 2026.

The company stated that it inducted an Embraer Legacy 650, an 11-to-13-seat aircraft identified in its initial public offering prospectus, during the half year and received its certificate of registration from the Directorate General of Civil Aviation. The filing also states that this aircraft commenced commercial operations from June 2025.

After the September 30 reporting date, Flysbs Aviation inducted a Hawker 900XP aircraft during October 2026. The company described the aircraft as having nine-passenger seating capacity, but did not disclose its acquisition cost, operating schedule or financial contribution in the results filing.

The consolidated results, which include Flysbs Aviation LLC, reported revenue from operations of Rs 193.87 crore and profit after tax of Rs 37.65 crore for the September 2026 half. This was Rs 1.44 crore more in revenue and Rs 29.63 lakh more in profit than the standalone results.

How has Flysbs Aviation used its IPO proceeds?

Flysbs Aviation reported using Rs 90.81 crore of Rs 102.53 crore raised through its initial public offering by September 30, 2026. The company reported a balance of Rs 11.73 crore in its bank account and said it had not used the proceeds for purposes other than those for which the funds were raised.

Of Rs 80.47 crore allocated to fund capital expenditure for acquiring pre-owned aircraft on a long-term dry lease basis, Rs 69.45 crore had been utilised by September 30. The company had fully used Rs 7.28 crore allocated for repayment or prepayment of borrowings and Rs 4.99 crore allocated for issue-related expenses.

General corporate expenses had an allocation of Rs 9.79 crore, of which Rs 9.10 crore had been used, leaving Rs 69.82 lakh. The board said it took note of the Audit Committee’s review and recommendation on IPO-proceeds utilisation at its November 11, 2026 meeting.

Flysbs Aviation has one reportable business segment, so the filing does not include separate segment-wise figures under Accounting Standard 17. Its statutory auditor conducted a limited review of the unaudited standalone results and stated that nothing had come to its attention indicating a material misstatement; the review does not express an audit opinion.

Conclusion

Flysbs Aviation converted a Rs 54.82 crore increase in year-on-year operating revenue into a Rs 13.51 crore increase in standalone profit after tax in the September 2026 half. Expenses grew more slowly than revenue, but the period also brought higher finance costs, a Rs 15.58 crore rise in receivables and a Rs 10.03 crore reduction in cash and cash equivalents.

What to watch next is the deployment of the Hawker 900XP inducted in October 2026, the contribution of the Dubai subsidiary acquired for Rs 27.06 lakh, and use of the Rs 11.73 crore of IPO proceeds remaining at September 30. Of the Rs 80.47 crore allocated for pre-owned aircraft under long-term dry leases, Rs 69.45 crore had been used by that date.