Fly-Hi Revenue Depends on Ten Customers for 91.39% FY26

Fly-Hi derived 91.39% of its FY2025-26 revenue from operations from its 10 largest customers, making retention of a small group central to its operating model. The largest customer contributed Rs 28.91 crore, or 46.59%, of Fly-Hi’s Rs 62.04 crore revenue from operations in FY2025-26.

Why does Fly-Hi revenue depend on ten customers?

Fly-Hi’s revenue depends on ten customers because the group generated Rs 56.69 crore of its Rs 62.04 crore revenue from operations in FY2025-26. Customers outside the disclosed top-10 group therefore accounted for Rs 5.34 crore, or 8.61%, of revenue. Fly-Hi provides end-to-end travel arrangements for crews of commercial shipping companies rather than serving the broader consumer-travel market.

The largest customer accounted for Rs 28.91 crore, or 46.59%, of FY2025-26 revenue from operations. The second-largest customer generated Rs 9.64 crore, or 15.54%, and the third-largest contributed Rs 5.50 crore, or 8.87%. These three customers together produced Rs 44.05 crore, equal to 71.00% of Fly-Hi’s FY2025-26 revenue from operations.

What changed in Fly-Hi customer concentration over three years?

Fly-Hi’s top-10 customer concentration rose from 86.16% in FY2023-24 to 91.56% in FY2024-25, before easing to 91.39% in FY2025-26. The FY2025-26 share was 0.17 percentage points below FY2024-25 but remained 5.23 percentage points above FY2023-24. Revenue from operations increased to Rs 62.04 crore in FY2025-26 from Rs 45.40 crore in FY2024-25.

Top-10 customer revenue increased from Rs 38.84 crore in FY2023-24 to Rs 41.57 crore in FY2024-25 and Rs 56.69 crore in FY2025-26. The top-10 group added Rs 17.85 crore of revenue between FY2023-24 and FY2025-26, while total revenue from operations increased by Rs 16.96 crore. That comparison indicates that revenue outside the top-10 group declined over the three-year period even as total revenue rose.

Why does Fly-Hi’s largest customer matter so much?

Fly-Hi’s largest customer matters because it represented nearly half of FY2025-26 revenue, at Rs 28.91 crore and 46.59%. Any change in crew-travel assignments, commercial terms or continuity of business from this account would affect a larger share of revenue than a change involving any customer ranked fourth to tenth.

The disclosed customer ranking falls sharply after the three largest accounts. Customers ranked fourth through tenth generated Rs 12.62 crore in FY2025-26, or 20.38% of revenue from operations, compared with Rs 44.05 crore from the three largest accounts. The tenth-ranked customer contributed Rs 1.05 crore, or 1.70%, showing the difference in scale between the largest accounts and the lower-ranked customers.

Fly-Hi states that its promoters directly handle sales and marketing because large commercial shipping companies require focused attention. Sales and marketing expenses were Rs 41.30 lakh in the year ended March 31, 2026, or 0.81% of total expenses, compared with Rs 6.55 lakh, or 0.16%, in the year ended March 31, 2025. The company says promoters interact regularly with clients for repeat orders, while its operations team coordinates the start of customer business.

How does Fly-Hi’s international revenue affect customer dependency?

Fly-Hi’s customer dependency is tied to an overseas-led revenue mix, with revenue outside India of Rs 56.04 crore, or 90.33%, in FY2025-26. Revenue within India was Rs 6.00 crore, or 9.67%, in the same year. Retaining and expanding relationships with overseas shipping-company clients is therefore material to Fly-Hi’s revenue base.

The United Arab Emirates generated Rs 35.14 crore, or 56.64%, of Fly-Hi’s FY2025-26 revenue from operations. Cyprus contributed Rs 18.29 crore, or 29.48%, after contributing Rs 58.19 lakh, or 1.28%, in FY2024-25. The United Arab Emirates and Cyprus together represented 86.12% of FY2025-26 revenue, while the United Kingdom generated Rs 2.02 crore, or 3.26%.

Fly-Hi has appointed a distributor in the United Arab Emirates because some large international customers prefer to do business in Dubai. The company says this arrangement has helped it reach new international clients, but it does not quantify customer additions or identify the accounts in its top-10 customer table. The table refers to the customers only as Top Customer 1 through Top Customer 10.

What is Fly-Hi doing to broaden its customer base?

Fly-Hi plans to approach cruise lines with crew-travel management solutions as a way to create a new revenue stream and reduce exposure to disruptions in commercial shipping. Commercial shipping companies are Fly-Hi’s current specialist customer segment. The disclosure provides no implementation timetable, signed cruise-line contracts or revenue target for this initiative.

Fly-Hi also plans to appoint distributors in international markets and hire two or three marketing personnel to travel abroad and meet prospective customers. The company identifies European Union countries as a target because major commercial shipping companies are located there. Fly-Hi currently identifies customers in the United States, Singapore, the United Kingdom, Cyprus, the United Arab Emirates and Norway.

Fly-Hi has created a two-person in-house team for digital tools, including tie-ups and in-house development intended to improve service efficiency, purchasing costs and error avoidance. It had 54 employees as of July 31, 2026, including 21 in travel operations, four in marketing and sales, and three in information technology. These resources support the disclosed expansion plans, but the plans do not establish that customer concentration will decline.

Conclusion

Fly-Hi’s FY2025-26 revenue growth occurred alongside concentrated customer exposure: revenue from operations reached Rs 62.04 crore, while the top 10 customers generated Rs 56.69 crore. The concentration is most pronounced in the largest account, which supplied Rs 28.91 crore, and in the top three accounts, which together accounted for 71.00% of revenue from operations.

The next measure to watch is whether Fly-Hi’s planned international distributor appointments, recruitment of two or three overseas marketing personnel and cruise-line outreach produce revenue beyond its current leading accounts. A certificate from M/s S Sood & Co., Chartered Accountants, dated August 3, 2026, confirmed the company’s disclosed top-10 customer and supplier data, but the disclosure does not identify customers or provide contract duration, renewal terms or customer-specific retention arrangements.