Fly-Hi Maritime FY26 Profit Rose 145% on War-Driven Transfers

Fly-Hi Maritime reported restated profit after tax of Rs 8.4258 crore for the year ended March 31, 2026, up 144.69% from Rs 3.4434 crore in FY25. The company attributed the margin increase to higher ticket prices during a war scenario for last-minute crew transfers, better vendor pricing and bank exchange-rate negotiations.

Why did Fly-Hi Maritime FY26 profit rise 145%?

Fly-Hi Maritime said its FY26 profit rose because a war scenario raised ticket prices for last-minute crew-transfer bookings and improved its margin. Restated profit after tax, or PAT, increased to Rs 8.4258 crore in FY26 from Rs 3.4434 crore in FY25, following a rise from Rs 1.8213 crore in FY24.

Fly-Hi Maritime provides travel arrangements for commercial shipping-company crews, including airline tickets, ground transport, hotel stays and visa applications until a crew member reaches a port of boarding. Revenue from operations mainly comes from ticket, hotel and visa services, and the company did not disclose booking volumes or crew-transfer counts for FY26.

Fly-Hi Maritime also cited better vendor pricing from prompt payment terms and better exchange rates negotiated with banks. The company said an overall fall in the rupee reduced exchange-rate loss, although its recorded exchange-fluctuation loss within other expenses increased to Rs 56.55 lakh in FY26 from Rs 1.11 lakh in FY25.

How did Fly-Hi Maritime revenue and margin change in FY26?

Fly-Hi Maritime increased revenue from operations by 36.66% to Rs 62.0363 crore in FY26, while PAT rose by 144.69%. Revenue from operations had grown only 0.70% in FY25, to Rs 45.3950 crore from Rs 45.0805 crore in FY24, showing that reported revenue growth accelerated in FY26.

Fly-Hi Maritime’s PAT as a percentage of revenue from operations rose by 5.99 percentage points to 13.58% in FY26 from 7.59% in FY25. The FY25 ratio had risen by 3.55 percentage points from 4.04% in FY24, so the FY26 gain combined faster service revenue growth with a further increase in reported profitability.

Other income was not the source of the FY26 increase because it declined 49.50% to Rs 17.71 lakh from Rs 35.06 lakh in FY25. Fly-Hi Maritime attributed the fall to lower interest income from fixed deposits with the International Air Transport Association, or IATA, and lower incentives.

Which costs rose as Fly-Hi Maritime expanded in FY26?

Fly-Hi Maritime’s employee, finance and other expenses all rose in FY26, even as PAT increased. Employee benefits expense rose 33.37% to Rs 4.8640 crore from Rs 3.6469 crore, which Fly-Hi Maritime attributed to new staff for higher business operations and annual increments in salaries and wages.

Salaries and wages represented Rs 4.8540 crore of FY26 employee benefits expense. Finance costs rose 71.35% to Rs 1.1943 crore from Rs 69.70 lakh, primarily comprising bank charges and interest, as reported long-term and short-term borrowings increased to Rs 12.9670 crore at March 31, 2026 from Rs 10.0285 crore a year earlier.

Other expenses increased 61.56% to Rs 5.3008 crore in FY26 from Rs 3.2810 crore in FY25. Contractor fees increased to Rs 62.91 lakh from Rs 21 lakh, business-promotion expense rose to Rs 41.30 lakh from Rs 6.56 lakh, and exchange-fluctuation loss increased to Rs 56.55 lakh from Rs 1.11 lakh.

Income-tax provision rose to Rs 2.9240 crore in FY26 from Rs 1.2440 crore in FY25, while profit before tax increased to Rs 11.3627 crore from Rs 4.7150 crore. Depreciation and amortisation increased 13.77% to Rs 41.65 lakh, mainly relating to computers, laptops, furniture, vehicles and office equipment.

Did Fly-Hi Maritime turn FY26 profit into operating cash?

Fly-Hi Maritime used cash in operating activities in FY26 despite recording Rs 8.4258 crore of PAT. Net cash used in operating activities was Rs 98.20 lakh for the year ended March 31, 2026, compared with net cash generated from operations of Rs 92.08 lakh in FY25.

The main FY26 working-capital movement was a Rs 15.0474 crore increase in trade and other receivables, exceeding operating profit before working-capital adjustments of Rs 12.4920 crore. Increases in trade payables of Rs 1.7739 crore and provisions of Rs 1.6724 crore partly offset that receivables build-up, while direct taxes paid were Rs 2.9240 crore.

Fly-Hi Maritime generated Rs 204.87 lakh from financing activities in FY26, including Rs 290.70 lakh of short-term borrowings. Investing activities used Rs 96.85 lakh, primarily for Rs 1.0419 crore of property, plant and equipment, while cash and cash equivalents increased by Rs 9.82 lakh to Rs 3.7626 crore.

What could affect Fly-Hi Maritime’s future margins?

Fly-Hi Maritime says future costs and revenue will depend on demand and supply, technology research, government policies and other economic factors. Its FY26 explanation specifically relies on ticket-price escalation in a war scenario, vendor pricing from prompt payments and bank exchange-rate negotiations rather than on an announced new business segment.

Fly-Hi Maritime identifies interest-rate, inflation and credit risk in the normal course of business. It says higher borrowings can increase interest-rate risk, while inflation can raise operating and staff costs; finance costs had already risen from Rs 44.18 lakh in FY24 to Rs 69.70 lakh in FY25 and Rs 1.1943 crore in FY26.

Fly-Hi Maritime states that its business is not seasonal or cyclical. It also reported no material events after the date of its last restated audited financial statements, March 31, 2026, and disclosed no publicly announced new product or service apart from matters described in its business section.

Conclusion

Fly-Hi Maritime’s FY26 result combined a 36.66% increase in revenue from operations with a 144.69% rise in PAT. The company linked the larger profit increase to higher last-minute crew-transfer ticket prices during a war scenario, vendor-payment terms and exchange-rate negotiations, while employee, borrowing, tax and other expenses also increased.

The disclosed factors to watch next are collections of receivables, financing requirements and whether FY26 ticket-pricing and vendor-cost conditions persist. A Rs 15.0474 crore rise in trade and other receivables contributed to Rs 98.20 lakh of operating cash use in FY26, and Fly-Hi Maritime reported no material event after March 31, 2026 that updates those conditions.