Fly-Hi Maritime Travels Limited: UAE, Cyprus made 86% of FY26 revenue

Fly-Hi Maritime Travels Limited generated 86.12% of FY26 revenue from operations from the UAE and Cyprus. The UAE supplied Rs 35.1377 crore, or 56.64%, while Cyprus contributed Rs 18.2886 crore, or 29.48%, of FY26 revenue from operations of Rs 62.0363 crore.

How concentrated was Fly-Hi’s FY26 revenue in the UAE and Cyprus?

Fly-Hi generated Rs 53.4263 crore of its Rs 62.0363 crore FY26 revenue from operations in the UAE and Cyprus combined. The UAE contributed Rs 35.1377 crore, or 56.64% of revenue from operations, while Cyprus supplied Rs 18.2886 crore, or 29.48%. The combined 86.12% share left 13.88% of FY26 revenue for all other customer geographies, including India.

The disclosed concentration rose over the three reported financial years. Cyprus had no reported revenue in FY24, represented 1.28% of revenue in FY25 and reached 29.48% in FY26. The UAE remained the largest disclosed international geography in all three years, although its share fell from 76.95% in FY25 as Cyprus revenue increased.

The geography table reports revenue by customer location, rather than the starting or ending point of individual crew journeys. Fly-Hi manages airline tickets, ground travel, hotel stays and visa applications for commercial-shipping crew until they reach the port of boarding. The company states that its customers are from more than six countries, including Cyprus, Greece, the USA, UK, Singapore, UAE and India.

What changed in Fly-Hi’s FY26 UAE and Cyprus revenue mix?

Cyprus was the main change in Fly-Hi’s FY26 revenue mix, increasing from Rs 58.19 lakh in FY25 to Rs 18.2886 crore in FY26. That was an increase of Rs 17.7067 crore. UAE revenue increased by Rs 20.67 lakh, from Rs 34.931 crore in FY25 to Rs 35.1377 crore in FY26, so the two geographies together added Rs 17.9134 crore.

Revenue from countries other than the UAE and Cyprus declined despite the company’s overall FY26 growth. Based on the disclosed country totals, those other geographies generated Rs 6.6821 crore in FY25 and Rs 2.6127 crore in FY26, a reduction of Rs 4.0694 crore. UK revenue declined from Rs 6.0489 crore to Rs 2.0213 crore, USA revenue of Rs 63.35 lakh in FY25 was not reported in FY26, and Singapore contributed Rs 56.67 lakh in FY26 after no FY25 revenue was reported.

Domestic revenue increased from Rs 3.20 crore in FY25 to Rs 5.9973 crore in FY26. Maharashtra accounted for Rs 5.0173 crore, or 8.09% of total FY26 revenue, while Tamil Nadu supplied Rs 92.28 lakh, or 1.49%. India’s 9.67% FY26 share remained below the 90.33% share generated from outside India.

How does the UAE and Cyprus mix compare with Fly-Hi’s overall growth?

Fly-Hi’s revenue from operations rose to Rs 62.0363 crore in FY26 from Rs 45.395 crore in FY25 and Rs 45.0805 crore in FY24. The FY26 increase was Rs 16.6413 crore, compared with an increase of Rs 31.45 lakh in FY25. The prospectus reports a three-year revenue compound annual growth rate, or CAGR, of 11.23%; CAGR is the annualised growth rate between beginning and ending values over a stated period.

Profitability metrics also increased in FY26. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose to Rs 12.492 crore from Rs 5.2667 crore in FY25, while EBITDA margin increased to 20.14% from 11.60%. Profit after tax rose to Rs 8.4258 crore from Rs 3.4434 crore, and profit-after-tax margin increased from 7.59% to 13.58%.

The greater UAE and Cyprus concentration occurred alongside an absolute increase in overseas revenue. Revenue outside India rose from Rs 42.195 crore in FY25 to Rs 56.039 crore in FY26, although its revenue share fell by 2.62 percentage points as domestic revenue grew from a lower base. Cyprus accounted for most of the disclosed overseas expansion, while UAE revenue was comparatively stable in rupee terms.

What conditions support Fly-Hi’s UAE and Cyprus revenue concentration?

Fly-Hi’s UAE and Cyprus concentration depends on continued business from customers in those markets and on execution of time-sensitive crew travel. The company has appointed a distributor in the UAE to manage some foreign-based customers because of international requirements, and states that some large international customers prefer to do business in Dubai. Its operating services include multi-leg ticketing, visa and immigration coordination, travel monitoring and 24/7 emergency support.

The operating model also depends on external travel suppliers. Fly-Hi states that it sources hotels, airlines, car rentals, transfer providers and cruise companies through direct connectivity or third-party aggregators, and identifies heavy reliance on third-party aggregators as a weakness. Its top 10 suppliers represented Rs 36.7784 crore, or 94.12%, of FY26 purchases of Rs 39.0749 crore.

Customer concentration is a separate condition for the reported revenue mix. The top 10 customers accounted for 91.39% of FY26 revenue from operations, compared with 91.56% in FY25 and 86.16% in FY24. The company also states that shipping clients generally use post-payment arrangements while crew travel involves short-notice bookings and credit capacity, making settlement timing relevant to working capital.

Conclusion

Fly-Hi’s FY26 revenue increase coincided with a marked shift toward Cyprus, which rose from 1.28% of revenue in FY25 to 29.48% in FY26. The UAE remained the largest geography at 56.64%, and the two markets together accounted for 86.12% of FY26 revenue even as India’s share rose to 9.67%.

The next development to watch is execution of Fly-Hi’s disclosed expansion plans. The company plans to appoint international distributors, deploy two or three marketing personnel to visit foreign markets and scout European Union countries, and approach cruise lines for crew-travel assignments. The prospectus states that actual results may differ materially from forward-looking statements.