Skyways Pharmaceuticals Became Largest FY26 Revenue Vertical

Skyways Air Services Limited reported pharmaceuticals as its largest disclosed industry vertical in the fiscal year ended March 31, 2026 (FY26), generating Rs 643.96 crore, or 22.89% of Rs 2,812.90 crore revenue from operations. Pharmaceuticals rose from 7.27% in FY24 after Skyways acquired 51% of Odyssey Logistics Private Limited effective February 1, 2025.

How did pharmaceuticals become Skyways’ largest FY26 revenue vertical?

Pharmaceuticals became Skyways’ largest disclosed FY26 revenue vertical as the category generated Rs 643.96 crore, ahead of Rs 619.70 crore under “Others” and Rs 366.77 crore from textile and apparels. The category accounted for 22.89% of FY26 revenue from operations, while identified industry categories together generated Rs 2,589.00 crore, or 92.04% of the consolidated total.

The change is visible across the three reported financial years. Pharmaceutical revenue increased from Rs 93.77 crore in FY24 to Rs 204.71 crore in FY25 and Rs 643.96 crore in FY26. Its revenue share rose by 15.62 percentage points over FY24 to FY26, whereas textile and apparels, the second-largest identified vertical in FY26, moved from 12.03% to 13.04%.

What changed in Skyways’ cargo mix between FY24 and FY26?

Skyways’ disclosed mix shifted toward pharmaceuticals because category revenue increased faster than total revenue from operations. Total revenue rose by Rs 1,523.79 crore between FY24 and FY26, while pharmaceutical revenue rose by Rs 550.20 crore. On the reported figures, pharmaceuticals represented about 36% of the absolute increase in revenue from operations over those two years.

Other categories followed different paths in FY26. Spare-parts revenue declined to Rs 122.79 crore from Rs 220.85 crore in FY25, reducing its revenue share to 4.37% from 9.82%. “Others” declined by Rs 111.29 crore in FY26 and its share fell by 10.46 percentage points from FY25, while machine and machine-parts revenue increased to Rs 113.91 crore from Rs 29.11 crore but represented 4.05% of FY26 revenue.

The commodity classification differs from Skyways’ service-line disclosures. Express cargo and parcel generated Rs 162.78 crore, or 5.79% of FY26 revenue; trucking generated Rs 38.68 crore, or 1.38%; value-added services generated Rs 18.75 crore, or 0.67%; and warehousing generated Rs 3.68 crore, or 0.13%. Value-added services include e-commerce and other retail sales, and these four service lines totalled 7.96% of FY26 revenue, compared with 9.46% in FY25.

How is the Odyssey acquisition connected to pharmaceutical revenue?

Skyways acquired a 51% holding in Odyssey Logistics Private Limited effective February 1, 2025, making Odyssey a controlled subsidiary. Odyssey’s stated activity is specialised pharmaceuticals and automotive ocean and air cargo logistics services. The filing does not quantify Odyssey’s direct contribution to the Rs 643.96 crore pharmaceutical category.

The acquisition affects the comparability of FY25 and FY26. FY25 included post-acquisition revenue only from February 1 through March 31, 2025, whereas FY26 covered a full financial year after the acquisition date. Pharmaceutical revenue increased by Rs 439.25 crore in FY26 from FY25, and the category share rose by 13.78 percentage points, but the filing does not assign all of that increase to Odyssey.

Disclosed client figures also show higher pharmaceutical-related revenue after the acquisition. Cipla Ltd generated Rs 85.22 crore, or 3.03% of FY26 revenue, compared with Rs 9.19 crore, or 0.41%, in FY25. Torrent Pharmaceutical generated Rs 29.74 crore in FY26 versus Rs 13.65 crore in FY25, while Serum Institute of India generated Rs 7.83 crore; the filing marks these customers as subject to post-acquisition revenue treatment.

What operating capacity supports Skyways’ pharmaceutical logistics mix?

Skyways handled 83,923.81 tonnes of air cargo and 28,275 twenty-foot equivalent units (TEUs) of ocean containers in FY26. A TEU is a standard container-capacity measure based on a 20-foot container. Air freight and allied activities generated Rs 2,166.40 crore, or 77.01% of FY26 revenue, while ocean freight and allied activities generated Rs 422.60 crore, or 15.02%.

The operating platform expanded during the revenue-mix change. Customers served rose to 9,504 in FY26 from 7,721 in FY25, air-cargo volume increased from 58,605.58 tonnes, and ocean containers handled rose from 21,436 TEUs. Skyways served 65 key industries in both FY25 and FY26, operated in 12 countries in FY26, and had relationships with 56 airlines, compared with 50 in FY25.

Skyways reported five warehouses as of March 31, 2026, including two operated by Odyssey and one by RIV Worldwide Limited UK. The company classifies pharmaceuticals as an industry handled through air, ocean and road operations, while Odyssey specifically provides pharmaceutical and automotive air and ocean logistics. Maintaining a 22.89% pharmaceutical share would require continued category revenue and cargo activity because the filing reports industry revenue, not contracted long-term category revenue.

Conclusion

Skyways’ FY26 disclosures show that pharmaceuticals became the largest reported revenue vertical at Rs 643.96 crore and 22.89% of revenue from operations, up from Rs 93.77 crore and 7.27% in FY24. The shift occurred alongside revenue growth to Rs 2,812.90 crore, higher air and ocean cargo volumes, and the first full financial year following the February 2025 Odyssey acquisition.

The next disclosed developments are Skyways’ plan to add specialised temperature-controlled logistics, traditional non-express freight, domestic air cargo and urban last-mile distribution. Skyways is also developing SLS 100x 2.0 and has placed its ASAP digital logistics platform in pre-launch, while the bid validity for its consortium proposal with Swissport International AG for a Kolkata cargo terminal was extended to August 14, 2026.