Skyways reports Rs 35.18 crore September-quarter profit

Skyways Air Services Limited reported consolidated profit of Rs 35.18 crore on total income of Rs 1,358.6155 crore for the quarter ended September 30, 2026, its first reported quarter after listing on September 1, 2026. For the six months ended September 30, profit was Rs 55.57 crore, while operating activities used Rs 79.2623 crore of cash.

What did Skyways report for the September 2026 quarter?

Skyways reported Rs 35.18 crore of profit for the quarter ended September 30, 2026, after recording total income of Rs 1,358.6155 crore. The quarterly result included Rs 50.05 lakh as the group’s share of net profit from associates, net of tax. The company said the September-quarter figures were balancing figures between the unaudited six-month results and the unaudited figures through June 30, 2026.

For the six months ended September 30, 2026, Skyways reported profit before tax of Rs 84.3735 crore and profit for the period of Rs 55.57 crore. This means the September quarter contributed Rs 35.18 crore of the half-year profit, with the difference of Rs 20.39 crore arising in the June quarter based on the reported half-year and September-quarter figures. The filing identifies the group’s sole reportable segment as Integrated Logistic Solutions.

Skyways’ financial results for the quarter and six months ended September 30, 2026 were reviewed by the audit committee and approved by its board on November 14, 2026. The statutory auditors subjected the current-year quarter and half-year results to limited review. In contrast, the company said the quarter and six months ended September 30, 2025 had not been subjected to limited review, although management said it exercised necessary diligence in preparing those figures.

How did Skyways’ balance sheet change after the IPO?

Skyways’ total assets rose to Rs 1,974.6983 crore at September 30, 2026 from Rs 1,508.2389 crore at March 31, 2026. Total equity increased to Rs 899.7072 crore from Rs 492.7352 crore during the same period. The increase followed the fresh equity issue completed in the September quarter, alongside period earnings and other movements within consolidated equity.

Trade receivables increased to Rs 862.613 crore at September 30 from Rs 579.4765 crore at March 31, a rise of Rs 283.1365 crore on the balance sheet. Property, plant and equipment increased to Rs 181.7367 crore from Rs 121.5322 crore, while capital work-in-progress fell to Rs 66.1269 crore from Rs 75.1279 crore. Cash and cash equivalents were Rs 130.8617 crore, compared with Rs 122.066 crore at the March year-end.

Skyways’ combined current and non-current borrowings declined to Rs 524.1001 crore at September 30 from Rs 624.0568 crore at March 31. Non-current borrowings declined to Rs 52.1852 crore from Rs 107.1766 crore, while current borrowings decreased to Rs 471.9149 crore from Rs 516.8802 crore. Trade payables, however, rose to Rs 456.8195 crore from Rs 344.5144 crore over the same six-month interval.

Why did Skyways report an operating cash outflow?

Skyways reported net cash outflow from operating activities of Rs 79.2623 crore for the six months ended September 30, 2026, compared with an inflow of Rs 15.8625 crore in the six months ended September 30, 2025. The largest stated working-capital movement was a Rs 285.0893 crore increase in trade receivables, compared with a Rs 3.8606 crore decrease in receivables in the prior-year period.

The receivables movement was partly offset by a Rs 112.335 crore increase in trade payables during the 2026 half year. Skyways also reported outflows of Rs 24.6305 crore from increases in other financial assets and Rs 15.7323 crore from increases in other assets. These working-capital changes occurred despite Rs 84.3735 crore of profit before tax for the six-month period.

Investing activities used Rs 153.174 crore in the six months ended September 30, 2026, compared with Rs 135.2836 crore in the corresponding 2025 period. Purchases of property, plant and equipment accounted for Rs 58.1411 crore, while bank deposits not considered cash equivalents accounted for Rs 82.8569 crore. The statement was prepared using the indirect method prescribed under Indian Accounting Standard 7, Statement of Cash Flows.

What did Skyways’ September IPO contribute?

Skyways completed its initial public offering, or IPO, during the quarter ended September 30, 2026 and listed on the National Stock Exchange of India and BSE on September 1, 2026. The fresh issue comprised 2,88,98,300 equity shares with a face value of Rs 10 each, issued at Rs 138 per share, including a share premium of Rs 128 per share. The fresh issue aggregated Rs 398.7965 crore.

The IPO also included an offer for sale of 1,33,33,300 equity shares by selling shareholders, aggregating Rs 183.9995 crore. The offer for sale is distinct from the fresh issue, and Skyways’ cash-flow statement recorded Rs 398.7966 crore as proceeds from issue of shares in the six months ended September 30. The same statement recorded Rs 37.001 crore of share-issue expenses.

During the September quarter, Skyways subscribed to 16,96,791 additional equity shares in subsidiary Forin Container Line Private Limited through a rights issue at Rs 250 per share. The aggregate subscription was Rs 42.4198 crore and was identified as being in line with the objects of Skyways’ IPO. The filing states that the shares were subsequently allotted on November 12, 2026.

What corporate actions has Skyways approved after September 30?

After the six-month period, the board of Skyways subsidiary Brace Port Logistics Limited approved acquisition of 76% of Sageroute Logistics Private Limited for Rs 0.76 lakh. Brace Port also approved a further investment of Rs 75.24 lakh in Sageroute, while the other shareholder would invest Rs 23.76 lakh under the disclosed 76:24 ownership ratio. On completion, Sageroute would become a step-down subsidiary of Skyways.

Skyways’ board also approved the transfer of 4,00,000 shares, representing 40% of Avito Global Freight Private Limited, to Avito’s core operating team for Rs 92.12 lakh. Avito was described as a wholly owned subsidiary before the proposed transfer. Separately, the board approved incorporation of a step-down subsidiary in Masdar City Free Zone, Abu Dhabi, through Avito.

During the six months ended September 30, Skyways acquired a 100% stake in Wintop Logistics Ind Private Limited for Rs 1 lakh. The board also approved a first interim dividend of Rs 0.25 per equity share on September 17, 2026 and a second interim dividend of Rs 0.40 per equity share on November 14, 2026. Each share has a face value of Rs 10.

Conclusion

Skyways’ first reported post-listing quarter produced Rs 35.18 crore of consolidated profit on Rs 1,358.6155 crore of total income within its single Integrated Logistic Solutions segment. The September balance sheet showed Rs 1,974.6983 crore of assets and Rs 899.7072 crore of equity, while combined borrowings declined by Rs 99.9567 crore from March. The rise in trade receivables coincided with a first-half operating cash outflow of Rs 79.2623 crore.

Next, investors can watch for completion of Brace Port’s proposed 76% acquisition of Sageroute and the associated Rs 75.24 lakh investment, as well as the approved 40% transfer in Avito. The disclosed financial effects to follow also include the Rs 42.4198 crore Forin Container Line rights subscription allotted on November 12, 2026 and the second interim dividend of Rs 0.40 per share approved on November 14, 2026.