Fly-Hi Maritime

Founded in September 2021, Fly-Hi Maritime Travels has rapidly evolved into a critical support partner for the commercial shipping industry. The company specializes in the complex niche of seafarer mobility, ensuring that crew members are transported efficiently from their home countries to their designated boarding ports.

The business model is centered on a full-suite travel management system. This includes global crew ticketing, route planning, ground transportation, and hotel bookings. Beyond simple travel, the company provides high-value coordination services such as visa and immigration handling, OK-to-board confirmations, and 24/7 emergency disruption support.

Fly-Hi Maritime operates on a global scale, extending its services to commercial shipping companies in more than six key maritime jurisdictions, including India, the UAE, Singapore, the UK, the USA, Greece, and Cyprus. This international footprint allows them to manage cross-border crew rotations effectively.

The company's operational scale is reflected in its rapid growth since inception, shifting from a startup phase to a profitable entity with expanding assets. The company focuses on real-time travel monitoring to minimize delays in crew boarding, which is critical for shipping company operations.

The promoters of the company are Jitendra Kumar Negi and Mridul Dilip Singhvi, who have steered the company's growth from its founding in 2021 to its current position as a specialized player in the maritime logistics space.

Fly-Hi Maritime is launching a Fixed Price Issue to raise approximately ₹52.63 Crore. The issue structure consists of a fresh issue of ₹42.44 Crore and an Offer for Sale (OFS) of approximately 9,99,600 equity shares. The IPO is priced at ₹102 per share with a minimum lot size of 2,400 shares, requiring an application amount of ₹2,44,800. The issue opens on September 1, 2026, and closes on September 3, 2026, with listing on the BSE SME platform on September 8, 2026.

The proceeds from the fresh issue are primarily earmarked for business growth and liability management. Specifically, ₹24.24 Crore is allocated for working capital requirements, ₹4.00 Crore for the repayment or prepayment of borrowings, ₹1.80 Crore for marketing and development, and ₹6.37 Crore for general corporate purposes, with ₹6.03 Crore dedicated to issue expenses.

Financial performance shows a strong upward trajectory. Revenue grew from ₹45.41 Crore in FY24 to ₹62.21 Crore in FY26. More impressively, the Net Profit (PAT) saw a significant jump from ₹1.82 Crore in FY24 to ₹8.43 Crore in FY26, indicating improving operational efficiency and scalability.

From a valuation perspective, the company carries a P/E ratio of 12.13 based on FY26 earnings, with a basic EPS of ₹8.41. A notable challenge for investors is the absence of listed peer companies, making it difficult to determine if the stock is undervalued or overpriced relative to the industry.

Key strengths include an exceptionally high ROE of 61.29% and ROCE of 67.22%, alongside a healthy EBITDA margin of 20.14%. These figures suggest a highly efficient use of capital and strong profitability margins.

However, risks include the inherent volatility of the maritime industry and the fact that 50% of the issue is reserved for HNIs with 0% for QIBs, which may indicate a lack of institutional appetite. Investors should view this as a long-term play given the growth in PAT and revenue, while remaining cautious of the SME segment's liquidity risks.