Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹13,800
HNI (Min Lot)
sNII / High Net-Worth Tier
₹1,93,200
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
29.95%
Market Maker
0%
QIB
19.97%
NII / HNI
15.04%
Retail
35.04%
Institutional Corporate Dossier
Skyways Air
COMPANY PROFILE & DNA
Incorporation / Founded
21-12-84
Active Vintage
Corporate Headquarters
New Delhi, Delhi
Registered Hub
👔 Leadership & Promoter Group
Key Management
Yashpal Sharma, Tarun Sharma
⚙️ Business Overview & Portfolio
Core Offerings
Skyways Air Services Limited is a professional aviation and logistics company specializing in air cargo transportation, freight forwarding, and related services.
🎯 Target Market & End-Use
Revenue Drivers
Provides air freight forwarding, ocean freight forwarding, trucking, warehousing, and custom broking services.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Consistently ranked No. 1 Air Freight Forwarder in India by World ACD in terms of AWBs generation.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment/pre-payment of certain outstanding borrowings
₹216.79
Allocation
🎯 Objective 02
Funding incremental working capital requirements
₹130.00
Allocation
🎯 Objective 03
General Corporate Purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Not Mentioned | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 2812.90 | 2247.82 | 1289.11 | |
| EBITDA | 135.76 | 95.96 | 67.15 | |
| Profit After Tax (PAT) | 63.52 | 48.14 | 34.49 | |
| Net Worth | 332.64 | 247.14 | 154.26 | |
| Total Borrowing | 624.06 | 558.43 | 357.34 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
2812.90
₹ Cr
YoY Growth
25.14%
3-Year CAGR
47.72%
135.76
₹ Cr
YoY Growth
41.47%
3-Year CAGR
42.18%
63.52
₹ Cr
YoY Growth
31.96%
3-Year CAGR
35.71%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 12.33% | 15.85% | 16.15% | Stable |
| ROCE (Capital Employed)ROCE | 18.11% | 14.61% | 16.10% | Improving |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
0.84
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 1.88 | -0.3 | Low |
| EPS (₹) | ₹4.37 | ₹4.37 | Accretive |
| ROE (%) | 12.33% | 8.68% | Bad |
| ROCE (%) | 18.11% | 18.56% | Good |
| P/E (Valuation) | 31.57 | 31.57 | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹289.08 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Skyways Air Services Limited IPO CANDIDATE | 2812.90 | 31.57 (Ask) | 18.11% | 8.68% (Post Issue) | 4.83% |
| Delhivery Limited | ₹10,508.31 Cr | 260 | -0.77% | 1.58% | 5.91% |
| Mahindra Logistics Limited | ₹6,999.30 Cr | 1548 | 7.38% | 0.19% | 5.27% |
| TVS Supply Chain Solutions Limited | ₹11,002.97 Cr | 54 | 13.24% | 5.62% | 7.81% |
| Shadowfax Technologies Limited | ₹4,202.44 Cr | 104 | 0.0541 | 0.064 | 0.0504 |
| Not Mentioned | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Experienced promoters Mr. Yashpal Sharma and Mr. Tarun Sharma with over two decades in logistics.
- Comprehensive range of logistics solutions including air freight, ocean freight, trucking, and warehousing.
- Time-tested partnerships with major international airlines and global cargo carriers.
- Proprietary technology platforms (ASAP, SLS Hike, SLS 100X) driving operational efficiency.
Weaknesses
Internal Operational Constraints
- High dependence on third-party carriers as company owns no aircraft or cargo ships.
- Significant supplier concentration with top ten suppliers representing over 46% of service costs.
- Elevated employee attrition rates (e.g. 18.73% in FY26) impacting operational continuity.
- High geographic concentration with over 85% of revenue derived from Asia region.
Opportunities
External Growth Tailwinds
- Government initiatives like Dedicated Freight Corridors (DFCs) and the Sagarmala Project.
- Increasing industry trend of outsourcing logistics to organized 3PL and 4PL providers.
- Growth in manufacturing and export activities in India supported by PLI schemes.
- E-commerce expansion driving demand for express cargo and last-mile delivery services.
Threats & Risks
External Macro & Sector Headwinds
- Geopolitical instability and conflicts (e.g., Red Sea crisis) affecting global trade lanes.
- Highly fragmented and competitive industry with pressure from both organized and unorganized players.
- Fluctuations in global freight rates and trade volumes impacting profit margins.
- Regulatory and compliance risks under FEMA, labor codes, and tax laws.
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
124
Moderate moat driven by niche air freight leadership, expanding EBITDA margins, and high B2B client retention, offset by a highly fragmented and competitive industry.
29.95
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-