Fly-Hi Maritime IPO

Fly-Hi Maritime Travels Limitedfhmtravels.in

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹102
Issue size: ₹52.63 Cr
Lot size: 1200 sh
Bidding: 1 – 3 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Fly-Hi Maritime Travels arranges travel for the crew of commercial shipping companies, and came to BSE SME at a fixed price of Rs 102 with an issue of Rs 52.63 Cr, of which Rs 42.44 Cr was fresh and Rs 10.2 Cr an offer for sale. The book closed on 3 September 2026 subscribed 2.13 times overall. Revenue was Rs 45.08 Cr in FY24, Rs 45.40 Cr in FY25 and Rs 62.04 Cr in FY26, while profit after tax over the same three years was Rs 1.82 Cr, Rs 3.44 Cr and Rs 8.43 Cr; the record also states that the top two customers were 62.14% of FY26 revenue and that FY26 operating cash flow was negative Rs 98.20 lakh against PAT of Rs 842.58 lakh. The shares listed at Rs 81.60 and last traded at Rs 42.48 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

72Strong

IPOVista score

Broadly well-balanced

63% of the scoring model was backed by disclosed data for Fly-Hi Maritime, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2021 · New Delhi, India · 54 employees

Fly-Hi Maritime Travels arranges travel for the crew of commercial shipping companies, moving seafarers from their home country to the port where they join a vessel. It books international and multi-leg air tickets against vessel schedules and joining windows, plans routes around airline reliability and transit-visa rules, coordinates transit visas and "OK to board" clearance with customers' operations teams and port agents, arranges hotels and ground transport, monitors flights in real time and re-routes crew when travel is disrupted, and runs an after-hours desk for crew replacements, medical requirements and last-minute changes. The company is IATA accredited, is registered in New Delhi and centralises operations at its Mumbai corporate office. It moves crew from more than 7 countries for shipping customers based in more than 6 countries, and had 54 employees as on July 31, 2026.

Revenue is the billed value of crew travel — air tickets, hotels, ground transport and visa handling — sourced from airlines, hotels and transfer providers directly or through third-party aggregators and resold to shipping lines. Cost of services is the dominant expense: Rs 3,907.49 lakh in FY26, or 62.99% of revenue from operations, down from 76.89% in FY24, and that compression lifted the EBITDA margin from 5.94% to 20.14% over the same period. The structural constraints are concentration and working capital. The top two customers were 62.14% of FY26 revenue, an exclusive UAE distributor routed 46.59%, 90.33% of revenue was billed in currencies other than the rupee, and operating cash flow was negative Rs 98.20 lakh in FY26 against PAT of Rs 842.58 lakh.

The company on paper

Legal name: Fly-Hi Maritime Travels Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 29 Sep 2021
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U63030DL2021PLC387367
Sector: Consumer Discretionary · Crew travel management for commercial shipping companies
Employees: 54
Registered office: New Delhi, India
Promoters: Jitendra Kumar Negi, Mridul Dilip Singhvi
Promoter holding, pre-issue: 80.0%
Promoter holding, post-issue: 49.5%
Website: fhmtravels.in

The numbers

Financial performance

Revenue has compounded at 17.3% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

81% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹42.44 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹10.20 Cr
Total issue size: ₹52.63 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,64,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 30.5% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.13×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹102.00
Listed at: ₹81.60
Listing gain: down 20.0%
Since listing: down 56.4%
Against the issue price: down 65.1%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 2,400
At cut-off price: ₹102.00
Amount blocked: ₹2,44,800

One lot is 1200 shares at ₹1,22,400. This issue requires a minimum of 2 lots, so the smallest application is ₹2,44,800. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

The retail subscription figure for this issue is not in this record, so there is nothing to estimate from.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹81.60

listed at, −20.0% against the issue price

Issue price: ₹102.00
Premium said: —
If allotted 1200 shares: −₹24,480

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

EBITDA rose in each of the three years the record carries - Rs 2.68 Cr in FY24, Rs 5.27 Cr in FY25 and Rs 12.49 Cr in FY26 - and so did profit after tax, at Rs 1.82 Cr, Rs 3.44 Cr and Rs 8.43 Cr.
Against revenue of Rs 45.08 Cr, Rs 45.40 Cr and Rs 62.04 Cr, the EBITDA margin works out at 5.94% in FY24 (Rs 2.68 Cr), 11.61% in FY25 (Rs 5.27 Cr) and 20.13% in FY26 (Rs 12.49 Cr); the PAT margin on the same revenue figures is 4.04%, 7.58% and 13.59%.
FY26 revenue of Rs 62.04 Cr was 36.65% above the FY25 figure of Rs 45.40 Cr, while EBITDA across those same two years rose 137.00%, from Rs 5.27 Cr to Rs 12.49 Cr. The record separately states that cost of services was Rs 3,907.49 lakh in FY26, or 62.99% of revenue from operations, against 76.89% in FY24.
Net worth was Rs 6.09 Cr in FY24, Rs 9.53 Cr in FY25 and Rs 17.96 Cr in FY26, a rise of 194.91% across the three years. Total borrowings over the same years were Rs 4.84 Cr, Rs 10.03 Cr and Rs 12.97 Cr, putting borrowings against net worth at 0.79x, 1.05x and 0.72x.

What to weigh against it

The record states that the top two customers were 62.14% of FY26 revenue and that an exclusive UAE distributor routed 46.59% of it.
The record states that operating cash flow was negative Rs 98.20 lakh in FY26, against PAT of Rs 842.58 lakh - the same year the financials carry PAT of Rs 8.43 Cr.
The record states that 90.33% of revenue was billed in currencies other than the rupee. Borrowings also rose in each year present, from Rs 4.84 Cr in FY24 to Rs 10.03 Cr in FY25 and Rs 12.97 Cr in FY26, up 167.98% from FY24 to FY26.
The shares listed at Rs 81.60 against the Rs 102 issue price, 20.00% below it, and last traded at Rs 42.48 as on 23 October 2026 - 58.35% below the issue price and 47.94% below the listing price.

Easy to miss in the prospectus

The record carries a single subscription row - 2.13 times overall on 3 September 2026, the close date - with no QIB, NII, retail or employee figures.
The record carries no valuation block and no post-issue share count, so no earnings multiple against the Rs 102 issue price can be computed from it.
The concentration and currency figures in the record - top two customers at 62.14%, the UAE distributor at 46.59% and 90.33% of revenue billed in non-rupee currencies - are stated for FY26 only, with no comparable FY24 or FY25 figures in the record.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Corporate Makers Capital Limited
RegistrarAllotment status is checked on the registrar's own site: KFin Technologies Limited

How these figures were checked

Reconciled to Fly-Hi Maritime's own prospectus and to exchange disclosures, then cross-checked against 8 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 1 Sep 2026
Closes: 3 Sep 2026
Allotment: 4 Sep 2026
Lists: 8 Sep 2026
Revenue (FY26): ₹62.04 Cr
Profit (FY26): ₹8.43 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.