About the Company: India’s Leading Air Freight Forwarder
Incorporated in December 1984, Skyways Air Services Limited (SASL) is a premier logistics and freight forwarding company with over four decades of operational excellence in India’s logistics sector. Evolving from a Custom House Agent, the company has transformed into a comprehensive multi-modal logistics provider offering end-to-end supply chain services across domestic and international markets.
The company offers a versatile portfolio spanning air and ocean freight forwarding, surface transport (trucking), warehousing, customs broking, and technology-driven express cargo/parcel delivery. Notably, Skyways Air Services has been consistently ranked as the No. 1 Air Freight Forwarder in India in terms of Air Waybills (AWBs) generated by World ACD for four consecutive years (2022 to 2025).
Supported by strategic global partnerships with top airlines (such as Saudi Cargo, Air India Cargo, Emirates, and Lufthansa) and proprietary digital platforms (including SLS HIKE, Cargo Dash, and Skart-Edge), the company manages extensive cross-border cargo flows. As of June 30, 2026, the company employed 320 professionals, with a broader network of 1,193 personnel across subsidiaries.
- Over 40 years of market leadership and industry domain expertise in freight forwarding.
- Ranked No. 1 Air Freight Forwarder in India by AWBs generated (2022–2025, World ACD).
- Strategic global carrier partnerships with airlines such as Lufthansa, Emirates, and Air India Cargo.
- Proprietary digital logistics stack powering automated booking, tracking, and customs documentation.
The company’s promoters are Yashpal Sharma and Tarun Sharma.
Financial Trends & Performance
Skyways Air Services Ltd.’s revenue expanded by 25% while profit after tax (PAT) rose by 32% between the financial years ending March 31, 2026, and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | ₹1,508.24 Cr | ₹1,321.64 Cr | ₹790.35 Cr |
| Total Income | ₹2,839.67 Cr | ₹2,270.99 Cr | ₹1,316.81 Cr |
| Profit After Tax (PAT) | ₹63.52 Cr | ₹48.14 Cr | ₹34.49 Cr |
| EBITDA | ₹125.65 Cr | ₹86.49 Cr | ₹48.34 Cr |
| Net Worth | ₹332.64 Cr | ₹247.14 Cr | ₹154.26 Cr |
| Total Borrowings | ₹624.06 Cr | ₹558.43 Cr | ₹357.34 Cr |
All figures in ₹ Crore | Source: Chittorgarh / DRHP (Restated Consolidated)
Key Performance Indicators & Valuation (FY2026)
Competitive Strengths
- Dominant Market Position: India’s leading air freight consolidator with deep domestic and international airline allocations.
- Consistent Revenue Scaling: Top-line revenue expanding rapidly from ₹1,316.81 Cr in FY24 to ₹2,839.67 Cr in FY26.
- End-to-End Multi-Modal Integration: Comprehensive capabilities across air, ocean, multimodal freight, and custom clearances.
- Tech-Enabled Execution: Integrated in-house digital platforms providing live tracking, automated booking, and ERP capabilities.
Issue Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 2,10,80,000 shares (49.92% of the issue) |
| Retail Shares Offered | 1,48,00,000 shares (35.04% of the issue) |
| NII (HNI) Shares Offered | 63,51,600 shares (15.04% of the issue) |
IPO Structure & Use of Proceeds
The ₹582.80 Cr issue comprises a Fresh Issue of ₹398.80 Cr (2,88,98,300 shares) and an Offer for Sale of ₹184.00 Cr (1,33,33,300 shares) by selling promoters and investors. The fresh proceeds are proposed to be allocated as follows:
- Repayment/pre-payment, in full or part, of certain borrowings of the Company and subsidiary Forin Container Line Pvt. Ltd. ₹216.79 Cr
- Funding incremental working capital requirements of the Company ₹130.00 Cr
- General corporate purposes Balance
Bidding opens on August 24, 2026 and closes on August 27, 2026. Minimum retail application lot size is fixed at 100 shares (₹13,800 based on upper price band).
Skyways Air Services Limited stands as a market leader in Indian air freight forwarding, demonstrating solid revenue expansion to ₹2,839.67 Cr and a growing PAT of ₹63.52 Cr in FY26.
The business demonstrates healthy operational efficiency (ROCE of 18.11%). Utilizing ₹216.79 Cr of the fresh proceeds toward debt reduction will significantly trim finance costs, while ₹130 Cr allocated to working capital provides the necessary bandwidth to support growing multi-modal cargo volumes. Investors looking for established logistics and global supply chain plays can review this issue closely.
