Skyways Air Services Limited

This section primarily discusses the limitations of using external industry reports for investment decisions and provides an overview of the global economic landscape, highlighting various geopolitical and supply chain risks. It details how the conflict involving the US, Israel, and Iran is causing supply and confidence shocks, particularly affecting energy flows through the Strait of Hormuz. Furthermore, the text outlines how these disruptions translate into higher costs for goods and services, and discusses the impact on different regions and economic sectors.

The provided text discusses several macroeconomic and industrial trends, including shifts in global trade towards regionalization and the increasing focus on technology adoption and sustainability. It details India's economic growth projections, sector-specific performance in the industrial and services sectors, and various indicators related to capital investment and private consumption. Furthermore, the text covers inflation scenarios based on various commodity groups.

This section details various macroeconomic and policy developments, including changes in the Consumer Price Index (CPI) series, monetary policy actions by the RBI, and government initiatives aimed at boosting economic growth. It discusses the impact of the Union Budget 2026-27 on supply chains, infrastructure development, and trade agreements, such as the India-EU FTA and the India-Oman Comprehensive Economic Partnership Agreement (CEPA). Furthermore, the text highlights domestic demand drivers stemming from the expanding middle class and improvements in per capita income, alongside projections for India's global economic standing.

The provided text discusses various aspects of the Indian economy, including growth projections, demographic shifts, and the role of various sectors. It highlights India's projected GDP growth driven by the service sector, the increasing urbanization of the country, and the demand for infrastructure development. Furthermore, the text details trends in Foreign Direct Investment (FDI), the growth of electricity consumption, and the significant contribution of the manufacturing sector to Gross Value Added (GVA). Finally, it covers the logistics industry, noting its critical role in connecting producers and consumers, and the dominance of road transport in the freight movement.

The text describes the diverse and evolving logistics ecosystem in India, which relies on various modes of transport including road, air, sea, and rail. Rail transport is crucial for bulk commodities, while air transport handles high-value, time-sensitive cargo. Maritime transport is key for international trade, and road transport dominates the domestic freight movement. The sector is being reshaped by government initiatives like the Sagarmala Programme and infrastructure investments, alongside technological innovations aimed at improving efficiency and integrating supply chains.

The text discusses various aspects of the Indian logistics sector, including air freight operations, the performance of the logistics industry, and government initiatives aimed at improving infrastructure. Key aspects covered include the role of air transport for high-value goods, the utilization of belly cargo space in passenger aircraft, the growth trends in different logistics segments like domestic express logistics and LTL, and significant government efforts such as the National Logistics Policy and PM Gati Shakti to enhance multimodal transportation and reduce logistics costs.

The Indian logistics sector is a critical component of the national GDP value chain, encompassing transportation, warehousing, and supply chain solutions for both suppliers and end customers. The sector is experiencing significant expansion due to factors like e-commerce growth, industrialization, and infrastructure modernization. Government initiatives, such as the National Logistics Policy (NLP) and the PM Gati Shakti National Master Plan, are driving efficiency improvements and reducing logistics costs. Furthermore, the industry is attracting substantial Foreign Direct Investment (FDI) as global investors focus on integrated supply chains.

The text discusses India's growing significance in global trade, highlighted by improvements in logistics infrastructure and the development of maritime strategies. It details India's focus on future growth through initiatives like the Maritime Amrit Kaal Vision 2047, which emphasizes port expansion, operational efficiency, and sustainability. Furthermore, the section covers the dynamic Indian air transportation sector, noting its growth driven by factors like rising disposable incomes and e-commerce, and its role in both domestic and international cargo movement. The air cargo segment is crucial for various industries, facilitating the movement of time-sensitive goods and supporting global supply chains.

The text describes various express and specialized air cargo services in India, including options for time-critical shipments, temperature-controlled delivery for perishables, and bulk cargo transport via freighters. It details the advantages of air transport, such as its speed, reliability, global reach, and ability to access remote regions. Furthermore, the text outlines a complex regulatory landscape governing the aviation sector in India, involving multiple bodies like MoCA, DGCA, BCAS, and AAI, along with various government policies and reforms aimed at improving cargo operations and infrastructure.

The text details various government policies and industry initiatives aimed at strengthening India's air cargo sector, including the National Logistics Policy, which focuses on integrating transport modes and digitalizing operations. It also outlines various financial and regulatory provisions, such as moratoriums on repayments and relaxations for export realization periods. Furthermore, the text highlights significant government investments in aviation infrastructure, the expansion of the UDAN scheme, and the growing demand driven by the booming e-commerce sector and the pharmaceutical industry. These demand drivers necessitate continuous investment in infrastructure, cold-chain capabilities, and logistics networks.

The Indian air cargo market is undergoing significant transformation due to global disruptions and evolving trade dynamics, with shifts towards air transport for time-sensitive goods. Key drivers include trade route changes, the adoption of technological advancements like IoT for cold chain tracking, and the push for sustainable aviation fuel (SAF). Government policies and infrastructure development are crucial for market growth, aiming to establish India as a global transshipment hub. Furthermore, the defence sector is boosting air cargo for military equipment, while the space technology sector is increasing the demand for specialized aerospace logistics. Consumer trends are also influencing air freight for luxury goods and electronics, and the rise of AI is optimizing operations.

The section details India's export profile, showing a diversified global market presence with the United States as the largest destination, followed by the UAE as the second largest. Other key markets include China, the Netherlands, and the United Kingdom, each driving specific product exports. Furthermore, the text outlines trends in India's foreign trade, including significant growth in air freight imports and exports, driven by demand for electronics, pharmaceuticals, and engineering goods. Maritime transport forms the backbone of India's trade logistics, with sea routes carrying the majority of merchandise trade.

The section details the dynamics of India's trade and logistics sector, highlighting the resilience and expansion of its maritime capabilities. It discusses the steady growth in cargo volumes handled by major and non-major ports, which reflects sustained investments under initiatives like the Sagarmala Programme. Furthermore, the text covers the evolution of India's import landscape, showing a strong upward trend in merchandise imports driven by the need for inputs to support domestic manufacturing and infrastructure development. Finally, it emphasizes the critical role of air cargo in supporting various sectors, including pharmaceuticals, electronics, and manufacturing, by providing the speed and reliability necessary for global supply chains.

The Indian pharmaceutical industry is experiencing robust growth, with projections indicating its market size will reach $130 billion by 2034, supported by cost-efficient production and a skilled workforce. India plays a significant role in the global drug export landscape, contributing 20% to the export of generic drugs. The sector's growth is further supported by increasing demand for reliable air freight services to connect manufacturers with international markets. Furthermore, the manufacturing sector relies heavily on air cargo for time-sensitive components, while the agricultural sector is also driving demand due to the need for rapid transport of perishable goods.

The text discusses the significant challenges in India's warehousing infrastructure, including inadequate facilities, technological gaps, regulatory hurdles, and a shortage of skilled workforce. Key issues involve outdated storage systems, manual processes, complex customs clearance procedures, and slow land acquisition processes. Despite these challenges, the sector is seeing transformation through increased capital expenditure and government initiatives aimed at improving logistics by developing Multi-Modal Logistics Parks (MMLPs).

The Indian logistics sector is undergoing a significant transformation driven by increased demand from manufacturing, e-commerce, and international trade, supported by government infrastructure pushes and digitalization efforts. Key initiatives like the PM Gati Shakti and PLI schemes are driving investment in modern warehousing and supply chain capabilities. This modernization includes capacity expansion, focus on export-oriented growth, job creation, and improvements in operational efficiency. Furthermore, the sector faces various threats such as fuel price volatility, geopolitical risks, climate change pressures, cybersecurity threats, and a fragmented industry structure.

The Indian logistics sector is expected to experience strong growth, driven by sustained economic expansion, rising manufacturing, and e-commerce. Key government initiatives like the PM Gati Shakti National Master Plan and various infrastructure projects are set to improve multimodal connectivity and reduce logistics costs. Technological advancements such as AI, IoT, and blockchain are transforming operations by enhancing visibility and efficiency. Furthermore, the market is seeing significant expansion in various segments, including cold chain logistics and the aviation sector, positioning India as a potential global logistics hub.

The text discusses the challenges and opportunities within the Indian air cargo sector, noting that growth is fueled by export activities and airport infrastructure advancements. Key challenges include infrastructure limitations, regulatory hurdles, high operational costs due to fuel and maintenance, and underdeveloped domestic connectivity. Opportunities exist through e-commerce expansion, government initiatives, infrastructure investment, and regional trade agreements. The competitive landscape involves intense competition from other transport modes, environmental concerns regarding the carbon footprint, global economic fluctuations, and potential disruptions from health crises. Key players include specialized freight forwarders and integrated logistics firms that offer various services.

The provided text details the operational scale and structure of several logistics entities. Mahindra Logistics boasts a significant operational footprint with extensive warehousing space, numerous locations, and high volume in freight movement. TVS Supply Chain Solutions Ltd operates globally across 26 countries, managing substantial warehouse space and serving diverse industries. Shadowfax is positioned as a leading logistics provider for e-commerce and express parcel services, leveraging technology to optimize last-mile delivery across a vast network.

Skyways Air Services Limited (SASL), established in 1984, is a seasoned player in India's air freight forwarding and logistics sector. The company offers a comprehensive suite of services spanning air freight, ocean freight, trucking, warehousing, customs brokerage, and technology-driven express cargo. SASL has achieved a top ranking as the 'Air Freight Forwarder' by World ACD for the last four years and integrates proprietary technology to enhance operational efficiency and customer satisfaction.

The company has evolved from a Custom House Agent (CHA) to a Custom Broker license holder, having built a logistics infrastructure over four decades. This infrastructure provides end-to-end support across the supply chain, encompassing logistics planning, cargo handling, warehousing, documentation, and customs clearance. The company maintains strategic alliances with major international air freight carriers to ensure global reach and service reliability. Furthermore, the company has diversified its services beyond air freight forwarding to include ocean freight, trucking, warehousing, technology-driven express cargo, and customs broking, positioning itself as an integrated logistics platform. The company has also expanded into infrastructure development, such as management of cargo terminals and logistics parks, and has obtained several industry certifications.

The company's operations involve a comprehensive suite of logistics services, including air cargo, ocean cargo, express cargo, parcel delivery, customs clearance, transportation of heavy goods, warehousing, inventory management, tailored supply chain solutions, cross-border express and freight services, and advanced supply chain management software. A key differentiator is the ability to aggregate smaller shipments from various freight forwarders to create significant loads, thereby securing competitive freight rates. The company has achieved accreditation from United Accrediting Services Limited (UASL) for compliance with ISO 9001:2015 standards. Furthermore, the business leverages strong partnerships with major international and regional airlines and various global logistics networks. The company serves a diverse clientele across numerous industry verticals, including textiles, FMCG, automotive, and healthcare.

The company positions itself as a comprehensive logistics solutions provider, utilizing both backward and forward integration to optimize costs and streamline service delivery by internalizing critical functions like last-mile delivery. Key operational strategies involve phased asset acquisition, investment in technology, and workforce training to become a cost-effective, integrated provider. The company focuses on expanding infrastructure, developing new service lines such as non-express freight and temperature-controlled logistics, and penetrating emerging markets through strategic partnerships. Furthermore, the company has developed proprietary technology platforms and established a significant global network across twelve countries.

The company specializes in freight forwarding based in Delhi, focusing on supply chain management by working with third-party partners and carrier operations to distribute goods globally. Their expertise covers handling and transporting express parcels, general cargo, and courier shipments using various modes of transport, including air freight, maritime shipping, and land-based logistics to ensure flexible and timely delivery solutions. The business process involves several key steps, including business development, pricing, negotiation with carriers, and the execution of routing and shipping instructions.

The company provides a comprehensive suite of logistics and freight forwarding services, covering various aspects from documentation and customs clearance to cargo consolidation and final-mile distribution. Services include handling different types of air waybills, ensuring compliance with dangerous goods regulations, and managing the entire process from export to import. The company emphasizes real-time tracking, credit management, and rigorous procedures for shipment execution, including detailed coordination with carriers and adherence to established operational standards. Furthermore, the company has acquired a technology company to enhance its digital capabilities for supply chain solutions.

The company offers a unified multi-modal platform designed to allow customers to access air freight, ocean freight, and courier express services through a single interface, with road transportation planned for a future phase. The platform aims to provide digital rate discovery across various modes, facilitate online booking, and offer real-time shipment visibility. The underlying logistics services are executed by various group entities, including Skyways Air Services Limited for air freight, Forin Container Line for ocean freight, and sKart Global Express Private Limited for courier express services, to deliver a unified digital experience. The company has developed specialized software like Cargo Dash and SLS HIKE, which are used by group companies and marketed to other software companies.

This section details the company's infrastructure, sales, marketing, and corporate governance aspects. It describes meticulous warehouse operations designed for efficiency and compliance, including specialized storage for various cargo types and rigorous documentation processes. The company manages strategically located warehouses with a combined area of 20,411 square feet. Furthermore, the text outlines the company's power management strategy, which includes a mix of solar energy, diesel generators, and UPS units for operational resilience. The marketing strategy emphasizes building strong client relationships through dedicated teams and has involved participation in numerous international industry events. Finally, the company has a formal CSR policy and a dedicated CSR Committee to oversee social initiatives, particularly in the area of education for underprivileged children.

The company operates in a highly competitive and dynamic business environment involving freight forwarding, supply chain, and integrated logistics solutions. Competition is influenced by factors such as cargo sensitivity, contract value, profit margins, logistical complexity, destination requirements, and revenue realization risks. Direct competitive pressures come from established industry players like Shadowfax Technologies Limited, Delhivery Ltd., TVS Supply Chain Solutions Ltd., and Mahindra Logistics Ltd., as well as regional and niche service providers. The company maintains a commitment to data security through a multi-layered cybersecurity framework, including firewalls, endpoint detection, and cloud security suites. Furthermore, the company has significant relationships with various customers and suppliers, and its human resources include a substantial employee base.

The issuer has agreements for leave and license for three warehouses with third parties, detailing various tenures and monthly fees. These include a warehouse at the Airport Cargo Logistics Centre, another at the Kempegowda International Airport, and a plot in New Delhi. The company also has seven warehouses in its subsidiary companies across various entities on a lease basis, with one subsidiary proposing a warehouse operation that is not yet ready for commencement. The company's insurance coverage as of March 31, 2026, covers 58.74% of its total assets in terms of net tangible assets.

The provided text details various Indian laws and regulations, including those governing maritime trade, motor vehicles, motor transport workers, information technology, personal data protection, company law, contract law, insolvency, arbitration, consumer protection, competition, and various labour and employment codes. It also mentions specific provisions related to the implementation and enforcement of these laws across different sectors.

This section details various Indian laws and regulations pertinent to the company's operations, including provisions related to workplace conduct, taxation, and securities markets. It covers laws concerning sexual harassment, shops and establishment regulations, income tax, Goods and Services Tax (GST), professional tax, intellectual property protection (trademarks and copyrights), and various regulations governing securities trading and insider trading. Furthermore, it outlines frameworks for foreign trade, foreign investment, and the relevant rules under the Foreign Exchange Management Act (FEMA).

The company was originally incorporated as a private limited company in Delhi in 1984 and later converted to a public limited company in March 2025, changing its name. The company's Memorandum of Association has undergone numerous amendments over the last ten years, significantly increasing the authorized share capital multiple times. Key corporate milestones include various investments, acquisitions, and agreements with other entities, such as acquiring stakes in Odyssey Logistics Private Limited, RIV Worldwide Limited, Rahat Continental Private Limited, and entering into a binding agreement with CTC Air Carriers Private Limited.

The company entered into a share purchase agreement with Wintop and its promoters on May 06, 2026, resulting in the acquisition of 9,999 equity shares of Wintop, which represented 99.99% of its fully diluted equity share capital. The company currently does not have a holding company. The company has 23 subsidiaries and 6 step-down subsidiaries, including several Indian subsidiaries and foreign subsidiaries. Material subsidiaries as per SEBI ICDR Regulations include Rahat Continental Private Limited, Forin Container Line Private Limited, Brace Port Logistics Limited, and Odyssey Logistics Private Limited. Details regarding the incorporation and capital structure of these subsidiaries are provided.

This section details the corporate structure and various entities involved, including details on equity share capital and shareholding patterns for several subsidiaries and associates. It covers entities such as Surgeport Logistics Private Limited, SLS Logistik Academy Private Limited, SGATE TECH SOLUTIONS PRIVATE LIMITED, Forin Container Line Private Limited, Rahat Continental Private Limited, SLS Retail Supermart Private Limited, C T C Air Carriers Private Limited, Cloudport Logistics Private Limited, and Odyssey Logistics Private Limited. Key information provided includes incorporation dates, registered offices, nature of business, and the ownership stakes in these companies.

This section details the capital structure and shareholding patterns across various entities. It outlines the structure of several subsidiaries, including Avito Global Freight Private Limited, which is a wholly owned subsidiary of the Company, and Wintop Logistics Ind Private Limited, also a wholly owned subsidiary. It also describes the incorporation details for several other entities such as Braceport Logistics L.L.C-FZ, Skyways SLS Logistik GMBH, and Skyways SLS Logistik Company Limited Vietnam, along with their respective business activities and capital structures. Furthermore, it details the incorporation of Bolt Freight INC and Odyssey Logistics USA LLC.

The section details various corporate structures, including different entities with distinct capital structures and shareholding patterns. It outlines several strategic and financial partnerships, such as joint venture agreements and Memorandums of Understanding (MOUs) with various parties for business expansion and project participation. Furthermore, it clarifies the lack of certain agreements and covenants, and discloses specific arrangements regarding shareholder rights post-listing.

This section primarily addresses the managerial personnel, including SMPs, directors, and subsidiary companies, along with the directors of the group companies. It also includes a declaration regarding the absence of conflict of interest between the promoters/members and the lessor of essential immovable properties for the company's operations. Furthermore, the company has disclosed that it has not entered into any agreements that require disclosure under clause 5A of Para A of Part A of Schedule III of the SEBI LODR regulations, except as detailed in other specified sections.

This section provides various definitions and abbreviations used within the Prospectus. It defines terms related to the company, such as 'Our Company' as Skyways Air Services Limited, and specifies details about the company's legal structure and key personnel. It also outlines terms for equity shares, investors, and the process of the offer, including different types of bids and the role of various entities involved in the process.

This section defines various terms related to the securities offering process. It outlines terms such as 'Cap Price' (the higher end of the Price Band), 'Cash Escrow and Sponsor Bank Agreement', and various types of bidders like 'Anchor Investors', 'QIBs', and 'Non-Institutional Investors'. It also details the structure of the issue, including the 'Offer' size, the 'Fresh Issue', and the 'Offer for Sale'.

This section primarily defines various terms used within the context of the offering documents. It details procedural aspects such as the filing timeline for the Red Herring Prospectus and specifies details related to refund accounts and various parties involved in the offering process. It also outlines definitions for different types of bidders, the nature of the offer portion, and the mechanisms for making bids, including the use of UPI. Furthermore, it defines various legal, technical, and industry-related terms.

The provided text section primarily lists various technical and legal terms without providing specific facts about the issuer, such as the company's name, CIN, or the details of the issue. It contains a long list of acronyms and definitions related to various industries, financial regulations, and technical concepts.

This section primarily defines various financial and regulatory terms used within the prospectus, including definitions for regulations like SEBI Mutual Funds Regulations and Venture Capital Fund Regulations. It also outlines various Key Performance Indicators (KPIs) such as Current Ratio, Earnings per Share, EBITDA, and various profit/loss metrics. The text details conventions regarding the use of geographical references, time periods, and currency units, clarifying that references to India pertain to the Republic of India and US references pertain to the United States and its territories.

This section outlines forward-looking statements, clarifying that they are not statements of historical fact and that actual results may differ materially from the expectations described. The text details numerous risks and uncertainties, including regulatory changes, economic conditions, market fluctuations, technological changes, and legal proceedings. It advises investors not to place undue reliance on these forward-looking statements as they are estimates and not a guarantee of future performance. Furthermore, the company commits to informing investors in India about material developments from the date of prospectus registration until final listing and trading approvals.

The provided section details the corporate history and registration information for the company, which was incorporated in Delhi and subsequently converted to a public limited company. It also lists the details of the Board of Directors, including the Chairman and Managing Director, Whole-Time Directors, and Independent Directors. Furthermore, the text specifies the contact details for the Company Secretary and Compliance Officer, as well as the details of the Registrar of Companies. The section concludes by listing various Book Running Lead Managers (BRLMs), Legal Advisors, and Statutory Auditors.

This section details the various professional and banking entities involved in the process, including statutory auditors, various banks, and underwriters. It lists details for several Chartered Accountants and banks that have been appointed or resigned, as well as information regarding the entities responsible for collecting funds and the underwriting process for the equity shares. Furthermore, it outlines the designation of various intermediaries and the process for applying through different mechanisms like the UPI mechanism.

The process for procuring subscribers for the Equity Shares involves certain agreements and the bids to be underwritten as per a separate Underwriting Agreement. The filing of the Draft Red Herring Prospectus was done electronically via the SEBI Intermediary Portal and also emailed to SEBI, following specific circulars and instructions. Furthermore, the Red Herring Prospectus and required contracts were filed with the RoC, and a copy of the Prospectus will be filed separately with the RoC through an electronic portal. The Book Building Process involves collecting bids within a specified Price Band and minimum Bid Lot, which are decided in consultation with the Book Running Lead Managers (BRLMs). The Offer Price will be determined after the Bid/Offer Closing Date.

The company's authorized share capital is set at 16,20,0 equity shares with a face value of ₹10 each. The section details various aspects of the issued, subscribed, and paid-up share capital, including the structure of the current offer. It also lists the details of selling shareholders and their respective holdings, which represent a significant portion of the equity. Furthermore, the section provides a history of past allotments, including issues, bonus issues, and sweat equity shares, which show changes in the paid-up share capital over time.

This section details various allotments and secondary transactions of equity shares, including private placements and transactions involving promoters and the promoter group. It lists numerous allotments with different details such as the number of shares, face value, issue price, and the number of allottees. Furthermore, it outlines several secondary transactions that occurred since the inception of the company, showing changes in the percentage of pre-offer and post-offer equity share capital held by various parties.

This section details various transactions involving the transfer of equity shares, including some occurring in November 2025 and subsequent transactions in 2026. It also provides information on the weighted average cost of acquisition for shares transacted over the last year. Furthermore, the section outlines instances where equity shares were issued through different means, such as bonus issues or for consideration other than cash, and discusses the shareholding pattern as of August 21, 2026. It also specifies the promoter's holdings and confirms that no equity shares held by promoters are currently pledged.

This section details various transactions involving the allotment and transfer of equity shares, including instances of bonus issues and subsequent share subdivisions. It outlines the build-up of equity shares by both Mr. Yashpal Sharma and Mr. Tarun Sharma, showing changes in their holdings over time. Furthermore, it specifies rules regarding the promoter group's shareholding, including provisions for minimum promoter's contribution and lock-in periods for certain shares. The text also includes disclosures about the nature of the consideration for share transfers and restrictions on financing arrangements.

The Offer involves both a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders. The proceeds from the Offer for Sale are not received by the Company and will not be part of the Net Proceeds. The Net Proceeds from the Fresh Issue are proposed for various purposes, including repaying outstanding borrowings, funding incremental working capital, and general corporate purposes. The utilization of these funds is subject to various factors, including market conditions and the timing of the issue completion.

The company proposes to utilize ₹ 21,678.67 Lakhs from the Net Proceeds of the IPO to repay various borrowings and liabilities as held by the company and its Material Subsidiary, Forin Container Line Private Limited, as of June 30, 2026. These borrowings cover different purposes including working capital requirements, capital expenditure reimbursement, general corporate purposes, and acquisitions. The details show a mix of short-term and long-term loans from various financial institutions.

This section details the movement in working capital over fiscal years, highlighting changes in current assets and liabilities. The working capital gap showed a marginal decrease in FY 2025, followed by an increase in FY 2026, which was driven by several factors. Key drivers for the increase in the working capital gap in FY 2026 include an increase in trade receivables, loans and advances, and earmarked bank deposits. Furthermore, the analysis includes projections for working capital requirements for FY 2027 and FY 2028, which are based on the company's business plan and historical performance.

The section details the projected movement in working capital components for FY26 to FY28, including trade receivables, payables, cash balances, margin money, loans and advances, and other current assets. The projected increase in working capital is primarily attributed to the expected growth in the Company's freight forwarding business. Furthermore, the text outlines the proposed utilization of net proceeds, specifically mentioning the funding of incremental working capital requirements to reduce dependence on supplier credit. It also provides assumptions regarding the holding periods for trade receivables and payables based on historical trends and the proposed use of net proceeds.

This section details various procedural aspects related to the offer, including payment responsibilities for certain fees, guidelines for applying for the offer, and monitoring of the utilization of gross proceeds. It outlines the company's commitment to disclose the use of funds in its financial statements and provide quarterly and annual reports to the Audit Committee and stock exchanges. Furthermore, it discusses provisions regarding the variation of offer objects and limitations on payments to promoters or group entities.

The provided section primarily details the certification of Key Performance Indicators (KPIs) by an Independent Chartered Accountant and outlines the commitment of the Company to periodic disclosure of these KPIs. It also provides a comprehensive table comparing various financial KPIs for the years ended March 31, 2026, 2025, and 2024, including metrics like revenue, profitability, and efficiency ratios. Furthermore, the text includes definitions for these KPIs and notes clarifying the calculation methodologies used for different financial measures.

The provided section details various aspects related to the offer-for-sale of equity shares, including records of recent allotments and secondary transactions. It outlines criteria for calculating the price per share based on primary issues and secondary sales, and confirms the absence of certain types of transactions. Furthermore, the text includes performance indicators showing strong growth in operating performance, the impact of an integrated logistics platform on customer growth, expansion of geographic reach, and consistent financial performance across various fiscal years.

This section primarily discusses special tax benefits available to the Company and its shareholders under various provisions of the Income-tax Act, 2025, including provisions related to lower corporate tax rates and deductions. It also details special indirect tax benefits, such as exemptions under GST law, and the treatment of inter-corporate dividends. The text outlines conditions and provisions related to various tax regimes and deductions for different types of income and expenditures.

This section details various special tax benefits available to the company's shareholders under different tax laws. It covers provisions related to GST benefits for exports of services, special direct tax benefits concerning dividend income and capital gains, and rules for non-resident shareholders. Furthermore, it outlines provisions regarding the tax treatment of certain income transfers and the tax status of mutual funds. The document also includes important notes clarifying the scope and limitations of the stated tax benefits.

This section details the examination performed by the independent auditors on the Restated Consolidated Summary Statement of Skyways Air Services Limited and its subsidiaries for the years ended March 31, 2026, 2025, and 2024. The examination was conducted in accordance with various requirements set by the Companies Act, ICDR Regulations, and the Guidance Note on Reports in Company Prospectuses. The auditors relied on audited consolidated financial statements and special purpose consolidated Ind AS financial statements prepared by the Company.

This section primarily contains auditor confirmations and disclaimers regarding the financial statements. It confirms that there are no qualifications in the auditors' reports on the audited consolidated Ind AS financial statements for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, which would require adjustments to the Restated Consolidated Summary Statement. Furthermore, it confirms compliance with relevant standards and guidelines, and clarifies that the report is intended solely for the Board of Directors for inclusion in Offer Documents.

This section presents financial data for a specific period, detailing key performance indicators across the Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, profitability ratios like ROE and ROCE, liquidity metrics such as net working capital days, and leverage indicators like total borrowings and net debt.

This section presents key financial performance metrics for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, profitability ratios like ROE and ROCE, working capital metrics, and debt levels. The presentation is dense, requiring careful extraction of line items and their corresponding periods.

This section presents key financial figures for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes metrics such as revenue, EBITDA, margins, profitability ratios (ROE, ROCE), liquidity measures (net working capital days), and leverage (total borrowings, net debt).

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, and leverage. The data includes figures for Profit & Loss, Balance Sheet, and Cash Flow items, along with derived financial ratios. Specific metrics such as revenue growth, EBITDA margins, Return on Equity (ROE), and debt levels are provided for analysis.

This section presents key financial figures for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes metrics such as revenue, EBITDA, margins, return ratios, working capital days, borrowings, and net debt. The figures are presented across several distinct periods, which are detailed below.

This section presents key financial performance metrics for the company across different periods, detailing revenue, profitability, and liquidity positions. The data includes figures for various financial statements, such as Profit & Loss, Balance Sheet, and Cash Flow, along with derived financial ratios. Specific metrics provided cover aspects like revenue growth, various EBITDA margins, Return on Equity (ROE), Return on Capital Employed (ROCE), net working capital days, total borrowings, and net debt.

This section presents key financial performance metrics for the company across different fiscal periods. It details various components of the Profit and Loss statement, Balance Sheet, and Cash Flow, including revenue, profitability margins, and liquidity measures. The data covers several years, allowing for an assessment of operational performance and financial structure.

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, and leverage. The data includes figures for Profit & Loss, Balance Sheet, and Cash Flow statements, which are crucial for assessing the company's operational performance and financial health. Various derived ratios are also provided to benchmark the company's growth and efficiency.

This section presents key financial figures for the company across different periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes various metrics such as revenue, EBITDA, margins, profitability ratios (ROE, ROCE), liquidity measures (net working capital days), and debt levels (total borrowings, net debt).

This section presents financial performance data for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. Key metrics such as revenue, EBITDA, margins, return ratios (ROE, ROCE), working capital days, borrowings, and net debt are provided for analysis.

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, and leverage. The data includes figures for Profit & Loss, Balance Sheet, and Cash Flow statements, along with derived financial ratios. Specific metrics provided cover revenue growth, EBITDA margins, Return on Equity (ROE), Return on Capital Employed (ROCE), net working capital days, total borrowings, and net debt across the reported fiscal years.

This section presents key financial figures for the company across different periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes various metrics such as revenue, EBITDA, margins, return ratios, and debt levels. The figures are presented across several distinct periods, allowing for a comparative analysis of the company's performance and financial structure.

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, return metrics, and leverage. The data includes figures for Profit & Loss, Balance Sheet, and Cash Flow items, which are crucial for assessing the company's operational performance and financial structure.

This section presents financial data for the company across several periods, detailing key performance indicators from the Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and various financial ratios. The presentation is dense, requiring careful extraction of line items and their corresponding periods.

This section presents financial performance data for the company across several periods, detailing key metrics from the Profit & Loss statement, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and various profitability and liquidity ratios. The presentation is dense, requiring careful extraction of line items and their corresponding periods.

This section presents key financial figures for the company across different periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes various metrics such as revenue, EBITDA, margins, return ratios, and debt levels. The figures are presented across several distinct periods, allowing for an analysis of the company's performance and financial structure.

This section presents financial data for the company across several periods, detailing key performance indicators such as revenue, profitability margins, and leverage. The data includes figures for Profit & Loss, Balance Sheet, and Cash Flow items, along with derived financial ratios. The data spans across different fiscal years or periods, allowing for an assessment of the company's operational performance and financial structure.

This section presents key financial performance metrics for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, return ratios like ROE and ROCE, working capital metrics, and debt levels. The data is presented across several fiscal years, allowing for a comparison of the company's operational and financial health.

This section presents the financial performance of the company across several periods, detailing key metrics from the Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and various profitability and liquidity ratios. The data is presented across multiple years, allowing for a comparison of operational performance and financial structure.

This section presents various financial ratios calculated based on restated consolidated financial information for the fiscal years 2026, 2025, and 2024. Key metrics include Net Worth, Profit After Tax attributable to equity holders, and the number of shares outstanding. The data includes metrics such as Earnings Per Share, Return on Net Worth, and various Net Asset Values per equity share. The section also defines the calculation methodologies for these ratios, including formulas for Earnings Per Share, Net Asset Value, and Return on Net Worth.

This section introduces the financial information presented, clarifying that the figures for Fiscal Years ended March 31, 2026, 2025, and 2024 are derived from Restated Consolidated Financial Information. It also specifies that the financial information has been prepared in accordance with the requirements of the Companies Act and Ind AS, and restated in accordance with SEBI Regulations, which differ from IFRS, U.S. GAAP, and other international GAAP. The text details the company's background, noting its ranking as the No. 1 Air Freight Forwarder by World ACD market data for the last four calendar years. Furthermore, it outlines various material developments subsequent to the financial year, such as an acquisition and the sanctioning of additional fund-based working capital facilities.

This section details the balance sheet items for the company across three fiscal years, including the fiscal year ended March 31, 2026, 2025, and 2024. The balance sheet shows significant changes in assets, such as an increase in Property, Plant and Equipment (PPE) and Capital Work-in-Progress (CWIP), which was driven by acquisitions for infrastructure expansion. Current assets include substantial trade receivables and cash balances. Liabilities show growth in borrowings, primarily to support working capital requirements and long-term infrastructure expansion. The discussion highlights the impact of these changes on operational activities and financing strategies.

This section details the changes in Property, Plant and Equipment (PPE) and Capital Work-in-Progress (CWIP) between March 31, 2024, and March 31, 2025, showing a significant increase in the net carrying value of PPE. The increase was driven by additions, partially offset by depreciation and minor disposals. The text also mentions acquisitions of equity stakes in several companies, which resulted in goodwill recognition. Furthermore, the section outlines changes in various working capital components, including inventories, trade receivables, trade payables, and borrowings, noting the impact of funding requirements and acquisitions on these balances.

The company reported total revenue from operations for the fiscal years ended March 31, 2026, 2025, and 2024, showing a significant increase. Revenue from operations was ₹ 2,81,289.89 Lakhs for FY26, compared to ₹ 2,24,782.49 Lakhs in FY25, marking a 25.14% growth. This growth was driven by strong performance in air freight services, which accounted for 77.02% of the revenue, and continued expansion in the integrated logistics portfolio.

The company demonstrated significant growth in its express cargo revenue, driven by the expansion of its domestic logistics network and higher international air express shipment volumes. Commercial strategy focused on customer acquisition, leading to an increase in the number of customers served and an improvement in average revenue per customer. The company also benefited from the growth in India's export economy, which supported increased demand for international freight forwarding services. Financial results showed an increase in other income, primarily due to higher interest income and foreign currency gains, alongside increased operating profitability.

The company reported improvements in profitability, with the net profit margin increasing, attributed to better operating leverage and cost management. Total revenue showed significant growth, with revenue from operations increasing by 74.37% year-on-year. This growth was driven by increased freight volumes, favorable price variances, and the consolidation of revenues from newly acquired subsidiaries. Disruptions like the Red Sea crisis impacted global maritime routes, leading to higher freight rates, which in turn increased the cost of services. Furthermore, the acquisition and integration of subsidiaries contributed positively to the consolidated revenue and cost of services during the period.

This section details various financial movements and balances for the company, including changes in expenses, financing activities, and cash flows over different fiscal years. Employee benefit expenses showed a significant year-on-year increase, driven by higher salaries and increased headcount. Finance costs rose substantially, largely due to higher interest expense from increased borrowings. Depreciation and amortization expenses also increased, linked to higher capital additions. Other expenses saw a notable rise, driven by increased operating and administrative costs. Profit after tax also increased, primarily due to higher revenue from operations. The cash flow section summarizes net cash movements from operating, investing, and financing activities across the periods.

The Board of Directors comprises 10 members, including 5 Executive Directors and 5 Non-Executive Independent Directors, with two of the Independent Directors being women. The section details the particulars of the Board members, including their designations, tenure, and other directorships. Brief biographies are provided for key personnel, highlighting their professional backgrounds and contributions to the company. Yashpal Sharma is the Chairman and Managing Director, while Tarun Sharma is the Whole-Time Director, and Himanshu Chhabra is the Whole-Time Director and CFO.

The management section details several key personnel, including Whole-Time Directors and Independent Directors, along with their qualifications and tenure with the company. Rohit Sehgal is the Whole-Time Director, having joined in 1996 and overseeing operations. Rajiv Gul Hariramani is another Whole-Time Director, with experience in the freight forwarding industry. Subir Bikas Mitra and CA Santosh Ramanuj Tiwari are Independent Directors, with Subir Bikas Mitra having extensive academic and professional experience. The section also outlines various remuneration details for the directors and the terms of their appointments.

The section details various aspects of director remuneration, compensation, and interests related to the company's directors. It states that no directors have received remuneration from subsidiary or associate companies during the specified fiscal year. Furthermore, it clarifies that there is no contingent or deferred compensation payable to the directors that is not part of their regular remuneration, and the company does not have a bonus or profit-sharing plan for directors beyond performance-linked incentives for employees. The text also outlines various definitions regarding the directors' interests, including those related to fees, commissions, and transactions with related entities.

The management section details various responsibilities related to financial statement review, compliance, related party transactions, and internal controls. It outlines duties such as reviewing financial statements, monitoring auditor independence, scrutinizing inter-corporate loans, and evaluating internal financial controls. Furthermore, the text describes the formation and functions of several specialized committees, including the Nomination and Remuneration Committee, the Stakeholders’ Relationship Committee, and the Corporate Social Responsibility Committee.

The document outlines the composition of the Board of Directors, including the Chairperson and Managing Director, various Members, and the structure for Risk Management and IPO Committees. It details the composition of the IPO Committee, which is responsible for finalizing the Draft and Red Herring Prospectus, and the Internal Complaints Committee, established under the Sexual Harassment of Women at Workplace Act. Key Managerial Personnel and Senior Management are listed, detailing their roles, qualifications, and prior work experience.

The section details various relationships between individuals, including family ties between Yashpal Sharma, Tarun Sharma, and Pratishtha Sharma. It also clarifies that no Key Managerial Personnel or Senior Management have entered into service contracts involving termination or retirement benefits, except for statutory benefits upon termination or superannuation. Furthermore, there are no bonus or profit-sharing plans in place other than performance-linked incentives. The section also addresses contingent and deferred compensation, noting none has been received or is entitled to be received for the Financial Year 2026. All Key Managerial Personnel and Senior Management are permanent employees of the Company, and they generally do not hold Equity Shares in the Company, except as disclosed elsewhere. The section outlines changes in Key Managerial Personnel over the last three years, detailing various appointments and re-designations. Finally, it covers the interests of the Promoters, including their shareholdings, their interest in transactions with other entities, and the lack of payments or benefits made to them by the Company.

The provided text covers various aspects related to the company's management, including references to director experience, disclosures regarding legal and regulatory proceedings, and confirmations regarding compliance with financial regulations. It details that the company, its directors, promoters, and members have not been declared willful defaulters or fraudulent borrowers by leading financial institutions. Furthermore, it confirms that promoters and directors are not prohibited from accessing capital markets or holding directorships in other companies restricted by regulatory orders. The text also addresses conflicts of interest concerning the lending and service providers of the company with the promoter group and directors.