# Skyways Air Services Limited: IPO analysis > Skyways Air Services Limited (CIN U74899DL1984PLC019666) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of 2,88,98,300 shares and an offer for sale of ₹184 Cr, priced at ₹131.00 to ₹138.00 per share. In FY26 it reported revenue of ₹2,813 Cr (+25.1% on FY25) and a net profit of ₹64 Cr. Our earlier look-up of its claims found no medium or high concerns across 24 claims looked up. - Page: https://ipo.innerkore.com/in/company/U74899DL1984PLC019666/skyways-air-services-limited/ - CIN: U74899DL1984PLC019666 - Last updated: 28 Aug 2026 ## Key facts - **Company:** Skyways Air Services Limited - **CIN:** U74899DL1984PLC019666 - **Filing stage:** Prospectus - **Latest SEBI filing:** 28 Aug 2026 - **Offer for sale:** ₹184 Cr - **Price band:** ₹131.00 to ₹138.00 per share - **Final offer price:** ₹138.00 per share - **Bidding opens:** 24 Aug 2026 - **Bidding closes:** 27 Aug 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹2,813 Cr - **Revenue growth:** +25.1% - **Net profit FY26:** ₹64 Cr - **Revenue CAGR FY24 to FY26:** 47.7% - **Lead managers:** Holani Consultants Private Limited, Shannon Advisors Private Limited, Dolat Finserv Private Limited - **Registrar:** Bigshare Services Private Limited - **Earlier look-up flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (look closer): 31.6x P/E. At the top of the band, on FY26 profit; 4.1x book value. - **Growth** (looks fine): 47.7% a year. Sales FY24 to FY26; latest year +25.1%. - **Profitability** (concern): 2.3% net margin. FY26; operating margin steady. - **Debt** (look closer): 1.26x equity. ₹624 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 179% of profit. Operations brought in ₹114 crore against ₹63.5 crore of profit in FY26. - **One-off income** (concern): 31% of profit. Other and one-off income is 31% of pre-tax profit. - **Where the money goes** (looks fine): 32% for sale. 68% is new shares issued by the company. 60% of the new money repays debt. - **Red flags** (looks fine): None serious. 24 claims looked up earlier: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 1,289 | 2,248 | 2,813 | | Sales growth | – | 74.4% | 25.1% | | Operating profit | 48 | 86 | 127 | | Operating margin | 3.8% | 3.8% | 4.5% | | Net profit | 34 | 48 | 64 | | Net margin | 2.7% | 2.1% | 2.3% | | Net worth | 186 | 392 | 495 | | Borrowings | 357 | 558 | 624 | | Return on equity | 18.5% | 12.3% | 12.8% | ## Use of proceeds (fresh issue) - Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company and our Subsidiary “Forin Container Line Private Limited”: ₹217 crore - Funding incremental working capital requirements of our Company: ₹130 crore - General Corporate Purposes(1): ₹14 crore ## Claims looked up earlier - **NONE** (PromoterBackground): Remuneration for various directors for FY 2025-26 is disclosed, totaling ₹ 694.44 Lakhs.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim about the remuneration for various directors for FY 2025-26. - **NONE** (PromoterBackground): Sharad Sharma has been struck off voluntarily under section 248(2) of the Companies Act, 2013 for Overseas Linkers India Private Limited.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Sharad Sharma has been struck off voluntarily under section 248(2) of the Companies Act, 2013 for Overseas Linkers India Private Limited. - **NONE** (PromoterBackground): Promoters are not and have not been a promoter or director of any other company which is prohibited or debarred from accessing or operating in capital markets under any order or direction passed by SEBI or any other securities market regulator or any other authority, court or tribunal inside and outside India.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the DRHP regarding the promoters' history with other companies and regulatory prohibitions. - **NONE** (PromoterBackground): Promoters and members of the Promoter Group are not prohibited or debarred from accessing the capital markets or from buying, selling or dealing in securities under any order or direction passed by SEBI or any other securities market regulator or any other authority, court or tribunal inside and outside India.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim made in the Draft Red Herring Prospectus. - **NONE** (PromoterBackground): The company, directors, promoters, and members of the Promoter Group have not been declared Willful Defaulters by any leading bank or financial institution or consortium thereof, in accordance with guidelines issued by the Reserve Bank of India and the SEBI ICDR Regulations.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company's directors, promoters, and members have not been declared willful defaulters by banks or financial institutions. - **NONE** (SubsidiaryPerformance): Sgate Tech Solutions Private Limited was originally incorporated in August 09, 2004, and later changed its name to Sgate Tech Solutions Private Limited on October 09, 2019.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the incorporation and name change dates of Sgate Tech Solutions Private Limited. - **NONE** (SubsidiaryPerformance): SLS Logistik Academy Private Limited was incorporated at New Delhi as a private limited company on March 12, 2019.. No current web search results were found to corroborate, contradict, or provide any information regarding the incorporation date or details of SLS Logistik Academy Private Limited. - **NONE** (SubsidiaryPerformance): Surgeport Logistics Private Limited was incorporated at New Delhi as a private limited company on June 16, 2017.. No current web search results were found to corroborate, contradict, or provide any information regarding the incorporation date or details of Surgeport Logistics Private Limited. - **NONE** (SubsidiaryPerformance): Brace Port Logistics Limited was incorporated on November 07, 2020, and its equity shares were listed on August 26, 2024 on NSE EMERGE.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the incorporation date or listing date of Brace Port Logistics Limited. - **NONE** (SubsidiaryPerformance): The company acquired 90% of the share capital of SLS Retail Supermart Private Limited on March 01, 2024.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Skyways Air Services Limited acquired 90% of the share capital of SLS Retail Supermart Private Limited on March 01, 2024. - **NONE** (SubsidiaryPerformance): The company entered into a binding memorandum of understanding with CTC Air Carriers Private Limited (“CTC”) on August 14, 2024, to acquire 51% of its share capital.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Skyways Air Services Limited entered into a binding memorandum of understanding with CTC Air Carriers Private Limited on August 14, 2024, to acquire 51% of its share capital. - **NONE** (SubsidiaryPerformance): The company entered into a Share Purchase Agreement with Rahat Continental Private Limited (“RCPL”) on October 03, 2023, acquiring 51% of its equity.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Skyways Air Services Limited entered into a Share Purchase Agreement with Rahat Continental Private Limited on October 03, 2023. ## Common questions ### How big is the Skyways Air Services Limited IPO? Skyways Air Services Limited's IPO comprises a fresh issue of 2,88,98,300 shares and an offer for sale of ₹184 Cr, according to its Prospectus. The price band was ₹131.00 to ₹138.00 per share and the final offer price was ₹138.00 per share. ### What are Skyways Air Services Limited's revenue and profit? Skyways Air Services Limited reported revenue from operations of ₹2,813 Cr in FY26, +25.1% versus FY25. Net profit was ₹64 Cr (FY25: ₹48 Cr). Revenue grew at a compound rate of 47.7% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How will Skyways Air Services Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by our Company and our Subsidiary “Forin Container Line Private Limited” (₹217 Cr); Funding incremental working capital requirements of our Company (₹130 Cr); General Corporate Purposes (₹14 Cr). The offer-for-sale portion goes to the selling shareholders, not the company. ### What are the red flags in Skyways Air Services Limited's Prospectus? Earlier, we looked up 24 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Skyways Air Services Limited do? Forget the fanfare; the real red flag surrounding the Skyways Air Services Limited IPO is silence. Despite intense scrutiny, there is absolutely no public record or corroboration regarding the remuneration paid to various directors for the crucial fiscal year of 2025-26. ### Who manages the Skyways Air Services Limited IPO? Book running lead managers: Holani Consultants Private Limited, Shannon Advisors Private Limited, Dolat Finserv Private Limited. Registrar to the offer: Bigshare Services Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Skyways Air Services Limited IPO documents? All 3 filings for Skyways Air Services Limited (Prospectus, Other) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Skyways Air Services Limited - Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787916423171.pdf) (Prospectus, filed 28 Aug 2026) - [Skyways Air Services Limited - Addendum I](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787916197044.pdf) (Other filing, filed 28 Aug 2026) - [Skyways Air Services Limited - Addendum II](https://www.sebi.gov.in/sebi_data/attachdocs/aug-2026/1787916239189.pdf) (Other filing, filed 28 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.