Skyways AirIPO Review — Financials, Valuation & Peers
A data-only look at the Skyways Air IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,316.81 | 34.49 | 48.34 | 154.26 | 790.35 | 357.34 | — |
| FY 2025 | 2,270.99 | 48.14 | 86.49 | 247.14 | 1,321.64 | 558.43 | — |
| FY 2026 | 2,839.67 | 63.52 | 125.65 | 332.64 | 1,508.24 | 624.06 | 5.46 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 12.33%
- RoE
- 14.15%
- RoCE
- 18.11%
- EPS (pre-issue)
- ₹5.46
- EPS (post-issue)
- ₹4.37
- EBITDA Margin
- 4.47%
- PAT Margin
- 2.26%
- NAV / share
- ₹28.91
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Skyways Air | 3.56 | 28.91 | — | 12.33% | Consolidated |
| Delhivery Ltd | 2.04 | 129.4 | 260x | 1.58% | Consolidated |
| Mahindra Logistics Ltd | 0.25 | 130.57 | 1,548x | 0.19% | Consolidated |
| Shadowfax Technologies Ltd | 2.22 | 34.04 | 104x | 6.4% | Consolidated |
| Tvs Supply Chain Solutions Ltd | 2.59 | 46.09 | 54x | 5.62% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Yashpal Sharma, Tarun Sharma</p>
- Holding (pre-issue)
- 79.14%
- Holding (post-issue)
- 56.82%
- Dilution
- 22.32%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Skyways Air IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
Before the issue opened to the public, Skyways Air placed shares with 17 anchor investors, who together put in ₹174.54 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to BANK OF INDIA SMALL CAP FUND (₹25.81 crore), BANK OF INDIA FLEXI CAP FUND (₹23.87 crore) and PRANITYA INDIA OPPORTUNITIES FUND (₹16.59 crore). Investor categories represented include Bank, Other, Insurance and FII/FPI. The lock-in on half the anchor shares ends on 27 Sept 2026, with the remainder locked until 26 Nov 2026.
Analyst view tally
1 third-party review is on record for the Skyways Air IPO — among them Capital Market. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Beyond the headline pricing, the disclosed operating profile stands on its own numbers. Skyways Air operates at an EBITDA margin of 4.47% and a net (PAT) margin of 2.26% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 18.11% and a return on equity (RoE) of 14.15%. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and subsidiary forin container line pvt.ltd.. (₹216.79 crore), alongside funding incremental working capital requirements of the company. (₹130 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Skyways Air reported revenue of ₹2,839.67 crore and a net profit of ₹63.52 crore. Revenue grew from ₹1,316.81 crore in FY2024 to ₹2,839.67 crore in FY2026 (+116.0%). Net worth stood at ₹332.64 crore at the end of FY2026. At the upper band, that puts the issue at roughly 25.3× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Peer comparison
The offer document names listed peers including Delhivery Ltd and Mahindra Logistics Ltd, with a median peer P/E of about 182×.
Promoters
The promoters of the company are <p>Yashpal Sharma, Tarun Sharma</p>. Promoter holding stands at 79.14% before the issue and comes down to 56.82% after listing.
Frequently asked questions
- What is the reservation split in the Skyways Air IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 19.97% (plus 29.95% anchor), non-institutional investors 15.04%.
- Who are the promoters of Skyways Air and what is their holding?
- The promoters are <p>Yashpal Sharma, Tarun Sharma</p>. Promoter holding is 79.14% before the issue and 56.82% after listing.
- What are the objects of the Skyways Air IPO?
- The net proceeds go primarily toward repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and subsidiary forin container line pvt.ltd.., among 3 disclosed objects.