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Initiating coverage: FLYSBS AVIATION LTD. -On demand charter service provider, DGCA air operator permit (NSOP) approved -Current fleet status is only 2 (13 seater) aircrafts, 5 in pipeline beginning from Q1FY27 -85% Corporate clients (B2B) with 80% repeat customers -30% domestic destination and 70% international (more margins) from abroad destinations -Average per hour domestic flights costs 3-5lakhs per hour and for international costs 5-8 lakhs. Minimum flight hours is 3 to 4 so one take off brings minimum 10lakhs of revenue -Company transitioned from wet lease to dry lease aircrafts which expanded there ebitda margins from 14% to 22% and will further expand as more dry lease aircrafts come on board. -Growth catalysts include: HNI growing with cagr of 15%, elections vvip movements, luxury weddings -Fy26 revenue growth of 64% and PAT growth of 60% on backdrop of aggressive utilisation. Only 2 Aircrafts bringing this growth, imagine 5 more -OCF positive of 32cr, D/e at 0.12 and P/e of 14 ROE 26% -Incremental working capital need is only 18cr for 40% growth guidance vs cash in bank = 65 cr so ample liquidity to support growth. -The only concern was Other income of 16cr which buffed up the PAT for H2fy26 without it PAT margin would have shrink to 13% vs Yoy of 20%, attributable to crude price fluctuations -Now crude is below $75, margin expansion and new fleet utilisation can turn out to be a real bull thesis for coming quarters #flysbsaviation #sme #smeinvesting #ipo #ipoalert Fly sbs