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🚨 One of the leading Marine Crew travel & management company going PUBLIC Fly-Hi Maritime Travels SME IPO ♾ IPO 🔹 SME IPO 🔹 BSE SME 🔹 Fixed price SME IPO 🔹 IPO Dates: Sep 1 - Sep 3 🔹 Allotment: Sep 4 🔹 Listing: Sep 8 🔹 Issue price: ₹102 🔹 Market lot: 1,200 shares 🔹 Min application: 2 lots / 2,400 shares / ₹2,44,800 🔹 sHNI min: 3,600 shares / ₹3,67,200 🔹 bHNI min: 10,800 shares / ₹11,01,600 🔹 Total issue: 51,60,000 shares 🔹 Total issue size: ₹52.63 cr 🔹 Fresh issue: 41,60,400 shares / ₹42.44 cr 🔹 OFS: 9,99,600 shares / ₹10.19 cr 🔹 Face value: ₹5 per share as per filed draft prospectus 🔹 Registrar: KFin Technologies 🔹 Lead Manager: Corporate Makers Capital 🔹 Market maker reservation: 2,64,000 shares 🔹 Market maker: Awaited / to be checked in final broker app ♾ Issue reservation 🔹 Retail: 50% of net issue 🔹 NII/HNI: 50% of net issue 🔹 Market maker: 2,64,000 shares ♾ Company 🔹 Fly-Hi Maritime Travels is a marine crew travel management company incorporated in 2021 🔹 Registered office is in New Delhi 🔹 Corporate office is in Mumbai 🔹 Provides end-to-end travel arrangements for crew of commercial shipping companies 🔹 Services include: Airline tickets Ground transport Hotel accommodation Visa coordination Immigration support OK-to-board coordination Real-time travel monitoring Emergency travel support Boarding confirmation In simple terms, company helps shipping companies move crew from home country to port of boarding 🔹 Crew travel is imp because any delay can affect vessel schedules, compliance and operations 🔹 Works with commercial shipping companies from 6+ countries 🔹 Moves crew from 7+ countries to ports of boarding 🔹 It is also IATA accredited ♾ Business 🔹 Business is service-based and asset-light 🔹 Does not own airlines, hotels or transport assets 🔹 It works through airlines, hotels, car rental providers, transfer providers, cruise companies and other third-party vendors 🔹 Operations are centralised mainly from Mumbai office 🔹 Also uses an exclusive distributor in UAE for some international cust requirements 🔹 Revenue comes from crew travel-related services 🔹 Major cost is purchase of hotels, tickets and visa services 🔹 FY25 cost of services - ₹33.04 cr 🔹 3M FY26 cost of services - ₹7.69 cr ♾ IPO money 🔹 ₹24.24 cr is planned for working capital 🔹 ₹4 cr is planned for repayment/prepayment of loans 🔹 ₹2.75 cr is planned for business marketing and development activities 🔹 Remaining amount for GCP ♾ Promoters Jitendra Kumar Negi Mridul Dilip Singhvi 🔹 Pre-IPO promoter holding: 80% 🔹 Jitendra Kumar Negi holds 49.05% 🔹 Mridul Dilip Singhvi holds 30.95% 🔹 Jitendra Kumar Negi is selling up to 9,99,600 shares in OFS ♾ Financials 🔹 Total income: FY23: ₹48.37 cr FY24: ₹45.41 cr FY25: ₹45.75 cr 3M FY26: ₹11.68 cr 🔹 Revenue from operations: FY23: ₹48.02 cr FY24: ₹45.08 cr FY25: ₹45.40 cr 3M FY26: ₹11.57 cr 🔹 EBITDA: FY23: ₹5.88 cr FY24: ₹2.68 cr FY25: ₹5.27 cr 3M FY26: ₹2.07 cr 🔹 PAT: FY23: ₹4.33 cr FY24: ₹1.82 cr FY25: ₹3.44 cr 3M FY26: ₹1.43 cr 🔹 Net worth: FY23: ₹4.50 cr FY24: ₹6.09 cr FY25: ₹9.53 cr 3M FY26: ₹10.97 cr 🔹 Total borrowings: FY23: ₹2.85 cr FY24: ₹4.84 cr FY25: ₹10.03 cr 3M FY26: ₹9.87 cr 🔹 Total assets: FY23: ₹14.18 cr FY24: ₹16.47 cr FY25: ₹23.00 cr 3M FY26: ₹25.34 cr 🔹 Rev has been broadly flat from FY23 to FY25 🔹 PAT fell in FY24 and recovered in FY25 🔹 3M FY26 profitability looks better, but full-year FY26 numbers are not available yet 🔹 Borrowings increased sharply from FY23 to FY25 ♾ Margins and ratios 🔹 EBITDA margin: FY23: around 12.25% FY24: around 5.94% FY25: around 11.60% 3M FY26: around 17.89% 🔹 PAT margin: FY23: around 9.02% FY24: around 4.04% FY25: around 7.59% 3M FY26: around 12.38% 🔹 FY25 RoNW: 44.08% 🔹 FY25 ROCE: 45.18% 🔹 FY25 debt/equity: 1.05x 🔹 FY25 margins recovered after weak FY24 🔸 But rev growth is not strong, so margin sustainability matters ♾ Cash flow 🔹 Operating cash flow: FY23: ₹3.46 cr FY24: ₹0.40 cr FY25: ₹3.78 cr 3M FY26: ₹0.76 cr 🔹 Operating cash flow has stayed positive 🔹 FY25 OCF was slightly higher than PAT 🔸 But working capital requirement is rising as business scales 🔹 Working capital requirement: FY23: ₹3.74 cr FY24: ₹6.52 cr FY25: ₹9.70 cr 3M FY26: ₹10.81 cr 🔹 Operating cycle: FY23: 28.45 days FY24: 52.81 days FY25: 78.00 days 3M FY26: 85.29 days 🔸 Longer operating cycle means more cash gets stuck in business ♾ Valuation 🔹 Issue price: ₹102 🔹 Issue size: ₹52.63 cr 🔹 FY25 PAT: ₹3.44 cr 🔹 3M FY26 PAT: ₹1.43 cr 🔹 Post-issue m.cap around ₹145 cr 🔸 On FY25 PAT, valuation above 40x, not cheap for small SME with broadly flat FY23-FY25 rev 🔹 Better valuation comfort depends on whether FY26 profit run-rate sustains after listing ♾ Peer 🔹 Says no exact comparable listed Indian peer 🔹 Niche marine crew travel management business 🔸 Valuation benchmarking is difficult because business model, cust base and industry exposure are different ♾ Strengths 🔹 Niche marine crew travel management business 🔹 IATA-accredited company 🔹 Works with commercial shipping companies 🔹 Provides 24/7 travel support 🔹 Asset-light service model 🔹 Promoters have experience in commercial shipping and business expansion 🔹 Operating cash flow stayed positive 🔹 FY25 PAT recovered after weak FY24 🔹 Fresh issue proceeds are mainly for working capital 🔹 Shipping crew travel is operationally important for vessel schedules and compliance ♾ Watch-outs 🔹 SME IPO, liquidity risk is higher 🔹 Minimum application is ₹2.44 lakh 🔹 Issue size is around ₹52.63 cr 🔸 Listing moves can be sharp 🔹 Rev growth is weak 🔹 Revenue from operations was ₹48.02 cr in FY23 and ₹45.40 cr in FY25 🔸 PAT recovery is mainly margin-led, not revenue-led 🔹 Cust concentration is very high 🔹 Top 10 contributed 91.56% of FY25 rev 🔹 Top 5 contributed 87.66% 🔹 Top 2 contributed 79.79% 🔸 Loss of large cust can hit revenue sharply 🔹 Overseas rev exposure is very high 🔹 Rev from outside India was 92.95% of FY25 revenue 🔹 UAE alone contributed 76.95% of FY25 rev 🔸 Any UAE/cust/geopolitical or regulatory issue can impact business 🔹 Distributor dependence is high 🔹 Exclusive distributor contributed 66% of FY25 rev & 72.7% in 3M FY26 🔸 Any dispute, service issue or disruption with distributor can affect business 🔹 Supplier concentration is high 🔹 Top 10 contributed 92.03% of FY25 purchases 🔹 Top 10 contributed 93.42% of 3M FY26 purchases 🔸 Depends heavily on third-party vendors for tickets, hotels, transport and visa-related services 🔹 Working capital req is rising 🔹 Operating cycle increased from 28.45 days in FY23 to 85.29 days in 3M FY26 🔸 More business growth may need more working capital 🔹 Trade receivables are significant 🔹 ₹9.73 cr in FY25 and ₹11.93 cr in 3M FY26 🔸 Delayed collections can affect cash flow 🔹 Foreign currency exposure is high 🔹 Majority rev is generated in foreign currencies 🔸 Does not have a formal hedging policy, so forex movements can affect results ♾ Final 🔹 Fly-Hi Maritime Travels is a marine crew travel management company arranging end-to-end travel for crew of commercial shipping companies 🔹 Positives are niche business, IATA accreditation, asset-light model, positive operating cash flow and working-capital-focused fresh issue 🔸 Main watch-outs are SME liquidity, weak revenue growth, high customer concentration, high UAE exposure, distributor dependence, supplier concentration, rising working capital and forex risk 🛠️ Key things to watch next are final broker app details, market maker name, GMP trend, subscription, HNI demand, customer concentration and working-capital cycle after listing I'm looking for final day demand. ⚠️ This is not a buy/sell recommendation. IPO GMP is unofficial and changes quickly. SME IPOs can be illiquid and volatile. Always read the RHP/DRHP, check valuation, risks and your own financial situation before applying #flyhimaritime #flyhimaritimeipo #smeipo #bsesme #ipoindia #maritimetravel #crewtravel #shipping #travelservices #ipo #nse #bse #sebi #ipoalert #nifty50 #sensex #niftybank #niftyit #Nifty500 #niftysmallcap #shreekaram