Fly-Hi Maritime Travels Limited

Fly-Hi Maritime Travels Limited operates as a specialized boutique travel management company catering to commercial shipping enterprises for the end-to-end travel and logistical requirements of their vessel crews. The company’s core value proposition lies in managing the high operational complexity of international crew mobilization, ensuring that seafarers transfer seamlessly from their home locations to designated ports of embarkation across the globe. Its underlying business model encompasses route planning and travel design, commercial airline ticketing (including multi-leg itineraries), transit visa and immigration coordination, embassy documentation assistance, "OK to Board" clearances, real-time flight tracking, and 24/7 emergency re-routing support. By absorbing transit and scheduling risks, the company ensures boarding certainty to prevent costly vessel downtime and regulatory non-compliance for ship owners and fleet managers.

The company primarily targets commercial shipping companies, ship management corporations, and marine crew management agencies operating ocean-going fleets. Its clientele features marquee, multi-billion-dollar global shipping enterprises. Demographically, Fly-Hi coordinates travel itineraries for multinational seafarers of diverse nationalities who must adhere to strict flag-state and port-state immigration regimes. The company has established an international footprint with client relationships spanning more than six jurisdictions, including Cyprus, Greece, the United States, the United Kingdom, Singapore, the United Arab Emirates, and India.

Regarding manufacturing infrastructure and factory locations, the "Our Business" section explicitly specifies that the company is a pure service enterprise and is not engaged in any manufacturing activities. Consequently, it does not own or operate factories, manufacturing plants, or heavy machinery, nor does it consume industrial raw materials. For the same reason, exact capacity and capacity utilization metrics are officially reported as "Not Applicable" to the company's business model.

Operationally, Fly-Hi runs a centralized delivery model from its primary corporate office in Mumbai (supported by its registered office in New Delhi), utilizing modern IT setups and communication infrastructure. It holds accreditation from the International Air Transport Association (IATA) under the "GoStandard" certification, enabling direct booking access with global airlines alongside third-party aggregators. To service international accounts efficiently, the company has engaged an overseas distributor in the United Arab Emirates. Furthermore, as highlighted under its operational assets, the company is investing in developing an automated, proprietary travel management software platform to facilitate real-time crew tracking, automated ticketing, and digital transaction monitoring across international shipping corridors.

As per financial performance, Fly-Hi Maritime Travels Limited has posted total income / net profits of Rs 45.41 Cr / Rs 1.82 Cr (FY24), Rs 45.75 Cr / Rs 3.44 Cr (FY25) and Rs 62.21 Cr / Rs 8.43 Cr (FY26). So as per previous financials data, the company has shown sharp revenue and profit expansion with total income registering an annualized CAGR of 17.05% and PAT surging 115.09% CAGR, accompanied by an increase in total borrowings from Rs 4.84 Cr in FY24 to Rs 12.97 Cr in FY26 (with Debt-to-Equity moderating to 0.72x). Company has an average EPS of Rs 5.66 and average RoNW of 51.07% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 5.69 as per NAV of Rs 17.92 as on 31.03.26. Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.39 based on the post-issue NAV of Rs 42.59. If we attribute the latest earnings of FY24, FY25, and FY26 to the expanded equity base post-issue, then the asking price is at a Post-Issue P/E of around 79.42, 42.00, and 17.17 respectively. As per RHP, a comparison between listed peers shows that there are no listed companies in India operating in an identical marine crew travel management segment, making direct peer valuation benchmarking unavailable.

On BRLM's front, Corporate Makers Capital Limited is associated with this IPO, and has handled 13 IPOs in the past. From last 10 IPOs, four opened below issue price and remaining all opened above issue price or at par, on the day of listing.  As of now, from the last 10 IPOs, seven are trading below the issue price and the remaining three are trading above the issue price or at par. (as on 31.08.26)

• 1 Mr. Jitendra Kumar Negi
• 2 Mr. Mridul Dilip Singhvi