Fly-Hi Maritime Travels Limited: Initial Public Offering (IPO) & Fundamental Analysis Report

1. IPO Overview & Capital Structure

Fly-Hi Maritime Travels Limited’s public issue consists of a combination of a Fresh Issue of equity shares and an Offer for Sale (OFS) by existing promoter shareholders. Below is a detailed snapshot of the issue details, key timelines, and application requirements:

2. Business Profile & Strategic Operations

Fly-Hi Maritime Travels Limited operates in the travel and logistics sector, with a focus on specialized marine crew travel logistics. The company acts as an end-to-end travel management partner for commercial vessel management firms, marine operators, and shipping fleets worldwide.

Key Operational Capabilities:

• Crew Movement Optimization: Managing complex international flight arrangements for vessel crew transfers aligned with strict shipping schedules and port calls.
• IATA Accreditation: Being an IATA-accredited entity allows direct ticketing and favorable commercial inventory access across global commercial airlines.
• End-to-End Support: Services extend beyond basic air ticketing to include ground transit, emergency itinerary changes, visa facilitation, hotel stay allocations, and port immigration clearance support.
• Operating Hubs: Centralized execution is handled out of its corporate facility in Mumbai, supplemented by a international distributor channel in Dubai (UAE).

3. Financial Performance & Key Growth Metrics

Fly-Hi Maritime Travels Limited has demonstrated accelerated top-line expansion alongside margin recovery in recent financial years. The company reported significant net profit growth for the financial year ending March 31, 2026.

4. Objects of the Fresh Issue

Out of the total ₹52.63 Crore IPO, the fresh capital generation of ₹42.44 Crores will be deployed into strategic corporate initiatives. The deployment targets specified in the prospectus are allocated as follows:

• Funding Working Capital Requirements (₹24.24 Cr): Maritime crew travel logistics requires high upfront credit terms and ticketing liquidity to handle booking volumes before settlement.
• Debt Reduction (₹4.00 Cr): Prepayment and partial repayment of existing debt facilities to reduce finance costs and lower leverage.
• Business Marketing & Brand Development (₹1.80 Cr): Capital allocated toward international client acquisition, digital footprint expansion, and trade showcase engagements.
• General Corporate Purposes & Issue Expenses (₹12.40 Cr): Supporting ongoing operational infrastructure and covering public issue management costs.

5. Fundamental Evaluation: Strengths vs. Risk Factors

Key Investment Strengths:

• Niche Market Positioning: Specialized maritime crew travel offers higher entry barriers compared to general B2C travel agencies due to complex scheduling requirements and global visa coordination.
• Strong Profitability Indicators: An ROE of 61.29% and ROCE of 67.22% reflect efficient utilization of internal capital.
• SME Platform Listing Benefits: Transitioning to a publicly listed entity enhances corporate governance credibility when dealing with global shipping fleets.

Potential Business & Market Risks:

• Concentration Risk: Dependence on third-party airline carriers and maritime industry health exposes operations to external disruptions.
• Global Political & Regional Factors: International crew transfers remain vulnerable to maritime trade route disruptions, global fuel surcharges, and geopolitical developments.
• SME Liquidity Profile: SME platform shares feature fixed minimum lot trade blocks (1,200 shares), which can lead to lower secondary market trading liquidity compared to mainboard listings.