FlySBS Aviation Ltd
Incorporated in 2020, FlySBS Aviation Ltd is a Private Jet Chartering Company in India.[1]
- Market Cap ₹ 1,100 Cr.
- Current Price ₹ 636
- High / Low ₹ 720 / 355
- Stock P/E 14.8
- Book Value ₹ 203
- Dividend Yield 0.00 %
- ROCE 32.5 %
- ROE 26.2 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 109% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.5%
- Company's working capital requirements have reduced from 49.3 days to 32.7 days
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 32.5%
- Debtor days have increased from 35.2 to 43.8 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| 16 | 27 | 34 | 106 | 194 | 319 | 373 | |
| Sales growth | +71% | +25% | +212% | +82% | +64% | +51% | |
| 14 | 26 | 29 | 92 | 154 | 249 | 284 | |
| Operating Profit | 2 | 1 | 5 | 15 | 40 | 69 | 89 |
| OPM % | 13% | 4.3% | 14% | 14% | 21% | 22% | 24% |
| 0 | 1 | 1 | 0 | 1 | 16 | 17 | |
| Interest | 0 | 0 | 1 | 1 | 2 | 3 | 6 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Profit before tax | 2 | 1 | 4 | 14 | 39 | 81 | 100 |
| Tax % | 25% | 28% | 16% | 19% | 27% | 25% | |
| 2 | 1 | 3 | 11 | 28 | 61 | 74 | |
| EPS in Rs | 22.29 | 35.12 | 42.92 | ||||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 82% |
| 3 Years: | 111% |
| TTM: | 51% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 109% |
| 3 Years: | 160% |
| TTM: | 58% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 7% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 27% |
| 3 Years: | 26% |
| Last Year: | 26% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 3 | 13 | 17 | 17 |
| Reserves | 2 | 3 | 10 | 63 | 138 | 296 | 334 |
| 2 | 5 | 3 | 3 | 18 | 37 | 43 | |
| 1 | 3 | 5 | 8 | 24 | 41 | 31 | |
| Total Liabilities | 7 | 12 | 20 | 77 | 192 | 392 | 425 |
| 0 | 0 | 0 | 5 | 5 | 7 | 7 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 | 12 | 20 | 72 | 186 | 384 | 417 | |
| Total Assets | 7 | 12 | 20 | 77 | 192 | 392 | 425 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| -4 | 1 | 4 | 1 | 1 | 32 | |
| -0 | -1 | -2 | -37 | -28 | -134 | |
| 4 | -0 | 1 | 42 | 69 | 118 | |
| Net Cash Flow | 0 | 0 | 2 | 6 | 41 | 15 |
| Free Cash Flow | -4 | 1 | 4 | -4 | -0 | 29 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -209% | 62% | 85% | 10% | 8% | 60% |
Ratios
Standalone / View Consolidated
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 46 | 80 | 64 | 23 | 39 | 44 |
| Inventory Days | ||||||
| Days Payable | ||||||
| Cash Conversion Cycle | 46 | 80 | 64 | 23 | 39 | 44 |
| Working Capital Days | 61 | 31 | 19 | 52 | 64 | 33 |
| ROCE % | 22% | 43% | 35% | 35% | 32% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Total Aircraft at End of Period (Fleet Size) Nos. |
|
|||
| Total Crew Members at End of Period Nos. |
||||
| Total Unique Destinations Touched Nos. |
||||
| Average Flying Hours per Day Hours/Day |
||||
| Dry Lease Revenue Mix % |
||||
| Top 5 Client Revenue Concentration % |
||||
| Total Chargeable Flying Hours Hours |
||||
| Total Departures Nos. |
||||
Extracted by Screener AI
Documents
Announcements
-
Outcome of Board Meeting
- Board approved H1 FY2026-27 results on Nov 11, 2026; profit rose to Rs 3,735.17 lakh.
-
Monitoring Agency Report
- CARE report for quarter ended Sep 30, 2026 shows Rs 11.72 crore unutilised; no deviation from IPO objects.
-
Outcome of Board Meeting
- Board approved H1 FY2026-27 results; IPO proceeds utilisation noted; new aircraft inducted and commercial operations commenced.
-
Quarterly Compliance Report on Corporate governance - within 21 days from the end of the quarter
- FlySBS confirms corporate governance provisions are not applicable as it is listed exclusively on SME Exchange.
-
General Updates
- FlySBS will add one Hawker 900XP aircraft in October 2026, investing ₹1,398.20 lakh from IPO proceeds.
Concalls
-
Jan 2026PPT
Business Overview:[1]
FlySBSAL offers private, non-scheduled air charter services in India for elite clientele and holds a valid DGCA Air Operator Permit. Initially operating through wet lease models, it has now transitioned to a long-term dry lease, under which it operates a 13-seater Embraer Legacy 600 aircraft.