Skyways Air Services Q1 profit jumps 143.3% post ₹5.8bn IPO

Skyways Air Services reported a 143.3% year-on-year increase in consolidated profit for the quarter ended June 30, 2026, with profit for the period rising to ₹267.9 million from ₹110.1 million in the same quarter last year. Revenue from operations increased 92.9% to ₹12.17 billion from ₹6.31 billion.

The company's consolidated total income stood at ₹12.25 billion in Q1 FY27, compared with ₹6.44 billion in Q1 FY26, an increase of 90.4%. EBITDA rose 82.6% year-on-year to ₹499.4 million from ₹273.5 million.

Total comprehensive income increased 146.8% to ₹271.7 million from ₹110.1 million in the corresponding quarter last year. Consolidated basic earnings per share stood at ₹1.69, compared with ₹0.60 in Q1 FY26.

The Board of Directors also declared the company's first interim dividend since its listing, of ₹0.25 per equity share, or 2.5% of the face value of ₹10 each, for financial year 2026-27. October 9, 2026 has been fixed as the record date for determining shareholders entitled to receive the dividend. The dividend will be paid within 30 days from the date of declaration, in compliance with applicable SEBI regulations.

Skyways said it maintained its No. 1 position in air freight forwarding and advanced to number 44 globally in air cargo operations. Its domestic market share increased from 5.9% in the previous quarter to 6.2% in the current quarter.

Air cargo remained the company's largest service segment, contributing 80.3% of Q1 FY27 revenue. Air Cargo Services generated 9.76 Billion, followed by Ocean Cargo Services at ₹1.53 billion, Express Cargo Services at ₹625.9 million, Trucking at ₹193.1 million, Value Added Services at ₹45.2 million and Warehousing at ₹9.0 million.

Total service revenue stood at ₹12.16 billion, while revenue from operations was ₹12.17 billion.

In the air freight segment, cargo volumes increased 23% year-on-year to 23,486 tonnes in Q1 FY27 from 19,095 tonnes. Revenue from the segment rose 97% to ₹9.76 billion from ₹4.95 billion, while average yield increased 60% to ₹416 per kg from ₹259 per kg.

In ocean cargo, TEUs shipped increased 17.7% to 8,022 from 6,817 in Q1 FY26. Revenue rose 63.9% to ₹1.53 billion from ₹931.1 million, while yield increased 39.3% to ₹1,90,258 per TEU from ₹1,36,596.

Express Cargo Services reported revenue of ₹625.9 million in Q1 FY27, compared with ₹382.4 million in Q1 FY26, an increase of 63.7%. The service had 31 pick-up and delivery locations and covered 1,204 PIN codes. It delivered 59,746 shipments during the quarter.

On exports, Skyways' export volume increased to 69,816 tonnes in FY26 from 48,836 tonnes in FY25, a 43% increase. Its share of India's export volumes increased from 4.6% in FY25 to 5.6% in FY26.

In Q1 FY27, Skyways' export tonnage increased to 19,391 tonnes from 16,294 tonnes in Q1 FY26, while India's export tonnage increased to 312,760 tonnes from 294,758 tonnes. Skyways said its export volumes accounted for 6.2% of India's export volumes in the quarter.

On a standalone basis, revenue from operations increased to ₹6.76 billion in Q1 FY27 from ₹3.22 billion in the corresponding quarter last year. Standalone profit for the period rose to ₹140.5 million from ₹66.3 million, while basic earnings per share increased to ₹1.21 from ₹0.59.

Standalone total income stood at ₹6.82 billion compared with ₹3.26 billion, up 109.2%. EBITDA increased 86.9% to ₹276.1 million from ₹147.7 million. Standalone total comprehensive income rose 107.9% to ₹141.2 million from ₹67.9 million.

The Q1 results follow the company’s proposed ₹5.8 billion IPO, for which Skyways Air Services had set a price band of ₹131-138 per equity share. The IPO comprised a fresh issue of up to 2,88,98,300 equity shares and an offer for sale of up to 1,33,33,300 shares. The company had planned to use ₹2.6 billion from the fresh issue to repay or prepay certain borrowings, including those of its subsidiary Forin Container Line Private Limited, while ₹1.3 billion was earmarked for incremental working capital requirements.

The company had said the IPO would support its financial requirements and general corporate purposes. Skyways, which was founded in 1984, provides air and ocean freight forwarding, trucking, warehousing, customs broking and technology-driven express cargo and parcel delivery services. It has relationships with more than 50 airlines and serves over 9,500 clients, with operations across India and international markets.