FlySBS Aviation Ltd(FLYSBS)

NSE: FLYSBS

₹ 558-2.17%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 966 crUpdated: 24 Oct 2026

About

FlySBS Aviation runs private jet charters for corporate and UHNI/HNI clients. It flies aircraft under its own permit (dry lease) and also operates wet-leased jets. In FY26 its revenue from operations was ₹318.5 Cr. It served 26 countries, and international flying made up 86.70% of revenue. As of March 2026 it had 4 aircraft and plans to reach 9 by March 2027.^[1][2]

Revenue mix

Dry-lease (own permit) revenue was ₹110.7 Cr in FY26, up from ₹77.4 Cr. It grew more than 10x in two years.^[1]
Dry lease made up 33.8% of revenue in Q3 FY26 (₹2,861.55 lakhs of ₹8,475.77 lakhs), compared with about 30% in H1 FY26 and 23% in FY25.^[3]
Domestic travel made up 29.74% of revenue in Q3 FY26, compared with 25.41% in H1 FY26 and 23.04% in FY25.^[3]
International revenue made up 86.70% of the total in FY26.^[1]

Fleet

The fleet had 4 aircraft as of March 2026: 2 dry-leased and 2 wet-leased.^[1]
The plan is 9 aircraft (7 dry, 2 wet) by March 2027. That would grow the own-permit fleet 3.5x, from 2 to 7 aircraft.^[1]
The Legacy 650 started commercial operations on 1 Jun 2026. An 8-seat jet was added on 15 Oct 2026, and four more aircraft are due before March 2027.^[1]
Planned inductions for Q4 FY26 and Q1 FY27 included Legacy 600 aircraft VT-SSR and VT-GPS and Citation CJ2+ jets.^[3]

Operating numbers

Commercial hours flown more than doubled in FY26 compared with FY25.^[1]
There were 90 departures in Q3 FY26.^[3]
Core EBITDA margin, which excludes other income, was 21.7% in FY26, up from 20.6% in FY25. Management credits more of the flying being done in-house.^[1]
In FY26 the network covered 26 countries, 340 unique destinations and 17+ Indian cities.^[1]

Customers

Repeat clients brought in 87.84% of revenue in FY26. In Q3 FY26 the share was 79%, down from 84.79% in H1 FY26.^[1][3]
The company added 46 new clients in FY26. The 45 first-time clients added from April to December 2025 brought in ₹3,873.43 lakhs.^[1][3]
Revenue from UHNI and HNI clients grew 2.3x to ₹24.9 Cr in FY26.^[1]
UHNI and HNI clients made up 12.64% of revenue in Q3 FY26, compared with 9.84% in H1 FY26 and 5.52% in FY25. Corporates made up about 87%.^[3]

Plans

The company plans to launch a technology-enabled air-time subscription giving recurring access, targeted by March 2027. Loyalty and membership programmes are also planned.^[1][3]
It plans to grow domestic and Tier-2 flying alongside its international business, targeted by March 2027.^[1]

Recent developments

The IPO fresh issue raised ₹102.53 Cr. By 31 Mar 2026, ₹90.18 Cr had been used for the stated purposes and ₹12.35 Cr was held in fixed deposits until aircraft are inducted.^[1]
A special resolution in the FY26 annual report seeks to raise the borrowing limit from ₹300 crore to ₹500 crore. The stated uses include buying and inducting aircraft.^[4]
A proposal would raise the pay of the Whole-Time Director and CEO, who is a promoter, from ₹2 lakh to up to ₹5 lakh per month.^[4]
S.A.E. & Associates LLP was appointed secretarial auditor for FY26 to FY30.^[4]

Market Cap

₹966 Cr

High / Low

₹720 / 355

Stock P/E

17.1

Price / Book

4.0

Book Value

₹181

EPS

₹35.1

No. of Shares

1.73 Cr

ROCE

32.5%

ROE

26.2%

OPM

25.2%

Debt / Equity

0.12

Sales

₹319 Cr

Net Profit

₹61 Cr

Promoter holding

32.5%

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