A niche Mumbai-operated maritime crew-travel manager opens its Rs 52.63 crore BSE SME issue on September 1
A specialised company managing end-to-end travel arrangements for the crew of commercial shipping companies plans to raise Rs 52.63 crore via a fixed-price SME listing on BSE SME.
Fly-Hi Maritime Travels Ltd (FMTL), a Delhi-headquartered, Mumbai-operated maritime travel-management firm incorporated in September 2021, opens for subscription on September 1 with the issue closing on September 3.
The company sits in a genuinely niche corner of the travel-services industry — managing end-to-end travel for the crew of commercial shipping companies, ensuring seafarers move seamlessly from their home country to the port of boarding.
It handles airline tickets, ground travel, hotel stays, visa applications and immigration coordination until the crew member reaches the designated port.
Because every crew movement directly affects vessel schedules, compliance and operations, FMTL’s role is to absorb that complexity on behalf of shipping companies, backed by 24/7 support throughout the journey.
The complexity is real, and it’s the moat. Modern fleets operate with crews of mixed nationalities, so each crew member needs a tailor-made itinerary to arrive at the port on the exact required schedule.
FMTL builds and executes those itineraries — global airline ticketing, route planning, OK-to-board confirmations, port-agent coordination, real-time monitoring and boarding closure — for commercial shipping clients across more than six countries, including the UAE, Cyprus, UK, USA, Singapore and India.
The model is deliberately lean and centralised. Operations run out of a single Mumbai corporate office with a lean, efficient team, sourcing hotels, airlines, car rentals, transfer providers and cruise companies through direct connectivity or third-party aggregators.
It has appointed a UAE distributor to manage certain foreign-based customers with international requirements. FMTL’s customer base includes marquee names in commercial shipping, and it is an IATA-accredited company.
It is led by Chairman and Managing Director Jitendra Kumar Negi, with Mridul Dilip Singhvi as a promoter, and had 54 employees as of July 31, 2026.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 1, 2026 |
| Issue Closes | September 3, 2026 |
| Listing | BSE SME |
| Listing Date | September 8, 2026 |
| Issue Type | Fixed Price |
| Price | Rs 102 per share |
| Face Value | Rs 5 |
| Issue Size | Rs 52.63 crore (51,60,000 shares) |
| Fresh Issue | Rs 42.44 crore (41,60,400 shares) |
| Offer for Sale | Rs 10.19 crore (9,99,600 shares) |
| Min. Application | 2,400 shares (multiples of 1,200 thereafter) |
| Min. Retail Investment | Rs 2,44,800 |
| Post-IPO Market Cap | Rs 144.64 crore |
| IPO as % of Post-IPO Capital | 36.39% |
| Lead Manager | Corporate Makers Capital Ltd. |
| Market Maker | Bhaijee Broking & Investments Pvt. Ltd. |
| Registrar | KFin Technologies Ltd. |
From the net fresh proceeds, the company will utilise Rs 24.24 crore for working capital, Rs 4.00 crore for repayment or prepayment of borrowings, Rs 1.80 crore for talent acquisition for business marketing and development, and Rs 6.36 crore for general corporate purposes, with Rs 6.03 crore spent on the IPO process.
Two points warrant a flag. First, a disclosure concern raised in the source note: the IPO advertisement appeared in the newspaper only on August 31 (a day before opening), and the offer document — dated August 26 — was reportedly not available on the designated exchange website until the morning of opening, a delay the reviewer reads as a possible deliberate lapse on compliance.
Second, on capital history, the company issued bonus shares in an extraordinary 500:1 ratio in November 2025, with promoters’ average cost of acquisition at Rs NIL and Rs 0.02 per share — against a Rs 102 offer price.
Post-IPO, paid-up equity rises modestly from Rs 5.01 crore to Rs 7.09 crore — a small base implying a longer gestation before mainboard migration.
GMP Watch
Grey-market interest has been minimal. In tracked data, the Fly-Hi Maritime IPO GMP has hovered around ₹5–9 in the run-up to the issue. As always, GMP is unofficial, unregulated and for a thin SME grey market can move on low volume — treat it as one data point rather than a listing forecast.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 45.41 | 45.75 | 62.21 |
| Net Profit (PAT) | 1.82 | 3.44 | 8.43 |
| PAT Margin (%) | 4.04 | 7.59 | 13.58 |
| RoCE (%) | 37.61 | 45.18 | 67.22 |
The top line was essentially static across FY24 and FY25 (Rs 45.41 crore to Rs 45.75 crore), before rising to Rs 62.21 crore in FY26.
But the bottom line moved very differently: PAT jumped from Rs 1.82 crore to Rs 3.44 crore in FY25 — a surge on a flat top line that itself raised eyebrows — and then to Rs 8.43 crore in FY26. PAT margin more than tripled from 4.04% to 13.58% over two years.
The company reported an average EPS of about Rs 5.66 and an average RoNW of 51.07% over three fiscals. On book value, the issue is priced at a P/BV of 5.69 on the March 31, 2026 NAV of Rs 17.92, easing to 2.39x on the post-IPO NAV of Rs 42.59.
On earnings, the FY26-annualised P/E is about 17.17x, but on the cleaner FY25 base it jumps to 41.96x — and on average earnings, the source note calls the issue greedily priced.
Peer Comparison
As per the offer document, the company has no listed peers to compare with. That leaves the demanding valuation without a direct benchmark — there is no comparable listed maritime crew-travel manager to anchor the multiple against.
Risks to Consider
Margin sustainability is the headline risk. PAT surging on a flat FY25 top line and then leaping again in the FY26 pre-IPO year, with margin tripling to 13.58%, raises real window-dressing concerns and the prospect that reported profitability normalises lower post-listing — which would make even the 17.17x annualised multiple look expensive.
Receivables and cash-flow quality are flagged. Rising trade receivables year-on-year raise an alarm over whether book profits are converting into cash, a recurring concern for a working-capital-heavy travel-services model (Rs 24.24 crore of proceeds go to working capital).
Full customer dependence and concentration apply. The business is entirely dependent on commercial shipping-company clients, so the loss of a marquee customer, or a downturn in global shipping/crew-movement volumes, could hit revenue directly.
Disclosure and compliance concerns are a genuine flag — the late newspaper advertisement and delayed availability of the offer document on the exchange website, noted in the review, are diligence red flags on the transparency of the process.