Mirae Asset Nifty Midsmallcap400 Momentum Quality 100 ETF Share Price

Skyways Air Services 

• Skyways Air Services is coming out with a 100% book building; initial public offering (IPO) of 4,22,31,600 shares of face value Rs 10 each in a price band Rs 131-138 per equity share. 
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on August 24, 2026 and will close on August 27, 2026.
• The shares will be listed on BSE as well as NSE.
• The face value of the share is Rs 10 and is priced 13.10 times of its face value on the lower side and 13.80 times on the higher side.
• Book running lead managers to the issue are Holani Consultants, Shannon Advisors and Dolat Finserv.
• Compliance officer for the issue is Hitesh Kumar. 

Profile of the company

Skyways Air Services (SASL) is a long-standing participant of India’s air freight forwarding and logistics sector. It is actively engaged in providing a comprehensive suite of services, including air freight forwarding, ocean freight forwarding, trucking, warehousing, custom broking, technology driven express cargo and parcel delivery and a wide range of Value-Added Services (VAS) to support the diverse needs of its clientele across domestic and international markets. As part of the continued development of its business, it has rolled out several proprietary technology products integrated them into its operations. These platforms support freight booking, shipment tracking, workflow automation and operational reporting, with the objective of improving operational efficiency and enhancing customer satisfaction across the logistics value chain.

The company began its operations as a Custom House Agent (CHA) now known as a Custom Broker License holder and has progressively expanded its service offerings over the years in response to evolving market requirements and international trade dynamics. With over four decades of industry experience, SASL has built a well-integrated logistics infrastructure that offers end-to-end support across the supply chain.

The company maintains strategic alliances with a diverse range of international air freight carriers, enabling enhanced service capabilities and global reach. It has performance-based agreements with several leading global airlines, including Saudi Cargo, Air India Cargo, Emirates, Lufthansa and Qatar Airways (in the process of renewal). These partnerships not only strengthen its access to key international routes and cargo capacities but also contribute to improved service reliability and competitive transit times for its clients. Its portfolio includes ocean freight forwarding, trucking, comprehensive warehousing solutions, technology driven express cargo and parcel delivery service and continued excellence in customs broking services, thereby offering an integrated logistics platform for a diverse range of clients.

Proceed is being used for: 

• Repayment/pre-payment, in full or in part, of certain outstanding borrowings availed by the company and its Subsidiary ‘Forin Container Line Private Limited’
• Funding incremental working capital requirements of the company
• General corporate purposes

Industry overview

The Indian logistics sector is among the largest in the world, offering significant opportunities for growth. This sector is an integral part of the national GDP value chain, as it connects various components of the economy and encompasses transportation, warehousing, and other supply chain solutions for both suppliers and end customers. An efficient logistics industry is a critical component as it secures better market access for goods and services and boosts consumption growth. Acknowledging the need to strengthen logistics infrastructure, the sector has attracted the attention of the government and even private participants.

India's air freight movement has demonstrated steady long-term growth, increasing from 3.33 million tonnes in FY2020 to 3.96 million tonnes in FY2026, registering a CAGR of approximately 2.9% during the period. After experiencing a decline in FY2021 due to pandemic-related disruptions, air cargo volumes recovered strongly, supported by the revival in international trade, rapid expansion of ecommerce, growth in high-value manufacturing, and increasing demand for time-sensitive transportation. In FY2026, total air freight reached 3.96 million tonnes, reflecting a 6.2% year-on-year increase over FY2025. Looking ahead, freight movement during FY2027 (April–May 2026) stood at 0.68 million tonnes, indicating continued momentum in India's air cargo sector at the beginning of the new financial year.

India's aviation infrastructure is undergoing rapid expansion, with the number of operational airports increasing from 74 in 2014 to 165 in 2026. Building on this progress, the Government of India plans to expand the airport network to 350-400 operational airports by 2047, aiming to enhance regional connectivity, support rising passenger traffic, and strengthen the country's aviation ecosystem. The Government of India plans to invest around Rs 12,159 crore (inflation-adjusted) over the next ten years to develop 100 airports under its Viksit Bharat 2047 vision. Additionally, around Rs 3,661 crore has been proposed to establish 200 modern helipads across the North Eastern Region (HINER) States and Aspirational Districts, aimed at improving regional connectivity and enhancing access to remote areas.

Pros and strengths 

Comprehensive range of logistics solutions: The company provides a comprehensive suite of services that includes air cargo, ocean cargo, express cargo and parcel delivery, customs clearance, transportation of heavy goods, warehousing and inventory management, tailored supply chain solutions, cross-border express and freight services, as well as advanced supply chain management software. This wide-ranging service portfolio is one of its key differentiators and strategic value propositions. By adopting a diversified and customer-centric approach, it significantly enhances client retention and satisfaction. Its clients benefit from a seamless logistics experience, as they can access all essential services under one roof, eliminating the complexity and inefficiencies associated with coordinating multiple vendors. This integrated model not only optimizes service delivery but also reinforces its position as a trusted, full-spectrum logistics partner. 

Broad network of partners that enhances its reach: The company has cultivated enduring, long-term partnerships with its carriers by consistent business dealings and adapting to their evolving logistics requirements. Its secure time-tested relationship with major international and regional airlines forms a backbone of the company’s efficient air freight operations. These partnerships have translated into preferred capacity allocations, better rates, priority handling and dependable services even during high demand or capacity constraint periods. The company maintains strategic affiliations with several prominent global logistics networks, including the World Cargo Alliance (WCA), Air & Ocean Partners (AOP), Connecting 5 Continents (C5C), Multi Group Logistics Network (MGLN), Global Freight Alliance (GFA), and the Transport Worldwide International Group (TWIG).

Strong collaboration with diverse and wide-ranging customer base: The company serves a diverse and wide-ranging clientele across multiple industry verticals, including Textile & Apparels, consumer durables, electronics, lifestyle and fashion, fast-moving consumer goods (FMCG), industrial products, automotive, healthcare, and retail. Its integrated logistics capabilities allow it to effectively address the unique supply chain needs of each of these sectors, positioning it as a preferred logistics partner for businesses of varying scale and complexity. In addition to serving large enterprises, it caters to a broad network of smaller air freight forwarders, sub-agents, and logistics firms that typically manage lower-volume shipments for airlines and carriers.

Information Technology and its infrastructure driving operational effectiveness: The company has strategically integrated advanced information technology into its comprehensive supply chain solutions, thereby substantially enhancing the value proposition it offers to its clients. One of the key features of its technological infrastructure is the ability to provide container-wise tracking, enabling customers to monitor the real-time status and location of their shipments with precision and transparency. Currently, its proprietary software platform, SLS 100x, is actively deployed by a robust user base comprising 5,587 registered users, including both direct customers and authorized agents to do bookings on their behalf. This extensive adoption underscores the platform’s reliability and effectiveness in meeting diverse operational needs across the supply chain. In addition to its proprietary platform, it leverages sophisticated business intelligence tools, such as Microsoft Power BI and Tableau, to aggregate, analyze, and visualize complex data sets through interactive graphical dashboards. These dashboards offer actionable insights that support data-driven decision-making for both its internal teams and customers.

Risks and concerns

Dependence on limited number of suppliers and air carriers: The company relies on limited number of suppliers and procures 36.01%, 31.20% and 38.29% of its cost of service for the Financial Years ended on March 31, 2026, 2025 and 2024 respectively from its Top 5 suppliers and 49.00%, 46.93% and 54.31% of its cost of service from its top 10 suppliers for the Financial Years ended on March 31, 2026, 2025 and 2024 respectively. There are limited air carriers in the air cargo industry in which it operates. While it generally deals with multiple air carriers, it has developed good business relations with certain air carriers with whom it deals on a regular basis and these carriers are also its top ten suppliers. Any failure to maintain good business relations and retain those suppliers in the long-run due to any reasons whatsoever will adversely impact its business and result of operations. Additionally, the company does not enter into any contract/ agreements with the suppliers for the rates.

Heavy Reliance on sales from air cargo services and third-party carrier operations: The company is dependent on sales from its Air Cargo Services. The company’s Air Cargo Services accounted for 77.02%, 72.99%, and 79.20% of its revenue from operations for the years ended March 31, 2026, March 31, 2025, and March 31, 2024, respectively. Service disruptions arising from flight delays, cancellations, adverse weather conditions, labour actions, technical failures, or geopolitical events could impair its ability to meet delivery timelines, resulting in customer dissatisfaction, loss of business, and reputational harm. As it has limited control over the operations of third-party carriers, it is exposed to risks arising from their operational inefficiencies or business disruptions. Its entire revenue is dependent upon the availability of the carriers and any disruption will materially and adversely affect its business, results of operations, and financial condition.

Dependence on global trade volumes and India’s import and export volumes: Its results of operations are influenced by the volume of its business, which, in turn, depends on worldwide trade volumes as well as the import and export volumes in India. Global trade volumes and the import and export volumes in India are significantly affected by changes in global, regional, and local economic, financial, and political conditions, as well as freight rates, all of which are beyond its control. Any adverse changes in the macroeconomic environment, global demand, trade relations, government policies, or geopolitical developments that negatively affect India’s export sector may result in reduced cargo volumes and, consequently, lower demand for its services.

Intense competition may affect pricing, margins and growth prospects: The company operates within a highly competitive and dynamic business environment, contending with a broad range of companies that provide freight forwarding, supply chain, and integrated logistics solutions. The level of competition it faces is influenced by several interrelated factors, including the type and sensitivity of cargo, the overall contract value, anticipated profit margins, the complexity of logistical operations, destination-specific requirements, and the associated risks in revenue realization. Its inability to effectively compete in this environment whether due to pricing pressures, service limitations, or operational constraints could materially affect its business operations, financial performance, and long-term growth prospects.

Outlook

Skyways Air Services, its subsidiaries and its associates are principally engaged in providing integrated logistics solutions, other logistics services and logistics operations and some of the subsidiaries are engaged in providing Training services, IT and Tech Solutions services, trading of interior decorative products and digital marketing services. On the concern side, its revenue is heavily reliant on its operations within certain geographical regions. Any adverse developments, such as economic downturns, political instability, or natural disasters, in these regions could significantly impact its revenue and overall financial performance.

The issue has been offering 4,22,31,600 shares in a price band of Rs 131-138 per equity share. The aggregate size of the offer is around Rs 553.23 crore to Rs 582.80 crore based on lower and upper price band respectively. Minimum application is to be made for 100 shares and in multiples thereon, thereafter. On performance front, its total revenue increased by 25.04% to Rs 2,83,967.07 lakh during the FY 2025-26 from Rs 2,27,099.49 lakh during the FY 2024-25. Profit after tax increased by 31.96% to Rs 6,352.38 lakh during FY 2025-26 from Rs 4,813.97 lakh during FY 2024-25, primarily driven by higher operating profitability arising from the growth in the company's freight forwarding and integrated logistics operations.

Meanwhile, the company is focused on strengthening its operations by investing in infrastructure, improving efficiency, and expanding its global and regional networks to better meet customer needs and respond to emerging market opportunities. Its primary objectives focus on augmenting capacity to handle higher freight volumes and a wider range of cargo types, strengthening connectivity through the development of additional hubs and strategic partnerships, advancing operational efficiency via automation and cutting-edge technologies, and positioning the company for sustainable growth within rapidly expanding sectors such as emerging markets and e-commerce. Further, It plans to introduce an expanded range of services and operational capabilities, including traditional non-express freight, domestic air cargo, urban last-mile distribution, and specialized temperature-controlled logistics solutions.