Skyways Air Services Limited is a mainboard IPO raising ₹583 Cr at ₹131 – ₹138 a share. It listed on 1 Sept 2026 at ₹124, −10.1% against its issue price of ₹138, and trades at ₹111 today (−19.4% since issue). It was subscribed 71× in total.
71.3 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Read from the 644-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 125 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
A FIR no. 172/25 at Police Station - Economic Offence Wing, Delhi has been filed jointly against our Material Subsidiary, Brace Port Logistics Limited, our Company and 7 other third parties on December 12, 2025... alleging criminal breach of trust, cheating, creation and use of fake documents and causing wrongful loss to the Complainant
the Company's Authorized Economic Operator – LO (AEO) status has recently been suspended by the Assistant Commissioner, Directorate of International Customs, Central Board of Indirect Taxes and Customs
Our 100% dependency on carriers for cargo transportation exposes us to risks related to capacity availability, cost fluctuations, and service disruptions. Our entire revenue is dependent upon the availability of the carriers
Our contingent liabilities and commitments are ₹ 28,908.02 Lakhs as March 31, 2026, which tantamount to 86.90% of our total net worth.
The total amount of tax demands under dispute, in the aggregate, is approximately ₹ 4,393.21 lakhs.
In connection with these borrowings, our promoters, namely Mr. Yashpal Sharma and Mr. Tarun Sharma, have provided their personal guarantee in securing the aforesaid borrowings to extent of ₹ 74,563 lakhs which tantamount to 93.75% of our sanctioned limits.
Asia 2,40,515.48 85.51%... Such geographical concentration of our business in Asia regions heightens our exposure to adverse developments
Our working capital gap is majorly financed through working capital loans to the tune of 86.23%, 100.00% and 82.62% respectively for the fiscal years ended on March 31, 2026, 2025 and 2024. A sustained or increased reliance on such borrowings may result in a higher debt-to-equity ratio. Our debt-to-equity ratio stood at 1.26, 1.42 and 1.92
we procure 36.01%, 31.20% and 38.29% of our cost of service for the Financial Years ended on March 31, 2026, 2025 and 2024 respectively from our Top 5 suppliers and 49.00%, 46.93% and 54.31%... we are in the process of finalising the annual contractual arrangement with Qatar Airways
Amount pledged with lenders against borrowings (E) 26,726.41... If we are unable to meet our obligations under our financing agreements, our lenders may choose to invoke the amounts pledged
Net cash flow (used in)/from operating activities 11,361.60 201.05 (904.17)... We have experienced negative cash flows from operating activities
the average air freight realization for air freight services decline from ₹ 280 per kg to Fiscal 2025 to ₹ 258 per kg in Fiscal 2026, representing a decline of almost 7.88%. The average freight realization for ocean freight services decline from ₹ 1,80,436 per TEU in Fiscal 2025 to ₹ 1,49,462 per TEU in Fiscal 2026, representing a decline of approximately 18.79%
two former employees conspired with certain vendors and customer representatives to create fictitious transactions and diverted the funds of company to execute over ₹2.65 crores of fraudulent vehicle placements.
CHG-1: for satisfaction of charge 5-194 days 4 instances... DPT-3: for declaration of deposits and exempted deposits 30-347 days 3 instances
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 6 | 9 | 2 | ₹38 Cr |
| Promoters | 0 | 0 | 0 | — |
| Directors | 1 | 0 | 1 | — |
| Subsidiaries | 7 | 29 | 4 | ₹6.4 Cr |
| Group companies | 0 | 0 | 0 | — |
FIR No. 0172/2025 by PG Paper Company Ltd. UK against Company (Skyways Air Services) and subsidiaries Brace Port Logistics, RIV Worldwide UK, and Skyways SLS Logistik GMBH for alleged fraudulent freight invoicing; estimated direct loss not less than ₹4,420 lakhs; business exceeding ₹8,000 lakhs since 2021
Tax proceedings aggregation: Company 9 cases (Direct 3 + Indirect 6) totalling ₹3,752.49 lakhs; Subsidiaries 29 cases (Direct 19 + Indirect 10) totalling ₹640.72 lakhs; including ₹3,650.35 lakhs indirect tax before Appellate Tribunal with ₹422.72 lakhs pre-deposit made
SurgePort Logistics arbitration v. Paul Deepak Rajaratnam & Ors. — notional damages of ₹13.50 crore claimed for breach of non-compete/non-solicit obligations under Shareholders Agreement; Section 17 interim order upheld by Delhi HC (judgment 28.07.2025)
DPCC complaint against subsidiary Forin Container Line Private Limited for non-compliance with CAQM dust control directions; penalty up to ₹1 crore and/or imprisonment up to 5 years under Section 14 of CAQM Act, 2021
Suspension of Company's AEO-LO Certificate (INAABCS3895B0F255) by CBIC effective May 4, 2026, with proposed revocation consequent to FIR 0172/2025; Company not entitled to AEO benefits during suspension
Conversion: 1 crore = 100 lakhs = 10 million. Amounts converted from stated lakh figures. Criminal counts aggregate 'against' and 'by' proceedings per party. 'Other' combines regulatory/statutory actions and material civil litigation. Tax counts/amounts are per the explicit Tax Proceedings table on page 532; criminal and civil counts are derived from text since no consolidated summary table is provided. KMPs/SMPs: 1 criminal NI Act case filed by Senior Managerial Personnel Deep Chand (₹3,11,000) [p531] — outside the five party buckets. No explicit grand total amount stated across all parties, so total_amount_cr is null. Materiality threshold for civil litigation: ₹184.18 lakhs. The FIR 0172/2025 is the same proceeding counted once against Company and once against Subsidiaries (Brace Port Logistics as Accused No. 2), reflecting its multi-party nature.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
