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Skyways Air Services Ltd (SKYWAYS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544890 NSE: SKYWAYS Logistics | Small Cap | Skyways Air Services Share Price
₹115.90 5.15 (4.65%)
As on 11-Sep'26 16:59
Skyways Air Services Ltd (SKYWAYS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544890 NSE: SKYWAYS Logistics | Small Cap | Skyways Air Services Share Price
₹115.90 5.15 (4.65%)
As on 11-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,610 Cr.
Current Price
₹115.9
52-Week Low / High
₹107 / 136
TTM EPS
₹2.8
TTM Sales
₹2,813 Cr.
Book Value per Share
₹50.3
P/E Ratio
39.25
Lower than its 5-year historical median
Industry PE
38.5
Price to Book (P/B)
2.20
Lower than its 5-year historical median
Price to Sales (P/S)
0.57
Lower than its 5-year historical median
EV/EBITDA
13.16
Lower than its 5-year historical median
Dividend Yield
0.17%
Profitability Efficiency
Return on Equity (ROE)
21.91%
Outperforms industry median
Return on Capital Employed (ROCE)
15.65%
In line with industry median
Return on Assets (ROA)
4.50%
Operating Profit Margin
4.6%
Net Profit Margin
2.26%
Gross Profit Margin
3.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
5.06%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
46.59%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
31.95%
Asset Quality
Promoter Holding
56.82%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹586 Cr.
Equity
₹145.3 Cr.
Face Value
₹10
All Time Low / High
₹106.90 / 136.40
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Skyways Air Services Ltd a good quality company?
Skyways Air Services Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Skyways Air Services Ltd performance compare with that of its Peers?
Revenue growth of Skyways Air Services Ltd vs industry peers?
Skyways Air Services Ltd revenue CAGR is 7.86%, compared to the industry median CAGR of 8.11%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Skyways Air Services Ltd?
Promoters hold 56.82% of the Skyways Air Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Skyways Air Services Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Skyways Air Services Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 20.1% | 15.9% | 13% | 12% | - |
| Value Creation Index ⓘ | 0.4 | 0.1 | -0.1 | -0.2 | - |
Growth Parameters ⓘ |
|||||
| Sales ⓘ | 1,128 | 932 | 1,347 | 1,415 | 1,415 |
| Sales YoY Gr. | - | -17.3% | 44.5% | 5.1% | - |
| Adj EPS ⓘ | 2.6 | 1.9 | 2.3 | 2.7 | 2.3 |
| YoY Gr. | - | -26.5% | 23.8% | 17.1% | - |
| BVPS (₹) ⓘ | 10.8 | 12.5 | 20.1 | 25.9 | 48.2 |
| Adj Net Profit ⓘ | 26.8 | 19.8 | 26.3 | 32 | 34 |
| Cash Flow from Ops. ⓘ | 43.7 | -11.3 | -15 | 39.6 | - |
| Debt/CF from Ops. ⓘ | 2.8 | -23.5 | -25.2 | 10 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 7.9% | 5.1% | ||||
| Adj EPS ⓘ | NA | NA | 2.2% | 17.1% | ||||
| BVPSⓘ | NA | NA | 34.1% | 28.9% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 23.9 | 16.3 | 14.8 | 12.1 | 6.2 |
| Op. Profit Mgn % ⓘ | 3.7 | 3.4 | 3.3 | 4.1 | NAN |
| Net Profit Mgn % ⓘ | 2.4 | 2.1 | 2 | 2.3 | 2.4 |
| Debt to Equity ⓘ | 1.1 | 2 | 1.7 | 1.3 | - |
| Working Cap Days ⓘ | 0 | 102 | 90 | 116 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 8 | 13 | 15 | 0 |
Valuation of Skyways Air Services - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 1,659 | 1,484 | 1,289 | 2,248 | 2,813 |
| Operating Expenses ⓘ + | 1,590 | 1,424 | 1,240 | 2,160 | 2,684 |
| Operating Profit ⓘ | 69 | 60 | 49 | 88 | 129 |
| Operating Profit Margin (%) | 4.2% | 4.1% | 3.8% | 3.9% | 4.6% |
| Other Income ⓘ + | 6 | 12 | 28 | 23 | 27 |
| Interest ⓘ | 9 | 14 | 20 | 30 | 50 |
| Depreciation ⓘ | 3 | 6 | 9 | 14 | 17 |
| Profit Before Tax ⓘ | 63 | 53 | 48 | 67 | 88 |
| Tax ⓘ | 17 | 15 | 14 | 19 | 24 |
| Profit After Tax | 46 | 38 | 34 | 48 | 64 |
| PAT Margin (%) | 2.8% | 2.6% | 2.7% | 2.1% | 2.3% |
| Adjusted EPS (₹) | 4.5 | 3.4 | 3.0 | 3.5 | 3.5 |
| Dividend Payout Ratio (%) | 26.90% | 33.10% | 4.80% | 23% | 5.70% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 98 | 125 | 154 | 247 | 333 | ||||||
| Debt + | 161 | 170 | 335 | 504 | 559 | ||||||
| Minority Interest | 3 | 5 | 32 | 145 | 162 | ||||||
| Trade Payables | 183 | 115 | 209 | 245 | 345 | ||||||
| Others Liabilities ⓘ | 19 | 29 | 57 | 179 | 103 | ||||||
| Total Liabilities ⓘ | 463 | 445 | 787 | 1,321 | 1,501 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 45 | 66 | 105 | 223 | 237 | ||||||
| CWIP ⓘ | 2 | 17 | 41 | 60 | 90 | ||||||
| Investments ⓘ | 0 | 0 | 20 | 28 | 29 | ||||||
| Inventories | 0 | 0 | 0 | 1 | 1 | ||||||
| Trade Receivables | 252 | 146 | 318 | 456 | 579 | ||||||
| Cash Equivalents | 107 | 143 | 204 | 194 | 188 | ||||||
| Others Assets ⓘ | 55 | 73 | 99 | 360 | 377 | ||||||
| Total Assets ⓘ | 463 | 445 | 787 | 1,321 | 1,501 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 21 | 72 | -9 | 2 | 114 |
| Cash Flow From Investing Activity ⓘ + | -17 | -76 | -131 | -152 | -179 |
| Cash Flow From Financing Activity ⓘ + | 26 | -11 | 155 | 221 | 52 |
| Net Cash Flow ⓘ | 29 | -15 | 15 | 71 | -13 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 46.87 | 33.93 | 24.69 | 23.99 | 21.91 | |||||
| ROCE (%) | 27.5 | 23.8 | 16.83 | 14.82 | 15.65 | |||||
| Asset Turnover Ratio | 3.7 | 3.37 | 2.16 | 2.17 | 2.03 | |||||
| PAT to CFO Conversion(x) | 0.46 | 1.89 | -0.26 | 0.04 | 1.78 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 53.80 | 47.50 | 63.50 | 61.80 | 66 | |||||
| Inventory Days | 0 | 0 | 0.10 | 0.10 | 0.10 | |||||
| Payable Days | 0 | 0 | 0 | 0 | 0 | |||||
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Skyways Air Services Ltd FAQs
The current trading price of Skyways Air Services on 11-Sep-2026 16:59 is ₹115.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Skyways Air Services stood at ₹1,609.7 Cr
The latest P/E ratio of Skyways Air Services as of 10-Sep-2026 is 47.89.
The latest P/B ratio of Skyways Air Services as of 10-Sep-2026 is 2.30.
The 52-week high of Skyways Air Services is ₹136.4 and the 52-week low is ₹106.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Skyways Air Services is ₹1,415 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Skyways Air Services Ltd is a average quality company.
The key valuation ratios of Skyways Air Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Skyways Air Services Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Skyways Air Services Ltd
Skyways Air Services was originally incorporated as a private limited company in Delhi under the name of ‘Skyways Air Services Private Limited’ on December 21, 1984. Thereafter, the company was converted from a private limited company to a public limited company, pursuant to a resolution passed in the extraordinary general meeting of the shareholders held on March 29, 2025, and consequently, the name of the company was changed to ‘Skyways Air Services Limited’ on May 05, 2025.
The company 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, the company 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 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. It also maintains active affiliations with several globally recognized logistics and freight forwarding networks, including the World Cargo Alliance (WCA), Air & Ocean Partners (AOP), Connecting5 Continents (C5C), Multi Group Logistics Network (MGLN), Global Freight Alliance (GFA), and the Transport Worldwide International Group (TWIG). Participation in these established networks offers extensive global exposure and opens up access to a wide spectrum of international business opportunities, enabling the company to operate efficiently in both established and emerging markets.
Business area of the company
The company is principally engaged in providing integrated logistics solutions, other logistics services and logistics operations and some of its subsidiaries are engaged in providing training services, IT and Tech solution services, trading of interior decorative products and digital marketing services.
Products and services of the company
- Air Cargo Services
- Ocean Cargo Services
- Express Cargo & Parcel
- Trucking
- Value Added services
- Warehousing
- E Commerce and Other Retail
Awards, accreditations and recognition
- 1987: IATA Accreditation.
- 2015: Cargo Excellence Award for contribution and support by Ethiopian Airlines.
- 2016: Awarded as the Top Customer Award 2016 by Virgin Atlantic Cargo.
- 2017: Certificate of Appreciation awarded by Cathay Pacific Cargo for partnership and support.
- 2017: Certificate of Appreciation awarded by Air India Cargo in acknowledgement to outstanding contribution.
- 2017: Certificate of Appreciation awarded by Emirates SkyCargo for continued support.
- 2017: Certificate of Appreciation and awarded as the Agent of the Year 2015-16 by Qatar Airways Cargo.
- 2017: Awarded as the Top Customer by IAG Cargo.
- 2017: Certificate of Excellence awarded by Jet Airways for delivering exceptional Cargo Revenue Performance in 2016-2017.
- 2017: Awarded Top Partner-PAN India by Singapore Airlines Cargo.
- 2017: Certificate of Appreciation for outstanding performance in enhancing Cargo Sales by Nepal Airlines.
- 2018: Certificate for recognition and support by Ethiopian Cargo & Logistics Services
- 2018: Awarded for excellence in cargo and logistics sector and winner of Freight Forwarder of the year-Air award in the Northern India Multimodal Logistics Award 2018.
- 2022: Awarded for India Sub-Continent Best Partner 2022 by WCA.
- 2022: Recognition by Turkish Cargo for the great support and cooperation.
- 2023: Awarded as Top Cargo Agent (North India) by Emirates SkyCargo.
- 2023: Recognised by Cathay Cargo as ‘Wings of Excellence’ in recognition of exceptional contributions and unwavering dedication.
- 2023: Winner of the freight forwarder of the year-Air Export at Northern India Multimodal Logistics Awards 2023 by Aviation Cargo Express.
- 2023: Awarded Top Partner PAN India by Singapore Airlines Cargo.
- 2023: Certificate of appreciation for continued support by Emirates Air Cargo.
- 2024: Winner of the freight forwarder of the year-Air Cargo at Northern India Multimodal Logistics Awards 2024.
- 2024: Awarded as the Best service provider-Cargo Services at Wings India Awards 2024 by FICCI.
- 2025: Winner of the Regional Airfreight Forwarder of the Year 2025 in the Air Cargo Week by the World Air Cargo Awards 2025.
- 2026: Awarded with the Regional Air Freight Forwarder of the Year 2026 at ACW World Air Cargo Awards, Shanghai China.
- 2026: Awarded International Freight Forwarder of the Year by The STAT Tradetimes.
- 2026: Multimodal Logistics Award 2026 - Northern India.
History and milestones
- 1984: Incorporation of the company as a Private Limited company.
- 1984: Custom Broker License.
- 1987: IATA Accreditation.
- 2012: Incorporated first overseas subsidiary in Germany.
- 2019: Invested in an associate company in Bangladesh.
- 2019: Incorporated a subsidiary in Vietnam.
- 2021: Incorporated Hubload and SLS Dubai.
- 2022 - 2024: Commenced operations in Hong Kong Office and opened Thailand, Cambodia office.
- 2025: Acquired 51% stake in Odyssey Logistics Private Limited.
- 2025: Conversion of the company from a private limited company to a public limited company and consequent upon such conversion, change of name of the company from ‘Skyways Air Services Private Limited’ to ‘Skyways Air Services Limited’.
- 2026: Empanelled to act as Custom House Agent for Handling & Clearing of Exhibition cargo in Bharat Mandapam, India Trade Promotion Organization (ITPO) New Delhi, the premier trade promotion enterprise of the Ministry of Commerce & Industry, Government of India.
- 2026: Entered into a consortium arrangement with Swissport International AG, and jointly submitted a bid in response to the tender invited by AAI Cargo Logistics and Allied Services Company Ltd for the development of a new cargo terminal at Netaji Subhash Chandra Bose International Airport, Kolkata, on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.
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