Annual reportSep 2026
Sep 2026 · General Updates 8 Sep - FlySBS Aviation sends FY25-26 annual report link; 6th AGM on 29 September 2026.
Source: Nse
FlySBS Aviation Ltd. (FLYSBS)
SME CapServices stocks · SME cap · NSE
FlySBS Aviation Ltd. is a DGCA-approved non-scheduled air charter operator based in Chennai, offering bespoke private jet services to corporates, HNIs, and diplomats. It operates an asset-light model via dry and wet lease, with a global reach across six continents, focusing on time-sensitive and luxury travel needs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result01 Jun, 07:54 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -3.1% / mo · MACD −
Stock trend: 44
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
FLYSBSD candles · FIT view+29.7%Latest close ₹580.35 on 2026-10-21
Bar
-2.8%
RSI
39
MACD hist
-7.04
52W pos
62%
2026-10-21O ₹597.00H ₹597.00L ₹550.00C ₹580.35Vol 1.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FLYSBSNifty 500
- FLYSBS
- +21.0%
- Nifty 500
- -6.5%
- Vs Nifty 500
- +27.5 pp
Chart stats
21 Oct 2026- From 52W high
- -19.4%
- 52W range position
- 62%
- ATR (14)
- 5.6%
- Volume vs 20D
- 1.74x
- Avg traded value
- ₹4 Cr
- 20D price channel
- ₹550 - ₹695
₹720
₹355.3 - ₹720
₹32.8
Latest completed session
20-session average
31.5% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+37.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹181 Cr | NDF | +31.2% |
| EBITDA | ₹38 Cr | NDF | +22.6% |
| Operating margin | 21.0% | NDF | -200 bps |
| PAT | ₹37 Cr | NDF | +54.2% |
| PAT margin | 20.4% | NDF | +305 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 17.20
- P/B
- 3.33
- EV/EBITDA
- 15.43
- Market Cap
- 1043.00Cr
Profitability
- ROE
- 26.20%
- ROCE
- 32.50%
- ROA
- 15.56%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 82.00%
- EPS 5Y
- 109.00%
- Revenue 3Y
- 111.00%
- EPS 3Y
- 160.00%
Balance Sheet
- Debt/Equity
- 0.12
- Interest Coverage
- 23.00×
- Altman Z
- 8.74
- Book Value
- 181.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 32.00 Cr
- EPS TTM
- 35.12
Shareholding
- Promoter Hold
- 32.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 22/10/2026
Revenue
₹ CrLatest: 181+31.2% vs prev
Net Profit
₹ CrLatest: 37.0+54.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 39.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 19% off 52W high · 63% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
79
RS percentile
Stage 2 UptrendEstablished S2
1M return
-15.9%
3M return
+21.0%
6M return
+24.5%
1Y return
+5.1%
RS 1D
+2
RS 20D
-8
Sector rank
#11
Industry rank
#49
Stage evidence
- Price is 16.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.2%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
25 Aug 2026
S2 age
39 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 113.33-1.96%
RS vs Nifty 500113
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation10/30
Growth25/25
Quality18/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 37.8%.
- Growth contributes 25/25 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Valuation is weaker at 10/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
17.2
PB
3.3
EV/EBITDA
15.4
ROE
26.2%
ROCE
32.5%
FCF Yield
—
Debt/Equity
0.1
MoS
+37.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
68
Previous: 68
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+37.8%
Previous: +37.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
68
68
68
68
68
68
68
68
68
68
68
68
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹378.19
-53.5% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹932.44
+37.8% MoS
PEG
0.13
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
FWSTC
SME
Flywings Simulator Training Centre Ltd.
Aviation
match 52
41
24.8
17.4%
+7%
WATCHLIST
DRONE
SME
Drone Destination Ltd.
Aviation
match 50
29
69.3
1.9%
-164%
OVERVALUED
GLOBALVECT
Small
Global Vectra Helicorp Limited
Aviation
match 43
15
—
-676.0%
—
OVERVALUED
INDIGO
Large
InterGlobe Aviation Limited
Aviation
match 34
25
—
-27.1%
—
OVERVALUED
VIESL
SME
Vision Infra Equipment Solutions Ltd.
Construction Equipment
match 17
54
28.8
33.1%
+16%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-16T07:48:38.838Z
Management commentary snapshot
FlySBS reports strong Q3 FY26 revenue growth, driven by international travel and corporate clients, with improving EBITA and PAT margins. Repeat client revenue share declined QoQ, raising questions about new client retention.
The company demonstrates robust revenue growth and margin expansion, leveraging its asset-light model and strategic positioning in a high-barrier industry. While operational KPIs show expansion, the sequential dip in repeat client revenue share warrants monitoring for client stickiness.
Current business mix
Revenue Mix by Travel Type (FY26 Q3)
Latest issuer-disclosed distribution across 2 reported categories.
International Travel70.3%
Domestic Travel29.7%
Growth engines
Fleet Expansion under Dry Lease
Company plans fleet expansion through dry lease, improving cost control and operational flexibility. Two aircraft are set to join the fleet soon, with six more planned using issue proceeds.
Capitalizing on Private Air Charter Market
The Indian private jet market is projected to grow at a 13-15% CAGR, driven by rising demand from HNIs and Tier 2/3 cities.
Leveraging Technology Solutions
Plans include a tech-driven air-time subscription model for flexible bookings and GPS-based services to optimize aircraft positioning and reduce costs.
Strong Sales & Marketing Channels
The company uses industry expertise, a network of 12 travel agents/brokers, and organic growth through client referrals to target high-net-worth and corporate clients.
Capacity and execution
Embraer Legacy 600 Induction
4 Embraer Legacy 600 aircraft are planned for induction in Q4 FY26.
Citation Cessna CJ2+ Induction
3 Citation Cessna CJ2+ aircraft are planned for induction in Q1 FY27.
Future Aircraft Acquisition
Six more aircraft will be acquired using proceeds from the current issue to meet growing demand.
Tailwinds
Growing Private Jet Market in India
India’s private jet market grew from $187M in FY19 to $274M in FY24, projected to reach $500-550M by FY29 at a 13-15% CAGR.
Increased Demand from HNWIs & Corporates
Surge in HNWIs & UHNWIs seeking exclusive, time-saving travel and rising demand for corporate travel, M&A, and medical charters.
Infrastructure & Accessibility Improvements
Government push under UDAN, dedicated aviation terminals, and increased economic activity in Tier 2 & 3 cities are improving accessibility.
Risk radar
Highly Regulated Sector
Entry and operations demand stringent DGCA compliance, airport slot control, safety audits, and certified infrastructure, posing ongoing regulatory risks.
Dependence on Repeat Clients
Repeat Clients Revenue % decreased to 79.00% in FY26 Q3 from 84.79% in FY26 H1 and 89.26% in FY25, indicating potential volatility in client retention.
High Capital Requirements
The sector has natural barriers to entry due to high capital requirements, which, despite an asset-light model, can still impact expansion and operational flexibility.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both YoY and QoQ comparisons are relevant. YoY provides insight into overall growth trends and long-term market penetration, while QoQ highlights sequential momentum, operational efficiency, and demand shifts in the dynamic private charter market.
Sector KPIs management disclosed
Total Departures
Total Departures were 175 in FY26 Q3, compared to 291 in FY26 H1, 479 in FY25, and 361 in FY24.
Total Unique Destinations Touched
Total Unique Destinations Touched were 90 in FY26 Q3, compared to 168 in FY26 H1, 340 in FY25, and 301 in FY24.
Total Crew Members
Total Crew Members were 9 in FY26 Q3, consistent with 9 in FY26 H1, 8 in FY25, and 6 in FY24.
EBITA Margin
EBITA Margin was 23.71% in FY26 H1, up from 21.20% in FY25 and 14.04% in FY24.
Management forward view
Introducing Global Business Models
Global business models like loyalty programs and membership options are being introduced to scale operations.
Enhancing Client Experience with Technology
Technology will be leveraged to enhance efficiency, client experience, and cost savings through solutions like air-time subscription models.
Expanding Reach to Underserved Regions
Market intelligence helps capture demand, particularly in underserved regions, supporting business expansion.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Repeat Clients Revenue % | 79.00% (FY26 Q3) | Stabilization or increase in repeat client revenue share to confirm client stickiness and retention. |
| Fleet Induction Timelines | 4 Legacy 600 (Q4 FY26), 3 Citation Cessna CJ2+ (Q1 FY27) | Timely commissioning of planned aircraft and progress on the additional six aircraft using issue proceeds. |
| EBITA Margin | 23.71% (FY26 H1) | Continued margin expansion, especially as fleet expands and new business models are introduced. |
| Total Departures | 175 (FY26 Q3) | Sequential growth in departures, indicating increasing utilization and demand for charter services. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 73rd percentile within Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Services: 73rd pctile, median 66 · SME: 81st pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 30.5%.
- ▸ROCE is 32.5%.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸OPM spread across recent quarters is 19%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching FlySBS Aviation Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentation
General Updates 29 Sep - FlySBS Aviation filed AGM presentation detailing FY26 revenue ₹318.5 Cr, PAT ₹60.8 Cr, and fleet strategy.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
Investor presentationJan 2026
Jan 2026 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.