FLY-HI MARITIME TRAVELS LIMITE

Consumer Cyclical — Travel Services · BSE

₹40.62+₹1.93 (+4.99%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of FLY-HI MARITIME TRAVELS LIMITE — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Fly-Hi Maritime Travels Limited provides travel arrangements for the crew of commercial shipping companies. The company offers airline tickets, ground travel, hotel stay, and visa application services.

IndustryTravel Services

SectorConsumer Cyclical

Employees46

Annual revenue₹55 Cr

How does it make money?

Turns over ₹55 Cr a year. Of every ₹100 of sales, about ₹15 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 46 employees supports ₹1.20 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.20 Cr

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 55.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 61.3% against a peer median of 25.9% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE25.9%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +17% while net margin moved +67% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+17%

Margin effect+67%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

66/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

85/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.8x

Sector Median

69.2x

median of 4 sector peers

🟢Against its sector it trades 90% below the peer median of 69.2x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

69.2x median of 4 peers · -90%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.3x

PEG

0.28

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 13.3% to 23.0% over 3 years.
High return on capital employed
ROCE of 55.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 96.2% to 46.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 109.3% to 55.1% — often a sign of competition or overexpansion.

Red Flags

4 items require attention · 4 high

🔴Debt has risen sharplyFinancial
Total debt is up 356% over 3 years, from ₹3 Cr to ₹13 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 212% against revenue up 17% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 55.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 13.3% to 23.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 90% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 212% against revenue up 17%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Growth barely outpaces inflation
Revenue compounding at 5.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Returns on shareholder capital are falling
ROE has dropped from 96.2% to 46.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 21%✓ 23.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹2 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✓ 5.3% CAGR
Latest reported year was 53.3%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Debt / EBITDA stays below 2x✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 52%✓ 55.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹58 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

6.8x

Cheap

Cheap against the generic band

P/B Ratio

2.27x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹5.94

Profitable

Profitable on a per-share basis

ROE

61.3%

Strong

Strong capital efficiency

ROCE

55.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.90x

Moderate

Moderate leverage

Revenue Growth (YoY)

53.3%

Healthy

Healthy top-line growth

Profit Growth (YoY)

144.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹4 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

26.6%

Good

Assets are working hard

Operating Margin

18.0%

Good

Healthy core-business profitability

Net Margin

13.6%

Good

Strong bottom-line conversion

Current Ratio

1.97

Comfortable

Healthy short-term liquidity

52W Range Position

17%

Mid-range

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹47 Cr	₹34 Cr	₹36 Cr	₹55 Cr	+5.3%
EBITDA	₹6 Cr	₹3 Cr	₹6 Cr	₹13 Cr	+26.6%
EBITDA Margin	13.3%	8.9%	15.6%	23.0%	—
PAT (Net Profit)	₹4 Cr	₹2 Cr	₹3 Cr	₹8 Cr	+24.8%
EPS	₹3.03	₹1.28	₹2.43	—	—
ROE	96.2%	29.9%	36.1%	46.9%	—
ROCE	109.3%	36.3%	38.1%	55.1%	—
Total Debt	₹3 Cr	₹5 Cr	₹10 Cr	₹13 Cr	+65.8%
Free Cash Flow	₹3 Cr	-₹1 Cr	-₹3 Cr	-₹2 Cr	—

🟢 Revenue has grown at 5.3% a year over 3 years.

🟢 EBITDA has grown at 26.6% a year over 3 years.

🟢 EBITDA Margin has risen from 13.3% to 23.0% over 3 years (+9.8 pts).

🟢 PAT (Net Profit) has grown at 24.8% a year over 3 years.

🔴 ROE has fallen from 96.2% to 46.9% over 3 years (-49.3 pts).

🔴 ROCE has fallen from 109.3% to 55.1% over 3 years (-54.3 pts).

🔴 Total Debt has grown at 65.8% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹3 Cr to -₹2 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹38 Cr

Total Liabilities

₹20 Cr

Cash & Equivalents

₹4 Cr

Operating Cash Flow

-₹1 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

63.6%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 general

Fly-Hi Maritime Travels Ltd. Share Price Live Today

CNBC TV18, 16 Oct

Fly-Hi Maritime Travels Ltd. IPO

The Economic Times, 13 Oct

FLY-HI MARITIME TRAVELS LTD. Fact Sheet

Equitymaster, 23 Sept

FLY-HI MARITIME TRAVELS LIMITE Share Price - Live FLYHI Stock Price & Chart

Upstox, 08 Sept

Fly-Hi Maritime Travels discloses key managerial personnel list

scanx.trade, 24 Sept

Fly-Hi Maritime Travels Ltd's Rs. 52.63 crore Public issue to Open on September 1, 2026

ANI News, 31 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability · Valuation

MiddlingFinancial Health

WeakRisk

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑