Geojit Financial Services recommends 'Subscribe' for Skyways Air Services IPO; at ₹138 upper band, P/E of ~31x FY26 EPS seen reasonable vs logistics peers

Geojit Financial Services has issued a 'Subscribe' recommendation for the Skyways Air Services IPO, highlighting a P/E ratio of ~31x FY26 EPS at the upper price band of ₹138. This valuation is deemed reasonable when compared to logistics peers, which are trading at higher multiples.¹²³

Skyways Air Services Ltd. (SASL), established in 1984, operates as an integrated logistics and freight forwarding company, providing services such as air freight, ocean freight, customs brokerage, trucking, warehousing, and express cargo. As of FY26, the company has a strong international presence, serving customers in 12 countries and maintaining relationships with 56 airlines.

The company’s revenue profile is heavily weighted towards Asia, which contributes approximately 85.5% of its FY26 revenue, while Europe, North America, and South America account for about 14.4%. This diverse geographical exposure positions Skyways favorably within the global trade and freight movement landscape.

The Indian air cargo and freight forwarding sector is expected to experience significant growth, driven by factors such as rising exports, cross-border e-commerce, supply chain diversification, and ongoing logistics infrastructure investments. The broader logistics market is projected to grow at a ~10.7% CAGR, increasing from USD 357 billion in FY26 to USD 536 billion by FY30.

Geojit emphasizes that Skyways is supported by strong revenue growth, improving profitability, and diversified operations, making it a compelling option for investors with a medium- to long-term investment horizon.