Skyways Air Services LimitedLogistics & TransportationSKYWAYS
Q1 FY27 concall · earnings callSkyways Air Services Limited
Skyways reported Q1 FY27 operating revenue of INR1,216.53 crores on 23% air cargo volume growth with fuel-driven yield gains, while retaining its number one air forwarder position in India.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Operating revenue | ₹1,216.53 Cr | +90.4% | |
| Operating EBITDA | ₹50.12 Cr | +83.5% | |
| Profitability | ₹26.79 Cr | — |
TL;DR
- Operating revenue increased to INR1,216.53 crores from INR639 crores, an increase of 90.4%.
- Operating EBITDA increased to INR50.12 crores from INR27.31 crores, an increase of 83.5%, with profitability at INR26.79 crores from INR11.01 crores.
- Air cargo volumes grew 23%, ocean volumes grew 18% with ocean realization growth of more than 64%, and express revenue grew 64% to INR63 crores.
- Indian market share strengthened from 5.9% to 6.2% quarter-to-quarter, with global rank of 44th for Q1.
Said on the call
“Our objective is to create the strength of a traditional logistics network with the speed, visibility, and scalability of a technology-enabled logistics platform.”
From the Q&A
| Topic | What management said |
|---|---|
| Revenue sustainability and fuel pass-through | Management said almost 23% to 25% of revenue growth came from volumes with the rest from higher per-unit costs, and that fuel cost is a full pass-through so yield moves with fuel indexes while volumes are the controllable focus. |
| International expansion | Board approved INR30 crores for five new geographies in Asia and INR20 crores for existing subsidiaries in UAE, Saudi Arabia and Vietnam, with EBITDA break-even in 15 to 18 months and PAT break-even in 2 to 3 years. |
| Pharma and Odyssey | Pharma share rose from 8% to 9% before Odyssey to 23% last year and was sustained in Q1, with Odyssey standalone revenue at INR182 crores from INR130-odd crores quarter-on-quarter. |
| Debt and finance cost | Finance cost was INR17.7 crores in the quarter but lower as a percentage of revenue, and around INR140 crores of borrowings have been repaid with effect expected in Q3 and Q4 numbers. |
| Legal matter and airport project | Management said the EOW matter is sub judice in final stages of investigation with no financial impact seen, and that the Swissport bid did not materialize as the company was the second highest bidder. |
| Industry performance and outlook | India air exports rose to 3.06 lakh metric tons from 2,94,000 metric tons, up 3.8%, while Skyways air exports grew 19%; management does not give annual revenue guidance but expects Q2 volume growth to continue. |
Guidance
- Volume growth trend seen in Q1 is reflecting in Q2 as well.
- Board approved expansion into five new geographies in Asia, with INR30 crores for new offices and INR20 crores for existing subsidiaries.
- Generic capex is around INR35 crores to INR40 crores per annum, with the cold chain warehouse to be operational during next quarter.
- Company does not provide annual revenue guidance and plans to give volume outlook each quarter.
Source
Summary written from the transcript filed by Skyways Air Services Limited for the call held on 18 Sept 2026; published 23 Sept 2026, 16:24 IST.
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