FlySBS Aviation Ltd H1FY26 – The Jet Setters of Dalal Street, Cruising at Mach 0.9 with Macho Margins

1. At a Glance

Welcome aboard FlySBS Aviation Ltd — India’s freshly minted private jet operator that just zoomed into the stock market stratosphere with a ₹993 crore market cap and enough style to make even Vijay Mallya blush. Trading at ₹574 (as of Nov 25), the company is literally flying high — reportingH1FY26 revenue of ₹138 crore and PAT of ₹23.8 crore, representing a358%YoY profit surge. That’s not growth, that’s afterburner mode.

With aP/E of 21.1x,ROE of 26.2%, andROCE of 34.6%, FlySBS is the rare aviation company that’s both airborneandprofitable — something SpiceJet can only dream of when its planes are on time.

But wait, there’s turbulence too. Promoters hold only32.5%, top two clients contribute a whopping77% of revenue, and 94.5% of their business comes from corporate flyers — meaning one bad quarter for India Inc., and this jet might need a parachute.

Still, FlySBS has done the impossible: made aviation look sexyandsolvent. Fasten your seatbelts; this analysis is about to take off.

2. Introduction

Private jets used to be the symbol of Bollywood excess or political power trips. Now, thanks to FlySBS Aviation Ltd, they’re also the symbol of smallcap shareholder dreams. Incorporated in 2020, FlySBS isn’t your average airline burning cash faster than jet fuel. It’s a boutique aviation house built for the ultra-rich, flying CEOs, celebrities, diplomats, and the occasional “friend of the government” who can’t deal with airport queues or paparazzi.

Headquartered in Chennai, FlySBS offers bespoke non-scheduled charter services — think of it as the “OYO Rooms for Billionaires,” except the rooms move at 40,000 feet and serve champagne instead of chai.

The company transitioned fromwet lease(rent with crew) todry lease(rent without crew), operating a plush13-seater Embraer Legacy 600, the kind of jet that screamsI have arrived, even before it lands.

Its client list reads like the invite list to an Ambani wedding — mostly corporate honchos (94.5%) and a sprinkling of UHNIs (5.5%). With77% of revenue coming from international routes, FlySBS doesn’t just connect Mumbai to Delhi — it connects Mumbai to Mauritania, New Zealand, and Arctic Europe. Because apparently, Indian billionaires have businesseverywhere.

In short, FlySBS isn’t flying planes; it’s flying on ambition — and some serious margins.

3. Business Model – WTF Do They Even Do?

FlySBS Aviation is essentially India’s private jet concierge. The company providesnon-scheduled charter services— meaning flights that operate on demand rather than fixed schedules. Its DGCA Air Operator Permit makes it legal; its clientele makes it lucrative.

Here’s the math:

• You call FlySBS → they deploy their Embraer Legacy 600 → you fly wherever you want → they bill you by the hour → repeat.Flying hours in FY25:2,600 hours, of which~70% were international. That’s serious air time for a company barely five years old.

Itsbusiness model split:

• Dry Lease (23%)– Where FlySBS rents aircraft without crew, handles ops itself.
• Wet Lease (77%)– Where the aircraft comes with full crew and maintenance support.

The company’s biggest advantage?Flexibility and luxury— flexible scheduling, private terminals, and routes to destinations commercial airlines ignore. Need to reach a cobalt mine in Mauritania or a film shoot in the Arctic? They’ll take you there, no questions asked.

Theirparent group, Afcom Holdings Ltd, operates cargo airlines globally — so logistics, fuel procurement, and operational know-how come preloaded. It’s like having a sibling who owns trucks when you’re starting a courier company.

The only catch? Customer concentration. Two clients = 77% of revenue. If one of them decides to downgrade to business class, FlySBS’s P&L will feel the turbulence instantly.

Still, as far as jet-setting business models go, this one is flying first class.

4. Financials Overview (Half-Yearly Data)

Figures in ₹ crore

(Data based on Half-Yearly unaudited results, Sep 2025)

Commentary:FlySBS’s numbers don’t just fly; they soar. Revenue up 64%, profit up 358%, and margins upgraded from cattle-class to business-class. Operating margins doubled to23%, showing that the company’s shift to dry lease and premium international charters is paying off.

Annualised EPS = 13.78