Skyways Air Services Q1 profit jumps 143.3% as air cargo revenue Surges

Skyways Air Services reported a 23% year-on-year increase in air cargo volumes to 23,486 tonnes in Q1 FY27, while air cargo revenue rose 97% to ₹9.76 billion. Average yield increased 60% to ₹416 per kg during the quarter.

The company maintained its No. 1 position in air freight forwarding and was ranked 44th globally in air cargo operations. Its domestic market share increased to 6.2% in Q1 FY27 from 5.9% in the previous quarter.

Air cargo accounted for 80.3% of Skyways’ service revenue in the quarter. The company has partnerships with 56 airlines and operates an end-to-end air freight service covering pickup, documentation, customs, airline coordination and delivery. Its air cargo operations also include a pharma vertical and the Hike technology platform.

Skyways’ export volumes also increased during the quarter. Its export tonnage rose 19% year-on-year to 19,391 tonnes from 16,294 tonnes, while overall Indian export tonnage increased 6% to 312,760 tonnes. The company’s share of India’s export tonnage stood at 6.2% in Q1 FY27.

The growth in air cargo supported a strong overall financial performance. Consolidated revenue from operations rose 92.9% to ₹12.17 billion in Q1 FY27 from ₹6.31 billion in the same quarter last year. Total income increased 90.4% to ₹12.25 billion from ₹6.44 billion.

Consolidated EBITDA increased 82.6% to ₹499.4 million from ₹273.5 million, while profit for the period rose 143.3% to ₹267.9 million from ₹110.1 million. Total comprehensive income stood at ₹271.7 million, compared with ₹110.1 million a year earlier. Basic earnings per share increased to ₹1.69 from ₹0.60.

The company’s ocean cargo business also recorded growth in the quarter. Volumes increased 17.7% to 8,022 TEUs, while revenue rose 63.9% to ₹1.53 billion. Yield increased 39.3% to ₹190,258 per TEU.

Express cargo revenue increased 63.7% year-on-year to ₹625.9 million. The business operated across 31 locations and covered 1,204 PIN codes, with 59,746 shipments delivered during the quarter. Trucking generated ₹193.1 million in revenue, while value-added services contributed ₹45.2 million and warehousing ₹9 million.

Skyways said its integrated service offering across air, ocean, trucking and express helped drive the growth in the quarter. In its investor presentation, the company reported consolidated EBITDA of ₹501.2 million, up 83.5% year-on-year, while PAT margin increased to 2.20% from 1.72%.

On a standalone basis, revenue from operations increased 110.1% to ₹6.76 billion from ₹3.22 billion. Standalone total income rose 109.2% to ₹6.82 billion from ₹3.26 billion, while EBITDA increased 86.9% to ₹276.1 million from ₹147.7 million. Standalone profit for the period rose 112% to ₹140.5 million from ₹66.3 million.

The Board also declared the company’s first interim dividend since its listing of ₹0.25 per equity share for FY27. The record date has been fixed as October 9, 2026, with the dividend to be paid within 30 days of declaration, subject to applicable SEBI regulations.

Commenting on the results, Yashpal Sharma, CEO and CMD of Skyways Air Services, said the company’s Q1 performance demonstrated its ability to execute, scale profitably and strengthen its position as an integrated logistics platform. He said air cargo remains important for sectors including pharmaceuticals, electronics, e-commerce and exports.

The Q1 performance comes after Skyways’ IPO plans in August, when the company had set a price band of ₹131-138 per share for its proposed ₹5.8 billion issue. The IPO comprised a fresh issue of up to 2,88,98,300 equity shares and an offer for sale of up to 1,33,33,300 shares. Skyways had planned to use ₹2.6 Billion from the fresh issue to repay or prepay certain borrowings of the company and its subsidiary Forin Container Line, while a further ₹1.3 billion was earmarked for incremental working capital.

Founded in 1984 and headquartered in New Delhi, Skyways provides air and ocean freight forwarding, customs brokerage, trucking, warehousing and technology-led express delivery services. The company has partnerships with 56 airlines, a presence in 12 countries and express coverage across more than 1,200 PIN codes in India. It serves more than 9,500 customers across 65 industries.