Altman Z″
Needs current assets and current liabilities.
FLYHI · Travel Services · INE2J7801015
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Fly-Hi Maritime Travels Limited is a boutique marine travel agency that specializes in managing end-to-end travel logistics for the crew of commercial shipping companies. The company plans and arranges tailor-made travel itineraries for seafarers of mixed nationalities, moving crew from more than seven countries to ports of boarding for customers located across more than six countries. Its core services include global crew ticketing (international, regional, and multi-leg flights), route planning based on airline reliability and transit visa rules, visa and immigration coordination, 'OK to board' confirmations, and 24/7 real-time travel monitoring and emergency disruption handling. The operations are centralized in its corporate office in Mumbai, Maharashtra, with direct connectivity to airlines and hotels or through third-party aggregators. Since the company is a service provider, capacity and capacity utilization metrics, as well as plant and machinery, are not applicable. It is an International Air Transport Association (IATA) accredited company.
Niche specialization exclusively in commercial shipping crew travel logistics, managing complex international travel regulations and multi-leg itineraries with 24/7 emergency support and established relationships with marquee global shipping companies.
Fly-Hi Maritime Travels Limited manages end-to-end travel logistics for the crew of commercial shipping companies, coordinating flights, accommodations, ground travel, visas, and transit requirements.
Source: p.25, p.132, p.203
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Ebitda cr | Pat margin | Revenue cr | Pat margin derived |
|---|---|---|---|---|---|---|---|
| standalone | 3M-FY26 | 0.0874 | 1.4319 | 2.1318 | 12.38% | 11.5688 | yes |
| standalone | FY25 | 0.8871 | 3.4434 | 5.4275 | 7.59% | 45.395 | yes |
| standalone | FY24 | 2.0365 | 1.8214 | 2.7587 | 4.04% | 45.0805 | yes |
| standalone | FY23 | 2.3705 | 4.3307 | 5.9085 | 9.02% | 48.0239 | yes |
Written before listing, answered from the document itself.
Why is 100% of the fresh issue proceeds being used to fund working capital and repay debt rather than building fixed assets?
As an asset-light marine travel agency, the company relies on third-party airline and hotel aggregators rather than owning physical assets. Its business requires significant working capital credit lines to support shipping crew travel, making ₹24.24 crore for working capital and ₹4.00 crore for debt repayment highly aligned with its business model.
p.86, p.145
What are the specific details of the criminal case and trademark dispute involving the promoters and the brand name?
Promoter Mr. Jitendra Kumar Negi is facing CT No. 1994/2017 and Criminal Case No. 5312/2024 alleging forgery of bank sanction documents, cheating, and breach of trust. Additionally, Frankfinn Aviation Services has filed a civil suit (CS(Comm)-83/2024) in the Delhi High Court seeking a permanent injunction against the use of the 'FLY HI' brand and demanding ₹2.00 crore in damages.
p.218, p.219
What is the level of related-party sales and lending to promoters disclosed in the notes?
The company recorded sales to group company Rigel Marine Services Private Limited of ₹0.89 crore in FY25 and ₹2.04 crore in FY24. In terms of loans, the company had outstanding unsecured loans from promoters/shareholders of ₹1.25 crore as of June 30, 2025, and previously extended loans to Whole Time Director Mridul Dilip Singhvi totaling ₹1.83 crore in FY24.
p.31, p.216
How does the company reconcile its growing trade receivables with its operating cash flows?
While revenues were stagnant (FY24 ₹45.08 cr vs FY25 ₹45.39 cr), trade receivables increased from ₹7.96 crore in FY23 to ₹9.73 crore in FY25 and rose further to ₹11.93 crore in 3M-FY26. CFO has tracked positively but is highly sensitive to the credit terms extended to major shipping clients.
p.29, p.35
What makes the company eligible for the BSE SME platform rather than a mainboard listing?
With a pre-issue paid-up capital of ₹5.01 crore and post-issue capital estimated at ₹7.14 crore, the company's capitalization falls below the ₹10.00 crore threshold typical of voluntary migration or direct listing on the Main Board, making the SME route the appropriate choice.
p.72, p.231
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2021-09-29 | Subscribers to Memorandum of Association | 10000 | 10 | promoter | initial | p.72 |
| 2025-08-21 | Subdivision / Share Split (1 share of ₹10 to 2 shares of ₹5) | 20000 | other | split | p.72 | |
| 2024-04-16 | Transfer from Jitendra Kumar Negi to Mridul Dilip Singhvi | 3095 | 6000 | promoter | transfer | p.75 |
| 2025-11-08 | Bonus Issue (Ratio 500:1) | 10000000 | other | bonus | p.72 | |
| 2025-12-04 | Transfer from Jitendra Kumar Negi to Employees / SMPs | 40 | 1500 | employee | transfer | p.75 |
Ceo: Jitendra Kumar Negi (Managing Director & Chairman)
Company: ₹2.00 crore material trademark civil litigation (High Court of Delhi CS(Comm)-83/2024 instituted by Frankfinn Aviation Services Private Limited seeking a permanent injunction and damages) and ₹0.0098 crore direct tax/TDS disputes. Promoters: Mr. Jitendra Kumar Negi faces CT No. 1994 of 2017 before Saket Courts involving a claims amount of ₹0.5912 crore, and Criminal Case No. 5312/2024 (FIR 439/2023) alleging criminal breach of trust, cheating, and forging bank sanction documents. Directors (other than promoters): None. Group Companies: None.
Auditor name: M/s S Sood & Co.
Promoters hold 80.00% of the pre-issue paid-up equity capital. Mr. Jitendra Kumar Negi holds 4,914,770 shares (49.05%) and Mr. Mridul Dilip Singhvi holds 3,101,190 shares (30.95%). Post-issue shares are not yet finalized.
Auditor rpt flags: None disclosed
Source: p.1, p.29, p.218-223, p.239
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
The business reported a profit, yet its operations drained cash rather than generating it. Profit that comes with negative operating cash is the single most important thing to understand here.
Why this reading: Flagged on a single year deliberately: negative operating cash alongside a reported profit is plain, material, and hard to explain benignly — exactly the kind of obvious signal that should never be smoothed over.
Operating cash flow ₹-1 cr against trailing net profit ₹8 cr. When operations consume cash while the P&L shows profit, ask whether receivables are ballooning, revenue is booked ahead of collection, or costs are being capitalised.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-2 cr, negative in 3 of 4 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Net margin improved from 9% to 13.6% year-on-year — the business is keeping more of each rupee.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Quarter net margin 13.6% vs 9% four quarters earlier. Expansion from operating leverage is healthy; verify it is not a one-off gain.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 30.9% of assets. Free cash flow negative in 3 of 4 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹4 cr ÷ ₹18 cr, over 4 years
0.21×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹8 − ₹-1) cr ÷ average assets
30.9%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
13.6% × 1.63 × 2.11
46.9%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹13 cr ÷ ₹1 cr
10.55×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹13 cr ÷ ₹18 cr
0.72×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +7,714% vs revenue +29%, FY2023 to FY2026
7,685pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Travel Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 49.48% to 49.48% across these quarters.
Other held steady from 50.52% to 50.52% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Debtor days
How long customers take to pay | 61 | 78 | 78 | 146 |
| Cash conversion cycle
Debtor + inventory − payable days | 61 | 78 | 78 | 146 |
| Working capital days | 16 | 29 | 31 | 68 |
| ROCE %
Return on capital employed | — | 32.5% | 35.5% | 49.7% |
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Revenue from operations | 48 | 45 | 45 | 62 |
| Other income | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 |
| Finance cost | 0 | 0 | 1 | 1 |
| Profit before tax | 6 | 3 | 5 | 11 |
| Net profit (owners) | 4 | 2 | 3 | 8 |
| EPS (₹) | 4,330.00 | 1,820.00 | 3,440.00 | 8.41 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Jun 2025 |
|---|---|
| Revenue | 12 |
| Other Income | 0 |
| Expenses | 9 |
| Depreciation | 0 |
| Finance cost | 0 |
| Profit before tax | 2 |
| Net Profit | 1 |
| EPS | 1,430.00 |
| Item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Equity Capital | 0 | 0 | 0 | 5 |
| Reserves | 4 | 6 | 10 | 13 |
| Borrowings | 3 | 5 | 10 | 13 |
| Net block | 0 | 1 | 2 | 2 |
| CWIP | 0 | 0 | 2 | 3 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 14 | 16 | 23 | 38 |
| Line | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Cash from operations | 3 | 0 | 1 | -1 |
| Cash from investing | 0 | -1 | -5 | -1 |
| Cash from financing | 0 | 0 | 5 | 2 |
| Free cash flow | 3 | -1 | -3 | -2 |
| Net change in cash | 3 | 0 | 1 | 0 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.