Skyways Air Services seeks IPO valuation at 32 P/E as freight volumes surge
Skyways Air Services is pursuing an initial public offering with a projected price-earnings multiple of up to 32, positioning itself as a cheaper alternative to listed logistics peers despite rapid expansion in its air and ocean cargo volumes.
Skyways Air Services is advancing its initial public offering, targeting a valuation that implies a price-earnings multiple of up to 32 based on its FY26 net profit and post-IPO equity structure. The move introduces a major Indian freight forwarder to public markets at a time when integrated logistics companies are seeing heightened investor interest across emerging markets.
The company has demonstrated substantial operational growth over the recent fiscal period, providing a tangible foundation for its market debut. Air cargo volume expanded significantly to nearly 84,000 tonnes in FY26, up from 48,000 tonnes in FY24. Ocean container volumes also saw a sharp increase, rising to 28,275 twenty-foot equivalent units from 16,294 TEUs over the same two-year span.
This operational scale is underpinned by a dominant market position in a fragmented industry. According to World ACD, Skyways has ranked as the number one air freight forwarder by air waybills consistently from 2022 to 2025. The firm maintains direct commercial relationships with 56 international airlines and serves clients across 12 countries through a robust network of global logistics alliances.
Incorporated in 1984, the business offers a comprehensive suite of supply chain services. Its core operations include air and ocean freight forwarding, trucking, warehousing, and custom broking. Additionally, the company provides technology-driven express cargo and parcel delivery, supported by proprietary digital platforms designed to streamline complex logistics operations.
For institutional and retail investors, the proposed valuation presents a notable contrast to existing publicly traded competitors in the region. Peer companies such as TVS Supply Chain Solutions, Shadowfax Technologies, Delhivery, and Mahindra Logistics currently trade at significantly wider price-earnings ranges, spanning from 46 to as high as 376.
This pricing disparity suggests Skyways may be positioning itself as a relative value play within the high-growth logistics sector. Market participants will likely scrutinize whether the company can sustain its recent freight volume momentum. They will also watch closely to see how management navigates the inherent margin pressures of the global freight forwarding industry.
