Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

FlySBS Aviation Ltd

FLYSBS
Miscellaneous

FlySBS Aviation Ltd's earnings have outrun its stock. EPS grew +57.6% in a year against a +7.9% price move.

The sharpest disagreement: profits are rising, but only 33% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a downtrend (25 weeks in) while the P/E sits at the 27th percentile of its own 1-year range. Underneath, the last four quarters read improving — profit +60.9% year on year, and 33% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Price
₹484
+7.9% 1Y
P/E
13.3×
27th pctile
of its own 1-year range
Revenue (Mar 26)
₹181 Cr
+64.5% YoY
Profit (Mar 26)
₹37.0 Cr
+60.9% YoY
Operating margin
21.0%
−8.0 pp YoY
ROCE
32%
FY26
ROIC
18.1%
vs WACC 12.0% → +6.1 pp
Cash conversion
33%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

FlySBS Aviation Ltd trades at ₹484, in a downtrend and 25 weeks into that stage. That is +3.9% against its own 200-day average. It sits at 40% of a 52-week range of ₹374 to ₹647. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks.

Today the stock is in a downtrend — week 25 of stage 4, confirmed. At ₹484 it trades +3.9% versus its 200-day average and sits at 40% of its 52-week range (₹374–₹647).

Jul 26: ₹484 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 1-year window.
+3.9% versus the 200-day line, week 25 of stage 4
Price50-day avg200-day avg
S4S2S4₹669₹590₹511₹431₹352₹484₹466Aug 25Nov 25Feb 26May 26Jul 26
S4S2S4₹669₹590₹511₹431₹352₹484₹466Aug 25Feb 26Jul 26
Beating or trailing, week by week since 2025 Each cell is one week from 2025 to now (53 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Aug 25Jul 26

Against the market, two honest reads. Cumulative: over the last 11 months the stock moved +8% while the NIFTY 500 moved +3% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 5 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 27th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

FlySBS Aviation Ltd trades at 13.3× P/E, near the bottom of its own range — cheaper only 27% of the time. Its long-run median P/E is 15.3×, measured across 1.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 13.3× is near the bottom of its own range — cheaper only 27% of the time, against a long-run median of 15.3× measured over 1.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 13.3× vs a 15.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 1.0-year window; loss-period spikes above 29× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 27% of the time
P/EMedianEPS (TTM) (quarterly)
30.8×₹38.025.6×₹28.520.4×₹19.015.1×₹9.59.9×₹0.0×13.30×₹35Aug 25Nov 25Jan 26Apr 26Jul 26
30.8×₹38.025.6×₹28.520.4×₹19.015.1×₹9.59.9×₹0.0×13.30×₹35Aug 25Jan 26Jul 26
P/E
13.3×
27th percentile of 1y

Why the multiple sits where it does: over the past year annual EPS moved +57.6% against a +7.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: No read

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

FlySBS Aviation Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfit
64.52%319%64.46%250%64.40%180%64.34%111%64.28%42%%%64.5%60.9%Sep 24Mar 25Mar 26
64.52%319%64.46%250%64.40%180%64.34%111%64.28%42%%%64.5%60.9%Sep 24Mar 25Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
44%41%38%34%31%%32%FY23FY24FY26
44%41%38%34%31%%32%FY23FY24FY26
ROCE
Falling
latest 32.0% · span 32.0%–43.0%

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+64.4%+110.9%+81.9%
Profit+117.9%+172.9%+98.1%
EPS+57.6%
Share price+7.9%
Revenue YoY (Mar 26)
+64.5%
latest quarter vs a year ago
Profit YoY (Mar 26)
+60.9%
latest quarter vs a year ago
Revenue 10y
81.9%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

55.3/100 — rank 29 of 36 in Miscellaneous · 36% evidence confidence · provisional, ranked below fully-evidenced peers

FlySBS Aviation Ltd scores 55.3 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 29. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 15.4 + 18.5 + 11.4 + 10 = 55.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

FlySBS Aviation Ltd reported ₹181 Cr of revenue in the Mar 26 quarter, +64.5% year on year. That is the 2nd straight quarter of year-on-year growth. Over 5 years it has compounded at 81.9% a year. The last full year, FY26, came in at ₹319 Cr. The last four reported quarters add to ₹513 Cr.

FlySBS Aviation Ltd reported ₹181 Cr of revenue in the Mar 26 quarter, +64.5% year on year. That is the 2nd straight quarter of year-on-year growth. Over 5 years it has compounded at 81.9% a year. The last full year, FY26, came in at ₹319 Cr. The last four reported quarters add to ₹513 Cr.

FY26 revenue came in at ₹319 Cr (+64.4% on the year), capping 5 years at 81.9% compound. The latest quarter (Mar 26) printed ₹181 Cr, +64.5% year on year — the 2nd consecutive quarter of year-over-year growth.

FY26 revenue ₹319 Cr (+64.4% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 6-year window. A bar is red when it is lower than the year before.
81.9% a year over 5 years
RevenueYoY growth
345227%258173%172119%8665%011%₹ Cr%₹31964.4%FY21FY23FY26
345227%258173%172119%8665%011%₹ Cr%₹31964.4%FY21FY23FY26
Mar 26: ₹181 Cr (+64.5% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Revenue (quarterly)YoY growth
19564.52%14764.46%9864.40%4964.34%064.28%₹ Cr%₹18164.5%Sep 24Mar 25Mar 26
19564.52%14764.46%9864.40%4964.34%064.28%₹ Cr%₹18164.5%Sep 24Mar 25Mar 26

Pace check: the last four quarters averaged +64.4% growth against the decade's 81.9% — the current year is running slower than its own long-run rate.

→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (−8.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

FlySBS Aviation Ltd's operating margin is 21.0% in the Mar 26 quarter, −8.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 4.0% to 22.0%. The current quarter sits inside that band.

FlySBS Aviation Ltd's operating margin is 21.0% in the Mar 26 quarter, −8.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 4.0% to 22.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, −8.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 4.0%–22.0%, and FY26's 22.0% is the top of that band — a record year.

Why: the numbers show the operating margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 22.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 6-year window.
the widest a 4.0–22.0% band over 6 years
operating marginYoY change (pp)
23%12%18%6.0%13%0.5%7.8%−5.0%2.6%−11%%%22%1%FY21FY23FY26
23%12%18%6.0%13%0.5%7.8%−5.0%2.6%−11%%%22%1%FY21FY23FY26
Mar 26: 21.0% operating margin (−8.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
31%15%25%8.6%20%2.5%14%−3.6%8.5%−9.7%%%21%−8%Sep 24Mar 25Mar 26
31%15%25%8.6%20%2.5%14%−3.6%8.5%−9.7%%%21%−8%Sep 24Mar 25Mar 26

→ Margins slipped — did that reach the bottom line? Next: profit +60.9% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

FlySBS Aviation Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +60.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹61.0 Cr. The 5-year compound rate is 98.1%. That is 20.4% of the quarter's revenue.

FlySBS Aviation Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +60.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹61.0 Cr. The 5-year compound rate is 98.1%. That is 20.4% of the quarter's revenue.

Mar 26 profit was ₹37.0 Cr, +60.9% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹61.0 Cr (+117.9%), and the 5-year compound rate is 98.1%.

FY26 profit ₹61.0 Cr (+117.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 6-year window. A bar is red when it is lower than the year before.
98.1% a year over 5 years
Net profitYoY growth
66292%49200%33108%1617%0−75%₹ Cr%₹61117.9%FY21FY23FY26
66292%49200%33108%1617%0−75%₹ Cr%₹61117.9%FY21FY23FY26
Mar 26: ₹37.0 Cr (+60.9% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Net profit (quarterly)YoY growth
40406%30313%20220%10128%035%₹ Cr%₹3760.9%Sep 24Mar 25Mar 26
40406%30313%20220%10128%035%₹ Cr%₹3760.9%Sep 24Mar 25Mar 26

→ Profit rose — but did the cash follow? Next: 33% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 33% of FlySBS Aviation Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹32.0 Cr of operating cash against ₹61.0 Cr of profit. After ₹3.0 Cr of capital spending, ₹29.0 Cr was left as free cash.

FY26: operating cash of ₹32.0 Cr against reported profit of ₹61.0 Cr, leaving free cash of ₹29.0 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 33% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹32.0 Cr vs profit ₹61.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 6-year window, annual resolution.
33% of 3-year profit arrived as cash
Operating cashNet profitFree cash
66472910−9₹ Cr₹32₹61₹29FY21FY23FY26
66472910−9₹ Cr₹32₹61₹29FY21FY23FY26
FY26: CFO = 52% of profit (three-year rate 33%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
160%63%−34%−130%−227%%52%FY21FY23FY26
160%63%−34%−130%−227%%52%FY21FY23FY26

🚨 Why conversion sits at 33%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 8.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹8.0 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

FlySBS Aviation Ltd's cash conversion cycle runs 44 days in FY26, down from 46 days in FY21. Capital spending ran ₹8.0 Cr over the last 3 years. At FY26 sales of ₹319 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹38.0 Cr sits inside the business at any moment.

FY26: debtors at 44 days (an asset-light business — no inventory to speak of) — for a full cycle of 44 days, tighter than FY21's 46.

In money terms: at FY26 sales of ₹319 Cr, each day of the cycle holds about ₹0.9 Cr — so the 44-day loop keeps roughly ₹38.0 Cr sitting inside the business at any moment.

FY26: a 44-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 6-year window.
−2 days vs FY21
Cash cycleDebtor days
8568523518days44d44dFY21FY22FY23FY24FY26
8568523518days44d44dFY21FY23FY26

On the investment side: capital spending of ₹8.0 Cr over the last 3 fiscal years against ₹1.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹3.0 Cr, work-in-progress ₹0.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
54310₹ Cr₹3₹0FY22FY23FY24FY25FY26
54310₹ Cr₹3₹0FY22FY24FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 32% and the ROIC − WACC spread is +6.1 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

FlySBS Aviation Ltd earns a ROCE of 32% in FY26. That is up from a trough of 22% in FY22. Return on invested capital clears the cost of that capital by +6.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 19.1% net margin on 0.81× asset turns.

FY26 ROCE is 32%, recovered from a FY22 trough of 22% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 19.1% net margin × 0.81× asset turns × 1.25× balance-sheet leverage ≈ 19.3% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 18.1% − 12.0% = a +6.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 32% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 5-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY22's 22%
ROCEROIC (annual)WACC
46%36%27%18%8.8%%32%25.5%FY22FY24FY26
46%36%27%18%8.8%%32%25.5%FY22FY24FY26
H2 FY26: ROCE 21.6% (TTM) Trailing-twelve-month ROCE, per quarter, %. Last 2 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)
22%20%18%16%14%%21.6%H1 FY26H2 FY26
22%20%18%16%14%%21.6%H1 FY26H2 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.12.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

FlySBS Aviation Ltd carries ₹37.0 Cr of borrowings against ₹313 Cr of equity in FY26, a debt-to-equity of 0.12. Operating profit covers the interest bill 23×. Over 5 years borrowings went from ₹2.0 Cr to ₹37.0 Cr. Capital spending ran ₹8.0 Cr across the last 3 of those years.

FY26: borrowings of ₹37.0 Cr against equity of ₹313 Cr — a debt-to-equity of 0.12. Operating profit covers the interest bill 23×. Over 5 years borrowings went from ₹2.0 Cr to ₹37.0 Cr while capital spending ran ₹8.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

FY26: borrowings ₹37.0 Cr at 0.12× equity Borrowings by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 6-year window. Quarterly balance-sheet history is not held for India — annual is the honest resolution.
the debt trajectory
BorrowingsDebt-to-equity
401.1×300.8×200.5×100.2×00.0×₹ Cr×₹370.12×FY21FY22FY23FY24FY26
401.1×300.8×200.5×100.2×00.0×₹ Cr×₹370.12×FY21FY23FY26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of FlySBS Aviation Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 3 quarters.
PromotersForeign inst.Domestic inst.Public
70%51%33%14%−4.5%%32.5%2.0%0.7%64.9%Sep 25Dec 25Mar 26
70%51%33%14%−4.5%%32.5%2.0%0.7%64.9%Sep 25Dec 25Mar 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

FlySBS Aviation Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Miscellaneous Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
FlySBS Aviation Ltd this page13.3×₹807 CrNo read
GMR Airports Ltd544.0×₹1.1L CrNo read
Aegis Vopak Terminals Ltd104.0×₹32,424 CrNo read
Sagility Ltd18.4×₹18,922 CrMixed
Central Mine Planning & Design Institute Ltd27.1×₹17,738 Cr
Embassy Developments Ltd₹8,512 CrNo read
Inox Green Energy Services Ltd74.6×₹7,703 CrMixed
RattanIndia Enterprises Ltd₹4,368 CrNo read
Kaveri Seed Company Ltd14.5×₹4,298 CrNo read
Indiqube Spaces Ltd₹3,844 CrNo read
TruAlt Bioenergy Ltd38.3×₹3,678 CrNo read
Anzen India Energy Yield Plus Trust₹3,324 CrNo read
Eveready Industries India Ltd25.9×₹2,595 CrNo read
Shipping Corporation of India Land & Assets Ltd66.8×₹1,925 CrTurning around
Jai Corp Ltd10.3×₹1,761 CrMixed
Delta Corp Ltd18.9×₹1,687 CrDeteriorating
Aeroflex Enterprises Ltd22.2×₹1,441 CrImproving
TCC Concept Ltd20.5×₹1,293 CrMixed
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12 · Frequently asked questions

Frequently asked questions

What is FlySBS Aviation Ltd's share price today?

FlySBS Aviation Ltd trades at ₹484, +7.9% over the past year. The company is valued at ₹807 Cr. The stock sits at 40% of its 52-week range of ₹374–₹647, +3.9% versus its 200-day average. On the tape, the price is in a downtrend, 25 weeks in. — as of 24 July 2026.

What were FlySBS Aviation Ltd's latest quarterly results?

FlySBS Aviation Ltd reported revenue of ₹181 Cr and net profit of ₹37.0 Cr for the Mar 26 quarter. Revenue rose 64.5% and profit rose 60.9% year on year. Earnings per share were ₹21.34. The operating margin was 21.0%, 8.0 pp lower than a year earlier. — as of 24 July 2026.

What is FlySBS Aviation Ltd's revenue?

FlySBS Aviation Ltd reported revenue of ₹181 Cr in the Mar 26 quarter, +64.5% year on year. For the full FY26 fiscal year, revenue was ₹319 Cr (+64.4%). Over the last 5 years revenue compounded at 81.9% a year. — as of 24 July 2026.

What is FlySBS Aviation Ltd's profit?

FlySBS Aviation Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +60.9% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹61.0 Cr. The operating margin ran 21.0% in the latest quarter. — as of 24 July 2026.

What is FlySBS Aviation Ltd's market cap?

FlySBS Aviation Ltd's market capitalisation is ₹807 Cr at a share price of ₹484. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is FlySBS Aviation Ltd's P/E ratio?

FlySBS Aviation Ltd trades at a P/E of 13.3×, at the 27th percentile of its own 1-year range, against a long-run median of 15.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does FlySBS Aviation Ltd pay a dividend?

No — FlySBS Aviation Ltd has recorded a dividend payout of 0% of profit in each of its last 6 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.

Is FlySBS Aviation Ltd overvalued?

On its own history, FlySBS Aviation Ltd looks cheap against its own history: its P/E of 13.3× has been cheaper only 27% of the time in 1 years (long-run median 15.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is FlySBS Aviation Ltd growing?

Yes — FlySBS Aviation Ltd is growing: latest-quarter revenue +64.5% year on year, profit +60.9%, and the margin −8.0 pp at 21.0%. The 5-year compound rates are 81.9% (revenue) and 98.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is FlySBS Aviation Ltd performing?

FlySBS Aviation Ltd is in a downtrend, 25 weeks in. Its latest quarter's revenue rose 64.5% and profit rose 60.9% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

Is FlySBS Aviation Ltd in an uptrend?

No — the price is in a downtrend (week 25 of stage 4), trading +3.9% versus its 200-day average and at 40% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is FlySBS Aviation Ltd beating the market?

On recent form, yes — FlySBS Aviation Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 5 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 11 months the stock moved +8% against the NIFTY 500's +3% — ahead of the index over the full window. — as of 24 July 2026.

Will FlySBS Aviation Ltd's share price go up?

This page publishes no price forecast for FlySBS Aviation Ltd. What it measures instead: the share price is ₹484, the price is in a downtrend 25 weeks in. Its P/E of 13.3× sits at the 27th percentile of its own 1-year range. — as of 24 July 2026.

Who owns FlySBS Aviation Ltd?

Promoters hold 32.5% of FlySBS Aviation Ltd, foreign institutions 2.0%, domestic institutions 0.7% and the public 64.9% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does FlySBS Aviation Ltd have too much debt?

No — FlySBS Aviation Ltd's debt-to-equity is 0.12, and operating profit covers the interest bill 23×. FY26 borrowings were ₹37.0 Cr against equity of ₹313 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is FlySBS Aviation Ltd's capex?

FlySBS Aviation Ltd spent ₹8.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹3.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is FlySBS Aviation Ltd's cash flow?

FlySBS Aviation Ltd generated ₹32.0 Cr of operating cash flow in FY26 and ₹29.0 Cr of free cash flow after ₹3.0 Cr of capital spending. Reported profit that year was ₹61.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is FlySBS Aviation Ltd's profit real cash?

Not fully — over the last 3 fiscal years, 33% of FlySBS Aviation Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹32.0 Cr against reported profit of ₹61.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is FlySBS Aviation Ltd in its business cycle?

FlySBS Aviation Ltd's FY26 operating margin was 22.0%, against a 6-year band of 4.0%–22.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 21.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the FlySBS Aviation Ltd story?

The sharpest disagreement: profits are rising, but only 33% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is FlySBS Aviation Ltd a stock worth studying right now?

This is not investment advice. The machine read: FlySBS Aviation Ltd's earnings have outrun its stock. EPS grew +57.6% in a year against a +7.9% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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