FlySBS Aviation share price today

FlySBS Aviation Ltd's share price was ₹540.05 at the close on 4 November 2026. It has been rising for 11 weeks. That is 2.6% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹360 and ₹703, and at that close it sat 52% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today FlySBS Aviation Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 22 weeks in a row.

Over the last 1 year the share price moved +20% while the NIFTY 500 moved −4%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: number of shareholders up 47% in a year.

1. Number of shareholders up 47% in a year

   3,479 shareholders in the September 2026 quarter, against 2,368 a year earlier.

For January to March 2026 (the quarter ended 31 March 2026), FlySBS Aviation reported revenue of ₹181 crore, up 64.5% from ₹110 crore a year earlier, and a profit of ₹37.0 crore, up 60.9% from ₹23.0 crore.

FlySBS Aviation results: January to March 2026 against a year earlier

The next results, for April to June 2026, were due by 14 August 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). This page shows them once our weekly data update has read them.

The newest call in our records is from 24 January 2026, about October to December 2025; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 31 March 2026). Revenue and profit in ₹ crore.

FlySBS Aviation closed at ₹540.05 on 4 November 2026, up 1.5% from ₹532.30 a year earlier (7 November 2025). Its highest weekly close since August 2025 was ₹702.65 on 11 September 2026.

FlySBS Aviation share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

70 weekly closes from 8 August 2025 to 4 November 2026.

4 Nov 2026: FlySBS Aviation closed at ₹540.05, down 5.5% on the week and down 10.9% on the month. Our read, 10 Oct 2026: A fleet-expansion opportunity whose operating growth is visible, but whose cash conversion, per-share economics and aircraft delivery remain insufficiently explained.

Earlier

• Results for January to March 2026: Revenue up 64.5% and profit up 60.9% on a year earlier.
• 24 Jan 2026: FlySBS Aviation held its results call for October to December 2025.

Our read of the business

January to March 2026: Revenue growth offsets margin compression; fleet delivery remains unverified.

Our read after the January to March 2026 results, written 10 October 2026.

FlySBS Aviation has paid no dividend on the NSE since its first NSE close in our records (8 August 2025), the start of the period we checked.

No. FlySBS Aviation Ltd paid out 0% of its profit as dividends in each of its last 6 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 6 November 2026.

On the call for October to December 2025, held on 24 January 2026, FlySBS Aviation's management spoke about the quarter; the main points are below.

“We are targeting to add 5 more aircraft by March 31, 2026, making it 8 aircraft total, and the 9th will join in Q1 FY27. Once our fleet plan is achieved, we will unleash an aggressive marketing strategy”Captain Deepak Parashuraman, on the call for October to December 2025

Source: the call transcript.

From the call for October to December 2025, 24 January 2026. The January to March 2026 results are out since, so this part may be out of date until we update it.

The changes showing up in FlySBS Aviation's own numbers are a bigger market to serve. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to October to December 2025, 10 October 2026. The January to March 2026 results are out since, so this part may be out of date until we update it.

A subsequent reporting period showing that additional aircraft are operating while recurring operating profit fails to improve and receivables continue absorbing the resulting earnings would break the capacity-led case.

Each change stops working if

• Aircraft availability converts unmet enquiries: Aircraft become available but bookings, departures and recurring operating profit fail to rise.
• International charter capability: Long-haul aircraft enter service but international revenue and collected charter receipts do not expand.
• Repeat customers reduce the fleet ramp burden: Fleet availability improves while repeat bookings or collected revenue fail to keep pace.

The main risks

• Profit-to-cash gap: Receivables absorb earnings, and the collection explanation is missing. ⚠ estimate
• Unidentified non-operating earnings: Other income contributes to earnings, but its source and recurrence are unknown. ⚠ estimate
• Unreconciled share-base expansion: Aggregate profit growth overstates the observed per-share improvement. ⚠ estimate
• Margin benefit fails to reach shareholders: The lease-transition narrative has not offset reported margin compression. ⚠ estimate

Our read after the January to March 2026 results, written 10 October 2026.

When FlySBS Aviation reports April to June 2026, these are the check that show whether the story is still on course. First: Revenue in Apr-Sep 2026 grows at least in line with the fleet (more aircraft should bring more revenue), with management still reporting turned-away inquiries.

FlySBS Aviation is on one of our India lists: Multibagger study list.

FlySBS Aviation Ltd earned ₹37.0 Cr of net profit in the Mar 2026 quarter, +60.9% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹61.0 Cr. Over 5 years profit has grown 98.1% a year on average. That is 20.4% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹61.0 Cr (+117.9% on the year before).

FY26-Q2. revenue ₹138 Cr and profit ₹24 Cr as reported.

FY26-Q4. revenue ₹181 Cr and profit ₹37 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

FlySBS Aviation Ltd reported ₹181 Cr of revenue in the Mar 2026 quarter, +64.5% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 5 years it has grown 81.9% a year on average. The last full year, FY26, came in at ₹319 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. Management identifies aircraft availability as the constraint and specifies an induction plan. Customers benefit from additional itinerary availability; FlySBS benefits only when those enquiries become paid flights at yields that cover lease, crew and maintenance costs. Identified aircraft and refurbishment are progress toward capacity, not evidence of completed induction. The first incremental contribution begins after approval and commercial deployment. Competitor capacity additions and the conversion rate of rejected enquiries are unknown.

FY26 revenue was ₹319 Cr, +64.4% on the year before.

Recent pace: the last four quarters grew +64.4% on average, against 81.9% a year over the longer run, so this year is growing slower than its own long-run rate.

FY26-Q2. revenue ₹138 Cr and profit ₹24 Cr as reported.

FY26-Q4. revenue ₹181 Cr and profit ₹37 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

FlySBS Aviation Ltd's operating margin was 21.0% in the Mar 2026 quarter, 8.0 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 6 years it has been between 4.3% and 22.0%. The latest quarter is within that range.

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

Why this happened. The Cost Transformation Flywheel applies to management's stated shift toward dry leases: the operator controls more cost decisions and may retain the savings. The gain belongs to shareholders only after lease obligations, staffing, maintenance and downtime. Reported margin compression means the financial observations do not yet corroborate a sustained margin uplift. This is part of the same fleet mechanism as aircraft availability, so its profit contribution must not be counted twice.

Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

FY26-Q2. revenue ₹138 Cr and profit ₹24 Cr as reported.

FY26-Q4. revenue ₹181 Cr and profit ₹37 Cr as reported.

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Over the last 3 years, 34% of FlySBS Aviation Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹32.0 Cr of operating cash against ₹61.0 Cr of profit. After ₹3.0 Cr of spending on assets, ₹29.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 34% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: the bigger use of cash is spending on new assets, at 8.0× depreciation over three years. The next section checks what that spending is building.

FlySBS Aviation Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 44 days in FY26, down from 46 days in FY21. It spent ₹8.0 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹319 Cr, each day of that cycle ties up about ₹0.9 Cr, so roughly ₹38.0 Cr is tied up in the business at any time.

Spending on assets: ₹8.0 Cr over the last 3 years, against ₹1.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

FlySBS Aviation Ltd's P/E is 15.4×, near the low end of its own history: it has been lower only 30% of the time. Its usual P/E (the middle reading) is 17.6×, over 1 year of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +57.6% while the price moved +1.5%. Earnings did better than the price, which pulled the multiple down within its own range.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

FlySBS Aviation Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 4 quarters of 1 measure, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

FlySBS Aviation Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION.

NOT YET CHECKED

Our read, 10 October 2026. A fleet-expansion opportunity whose operating growth is visible, but whose cash conversion, per-share economics and aircraft delivery remain insufficiently explained.

What is proven. A fleet-expansion opportunity whose operating growth is visible, but whose cash conversion, per-share economics and aircraft delivery remain insufficiently explained.

What is not proven yet. A subsequent reporting period showing that additional aircraft are operating while recurring operating profit fails to improve and receivables continue absorbing the resulting earnings would break the capacity-led case.

What would change our mind. A subsequent reporting period showing that additional aircraft are operating while recurring operating profit fails to improve and receivables continue absorbing the resulting earnings would break the capacity-led case.

The test written in advance. A subsequent reporting period showing that additional aircraft are operating while recurring operating profit fails to improve and receivables continue absorbing the resulting earnings would break the capacity-led case. Measured by: the thesis as written as stated by the next result.

The test written in advance. Profit-to-cash gap. Measured by: Profit-to-cash gap Operating cash conversion fails to improve while debtor days rise in the next annual disclosure. by the next result.

The test written in advance. Unidentified non-operating earnings. Measured by: Unidentified non-operating earnings Profit remains dependent on unexplained other income while operating margin fails to recover. by the next result.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: Higher reported profit appears to demonstrate continuing expansion. The research reads it further: Revenue growth outweighs margin compression, while profit before tax in the supplied ledger exceeds operating profit after interest. Operating growth is evident, but the remaining earnings bridge is unexplained.

What the surface reading misses. The surface reading is: The profit increase appears to be an accelerating earnings trajectory. The research reads it further: The comparable base had much lower operating margin, so both revenue expansion and base-period margin recovery drive the profit increase.

• 1 · Operating leveragequiet
• 2 · Value-added mixquiet
• 3 · Management changequiet
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsquiet
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesbuilding
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 10 · New geographies: building. Long-haul aircraft could extend an already evidenced international revenue base. What proves it keeps working: International charter capability. It stops working if Long-haul aircraft enter service but international revenue and collected charter receipts do not expand.

Sources: our stock research file (10 October 2026) · quarterly results through Mar 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

FlySBS Aviation Ltd earned a ROCE of 32% in FY26. That is up from a low of 22% in FY22. Its return on capital used (ROIC) is 6.1 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 19.1% net margin and 0.81× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 19.1% net margin × 0.81× asset turnover × 1.25× leverage (assets divided by equity) ≈ 19.3% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 18.1% − 12.0% = +6.1 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value.

The 18.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 25.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

FlySBS Aviation Ltd had ₹37.0 Cr of borrowings against ₹313 Cr of equity in FY26, so its debt is 0.12× its equity. Its operating profit is 23 times its interest bill. Over 5 years borrowings went from ₹2.0 Cr to ₹37.0 Cr. Over the last 3 of those years it spent ₹8.0 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

No group of FlySBS Aviation Ltd's owners changed its stake by a full percentage point over the last 4 quarters. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

For FlySBS Aviation Ltd, the Z-score is 9.00. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

Why it matters: a Z-score of 9.00 is well clear of the danger zone, so the balance sheet is not the risk here.

58.7 out of 100, rank 1 of 1 in Transport - Airlines, with 40% of the evidence available. It is provisional, so it is ranked below companies with full evidence.

FlySBS Aviation Ltd scores 58.7 out of 100 against the 1 companies it is compared with in Transport - Airlines, ranking 1. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 14.2 + 22 + 10 + 12.5 = 58.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

FlySBS Aviation ranks 1 of 1 Transport - Airlines companies on the 4-Factor Sector Score, with 58.7 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Mar 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Transport - Airlines, all 1 compared on one page.

FlySBS Aviation is the only Transport - Airlines company on Sector Alpha (scores of 30 October 2026), so the companies closest to it in market value across all industries are listed: Saraswati Commercial (India), Remus Pharmaceuticals, IRM Energy and Arihant Capital Markets.

Companies close in size in other industries

1611. Saraswati Commercial (India) Ltd ₹991 crore · Finance & Investments - Others
1612. Remus Pharmaceuticals Ltd ₹990 crore · Pharma - Others
1613. FlySBS Aviation Ltd ₹989 crore
1614. IRM Energy Ltd ₹988 crore · LPG Bottling
1615. Arihant Capital Markets Ltd ₹979 crore · Finance - Capital Markets - Brokers

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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