FlySBS Aviation was established to bridge a significant market gap in private jet leasing in India. By focusing on cost-effective leasing solutions and innovative programs, FlySBS is making private aviation more accessible and affordable for a diverse clientele.
FlySBS Aviation Limited (formerly FlySBS Aviation Private Limited) operates as a DGCA-approved non-scheduled airline operator providing premium private air charter services.
Target audience: Entrepreneurs, corporate leaders, celebrities, diplomats, political figures.
Operates across six continents: Japan, Middle East, Arctic Europe, Mauritania, and more.
Long-Term Chartering – For exclusive extended usage.
Subscription-Based Models – “Je’time” with flight hour tiers.
Membership Programs – Tailored for frequent fliers.
Flexjet Program – For clients with moderate flight usage.
Single-Time Charters – One-time use options.
Air-Time Share – Shared ownership concept.
FlySBS Aviation has diversified sources of revenue:
Charter Services: On-demand, per-use basis.
Subscription Models: Je’time program, tailored by hours.
Leasing Plans: Dry leasing model.
Air-Time Share: Shared ownership structure.
With an active Air Operator Permit, FlySBS is well-positioned to serve the growing HNI market in India.
Kannan Ramakrishnan – Founder Director & Accountable Manager (30+ years experience)
Deepak Parasuraman – Founder Director, also founder of AFCOM Airlines (24+ years experience)
Amba Shankar – Founder Director & CEO (30+ years experience)
Their leadership brings strong domain expertise and global aviation knowledge.
| Particulars | FY25 | FY24 |
|---|---|---|
| Revenue from Operations | 193.90 | 106.49 |
| Other Income | 1.49 | 0.14 |
| Total Revenue | 195.38 | 106.63 |
| Total Expenditure | 156.39 | 92.70 |
| EBITDA (Revenue - Direct Expenses) | 39.94 | 14.85 |
| Net Profit (PAT) | 28.41 | 11.13 |
| Shareholders' Funds | 150.38 | 65.99 |
| Total Assets | 191.84 | 76.64 |
| Cash & Cash Equivalents | 49.83 | 8.33 |
| Trade Receivables | 20.88 | 6.60 |
| Trade Payables | 4.10 | 0.55 |
| Total Borrowings (Long + Short) | 17.92 | 2.56 |
| Total Liabilities | 31.97 | 8.80 |
| Activity | FY25 | FY24 |
| Net Cash from Operating Activities | 0.55 | 2.10 |
| Net Cash from Investing Activities | -28.14 | -38.20 |
| Net Cash from Financing Activities | 69.08 | 41.87 |
| Net Increase in Cash | 41.49 | 5.79 |
Rise in UHNWIs: 58% increase over five years; expected to grow another 50% by 2028.
Low Tier 2 & 3 Connectivity: Limited commercial flights create private jet demand.
Post-COVID Shift: HNIs prioritize flexibility, exclusivity, and safety.
Medical Usage: Increased need for emergency air charters.
Over 140 DGCA-licensed non-scheduled operators in FY24.
Market size: $4.5B in 2025, expected to grow at 7.5% CAGR to $7.2B by 2030.
India poised to be the 3rd largest aviation market globally by 2025.
MRO market potential: $4.33B by 2030.
Club One Air
JetSetGo
Taj Air
Air Charter Services India
FlySBS differentiates itself through technology-driven services and expanding international reach.
| Metric | FY25 | FY24 |
| Gross Profit Margin | 25.28% | 16.14% |
| Operating Profit Margin | 20.6% | 13.94% |
| Net Profit Margin | 14.65% | 10.44% |
| ROE (Return on Equity) | 18.89% | 16.87% |
| ROCE | ~18.45% | ~13.99% |
| Debt to Equity Ratio | 0.12 | 0.13 |
| Current Ratio | 3.72 | 3.67 |
High Operating Costs: Fuel, crew, MRO, parking.
Regulatory Burden: DGCA rules, airspace permissions.
Volatile Demand: Seasonal dependency and HNI-driven usage.
Limited Infrastructure: Only ~30 airports have business jet terminals.
Capital Intensive: ₹40–₹60 Cr cost per mid-size jet.
Transparency & Repositioning: Still a hurdle for mass adoption.
Fleet Availability: Growing, but still limited capacity.
FlySBS raised capital in FY25 through:
Private Placement: 17.58 lakh shares.
Bonus Issue: 77.79 lakh shares.
FY25 PAT = ₹28.41 Cr
Assuming PE ratio = 20x
Valuation Estimate = ₹568.20 Cr
FlySBS Aviation is emerging as a key player in India's luxury aviation sector. With a capital-efficient model, robust team, strong financials, and future-ready strategy, the company is poised to capture a large share of India’s expanding private charter market.
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