Introduction
Himalayan Heli Services Ltd. (HHSL) is an established pioneer in single-engine helicopter operations in the challenging terrains of the Indian Himalayas. With over two decades of experience, HHSL is rapidly emerging as a market leader in pilgrimage shuttle services, premium heli-tourism, aerial work, and strategic defence contracts. As the company advances toward its IPO, HHSL presents an attractive investment opportunity for UnlistedZone’s discerning pre-IPO investors seeking exposure to high-margin aviation services with strong growth potential.
Founded over 20 years ago, HHSL operates a specialized fleet of Airbus AS350 B3 (H125) helicopters, expertly servicing remote and high-altitude regions. The company has safely transported more than 30 lakh passengers and logged over 70,000 flight hours in some of the most difficult flying conditions in India. HHSL is also a CAR-145 certified maintenance organization, allowing in-house fleet upkeep and cost efficiencies unmatched by peers.
Pilgrimage Shuttles: Char Dham and Amarnath Yatra shuttle services with multi-year contracts.
High-End Tours: Premium heli-tourism targeting affluent domestic and international travelers.
Aerial Work: Specialized aerial surveys, cargo transport, and infrastructure support in remote areas.
Defence Sector: Emerging business with Ministry of Defence contracts, recognized for high safety and operational standards.
HHSL’s diversified business model is designed to optimize utilization and margins across seasons:
Hourly Flying Rates: The key revenue driver, differentiated by contract type and seasonality.
Long-Term Contracts: Multi-year contracts like the 2025–2027 Amarnath Yatra shuttle service ensure steady revenues.
Ancillary Services: Maintenance for third parties and potential training services add incremental income.
Cost Efficiency: Fleet ownership and in-house maintenance lower operational costs by 10–15%.
Segment | Revenue Contribution |
---|---|
Pilgrimage Shuttles | ~60% |
Defence Contracts | ~20% |
High-End Tours & Aerial Work | ~15% |
Ancillary Services | ~5% |
HHSL has delivered impressive growth, underpinned by strategic investments and operational excellence.
Metric | FY 2024 (₹ Cr) | FY 2025 (₹ Cr) | YoY Growth |
---|---|---|---|
Revenue from Operations | 114.8 | 132.2 | +15.1% |
EBITDA | 16.0 | 19.9 | +24.4% |
EBITDA Margin | 13.9% | 15.04% | +107 bps |
Net Profit | 5.13 | 8.62 | +68.0% |
Earnings Per Share | 5.13 | 7.76 | +51.3% |
Shareholders’ Funds: Increased 146% due to equity raise and reserves.
Long-Term Borrowings: Doubled to support fleet expansion.
Cash & Bank Balances: Tripled, improving liquidity.
Trade Receivables: Sharp increase indicates receivables management focus needed.
Despite strong revenue growth, operating cash flow turned negative in FY25 due to increased trade receivables and loans/advances. Financing activities supported liquidity through borrowings and equity infusion.
Fleet Expansion: Transitioning to 5 owned helicopters (vs 3 leased), optimizing costs and control.
Defence Contracts: Successfully completed a 1,000+ block-hour pilot contract; expanding discussions for more MoD projects.
Pilgrimage Services: Secured a lucrative Amarnath Yatra contract for 2025–2027, enhancing seasonal revenue stability.
Operational Excellence: 66% YoY increase in April 2025 flying hours; projected 7,000+ hours in FY26.
IPO Progress: SME IPO delayed due to regulatory approvals; Board weighing Mainboard vs SME listing for maximum investor value.
Sector Leadership: One of India’s top helicopter operators with a strong foothold in niche high-altitude operations.
Diversified Revenue Streams: Balanced portfolio across pilgrimage, defence, tourism, and aerial services ensures year-round utilization.
Robust Financial Growth: Double-digit revenue and profit growth, with improving margins and strong balance sheet expansion.
Strategic Fleet Ownership: Moving towards owning a majority of fleet reduces lease costs and enhances profitability.
Defence Sector Entry: Growth in MoD contracts offers high-margin revenue and counters seasonal fluctuations.
IPO Readiness: Commitment to transparency, governance, and strategic listing enhances investment credibility.
Himalayan Heli Services Ltd. represents a compelling pre-IPO opportunity in India’s growing aviation and defence sectors. With a proven track record, strategic fleet expansion, and robust financial performance, HHSL is positioned to deliver sustainable growth and attractive returns for investors. As the company prepares for its public listing, pre-IPO investors on UnlistedZone can capitalize on this unique chance to participate early in a high-potential aviation leader