ET Intelligence Group: Skyways Air Services, a logistics company, plans to raise ₹399 crore through a fresh issue to repay debt and fund working capital requirements. It will also raise ₹184 crore through an offer for sale. The promoter group’s stake will fall to 56.8% after the IPO from 79.1%. It is a multi-modal logistics provider offering end-to-end supply chain solutions across air and ocean freight forwarding. More than three-fourth of the revenue comes from air freight services. It has heavy dependency on cross-border trade making business susceptible to global economic slowdown, trade policy shifts, and currency volatility. However, it has been No. 1 Air Freight Forwarder since the past four calendar years. Given these factors, the issue is suitable for long-term investors with high risk-tolerance.

Business

Incorporated in 1984, Skyways Air Services provides services such as air and ocean freight forwarding, trucking, warehousing, custom broking, technology driven express cargo and parcel delivery. According to World ACD, the company has been consistently ranked No. 1 Air Freight Forwarder in terms of air waybills (AWB) from 2022 to 2025. It maintains direct commercial relationships with 56 international airlines and relies on a global network of logistics alliances to serve clients across 12 countries. The company has developed proprietary platforms to support different aspects of logistics operations. Air cargo volume grew close to 84 thousand tonnes in FY26 from 48 thousand tonnes in FY24 while ocean containers volume increased to 28,275 TEUs (twenty-foot equivalent unit) from 16,294 TEUs during the period.

Read more:Aditya Infotech rebounds on fundraise plans; analysts see up to 20% upside

Financials
Between FY24 and FY26, revenue from operations rose 47.7% annually to ₹2,812.9 crore, operating profit before interest, tax, depreciation and amortisation (Ebitda) jumped 61.2% to ₹125.6 crore and net profit grew 35.7% to ₹63.5 crore. While Ebitda margin expanded to 4.5% in FY26 from 3.8% in FY24, it trails peers whose margins range between 5% and 7.8%. In contrast, the company’s net profit margin of 2.3%, is towards the higher end of the peer range of 0.2-2.7%. Cash flow from operations grew to ₹113.6 crore in FY26 from a deficit ₹9 crore in FY24.
Valuation
Considering the post-IPO equity and net profit for FY26, the company demands a price-earnings (P/E) multiple of upto 32. For peers including TVS Supply Chain Solutions, Shadowfax Technologies, Delhivery and Mahindra Logistics, the P/E range is wider between 46 and 376.

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Shares of MARA Holdings climbed 10.63%, or $1.19, to $12.34 as of 9:51 a.m. EDT Friday, extending a sharp multi-day rally as bitcoin’s surge past $77,000 and continued optimism around pending U.S. crypto legislation lifted the bitcoin mining company’s stock alongside similar gains across the broader digital asset sector.

Friday’s advance builds on a powerful two-day run for MARA shares. According to Cryptonomist, the stock surged 15.54% to $11.15 on Thursday, fueled directly by President Donald Trump’s continued public push for Congress to pass the CLARITY Act, a stalled piece of legislation aimed at establishing clearer regulatory boundaries around which federal agency, the Securities and Exchange Commission or the Commodity Futures Trading Commission, holds jurisdiction over different categories of digital assets.

Benzinga attributed much of Thursday’s move specifically to bitcoin breaking back above $72,000, a rally the outlet linked to broader sector sentiment following a White House crypto summit hosted by Trump earlier in the week. As one of the largest corporate holders of digital assets, with roughly 35,577 bitcoins on its balance sheet, MARA’s stock functions as what analysts have repeatedly described as a high-beta proxy for spot bitcoin prices, meaning the company’s equity value tends to swing more dramatically, in percentage terms, than bitcoin itself as the cryptocurrency’s price moves in either direction.

According to CryptoTimes, that dynamic played out clearly earlier in the week as well. On Wednesday, Aug. 19, shares of leading bitcoin treasury companies climbed sharply as cryptocurrency prices staged a broad rebound, with MARA advancing 7.70% to $9.65 that session, while Strategy Inc., the world’s largest corporate bitcoin holder, jumped 12.68% to close at $104.25. CryptoTimes explained the underlying mechanics driving these outsized equity swings: when bitcoin’s price rises, the mark-to-market value of a mining or treasury company’s bitcoin holdings increases correspondingly, expanding the company’s net asset value and typically attracting additional investor capital into the stock. For mining companies specifically, higher bitcoin prices also improve the dollar value of newly mined coins and support broader profitability metrics tied to hash rate output and energy costs, amplifying the effect beyond what a pure treasury holding company alone would experience.

MARA’s recent trading history illustrates just how volatile that leveraged relationship with bitcoin’s price can be. According to StocksToTrade, the stock had slid from around $12 in late July to as low as $9.56 by mid-August, a decline of roughly 20%, before beginning to stabilize and eventually reverse sharply higher this week. The firm described the stock’s earlier pattern as “basing rather than free-falling,” noting that MARA had bounced within a range of roughly $8.90 to just under $10 over the prior week, with buyers stepping in on intraday dips even during the stock’s weaker stretch.

Beyond its bitcoin mining operations, MARA has been actively working to diversify its business model. According to Benzinga, the company initiated a strategic push in mid-2025 to transform into what management describes as a vertically integrated digital energy and artificial intelligence infrastructure provider, a shift designed to allow MARA to monetize its substantial power capacity pipeline for enterprise AI hosting alongside its more traditional, flexible crypto mining operations. As part of that broader diversification effort, the company added independent directors Craig Hart and Nancy Novak to its board, moves StocksToTrade characterized as intended to better align MARA’s leadership with its evolving energy, digital infrastructure and hyperscale computing strategy.

That pivot toward high-performance computing has also shaped how Wall Street analysts are currently valuing the stock, with price targets showing notably wide dispersion as different firms weigh MARA’s bitcoin exposure against its emerging AI infrastructure ambitions. According to StocksToTrade, Cantor Fitzgerald trimmed its price target on MARA to $12 from $14 while maintaining an Overweight rating, signaling continued but more cautious optimism. Clear Street cut its target more sharply, to $10 from $12, while maintaining only a Hold rating as the firm continues assessing MARA’s transition away from pure-play bitcoin mining toward a joint venture-driven high-performance computing model. Morgan Stanley, by contrast, nudged its price target higher, to $6 from $5.50, while flagging expectations for at least one high-performance computing lease deal and two additional site leases through MARA’s Starwood joint venture by the end of the year.

MARA’s balance sheet exposure to bitcoin remains substantial and central to how traders continue to evaluate the stock. At the end of the second quarter of 2026, MARA reported holding 35,577 bitcoins, valued at approximately $2.1 billion at a spot price of $58,524 per coin at that time, according to StocksToTrade. With bitcoin now trading well above $77,000, the mark-to-market value of that treasury position has grown substantially since that quarterly snapshot, reinforcing the company’s role as what multiple analysts have described as an effectively leveraged proxy for bitcoin’s price within the public equity markets.

MARA’s diversification strategy has also produced concrete transactions in recent weeks. According to Investing.com, the company, then still operating under its earlier Marathon Digital Holdings branding history, announced an agreement to acquire Long Ridge Energy & Power, a deal aimed at meaningfully expanding the company’s controllable power capacity and further positioning it within the broader high-performance computing and AI infrastructure space, continuing management’s strategy of securing large-scale energy assets that can be flexibly monetized across both crypto mining and AI computing workloads.

MARA, headquartered in Hallandale Beach, Florida, and originally incorporated in 2010, changed its name from Marathon Digital Holdings to MARA Holdings in August 2024, a rebranding that reflected the company’s broadening ambitions beyond its original focus purely on bitcoin mining. According to the company’s own description on Yahoo Finance, MARA now operates as an energy and digital infrastructure company across North America, the Middle East, Europe and Latin America, leveraging both bitcoin mining and artificial intelligence compute capabilities to monetize excess and underutilized power capacity.

With bitcoin’s continued strength this week and pending regulatory developments, including the CLARITY Act’s uncertain path through the Senate, likely to remain key swing factors for crypto-linked equities in the near term, investors are expected to continue closely watching how MARA’s dual identity as both a leveraged bitcoin holding vehicle and an emerging AI infrastructure provider shapes the stock’s trading in the weeks ahead, particularly as analysts remain sharply divided on the company’s appropriate valuation amid its ongoing strategic transition.