Himalayan Heli Services Ltd
Delhi helicopter operator flying pilgrim shuttles (Kedarnath, Amarnath, Vaishno Devi), charters, disaster relief and defence sorties with a six-aircraft AS350/H125 fleet; FY25 revenue ₹132 Cr, FY26 ₹116 Cr; main-board IPO planned. UnlistedZone rate ₹184 (lot 500).
Market cap
₹204.06 Cr
1.11 Cr shares
P/E ratio
73.02
Sector average 25
Book value
₹55.81
P/B 3.30
1-year return
+1.66%
52w ₹175 – ₹218
Currently 21% of the way through its 52-week range.
Indicative price history
1Y change
+1.66% ₹181 → ₹184
52-week band in this window: ₹176.92 – ₹219.31. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Himalayan pilgrim-shuttle specialist (Kedarnath, Amarnath, Vaishno Devi) with six AS350/H125 helicopters, five owned.
- FY25 revenue ₹132.4 Cr, PBT about ₹13.1 Cr; FY26 revenue ₹115.5 Cr, PBT about ₹3.7 Cr (dealer research, unaudited here).
- Main-board IPO announced for fleet expansion, disaster-management/defence contracts and MRO entry.
- UnlistedZone indicative ₹184 (lot 500), 52-week ₹175–218; market cap about ₹204 Cr.
About Himalayan Heli
Himalayan Heli Services Limited (HHSL) is a New Delhi-based non-scheduled helicopter operator. Its core business is pilgrim shuttle services in the Himalayas — Kedarnath (Phata/Guptkashi–Kedarnath), the Amarnath Yatra (Baltal/Pahalgam–Panjtarni) and Vaishno Devi — supplemented by state-government charters, aerial work, VIP and tourist charters, heli-skiing and disaster-management sorties for the Uttarakhand and Jammu & Kashmir administrations, and emerging defence and paramilitary logistics contracts. The fleet is six Airbus AS350 B3 / H125 single-engine helicopters, five owned and one leased (the company plans to buy out the lease), with a seventh on order per dealer research; the company has also announced an entry into maintenance, repair and overhaul (MRO).
The company was founded in the late 1990s (incorporation year not verified; the FY26 note refers to a long operating history) and converted to a public limited company ahead of its IPO plans. UnlistedZone's page gives the ISIN as INE142401012 and a market capitalisation of ₹204 Cr at ₹184, implying about 1.11 crore shares of ₹10. The promoters are the founding family, who hold the large majority of shares; a directory listing names Wangchuk Shamshu and Harsh Varshan Sharma as directors (dated — verify). The CIN, registered-office address, board DINs and auditor were not retrieved within the search budget and are flagged below.
Financials (from UnlistedZone research notes on the company's accounts; unaudited here): FY25 revenue ₹132.4 Cr with profit before tax of about ₹13.1 Cr (one UnlistedZone note gives FY25 net profit of ₹4 Cr, which conflicts with the PBT figure — the table uses PBT ₹13.1 Cr and a derived PAT of about ₹9.8 Cr, flagged). FY26 revenue fell about 13% to ₹115.5 Cr after a weaker pilgrimage season (the Kedarnath weather disruptions and the Pahalgam attack curtailed the 2025 Amarnath Yatra) while EBITDA margin was about 15.3% (₹17.7 Cr); profit before tax dropped to about ₹3.7 Cr because depreciation and interest on newly purchased helicopters rose sharply. The balance sheet now carries the owned fleet (roughly ₹120–150 Cr of helicopters) funded by term loans; all balance-sheet and cash-flow lines in the table are estimates around the disclosed revenue and profit.
Recent developments: the company bought additional helicopters in 2024–25 (moving from leased to owned aircraft), announced a main-board IPO with proceeds earmarked for fleet expansion, disaster-management and defence contracts and technology, after earlier weighing an SME listing that was delayed; it reported a 4M FY26 performance update to dealers and an entry into MRO. Pilgrim-shuttle slots are allocated by state bodies (UCADA in Uttarakhand, the Shrine Board in J&K) each season, so revenue is seasonal (May–October) and dependent on winning those tenders.
Valuation at the listed rate: UnlistedZone shows an indicative ₹184 a share (21 July 2026; 52-week range ₹175–218; lot 500; market cap ₹204 Cr), Planify ₹183.40 (14 July 2026) and an earlier UnlistedZone note ₹160. At ₹184 the implied market capitalisation of about ₹204 Cr is roughly 1.8 times FY26 revenue, about 21 times the estimated FY25 profit and 70+ times the estimated FY26 profit; against an estimated net worth of ₹60–70 Cr it is about 3 times book. Listed aviation-services peers are scarce (Global Vectra Helicorp trades at a low multiple with heavy losses), so the price rests on the IPO narrative and the fleet's replacement value.
Verification status (10 Oct 2026): rate, ISIN, lot, market cap and the FY25/FY26 revenue, EBITDA and PBT figures come from UnlistedZone and Planify research (dealer blogs, unaudited here); the fleet and IPO plan are from the same notes. CIN, incorporation date, registered office, directors and DINs, auditor, share count (derived from UnlistedZone's market cap), shareholding, headcount, PAT, balance-sheet and cash-flow lines are estimates or unverified. Treat the profile as preliminary until the DRHP or annual report is available.
Where the revenue comes from
- Pilgrim shuttle services (Kedarnath, Amarnath, Vaishno Devi)70%
Seasonal shuttle operations under state-allocated slots (estimate)
- Charters, aerial work & tourism20%
State-government, VIP and tourist charters, heli-skiing (estimate)
- Disaster management, defence & MRO10%
Relief sorties, paramilitary logistics and the new MRO line (estimate)
Products & services
Pilgrim shuttle services
Scheduled seasonal helicopter shuttles under state-allocated slots at Kedarnath (Uttarakhand), Amarnath and Vaishno Devi (J&K).
Charters & aerial work
State-government, corporate, VIP and tourist charters, heli-skiing and aerial survey/filming.
Disaster management & defence logistics
Relief and evacuation sorties for state administrations and logistics for defence and paramilitary forces.
MRO (new)
Planned maintenance, repair and overhaul services for light helicopters.
What works
- • Entrenched operator on the most lucrative Himalayan pilgrim routes (Kedarnath, Amarnath, Vaishno Devi) where slots are limited and demand exceeds capacity each season.
- • Owned fleet of AS350/H125 helicopters (five of six), giving hard-asset backing of roughly ₹120–150 Cr against a ₹204 Cr market cap.
- • Diversifying into disaster-management, defence logistics and MRO, which are less seasonal than pilgrim shuttles.
- • Main-board IPO announced; a listing would give pre-IPO buyers an exit and the company growth capital for more aircraft.
What to watch
- • Highly seasonal, weather- and security-dependent revenue: FY26 sales fell 13% and PBT collapsed to about ₹3.7 Cr after the disrupted 2025 yatra season.
- • Thin and volatile profitability — new helicopters raised depreciation and interest sharply; single-engine helicopter operations carry accident and regulatory (DGCA) risk.
- • Slot allocation by state bodies is by annual tender; losing a route would remove a large share of revenue.
- • Almost all figures here are from dealer research, not audited accounts; the share count is derived from UnlistedZone's market cap and the IPO timetable is unconfirmed.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| Himalayan HeliThis page | ₹184.00 | ₹204.06 Cr | 73.02 | 3.30 | -12.76% |
| Garuda Aerospace | ₹416.16 | ₹2,170 Cr | 83.73 | 9.05 | +66.82% |
| KIAL | ₹120.36 | ₹1,589 Cr | — | 2.72 | +17.57% |
| Maverick Simulation | ₹2,830.50 | ₹283.05 Cr | 30.44 | 7.55 | +30.93% |
Latest reported year: FY26 ending 31 Mar 2026.