Himalayan Heli Services
vs. prev. close ₹184
52W High
₹184
52W Low
₹184
Market cap
₹194 Cr
IPO stage
No DRHP filed
CIN
U63040DL1998PTC094836
Price History
52W High
₹184
52W Low
₹184
About Himalayan Heli Services
Himalayan Heli Services is a niche, long-established helicopter operator moving toward a broader capital base, but FY26 brought a revenue slowdown, a near-doubling of high-cost debt, and a sizeable disputed GST demand, making this a name to underwrite on credit quality and dispute resolution as much as on its operating niche.
Short Version :
Himalayan Heli Services Limited is a New Delhi-headquartered, non-scheduled helicopter operator founded in 1998, providing pilgrimage shuttle services (including routes linked to the Shri Mata Vaishno Devi Shrine), helicopter tourism, private charter, aerial survey (geophysical and LiDAR), external load operations, defence support, aviation consultancy, and in-house helicopter maintenance. On a standalone basis, FY26 revenue was Rs 115.18 crore, down from Rs 132.16 crore in FY25, with PAT of Rs 2.46 crore (Rs 3.74 crore FY25). Book value stood at Rs 44.81 per share (Rs 35.14 FY25) with EPS of Rs 2.22 (Rs 3.55 FY25) and ROE of 4.95% (9.60% FY25). The company converted to a public limited company during the year and remains 90.05%-owned by its holding company, World Expeditions (India) Private Limited.
Why It Trades Where It Does :
Himalayan Heli operates in India's small, specialized non-scheduled helicopter services niche, with pilgrimage and charter work (chiefly Jammu & Kashmir region shrine routes) forming roughly 96% of revenue, a business profile that is capital-intensive, cyclical with pilgrimage seasons, and sensitive to weather and regulatory approvals. FY26 saw a meaningful revenue decline alongside sharply rising employee costs (pilots and engineers moved to full-time payroll) and finance costs, compressing margins even as the company continued an aggressive, debt-funded fleet expansion (gross helicopter block nearly doubled Capital Work-in-Progress year-on-year). The conversion to public limited status and recent appointment of independent directors in March 2026 suggest the company is positioning for a wider capital base or listing path, which is a relevant forward catalyst, but the deteriorating credit profile and a very large disputed GST demand are the dominant considerations for valuation today.
Top Risk :
A disputed GST demand of Rs 65.30 crore (FY2017-23, under appeal before the CGST Commissioner, Jammu, with a pending condonation-of-delay application) is not provided for in the financial statements and is large relative to the company's Rs 143.93 crore total asset base.
Total borrowings nearly doubled year-on-year, from Rs 32.66 crore to Rs 64.77 crore, funded through an unusually fragmented base of over 40 separate NBFC/fintech working-capital lenders at high interest rates (commonly 14-20% per annum), indicating limited access to cheaper bank credit and meaningful rollover/refinancing risk.
Operating cash flow swung sharply negative, from a positive Rs 27.19 crore in FY25 to a near-breakeven Rs 0.13 crore outflow in FY26, driven by a large reduction in trade payables and higher tax payments.
The company's own disclosed credit ratios deteriorated materially: current ratio fell from 0.71x to 0.59x, debt-equity ratio rose from 0.84x to 1.30x, debt service coverage fell from 1.85x to 1.00x, and return on capital employed fell from 17.04% to 6.76%.
Revenue declined roughly 13% year-on-year even as the company continued heavy capital expenditure on new helicopters (capital work-in-progress more than tripled to Rs 30.33 crore), a mismatch between capacity expansion and demand that warrants monitoring.
Cash and bank balances fell sharply, from Rs 6.45 crore to Rs 0.43 crore, leaving a thin liquidity buffer.
Top Opportunities :
The company remains profitable in both FY25 and FY26 with no cash losses (per CARO), and the auditor found no indicators of fraud, loan default, or going-concern uncertainty.
Conversion to public limited status during the year, along with the appointment of new independent directors in March 2026, points toward preparation for a broader capital base or future listing.
The business operates in a niche, high-barrier segment (non-scheduled helicopter operations tied to pilgrimage and defence-adjacent aerial work) with limited domestic competition and long operating history since 1998.
Continued fleet investment, if matched by a revenue recovery, could support capacity for growth once current demand or seasonal softness reverses.
Strong promoter backing is evident, with the holding company (World Expeditions India) at 90.05% ownership and multiple related-party loans extended to and repaid by the company during the year, indicating active financial support.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Aviation
Founded
1998
Headquarters
New Delhi, India
Min Lot Size
1
Face Value
₹10.00
Regulatory Information
Corporate Identity Number (CIN)
U63040DL1998PTC094836
PAN Number
AAACH7948D
ISIN
INE142401012
Key Valuation Ratios
Valuation
Market Cap
—
P/E Ratio
—
P/S Ratio
—
P/B Ratio
—
EV / EBITDA
—
Returns & Per Share
ROE
4.95%
EPS
₹2.12
Book Value / Share
₹42.78
Solvency
Debt / Equity
1.30×
Interest Coverage
1.82×
Company Fundamentals
As of FY2026 Annual · updated 20 Oct 2026Gross Profit
₹115.18 Cr
EBITDA
₹18.28 Cr
Revenue Growth
-12.85%
Profit Margin
2.14%
Performance Trends
4 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
1.30×
EBITDA Margin
15.87%
Interest Coverage
1.82×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 98.27₹ Crore | 114.85₹ Crore | 132.16₹ Crore | 115.18₹ Crore |
| Other incomeDisclosed | 61.59₹ Lakh | 20.95₹ Lakh | 26.58₹ Lakh | 25.79₹ Lakh |
| Total IncomeDerived | 98.89₹ Crore | 115.06₹ Crore | 132.42₹ Crore | 115.44₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Purchases of stock-in-tradeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Employee benefits expenseDisclosed | 19.04₹ Crore | 18.95₹ Crore | 25.14₹ Crore | 31.39₹ Crore |
| Finance costsDisclosed | 2.75₹ Crore | 3.43₹ Crore | 2.58₹ Crore | 4.44₹ Crore |
| Depreciation and amortization expenseDisclosed | 3.91₹ Crore | 4.93₹ Crore | 5.11₹ Crore | 10.19₹ Crore |
| Manufacturing expensesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Operating expensesDisclosed | 0₹ Crore | 0₹ Crore | 84.56₹ Crore | 53.4₹ Crore |
| Other expensesDisclosed | 68.79₹ Crore | 79.86₹ Crore | 11.91₹ Crore | 12.37₹ Crore |
| Total ExpensesDerived | 94.5₹ Crore | 107.17₹ Crore | 129.31₹ Crore | 111.78₹ Crore |
| Profit | ||||
| Exceptional itemsDisclosed | 0₹ Crore | 0₹ Crore | 1.9₹ Crore | 0₹ Crore |
| Profit before taxDerived | 4.39₹ Crore | 7.89₹ Crore | 5.01₹ Crore | 3.66₹ Crore |
| Current tax expenseDisclosed | 0₹ Crore | 37.86₹ Lakh | 3.42₹ Crore | 61.04₹ Lakh |
| Deferred tax expenseDisclosed | 1.08₹ Crore | 75.61₹ Lakh | 4.04₹ Crore | 1.1₹ Crore |
| Tax expenseDisclosed | 1.08₹ Crore | 1.13₹ Crore | 7.46₹ Crore | 1.2₹ Crore |
| Profit After TaxDerived | 3.32₹ Crore | 6.75₹ Crore | -2.45₹ Crore | 2.46₹ Crore |
| Other comprehensive incomeDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Total Comprehensive IncomeDerived | 3.32₹ Crore | 6.75₹ Crore | -2.45₹ Crore | 2.46₹ Crore |
Documents Library
Access all financial reports and filings
Income Statement
Himalayan Heli Services Overview others Snapshot of Himalayan Heli Services’ operations, fleet, and expertise in helicopter services.
Himalayan Heli Services Overview others Snapshot of Himalayan Heli Services’ operations, fleet, and expertise in helicopter services.
Himalayan Heli Services Overview others Snapshot of Himalayan Heli Services’ operations, fleet, and expertise in helicopter services.
Himalayan Heli Services Overview others Snapshot of Himalayan Heli Services’ operations, fleet, and expertise in helicopter services.
Himalayan Heli Services - Investor Presentation others Himalayan Heli Services's Performance Snapshot & Strategic Outlook FY2025
Himalayan Heli Services - Investor Presentation others Himalayan Heli Services's Performance Snapshot & Strategic Outlook FY2025
Himalayan Heli Services - Investor Presentation others Himalayan Heli Services's Performance Snapshot & Strategic Outlook FY2025
Himalayan Heli Services - Investor Presentation others Himalayan Heli Services's Performance Snapshot & Strategic Outlook FY2025
FY2025 results of Himalayan Heli others FY24 Results (Provisional) of Himalayan Heli
FY2025 results of Himalayan Heli others FY24 Results (Provisional) of Himalayan Heli
FY2025 results of Himalayan Heli others FY24 Results (Provisional) of Himalayan Heli
FY2025 results of Himalayan Heli others FY24 Results (Provisional) of Himalayan Heli
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Current Price
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About Himalayan Heli Services unlisted shares
Indicative · updated dailyHimalayan Heli Services unlisted share price today
Himalayan Heli Services unlisted share price today is ₹184 as of 20 October 2026.
Himalayan Heli Services — frequently asked questions
- What is the grey market price for Himalayan Heli Services?
No IPO is currently announced for Himalayan Heli Services, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has Himalayan Heli Services filed for an IPO, and when might it list?
Himalayan Heli Services has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does Himalayan Heli Services compare to its listed peers?
There is no closely comparable listed company for Himalayan Heli Services in India today.
- Is Himalayan Heli Services on the SME or Mainboard IPO track?
Himalayan Heli Services has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is Himalayan Heli Services's CIN and registered office?
Himalayan Heli Services's Corporate Identity Number is U63040DL1998PTC094836, registered at New Delhi, India.
- What is Himalayan Heli Services's market capitalisation?
Himalayan Heli Services's market capitalisation is approximately ₹194 crore, based on its current unlisted share price.
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Priveq Investech Private Limited is the named counterparty on every transaction. To buy Himalayan Heli Services unlisted shares: complete KYC once (PAN, Aadhaar, bank details, and demat account information — SEBI-compliant, typically approved within 24 hours), then submit your order through your Priveq dashboard specifying quantity. Our team confirms price and payment details with you directly. Once payment is confirmed, Himalayan Heli Services shares are transferred off-market straight to your demat account, with no pooling and no middlemen.
- How do I sell Himalayan Heli Services unlisted shares?
Submit an Express Sell Interest for Himalayan Heli Services through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer Himalayan Heli Services shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
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Minimum investment varies by company and is shown as the Min Investment figure on this page. Himalayan Heli Services's minimum is ₹184.
- Is there a maximum investment limit?
There's no fixed maximum investment limit for Himalayan Heli Services unlisted shares. For sizeable transactions worth crores of rupees, an escrow arrangement can be used at the sole consent of both parties, the same mechanism available on the sell side.
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Himalayan Heli Services has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
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- How are capital gains on Himalayan Heli Services unlisted shares taxed?
If you sell unlisted shares, including Himalayan Heli Services, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If Himalayan Heli Services lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
- Can NRIs invest in Himalayan Heli Services unlisted shares?
Yes, on a non-repatriable basis. NRIs can invest using funds from an NRO account; sale proceeds stay within India unless repatriated separately under RBI's own limits. Priveq does not currently support repatriable investment (NRE/FCNR-funded), which would require the investee company to file additional RBI paperwork as foreign direct investment.
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Priveq's desk price reflects several inputs together, not a single formula: the seller's ask price at the time, current demand and supply on the platform for Himalayan Heli Services specifically, broader sentiment in the unlisted and pre-IPO market, how Himalayan Heli Services's sector and listed peers are trading, the company's own recent financial performance and IPO-stage developments, and recent transaction history where deals have actually closed.
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