Flywings Simulator Training Centre Ltd IPO
Flywings Simulator Training Centre Limited (“Flywings”) is a specialised aviation training infrastructure provider focused on delivering Safety and Emergency Procedures (SEP) training for cabin crew and cockpit crew. Headquartered in Gurgaon, the company offers industry-aligned training modules designed to meet aviation safety requirements and regulatory expectations of airline operators. Flywings serves leading A-rated domestic scheduled airlines, select Indian non-scheduled operators, and regional international carriers through a primarily B2B business model, complemented by a smaller B2C segment.
Business Model
Flywings operates a dual-segment business model:
A. Business-to-Business (B2B)
The Company’s core revenue comes from providing simulator-based infrastructure to airline operators for SEP training. Flywings supplies and maintains a range of specialised simulators used for Door operations, Emergency evacuation, Fire and smoke drills, Ditching and water survival and Type-specific emergency procedures
Airlines use Flywings’ DGCA-audited training environment to conduct their DGCA-approved SEP training programs. Flywings’ role is limited to providing infrastructure and technical support, while the instruction and certification remain under the airline’s DGCA-approved program.
B. Business-to-Customer (B2C)
Flywings also offers vocational training programs for individuals seeking careers in aviation and hospitality. These training programs cover both technical and interpersonal skill development such as Basic aviation knowledge, In-flight service skills, SEP awareness, First aid, Passenger handling, Grooming and personality development and Voice and accent refinement
These are non-certified courses but enhance employability in aviation and service sectors.
Clientele & Partnerships
Flywings has active agreements with multiple airline operators, covering Scope of SEP drills, Pricing and commercial terms, Technical audits and compliance checks and Multi-year contract durations (typically 3–5 years). Additionally, Flywings collaborates with academic institutions such as Galgotias University and Chandigarh University to provide industry exposure and practical learning to aviation students through classroom sessions and facility visits.
Competitive Strengths
1. Simulator Infrastructure Aligned With Indian Fleet: High-grade simulators matching major aircraft types create strong entry barriers.
2. Recurring Revenue With High Switching Costs: Mandatory recurrent SEP training ensures steady demand and long-term airline retention.
3. Flexible, Compliance-Friendly Model: Operates under airline DGCA approvals, ensuring compliance without direct certification.
4. Strategic Gurgaon Location: Proximity to major airlines and IGI Airport enables seamless, efficient training access.
Objects of the Flywings Simulator Training Centre Ltd IPO:
Flywings Simulator Training Centre Ltd IPO Details:
| Open Date: | Dec 05 2025 |
| Close Date: | Dec 09 2025 |
| Total Shares: | 29,86,800 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 57.05 Cr. |
| Lot Size: | 600 Shares |
| Issue Price: | ₹ 181 - 191 Per Equity Share |
| Listing At: | NSE Emerge |
| Listing Date: | Dec 12 2025 |
Promoters And Management:
Financials of Flywings Simulator Training Centre Ltd IPO:
|
Particulars |
3M FY2025-26 | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Consolidated | Standalone | |||
| Revenue from Operations (Cr) | 4.06 | 20.21 | 22.20 | 10.37 |
| EBITDA (Cr) | 2.29 | 13.50 | 15.28 | 5.70 |
| EBITDA Margins | 56.63% | 66.85% | 68.76% | 55.69% |
| PAT (Cr) | 1.37 | 10.91 | 10.73 | 4.15 |
| PAT Margins | 33.98% | 54.02% | 48.37% | 20.08% |
| ROCE | 4.26% | 28.62% | 43.36% | 57.00% |
| OPerating Cash Flow | 3.44 | 9.06 | 2.54 | 11.35 |
| D/E Ratio | 0.37 | 0.46 | 0.45 | 7.12 |
Comparison With Peers:
According to RHP their is no listed peers existed in same business Segment.
Lead Manager of Flywings Simulator Training Centre Ltd IPO:
Registrar of Flywings Simulator Training Centre Ltd IPO:
Discussion on Flywings Simulator Training Centre Ltd IPO:
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