Flywings Simulator Training Centre Ltd IPO

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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:

Company intends to utilize the Net Fresh Offer Proceeds for the following Objects: i. Capital Expenditure towards Pilot Training Equipments (₹35.3 cr) ii. General Corporate Purposes

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:

1. Ms. Rupal Sanjay Mandavia (52) – Promoter, Managing Director, CFO & Chairperson, a B.Com graduate from the University of Mumbai, she brings over four years of aviation training experience and has held senior roles across Flywings Simulator Training Centre Ltd., Big Charter Pvt. Ltd., Ambitions Flying Club Pvt. Ltd., and Flywings Drone Training Pvt. Ltd. Since rejoining the Company in 2021, she has led strategic initiatives, regulatory compliance, and operational excellence. Her strong leadership, stakeholder management, and industry insights continue to drive the Company’s long-term growth. 2. Mr. Mitul Natvarlal Mandavia (54) – Promoter & Executive Director, with over two years of managerial experience, he is actively involved in day-to-day operations and decision-making. Known for his commitment to teamwork, innovation, and operational discipline, he plays a key role in strengthening the Company’s business foundation and supporting its strategic direction. 3. Ms. Kripa Bhargav Mandavia (26) – Non-Executive Director, a B.Com graduate and passionate pilot with experience in business aviation, she also serves as Director at Avion Prive Aviation Consultancy Services Pvt. Ltd. since 2020. With nearly five years of experience in operational planning, business development, and regulatory coordination, she contributes fresh perspective, strategic insight, and professional integrity to the Company’s governance.

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:

  1. Gretex Corporate Services Private Limited
  2. Sobhagya Capital Options Pvt. Ltd.

Registrar of Flywings Simulator Training Centre Ltd IPO:

  1. Bigshare Services Private Limited

Discussion on Flywings Simulator Training Centre Ltd IPO:

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