Flywings Simulator Training Centre Limited is a Gurgaon-based aviation training infrastructure provider specialising in Safety and Emergency Procedures (SEP) training for cabin crew and cockpit crew. Established to bridge the gap identified in ICAO’s audit of India’s aviation training ecosystem, the company today operates as a key enabler for airline-approved SEP training.
The company primarily follows a Business-to-Business (B2B) model, offering its simulator-based facilities to leading scheduled airlines, non-scheduled operators, and regional international carriers. Flywings also operates a limited Business-to-Customer (B2C) vertical that provides aviation and hospitality skill-development courses covering areas such as aviation knowledge, in-flight services, grooming, first aid, personality development, and communication.
Its core strength lies in delivering high-fidelity SEP training infrastructure, which includes mock-ups and devices used for aircraft-specific safety drills. The facility houses emergency exit trainers, door trainers, fire and smoke simulators, and water survival setups—effectively replicating real aircraft scenarios required for initial and recurrent airline crew training.
The training centre operates under a regulatory model where airline operators obtain DGCA approval to conduct training at Flywings’ premises. The company maintains and provides the infrastructure, while the actual instructional delivery and certification remain the responsibility of the airline.
With over 20,000 training modules delivered in the last three years, Flywings has established long-term training arrangements, typically 3–5 years, ensuring predictable recurring revenue. It also collaborates with academic institutions such as Galgotias University and Chandigarh University for educational visits and practical exposure.
As of June 30, 2025, the company employs 24 people, supporting its operational, technical, and training infrastructure functions.
Flywings Simulator Training IPO – Details
| IPO Opening Date | 05 December 2025 |
| IPO Closing Date | 09 December 2025 |
| Issue Type | Bookbuilding IPO |
| Issue Size | Total Issue: 29,86,800 Shares Worth ₹57.95 Crore Fresh Issue: 25,12,800 Shares Worth ₹48.75 Crore Offer For Sale: 4,74,000 Shares Worth ₹9.20 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹190 – ₹194 per share |
| Market Lot | 600 Shares |
| Min Order | 600 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Flywings Simulator Training IPO – Date Schedule
| IPO Open Date | 05 December 2025 |
| IPO Close Date | 09 December 2025 |
| Basis of Allotment | 10 December 2025 |
| Initiation of Refund | 11 December 2025 |
| Credit of Shares to Demat | 11 December 2025 |
| IPO Listing Date | 12 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 09, 2025 |
Flywings Simulator Training IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1200 | ₹2,32,800 |
| Retail (Max) | 2 | 1200 | ₹2,32,800 |
| S-HNI (Min) | 3 | 1800 | ₹3,49,200 |
| S-HNI (Max) | 8 | 4800 | ₹9,31,200 |
| B-HNI (Min) | 9 | 5400 | ₹10,47,600 |
Competitive Strength
- One stop of training solution.
- In-depth knowledge about the sector.
- Trained professional.
Company Promoters
- Ms. Rupal Sanjay Mandavia
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 (Standalone) | ₹10.44 Cr | ₹5.71 Cr | ₹4.16 Cr | ₹7.67 Cr |
| 31 March 2024 (Standalone) | ₹22.60 Cr | ₹8.11 Cr | ₹10.74 Cr | ₹10.70 Cr |
| 31 March 2025 (Consolidated) | ₹23.64 Cr | ₹8.74 Cr | ₹10.92 Cr | ₹18.09 Cr |
| 30 June 2025 (Consolidated) | ₹4.24 Cr | ₹2.35 Cr | ₹1.38 Cr | ₹14.78 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | – |
| ROCE | – |
| Debt\Equity | – |
| RoNW | – |
| PAT Margin | – |
| EBITDA Margin | – |
| Price to Book Value | – |
| Market Capitalization | – |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital Expenditure towards Pilot Training Equipment’s. | ₹35.34 |
| General Corporate Purposes. | – |
✅Strengths
- Niche player in SEP simulator-based aviation training with minimal competition.
- High entry barriers due to heavy capex, long setup time & regulatory requirements.
- Strong B2B demand as airlines prefer outsourcing training instead of in-house facilities.
- Strategic Gurgaon location close to major airline headquarters.
- Recurring revenues with 20,000+ training modules delivered in 3 years.
- Integrated ecosystem with pilot training and drone training subsidiaries.
⚠️Risks
- Not DGCA-approved to conduct training independently; relies on airline approvals.
- High dependence on airline clients (B2B-heavy revenue).
- High capex & upgrade needs for simulators, risk of technology obsolescence.
- No fixed order book; revenue depends on ongoing airline demand.
- Significant related-party transactions and loans, creating governance risks.
- Multiple borrowings, including secured & demand loans.
- No past dividend history; payouts uncertain.
Flywings Simulator Training IPO Promoter Holding
| Pre Issue Share Holding | 85.69 % |
| Post Issue Share Holding | – |
Flywings Simulator Training IPO Prospectus
Company Contact Information
| Flywings Simulator Training Centre Ltd. Ground Floor, Killa No. 13, Begampur, Khatula, Sector 35, Sadar Bazar, Gurgaon, Haryana, 122001 Phone: 01244957945 Email: info@fwstc.co.in Website: http://www.fwstc.co.in/ |
Flywings Simulator Training IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Flywings Simulator Training IPO Lead Manager(s)
| 1. Gretex Corporate Services Ltd. 2. Sobhagya Capital Options Pvt.Ltd. |
Flywings Simulator Training IPO FAQ
| What is Flywings Simulator Training IPO? Flywings Simulator Training IPO is an SME IPO. The issue is priced at ₹190 – ₹194 per equity share. The IPO is to be listed on NSE SME. |
| When Flywings Simulator Training IPO will open? The IPO is to open on 05 December 2025 for QIB, NII, and Retail Investors. |
| What is Flywings Simulator Training IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Flywings Simulator Training IPO Size? Flywings Simulator Training IPO size is ₹57.95 Crore. |
| What is Flywings Simulator Training IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 600 Shares with ₹2,32,800 amount, while the maximum bid is 600 Shares with ₹2,32,800. |
| What is the Flywings Simulator Training IPO Allotment Date? Flywings Simulator Training IPO allotment date is 10 December 2025. |
| What is the Flywings Simulator Training IPO Listing Date? Flywings Simulator Training IPO listing date is 12 December 2025. The IPO is to be listed on the NSE SME. |
