Flywings Simulator Training Centre
- Flywings Simulator Training Centre is coming out with an initial public offering (IPO) of 29,86,800 shares in a price band of Rs 181-191 per equity share.
- The issue will open on December 05, 2025 and will close on December 09, 2025.
- The shares will be listed on SME Platform of NSE.
- The face value of the share is Rs 10 and is priced 18.10 times of its face value on the lower side and 19.10 times on the higher side.
- Book running lead managers to the issue are Sobhagya Capital Options and Gretex Corporate Services.
- Compliance Officer for the issue is Sandeep Kumar.
Profile of the company
Flywings Simulator Training Centre is engaged in providing Safety and Emergency Procedures (SEP) infrastructure facilities for aviation training, with a core focus on safety and emergency procedure (SEP) training for cabin and cockpit crew. Headquartered in Gurgaon, it offers a comprehensive portfolio of training modules designed to align with industry standards and regulatory expectations for airline personnel. Its business model is primarily Business-to-Business (B2B), catering to a distinguished clientele comprising A-rated domestic scheduled airlines, select Indian non-scheduled operators, and regional international carriers. In addition, it operates a limited Business-to-Customer (B2C) vertical under which it offers training programs aimed at enhancing operational and interpersonal skills relevant to the aviation and hospitality industries.
The company’s core competency lies in the delivery of Safety and Emergency Procedures (SEP) training, covering critical areas such as door operations, emergency evacuation, in-flight firefighting, and ditching drills. In addition to its core SEP training, it also offers a broader portfolio of operational and service-oriented training modules primarily under its B2C vertical. These include in generic aviation knowledge, in-flight services, basic first aid, inter-departmental coordination, passenger handling, grooming and personal presentation standards, personality development, as well as voice and accent refinement.
Its training programs are designed to assist client airlines in maintaining high standards of safety, service delivery, and operational preparedness. The efficacy of aviation training depends significantly on robust infrastructure, experienced faculty, and continuous engagement with domain professionals from the aviation sector. Over the past three financial years, it has delivered more than 20,000 individual training modules for aviation professionals through its specialized training infrastructure. The company has provided consultancy services related to content development for Aviation Training Software and the creation of e-learning modules for training purposes. Since this income arises from activities that are non-recurring and not part of the company’s core operations, it has been classified as Other Income under Non-Operating Income.
Proceed is being used for:
- Capital Expenditure towards pilot training equipments
- General corporate purposes
Industry Overview
Pilot training is governed by a structured regulatory framework designed to produce qualified, skilled professionals capable of operating aircraft safely and efficiently. As per the regulations of the Directorate General of Civil Aviation (DGCA), airlines and training institutes are required to ensure that pilots undergo rigorous training programs to meet both national and international standards, ensuring safety, operational excellence, and adherence to aviation protocols. India’s pilot training ecosystem comprises two primary institutional archetypes: (i) Airline-owned Training Centres and (ii) Independent Flying Schools. Airline-owned centres, often referred to as In-house Training Facilities, cater specifically to pilots employed by the airline. These centres offer specialized training, including type-rating courses and recurrent training aligned with the airline's specific fleet requirements and operational standards. Independent flying schools, on the other hand, provide general aviation training and issue foundational licenses such as Private Pilot License (PPL), Commercial Pilot License (CPL), and Airline Transport Pilot License (ATPL).
The fleet of training aircraft is one of the largest capital expenditure components for pilot training schools. Aircraft can cost anywhere from Rs 50 lakh for small, single-engine trainers to upwards of Rs 3 crore for advanced, multi-engine aircraft suited for commercial pilot training. The fleet size depends on the scale of operations and the number of students enrolled in various training programs. Typically, schools operate a fleet of 5-30 aircraft, which are often required to meet peak student training schedules. Meanwhile, India's drone training ecosystem has evolved into a structured and strategically important sub-sector of the country’s broader skilling and aviation landscape. In recent years, significant policy thrust, private investment, and technological democratization have accelerated the pace of institutional development in this domain. The ecosystem today comprises a growing network of certified training organizations that are equipping a new generation of drone operators with the skills required to meet both domestic and global demand across sectors such as agriculture, infrastructure, logistics, mining, and public safety.
India’s ambition to become a global hub for drone production and services is expected to generate demand for over 100,000 trained drone operators by the end of the decade. This is underpinned by the proliferation of drone-as-a-service (DaaS) business models that reduce the capital intensity for end users while expanding the application base. Simultaneously, the training infrastructure has demonstrated scalability. A typical DGCA-authorized training centre can be operationalized with relatively lean physical and technological infrastructure-typically requiring a minimum of two qualified instructors, two drones for practical sessions, and an area of approximately two acres. These centres are being established in diverse geographies, from metro cities to emerging regional hubs. Looking ahead, the drone training sector is poised to play a critical role in realizing India’s vision of self-reliance in advanced technologies. As the policy environment continues to evolve in favour of indigenous manufacturing and digital skilling, drone training institutes stand to benefit from strong tailwinds that include increasing public sector procurement, expanding agricultural mechanization, and integration of drones in disaster management, urban planning, and smart city frameworks.
Pros and strengths
Simulator infrastructure aligned with majority of indian fleet types: The company has strategically invested in training infrastructure that caters to aircraft types forming a significant portion of India's commercial aviation fleet. These include narrow-body and wide-body aircraft platforms widely deployed across domestic and regional international routes. The simulators are sourced from established manufacturers in Europe and the Middle East. The procurement, installation, and commissioning of such equipment involves considerable capital expenditure and long gestation timelines. In addition, maintaining operational readiness through routine technical upkeep and upgrades adds to the overall complexity. The capital intensity, technical specialization, and long lead time associated with operationalizing such simulators constitute a substantial entry barrier to new participants in this segment.
Recurring revenue streams supported by high switching costs: The company operates on a recurring revenue model anchored in medium to long-term arrangements with airline operators. As per regulatory norms, crew members are required to undergo periodic training in Safety and Emergency Procedures (SEP), ensuring continued demand for the company’s services. Prior to initiating training at any external facility, airlines must conduct a detailed technical and infrastructure audit and obtain approval from DGCA. This requirement creates high switching costs and operational friction for airlines, leading to sustained client relationships and predictable revenue visibility over multi-year horizons.
Regulatory compliance model that enables operational flexibility: Although the training centre itself operates independently of direct DGCA approval owing to the current regulatory structure; airlines are mandated to obtain DGCA authorization for training conducted at third-party premises. This structure allows the company to operate within a compliant framework while avoiding direct regulatory exposure. It also offers flexibility in serving multiple clients without requiring separate certifications for each course or operator, enabling higher throughput and utilization of fixed infrastructure.
Risks and concerns
Maximum revenue dependence on top customers: The company derives a majority portion of its revenue from operations from its top 10 customers, contributing 96.56% revenue from operations for the three months period ended on June 30, 2025 and 89.98%, 94.37% and 93.18% for the financial year ended March 31, 2025, 2024 and 2023 respectively. Loss of one or more of these customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.
Limited geographic diversification increasing operational risk: The company’s business operations are primarily concentrated in two geographic locations, namely Gurgaon and Dwarka. As a result, its business is exposed to risks arising from any adverse developments that may affect these specific regions. Any disruption, temporary shutdown, or other adverse occurrence at its facilities in either of these locations may materially and adversely affect its operations and financial performance. This geographic concentration limits its operational diversification and subjects it to several location-specific risks. Occurrences such as political unrest, civil disturbances, local protests, or opposition near its facilities may disrupt its business operations or hinder the execution of its strategic initiatives. There can be no assurance that such events will not recur in the future or that it will be able to effectively mitigate their potential impact on its business and financial condition.
Revenue risk from DGCA-linked training infrastructure approvals: While the company is not directly required to obtain approvals from the Directorate General of Civil Aviation (DGCA) for its operations, its business is indirectly dependent on approvals granted by DGCA to airline operators pursuant to their audits of its infrastructure facilities and determination of their suitability for training purposes. Any delay in obtaining such approvals by airline operators, adverse findings during audits, or denial of recognition of its facilities for training may restrict its ability to provide services to such operators. This may, in turn, adversely affect the utilisation of its training infrastructure, its revenues, and overall business operations.
Outlook
Flywings Simulator Training Centre is engaged in Aviation Training located in Gurgaon. The company specializes in comprehensive commercial aircraft training, covering areas like aviation procedures, in-flight services, first aid, safety, emergency evacuation, personality development, and more. The company has regulatory compliance model that enables operational flexibility. On the concern side, the company is heavily reliant on training agreements with multiple Airlines. Many of its client agreements may be terminated with or without cause by providing notice and without termination-related penalties. Moreover, the company’s business operations are geographically concentrated in Gurgaon and Dwarka. Any disruption or adverse development in these regions may have a material adverse effect on its business, financial condition, and results of operations.
The company is coming out with a maiden IPO of 29,86,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 181-191 per equity share. The aggregate size of the offer is around Rs 54.06 crore to Rs 57.05 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations decreased from Rs 2,220.28 lakh for the financial year ended March 31, 2024, to Rs 2,021.05 lakhs for the financial year ended March 31, 2025, representing a reduction of 8.97%. However, its profit for the year increased from Rs 1,073.99 lakh for the financial year ended March 31, 2024, to Rs 1,091.74 lakh for the financial year ended March 31, 2025 representing a nominal rise of 1.66%.
The company has expanded its presence across multiple DGCA-regulated verticals with the objective of offering a broader suite of training services aligned to the aviation sector’s evolving skill requirements. In addition to Safety and Emergency Procedures (SEP) training infrastructure for airline cabin crew and pilots, the company conducts Remote Pilot Training (RPT) for drones through its wholly owned subsidiary, Flywings Drone Training Private Limited, and also holds a substantial stake in Ambitions Flying Club Private Limited, a DGCA-approved Flying Training Organization engaged in commercial and private pilot training. This multi-vertical presence positions the company as an integrated aviation training platform and strengthens its visibility among regulators and institutional stakeholders.
