FS
Flywings Simulator Training SME
SME₹57.05 Cr issue
+2.09%
Listing gain over issue price
Issue size
₹57.05 Cr
1 lot at cut-off
₹1,14,600
Lot size
600shares
Allotment
10 Dec 2025
Listing
12 Dec 2025
Listing performance
Issue price
₹191
Listed at
₹195
Listing-day close
₹204.75
Latest price
₹185
Listing gain
+2.09%
Return since listing
-3.14%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹191 | ₹0 |
| 11 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹191 | ₹0 |
| 10 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹191 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 12 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹191 per share
- Lot size
- 600 shares
- Total issue size
- ₹57.05 Cr
- Market cap at offer price
- ₹194 Cr
- Promoter holding
- 85.69% → 59.87% pre-issue → post-issue
- ISIN
- INE0SQZ01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sobhagya Capital Options Pvt.Ltd.
- Registered office
- Ground Floor, Killa No.13, Begampur, Khatula, Sector 35, Sadar Bazar, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,50,200 | — | — |
| Market maker | 1,49,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹191
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,14,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,31,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
8,50,200
Anchor portion
₹16.24 Cr
at ₹191 per share
Valuation and performance
Valuation at offer price
₹191 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.24 | 5.42 |
| P/E (×) | 13.41 | 35.24 |
| Price to book (×) | 3.75 | — |
| Market cap | — | ₹194 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.75%
- ROCE
- 28.62%
- Debt / equity
- 0.37
- PAT margin
- 54.02%
- EBITDA margin
- 66.85%
- NAV per share
- ₹50.92
- Price to book
- 3.75
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Flywings Simulator Training SME
Flywings Simulator Training Centre Limited (FWSTCL) is a Gurgaon-based aviation training company incorporated in 2011, providing specialized training infrastructure for cabin and cockpit crew. The company operates a Business-to-Business (B2B) model serving A-rated domestic scheduled airlines and select international carriers, with limited Business-to-Customer (B2C) operations offering non-certification training programs. The company maintains training facilities in Gurgaon and Dwarka, equipped with specialized simulators and training equipment including Cabin Crew Evacuation Trainers, Door Trainers for various aircraft types, and fire training equipment. Revenue is generated through contractual agreements with airline partners for Safety and Emergency Procedures training, which is a regulatory requirement under DGCA Civil Aviation Requirements.
Company Analysis
from RHPFlywings Simulator Training Centre Limited provides aviation training infrastructure for cabin and cockpit crew safety and emergency procedures (SEP) training, serving scheduled commercial airlines and regional carriers in India.
Flywings Simulator Training Centre Limited (FWSTCL) is a Gurgaon-based aviation training company incorporated in 2011, providing specialized training infrastructure for cabin and cockpit crew. The company operates a Business-to-Business (B2B) model serving A-rated domestic scheduled airlines and select international carriers, with limited Business-to-Customer (B2C) operations offering non-certification training programs. The company maintains training facilities in Gurgaon and Dwarka, equipped with specialized simulators and training equipment including Cabin Crew Evacuation Trainers, Door Trainers for various aircraft types, and fire training equipment. Revenue is generated through contractual agreements with airline partners for Safety and Emergency Procedures training, which is a regulatory requirement under DGCA Civil Aviation Requirements.
Aviation trainingCrew training infrastructureSafety and emergency procedures trainingAviation services
Objects of the Issue
- Capital Expenditure towards Pilot Training Equipment's ₹3,533.98 lakhs p.32
- General Corporate Purposes [●] lakhs p.32
- Capital Expenditure towards Pilot Training Equipment's ₹3,533.98 lakhs p.56
- General Corporate Purposes p.56
- Capital Expenditure towards Pilot Training Equipment ₹3,533.98 Lakhs p.101
- General Corporate Purposes [●] Lakhs (not to exceed 15% of Gross Proceeds or ₹10 crores, whichever is lower) p.101
- Purchase and installation of CEET 320 equipment for Airbus A320 cabin emergency evacuation training p.166
- Installation of 6 DOF Motion Platform for enhanced simulator realism p.166
- Installation of Airbus A320neo Fixed Base Flight Simulator for pilot and cabin crew training p.166
- Funding capex and general corporate purposes p.292
Issue Structure
- Total Issue
- Upto 29,86,800* Equity Shares of face value of ₹10.00 each aggregating to ₹ [●] Lakhs
- Fresh Issue
- Upto 25,12,800* Equity Shares of face value of ₹10.00 each aggregating to ₹ [●] Lakhs
- Offer for Sale
- Upto 4,74,000* Equity Shares of face value of ₹10.00 each by Ms. Rupal Sanjay Mandavia aggregating to ₹ [●] Lakhs
- Price Band
- Price Band of a minimum price (Floor Price) of ₹181.00 and the maximum price (Cap Price) of ₹191.00
- Lot Size
- 600 Equity Shares minimum lot size and in multiples of 600 thereafter
- Face Value
- ₹10.00 each
Business Model
Business-to-Business (B2B) model providing training infrastructure and services on a contractual basis to commercial airlines for Safety and Emergency Procedures (SEP) training of cabin and cockpit crew. The company receives payments from airlines for defined training periods and infrastructure access. Limited Business-to-Customer (B2C) operations providing non-certification training programs. Revenue is earned through long-term training services agreements with airline partners.
Business Segments
Provides infrastructure facilities and training modules for Safety and Emergency Procedures training for cabin and cockpit crew aligned with industry standards and regulatory expectations
Simulator-based training for cabin crew members
Simulator-based training for flight deck/pilots
Classroom-based training
Provides simulator-based infrastructure and supervisory support services to airline operators for the conduct of Safety and Emergency Procedures (SEP) training for cabin and cockpit crew. Provisioning of compliant and operationally reliable SEP training infrastructure, maintenance of equipment such as mock-ups, emergency exit trainers, door trainers, fire and smoke simulators, and water survival setups, and on-site technical support and supervisory facilitation.
Offers structured training programs targeted at individuals, focused on imparting essential technical, interpersonal, and soft skills necessary to enhance employment prospects, primarily within the aviation sector, with applicability to the hospitality sector. Programs cover Generic Aviation, In-flight Services, Basic First Aid, Inter-Department Coordination, Voice & Accent Training, In-flight Procedures, Personality Development, Passenger Handling, Grooming Standards, Safety and Emergency Procedures, Door Operations, Emergency Evacuation, In-flight Fire Fighting, and Ditching Drills.
Safety and Emergency Procedures training using aircraft-specific simulators for emergency evacuations, fire response, and operational procedures
Pilot training on aircraft-specific systems and procedures using door trainers and flight-related simulators
Theoretical instruction on aviation regulations, safety protocols, and operational procedures at DGCA-approved classrooms
DGCA-approved Remote Pilot Training for drone operators seeking Remote Pilot Certificates, with classroom and field training components
DGCA-approved flying training programs for Private Pilot Licenses (PPL) and Commercial Pilot Licenses (CPL) through Ambitions Flying Club
Provision of comprehensive training services including cabin crew practice sessions, classroom sessions, and flight deck practice sessions for aviation industry
Provides comprehensive training services including Generic Aviation, In-flight Services, Basic First Aid, Inter-Department Coordination, Voice & Accent Training, In-flight Procedures, Personality Development, Passenger Handling, Grooming Standards, Safety Emergency Procedures, Door Operations, Emergency Evacuation, In-flight Fire Fighting, and Ditching Drills
SWOT Analysis
Strengths
- • Established B2B business model with A-rated airline clients(p.31)
- • Specialized training infrastructure aligned with regulatory standards(p.31)
- • High operating margins demonstrating operational efficiency(p.34)
- • Strong profitability with significant PAT margins(p.34)
- • Growing revenue from operations(p.34)
- • Established simulator-based training infrastructure and operations(p.48)
- • Diversified revenue streams across aviation training segments(p.50)
- • Strong historical financial performance with high margins(p.54)
- • Zero attrition rate in recent fiscal year(p.51)
- • Strategic acquisitions expanding service offerings(p.51)
- • Established infrastructure aligned with majority of Indian fleet types(p.110)
- • Recurring revenue model with high switching costs from airline customers(p.110)
- • Regulatory compliance framework enabling operational flexibility(p.110)
- • Strategic location with significant entry barrier advantages(p.110)
- • Delivered 20,000+ training modules over three years demonstrating operational scale(p.148)
- • Simulator infrastructure aligned with majority Indian fleet(p.164)
- • Recurring revenue model with high switching costs(p.164)
- • Strategic location near major aviation hubs(p.164)
- • Capital intensity and regulatory compliance create entry barriers(p.164)
- • High EBITDA margins and profitability(p.154)
- • Integrated aviation training ecosystem across multiple verticals(p.160)
- • Experienced promoter with over a decade in aviation training(p.210)
- • Strategic investment in aviation ecosystem via associate company stake(p.258)
- • High profitability with strong margins(p.259)
- • Recent acquisition of subsidiary to expand service offerings(p.258)
- • Exclusive state-of-the-art training facilities providing distinctive competitive advantage(p.273)
- • Strong and growing profitability with consistent earnings growth(p.268)
- • Significant revenue growth trajectory over three-year period(p.267)
- • Positive free cash flow generation demonstrating operational efficiency(p.293)
- • Healthy net worth and positive balance sheet(p.293)
Weaknesses
- • Heavy reliance on specialized training equipment with high breakdown risk(p.41)
- • High customer concentration with top 10 customers contributing 96.56% of revenue(p.44)
- • Client contracts terminable without penalty upon notice or breach(p.41)
- • Negative cash flows from investing and financing activities in prior years(p.42)
- • Geographic concentration of operations in Gurgaon and Dwarka(p.43)
- • Dependence on leased premises with renewal uncertainty(p.47)
- • Past director disqualification and corporate compliance lapses(p.43)
- • Criminal proceeding against group company involving promoter(p.41)
- • Heavy dependence on single training facility with no backup(p.48)
- • Indirectly dependent on DGCA approvals to airline operators(p.49)
- • Equipment orders not yet placed; risk of cost overruns and delays(p.49)
- • Heavy reliance on Promoter knowledge and involvement(p.49)
- • Inadequate documentation and internal controls in foreign exchange transactions(p.50)
- • Multiple outstanding legal proceedings involving company and promoters(p.48)
- • History of delays in statutory and regulatory filings(p.57)
- • No non-compete agreements with promoters and key personnel(p.49)
- • Some KMPs with less than one year tenure(p.62)
- • Operating expenses include fixed costs that cannot be reduced in short term(p.60)
- • No fixed order book; growth dependent on steady industry expansion(p.104)
- • High dependence on few large airline customers for B2B revenue(p.149)
- • Standalone training centre not directly DGCA-approved; dependent on airline approvals(p.149)
- • Capital-intensive training equipment with vendor dependencies and potential cost escalation(p.105)
- • High concentration of revenue from top 3 customers(p.167)
- • Limited operating history in drone and pilot training verticals(p.160)
- • Dependence on a single asset location for main training(p.165)
- • Small employee base and limited specialized talent(p.169)
- • Reliance on DGCA approval for airline training facilities(p.164)
- • High financial leverage with significant debt burden(p.252)
- • Dependence on related party transactions for financing(p.236)
- • Recent rapid turnover of key managerial personnel(p.209)
- • Unverified foreign exchange transactions lacking supporting documentation(p.227)
- • Concentrated ownership with promoter holding majority stake(p.210)
- • Significant increase in finance costs indicating high leverage(p.267)
- • Material litigation involving subsidiary company with significant financial exposure(p.280)
- • Outstanding tax demands and GST mismatches creating contingent liabilities(p.283)
- • Multiple criminal proceedings involving subsidiary and promoters(p.279)
- • Decline in core revenue from operations despite overall growth(p.267)
- • Promoter involvement in civil and criminal litigation including promoter's director disqualification petition(p.277)
Opportunities
- • Expanding aviation sector with strong historical recovery trajectory(p.31)
- • Strong industry recovery post-pandemic with sustained growth(p.31)
- • Limited competition within current operating segment(p.29)
- • Potential for geographic expansion beyond concentrated regions(p.43)
- • B2C vertical for non-certification training programs(p.31)
- • Growing aviation industry with increasing pilot training demand(p.53)
- • Expansion into drone pilot training verticals(p.50)
- • Capitalize on favorable aviation sector growth trends(p.53)
- • Strategic acquisitions to expand service offerings and reach(p.51)
- • Diversification into adjacent business verticals(p.53)
- • India projected to require 10,900 additional pilots by FY 2030(p.104)
- • Global civil aviation training market growing at ~5.4% CAGR 2025-2033(p.104)
- • South Asia aviation services market expanding at 7.80% CAGR, highest globally(p.132)
- • Intra-South Asia passenger flow expected to rank 7th globally by 2043 from 28th in 2014(p.130)
- • Cabin crew training market in South Asia currently at $0.90 billion with expansion potential(p.133)
- • Large aircraft orders from Indian airlines (TATA-Indigo over 1000 A320s) driving pilot demand(p.105)
- • Partnership opportunities with academic institutions for training delivery(p.149)
- • Investment in advanced training equipment and flight simulators(p.166)
- • Expansion of integrated aviation training platform(p.166)
- • Growth in drone-as-a-service (DaaS) revenue stream(p.161)
- • Commercial pilot training expansion through associate company(p.162)
- • B2C marketing expansion through educational institutions(p.167)
- • Growing demand for regulated aviation training(p.164)
- • Expansion into drone training sector via new subsidiary(p.258)
- • Growing aviation sector demand for specialized training(p.258)
- • Strategic partnerships through associate company ownership(p.258)
- • Expansion into new markets and segments within aviation training industry(p.273)
- • Growth in aviation industry and corresponding demand for professional training(p.273)
- • Monetization of intellectual property and brand through franchising or partnerships(p.274)
- • Potential for margin improvement through operating leverage and cost optimization(p.268)
Threats
- • Potential regulatory changes restricting third-party SEP training infrastructure(p.45)
- • Slowdown in Indian aviation sector reducing crew hiring and training demand(p.29)
- • Aircraft system upgrades rendering training equipment obsolete(p.29)
- • Customer bargaining power and pricing pressure from major airlines(p.29)
- • Recoverability challenges from airline financial stress(p.29)
- • Operational disruptions from strikes and wage demands(p.29)
- • Location-specific risks in Gurgaon and Dwarka regions(p.43)
- • Cyclical aviation industry vulnerable to economic downturns and pandemics(p.52)
- • Rapid technological obsolescence requiring continuous simulator upgrades(p.51)
- • Increasing competition from international training providers(p.52)
- • Dependence on government aviation policies and airline hiring cycles(p.53)
- • Exposure to foreign exchange fluctuations(p.54)
- • Regulatory compliance risks and licensing uncertainties(p.54)
- • Vulnerability to technology system disruptions and cyber attacks(p.55)
- • Data breach risks with training records and customer information(p.49)
- • General macroeconomic and political instability affecting India(p.65)
- • Rising interest rates and debt financing costs(p.61)
- • Restrictive lending covenants limiting business flexibility(p.62)
- • Global air traffic sensitive to geopolitical tensions and tariff disruptions(p.120)
- • Airline industry cyclicality and vulnerability to external shocks(p.126)
- • Potential regulatory changes affecting training requirements and standards(p.102)
- • Competition from established international training providers and airline in-house facilities(p.144)
- • Quotation validity periods and potential vendor/supplier cost escalation risks(p.105)
- • Dependence on timely equipment delivery and installation affecting operational readiness(p.106)
- • Risk of airline internalization of training infrastructure(p.165)
- • Regulatory changes and DGCA requirements(p.165)
- • Technology obsolescence in simulator equipment(p.165)
- • Limited organized competition could intensify with new entrants(p.164)
- • Dependence on aviation industry cyclicality(p.164)
- • Contingent tax liabilities from regulatory assessments(p.255)
- • GST penalty exposure for late payments(p.255)
- • Contingent corporate guarantee obligations to third parties(p.255)
- • Foreign exchange volatility affecting overseas transactions(p.227)
- • Increased competition from new and existing market entrants(p.273)
- • Economic slowdown affecting demand for aviation training services(p.272)
- • Regulatory risks and compliance requirements in aviation and financial sectors(p.272)
- • Exposure to credit risk from customer defaults(p.272)
- • Interest rate risk and inflation impacting cost structure(p.272)
- • Inability to pass on input cost increases to customers(p.273)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Rupal Sanjay Mandavia | Promoter and Selling Shareholder | 85.69% | — |
| Mr. Mitul Natvarlal Mandavia | Promoter | — | — |
| Ms. Rupal Sanjay Mandavia | Promoter | 85.69% | — |
| Ms. Rupal Sanjay Mandavia | Promoter | 85.69% | — |
| Ms. Rupal Sanjay Mandavia | Promoter | 85.69% | — |
| Mr. Mitul Natvarlal Mandavia | Promoter | — | — |
| Rupal Sanjay Mandavia | Promoter | 85.69% | — |
| Mitul Natvarlal Mandavia | Promoter | 0.00% | — |
| Sanjay Natvarlal Mandavia | Promoter | — | — |
| Rupal Sanjay Mandavia | Promoter | 65,67,414 equity shares | — |
| Ms. Rupal Sanjay Mandavia | Promoter/Selling Shareholder | — | — |
Leadership
Ms. Rupal Sanjay Mandavia · Chairman, Managing Director and Chief Financial Officer
Mr. Sandeep Kumar · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.