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Flywings Simulator Training Centre Limited specializes in providing infrastructure for aviation training, focusing on Safety and Emergency Procedure (SEP) training for both cabin and cockpit crew. Headquartered in Gurgaon, the company operates a primarily Business-to-Business (B2B) model, serving major domestic airlines and other operators. It also runs a Business-to-Customer (B2C) vertical offering skill enhancement programs for the aviation and hospitality industries. The company has delivered over 20,000 training modules and has diversified into drone pilot training and commercial pilot training through its subsidiary and associate companies.
Dec 05, 2025
Dec 09, 2025
Dec 12, 2025
SME
Closed
57.05 Cr
47.99 Cr
9.05 Cr
₹181 - ₹191
600
The main objectives of the issue are to utilize the net proceeds from the Fresh Issue for the following purposes:
Funding capital expenditure of ₹35.34 crores towards acquiring advanced pilot and cabin crew training equipment, including a CEET 320 Equipment, a 6 DOF Motion Platform, and a Fixed Base Flight Simulator for the Airbus A320neo.
Financing general corporate purposes, which may include strategic initiatives, brand building, marketing activities, and other ongoing corporate exigencies, in compliance with regulatory limits.
13.41
14.24
34.75%
28.62%
34.75%
—
54.02%
66.85%
3.75
State-of-the-art simulator infrastructure aligned with major aircraft types used by Indian airlines.
Recurring revenue streams from long-term B2B contracts with high client switching costs due to regulatory requirements.
Strategic location in Gurgaon, providing proximity to airline headquarters and Indira Gandhi International Airport.
Integrated training ecosystem with presence in drone and pilot training through its subsidiary and associate company.
High revenue concentration, with top 10 clients accounting for over 90% of sales.
Significant bargaining power held by major airline clients in the B2B segment.
Operational model relies on airline-specific DGCA approvals for training at its facilities rather than direct institutional certification.
Business is exposed to risks of technical failures in highly complex and capital-intensive simulator equipment.
Increasing demand for pilots and cabin crew in India, driven by large aircraft orders and fleet expansion.
Expansion of the Drone-as-a-Service (DaaS) market, providing a new revenue stream through its subsidiary.
Structural growth in the Indian aviation market, fueled by rising middle-class income and low air travel penetration.
Growing global civil aviation training and simulation market, offering potential for attracting international clients.
Potential for major airline clients to develop their own in-house training infrastructure, reducing dependency on third-party providers.
Risk of technological obsolescence of training equipment due to advancements in aircraft systems and safety regulations.
A slowdown in the Indian aviation sector could reduce demand for crew training services.
Changes in Civil Aviation Requirements could adversely impact the viability of the third-party training infrastructure model.