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Flywings Simulator IPO
Flywings Simulator Training Centre Ltd
₹2,17,200 /600 sharesMinimum Investment
Flywings Simulator IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 5 Dec ‘25 - 9 Dec ‘25 | ₹2,17,200 | 600 | ₹181 - ₹191 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 57.04 Cr | RHP PDF | 10 Dec ‘25 | 12 Dec ‘25 |
| Face value |
|---|
| 10 |
About Flywings Simulator
Founded in
2011
MD/CEO
Ms. Rupal Sanjay Mandavia
Parent organisation
Flywings Simulator Training Centre Ltd
Strengths & Risks of Flywings Simulator
Strengths
Risks
The company claims to have invested in simulator infrastructure compatible with aircraft models that constitute a large portion of India’s commercial aviation fleet. These simulators, reportedly procured from manufacturers in Europe and the Middle East, require high capital investment and specialised technical expertise. The cost, technical complexity, and long commissioning timelines associated with such infrastructure create substantial entry barriers for new competitors.
The company reports that it earns revenue through medium to long-term arrangements with airline operators due to regulatory requirements mandating periodic SEP training. Airlines are required to audit and approve external facilities before conducting training, which makes switching providers time-consuming and operationally complex. This structure reportedly results in ongoing demand and longer client retention cycles.
The company states that its training facility is not directly subject to DGCA approval, as approvals are required by the airline clients instead. This regulatory model allows the company to offer training services without undergoing separate certification for each course or operator. As disclosed, the structure enables them to serve multiple clients with fewer administrative constraints while maintaining industry compliance.
The training facility is located in Gurugram, reportedly close to the headquarters and operational bases of several major airlines. This location reduces travel and scheduling difficulties for airline crew undergoing recurrent training. Additionally, its proximity to Indira Gandhi International Airport provides logistical advantages for customers and supports consistent utilisation of infrastructure.
The company has witnessed a consistent increase in profit after tax (PAT). It increased from Rs 4.16 crore (standalone) in FY23 to Rs 10.74 crore (standalone) in FY24 and Rs 10.92 crore (consolidated) in FY25.
The company’s training centres in Gurgaon and Dwarka rely on specialised equipment, including simulators. Any malfunction or extended downtime may result in substantial repair costs and disruption of training schedules. Such interruptions may affect compliance with airline training timelines and harm revenue, operational efficiency, and customer relationships.
The company depends heavily on training agreements with airline operators. Many of these contracts can reportedly be terminated with or without cause, by providing notice, and without termination penalties. Loss of contracts, reduction in training volumes, or non-renewal could adversely affect revenue visibility and business sustainability.
A criminal case has been filed against the group company Big Charter Private Limited and certain individuals, including a former director who is now a promoter of Flywings. The FIR alleges fraudulent transfer of funds from an escrow account. Any adverse legal outcome or negative publicity may affect the company’s reputation, stakeholder confidence, and future business opportunities.
The company’s operations are primarily concentrated in Gurugram and Dwarka. Any regional disruption, including policy changes, infrastructure issues, or economic downturn, may materially affect business continuity. Limited geographic diversification may restrict scalability and increase exposure to location-specific risks.
The company recorded negative cash flow from investing activities of Rs 20.60 crore in FY25, Rs 15.71 crore in FY24, and Rs 0.66 crore in FY23. This was due to the purchase of property, plant, and equipment, and investment in shares of an associate entity. Additionally, negative cash flow from financing activities amounted to Rs 3.77 crore for the period ended June 30, 2025, and Rs 5.25 crore in FY23. This was primarily due to repayment of long-term and short-term borrowings. The company also reported a net decrease in cash and cash equivalents amounting to Rs 0.01 crore for the period ended June 30, 2025, and Rs 5.68 crore in FY25. Sustained negative cash flows may limit the company’s ability to invest in infrastructure, manage debt, or support expansion.
The top three customers accounted for Rs 3.08 crore (75.84 percent) (consolidated) of the company’s revenue for the period ended June 30, 2025, Rs 13.87 crore (68.65 percent) (consolidated) in FY25, Rs 16.66 crore (75.04 percent) (standalone) in FY24, and Rs 7.64 crore (73.61 percent) (standalone) in FY23. A loss or reduction in business from these key clients may significantly impact the results of operations, financial condition, and cash flows.
The company’s business model is tied directly to the global reputation and performance of the luxury brands it distributes. Any decline in brand perception, legal disputes, or global market downturn affecting these brands could reduce customer demand in India and adversely affect revenue.
The company, its promoters, and group companies are involved in certain ongoing legal proceedings. Any adverse judgment in any of these cases can be detrimental to the company’s business prospects.
As of June 30, 2025, the company had outstanding financial indebtedness of Rs 14.65 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Flywings Simulator Financials
*All values are in Rs. Cr
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Application Details of Flywings Simulator IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹181 - 191 | ₹2 - 5 Lakh | 600 |
For Flywings Simulator IPO, eligible investors can apply as Individual investor.