Flywings Simulator Training Centre Ltd. (NSE SME)

IPO Details

Key Performance Indicators (KPI)

Company Financial (In ₹Crore) AS PER DRHP

COMPARISON WITH INDUSTRY PEERS

*Company does not have any peer group company for comparison with Industry Peer.

About Company

Incorporated in 2011, Flywings Simulator Training Centre Limited is a Gurgaon-based aviation training institution specializing in commercial aircraft training. The company provides end-to-end training solutions for aspiring and professional aviation personnel.

Training Expertise

Flywings offers comprehensive training modules covering critical areas such as aviation procedures, in-flight services, first aid, safety protocols, emergency evacuation, and personality development. The programs are designed to meet global aviation standards and ensure high-quality operational readiness.

Clientele

The company trains crew members for leading domestic airlines including Vistara, Indigo, SpiceJet, and Air India, as well as international carriers such as Himalaya Airlines and WOW Air, reinforcing its position as a trusted aviation training partner.

Training Infrastructure

Flywings provides advanced safety and emergency procedure training with equipment such as:

• A-320 Cabin Emergency Evacuation Trainer (CEET)
• Boeing 787 Door Trainers
• Fire Training Simulators
• Water Survival and Ditching Drills

These facilities ensure realistic, hands-on learning for aviation professionals.

Service Offerings

Cabin Crew Training

Practical and theoretical training focused on in-flight service skills, safety, emergency handling, grooming, and communication.

Ground Training

Training programs covering aviation operations, ground handling procedures, airline workflow, and safety compliance.

Strength

Advanced Simulator Infrastructure Matching Indian Fleet Requirements: The company operates high-end training simulators aligned with major aircraft types used across India’s commercial aviation fleet. These simulators, sourced from reputed global manufacturers, require significant capital investment, long installation timelines, and specialized technical maintenance—creating a strong entry barrier for new competitors.

Stable Recurring Revenue Backed by High Switching Costs: Training demand is recurring due to mandatory SEP (Safety & Emergency Procedures) training for airline crew. Since airlines must conduct audits and obtain DGCA approvals before shifting to another training provider, switching costs remain high. This results in long-term client relationships and predictable revenue streams.

Regulatory Framework Offering Operational Flexibility: The company operates under a regulatory structure where DGCA approval is required by airlines—not the training centre itself—for external training. This model ensures compliance while allowing the company to serve multiple airlines efficiently without needing individual course certifications, improving utilisation of its fixed infrastructure.

Weakness

Past Director Disqualification Due to Compliance Lapses: The Managing Director, Ms. Rupal Sanjay Mandavia, was disqualified from holding directorship between FY 2016–17 and FY 2020–21 due to non-compliance issues in group companies. Although resolved, any similar lapses in the future may affect the company’s reputation and governance standards.

Geographic Concentration of Operations: The company’s operations are concentrated in Gurgaon and Dwarka. Any disruption, shutdown, or adverse developments in these regions could materially impact business continuity, financial performance, and operational stability.

Dependence on Skilled Personnel and Management: The company relies heavily on its senior management, directors, and trained personnel. Difficulty in attracting or retaining qualified staff, or the loss of key personnel, may disrupt operations and negatively affect business performance.