Flywings Simulator Training Centre Limited provides aviation training infrastructure and services for commercial aircraft operations. It earns revenue by offering simulator-based crew training covering safety, emergency procedures, in-flight services, firefighting, first aid, ditching drills and aircraft door operations. These services are used by airlines and aviation institutes to train pilots, crew and aviation professionals under DGCA norms.

Key clients include airline training departments and aviation operators using the company’s Airbus A320, A321 Neo, Boeing 737/787 evacuation systems, fire-smoke trainers, ditching pool and DGCA-approved classrooms. Its Gurgaon facility houses certified simulators, emergency slides, door trainers, water-ditching pool and specialized aviation training infrastructure designed to meet regulatory and operational needs, providing end-to-end training capabilities for commercial aircraft crews.

The product and service portfolio includes A320/A321 door trainers, B787 door trainer with slide, B737 evacuation slide, V7000 fire-smoke trainer, water-ditching facility and theoretical classrooms. These training modules support airlines through the full crew-training lifecycle, from onboarding to recurrent compliance checks. The company follows long-term training arrangements with airline partners; however, the RHP does not report a quantified order book. Execution relies on structured scoping, timeline planning and simulator-based delivery.

Recent acquisitions include 100% stake in Flywings Drone Training Pvt. Ltd. and 49.64% in Ambitions Flying Club Pvt. Ltd. These strategic moves expand training capabilities across drone operations and pilot-flying programs. Future plans include capacity enhancement, simulator upgrades aligning with new aircraft technologies, and infrastructure expansion requiring significant capex to maintain DGCA certifications and meet rising airline training demand.

Employees & Bankers

As of November 26, 2025, the company had 24 employees. The Banker to the Company is HDFC Bank Limited.

MANAGEMENT & THEIR VISION

The management, led by Managing Director & CFO Ms. Rupal Sanjay Mandavia, aims to position Flywings as a leading aviation-training infrastructure provider through continuous simulator upgrades and expansion of training capacity. Their near-term vision includes strengthening partnerships with domestic airlines, enhancing compliance-focused training modules and scaling drone and pilot-training operations through subsidiaries. Long-term goals involve adding more aircraft-type simulators and expanding geographical presence. Funding for capex and expansion is expected from IPO proceeds, internal accruals and structured long-term borrowings.

INDUSTRY OVERVIEW

Flywings operates in the aviation-training infrastructure industry, closely linked to the growth of India’s aviation sector. India is one of the fastest-growing aviation markets, with rising fleet expansion, increasing passenger traffic and mandatory DGCA-compliant recurrent training requirements. Globally, the demand for aviation training is supported by increasing pilot and cabin-crew requirements across expanding airlines. Market leadership is held by international simulator-training companies and domestic aviation academies. Growth expectations remain strong as Indian airlines continue adding aircraft and expanding routes, creating multi-year demand for simulator-based training.

MAJOR RISK FACTORS

1. High Dependence on Aviation Industry Hiring
   The company’s revenues rely on airline recruitment cycles. Any slowdown in hiring due to economic downturns, pandemic-related disruption or travel-sector instability can significantly reduce training demand and affect revenue generation. (38 words)
2. Risk of Simulator Obsolescence
   Frequent upgrades in aircraft technologies may render existing simulators outdated, requiring substantial capital expenditure. Delayed upgrades can lead to loss of DGCA approvals, removing courses from the training calendar and affecting the company’s credibility.
3. Challenges in Subsidiary and Associate Integration
   Recent acquisitions may bring operational, financial and compliance risks. Integration issues or unidentified liabilities may impact profitability and delay realisation of expected synergies from these expansions.
4. High Capital-Intensive Model
   Simulator procurement, upgrade cycles, maintenance and facility development require significant ongoing capex. Cash-flow pressure may arise if utilisation levels fall or new capital is not raised on time.
5. Regulatory and Certification Risks
   Aviation training is heavily regulated. Failure to maintain DGCA approvals, safety standards, or compliance protocols may lead to suspension of training modules and loss of airline contracts.
6. Dependence on Skilled Instructors and Technical Staff
   High-quality training delivery requires experienced instructors, maintenance engineers and safety specialists. Attrition or shortage of trained manpower can disrupt training schedules and reduce service quality.
7. Demand Shock from Public Health Events
   Future pandemics or travel restrictions can sharply reduce airline hiring and lower student admissions, directly impacting revenues.

KEY STRENGTHS, MOAT & OPPORTUNITIES

1. Comprehensive and DGCA-Approved Training Infrastructure
   The company operates A320, A321 Neo, B737, B787 door trainers, emergency slides, fire-smoke trainers, and survival-ditching pool facilities, giving it a strong service portfolio unmatched by smaller aviation institutes.
2. Growing Demand for Crew-Training Services in India
   Rapid airline fleet expansion and mandatory recurrent training create stable multi-year demand. Flywings benefits from industry growth without being dependent on ticket sales or airline profitability cycles.
3. Strategic Expansion Through Acquisitions
   Acquiring a drone-training subsidiary and an associate flying club broadens the company’s training capabilities, diversifies revenue and builds a full-spectrum aviation-training ecosystem.
4. High Switching Costs for Airlines
   Airline partners rely on consistent simulator configurations, regulatory approvals and training continuity. Switching training vendors disrupts compliance cycles, giving Flywings a strong service-stickiness advantage.
5. Strong Recurring Revenue Model
   Training modules such as safety, door operations, fire drills and ditching procedures are mandatory and recurrent. This creates steady yearly revenue streams driven by regulatory compliance rather than discretionary demand.
6. Opportunity to Add More Aircraft-Type Simulators
   As Indian airlines expand fleets, the company can add new simulators such as A350, B737 MAX or A320-NEO modules, significantly increasing capacity and revenue potential.

Flywings Simulator Training Centre Limited provides aviation training infrastructure and services for commercial aircraft operations. It earns revenue by offering simulator-based crew training covering safety, emergency procedures, in-flight services, firefighting, first aid, ditching drills and aircraft door operations. These services are used by airlines and aviation institutes to train pilots, crew and aviation professionals under DGCA norms.

Key clients include airline training departments and aviation operators using the company’s Airbus A320, A321 Neo, Boeing 737/787 evacuation systems, fire-smoke trainers, ditching pool and DGCA-approved classrooms. Its Gurgaon facility houses certified simulators, emergency slides, door trainers, water-ditching pool and specialized aviation training infrastructure designed to meet regulatory and operational needs, providing end-to-end training capabilities for commercial aircraft crews.

The product and service portfolio includes A320/A321 door trainers, B787 door trainer with slide, B737 evacuation slide, V7000 fire-smoke trainer, water-ditching facility and theoretical classrooms. These training modules support airlines through the full crew-training lifecycle, from onboarding to recurrent compliance checks. The company follows long-term training arrangements with airline partners; however, the RHP does not report a quantified order book. Execution relies on structured scoping, timeline planning and simulator-based delivery.

Recent acquisitions include 100% stake in Flywings Drone Training Pvt. Ltd. and 49.64% in Ambitions Flying Club Pvt. Ltd. These strategic moves expand training capabilities across drone operations and pilot-flying programs. Future plans include capacity enhancement, simulator upgrades aligning with new aircraft technologies, and infrastructure expansion requiring significant capex to maintain DGCA certifications and meet rising airline training demand.

Employees & Bankers

As of November 26, 2025, the company had 24 employees. The Banker to the Company is HDFC Bank Limited.

MANAGEMENT & THEIR VISION

The management, led by Managing Director & CFO Ms. Rupal Sanjay Mandavia, aims to position Flywings as a leading aviation-training infrastructure provider through continuous simulator upgrades and expansion of training capacity. Their near-term vision includes strengthening partnerships with domestic airlines, enhancing compliance-focused training modules and scaling drone and pilot-training operations through subsidiaries. Long-term goals involve adding more aircraft-type simulators and expanding geographical presence. Funding for capex and expansion is expected from IPO proceeds, internal accruals and structured long-term borrowings.

INDUSTRY OVERVIEW

Flywings operates in the aviation-training infrastructure industry, closely linked to the growth of India’s aviation sector. India is one of the fastest-growing aviation markets, with rising fleet expansion, increasing passenger traffic and mandatory DGCA-compliant recurrent training requirements. Globally, the demand for aviation training is supported by increasing pilot and cabin-crew requirements across expanding airlines. Market leadership is held by international simulator-training companies and domestic aviation academies. Growth expectations remain strong as Indian airlines continue adding aircraft and expanding routes, creating multi-year demand for simulator-based training.

MAJOR RISK FACTORS

1. High Dependence on Aviation Industry Hiring
   The company’s revenues rely on airline recruitment cycles. Any slowdown in hiring due to economic downturns, pandemic-related disruption or travel-sector instability can significantly reduce training demand and affect revenue generation. (38 words)
2. Risk of Simulator Obsolescence
   Frequent upgrades in aircraft technologies may render existing simulators outdated, requiring substantial capital expenditure. Delayed upgrades can lead to loss of DGCA approvals, removing courses from the training calendar and affecting the company’s credibility.
3. Challenges in Subsidiary and Associate Integration
   Recent acquisitions may bring operational, financial and compliance risks. Integration issues or unidentified liabilities may impact profitability and delay realisation of expected synergies from these expansions.
4. High Capital-Intensive Model
   Simulator procurement, upgrade cycles, maintenance and facility development require significant ongoing capex. Cash-flow pressure may arise if utilisation levels fall or new capital is not raised on time.
5. Regulatory and Certification Risks
   Aviation training is heavily regulated. Failure to maintain DGCA approvals, safety standards, or compliance protocols may lead to suspension of training modules and loss of airline contracts.
6. Dependence on Skilled Instructors and Technical Staff
   High-quality training delivery requires experienced instructors, maintenance engineers and safety specialists. Attrition or shortage of trained manpower can disrupt training schedules and reduce service quality.
7. Demand Shock from Public Health Events
   Future pandemics or travel restrictions can sharply reduce airline hiring and lower student admissions, directly impacting revenues.

KEY STRENGTHS, MOAT & OPPORTUNITIES

1. Comprehensive and DGCA-Approved Training Infrastructure
   The company operates A320, A321 Neo, B737, B787 door trainers, emergency slides, fire-smoke trainers, and survival-ditching pool facilities, giving it a strong service portfolio unmatched by smaller aviation institutes.
2. Growing Demand for Crew-Training Services in India
   Rapid airline fleet expansion and mandatory recurrent training create stable multi-year demand. Flywings benefits from industry growth without being dependent on ticket sales or airline profitability cycles.
3. Strategic Expansion Through Acquisitions
   Acquiring a drone-training subsidiary and an associate flying club broadens the company’s training capabilities, diversifies revenue and builds a full-spectrum aviation-training ecosystem.
4. High Switching Costs for Airlines
   Airline partners rely on consistent simulator configurations, regulatory approvals and training continuity. Switching training vendors disrupts compliance cycles, giving Flywings a strong service-stickiness advantage.
5. Strong Recurring Revenue Model
   Training modules such as safety, door operations, fire drills and ditching procedures are mandatory and recurrent. This creates steady yearly revenue streams driven by regulatory compliance rather than discretionary demand.
6. Opportunity to Add More Aircraft-Type Simulators
   As Indian airlines expand fleets, the company can add new simulators such as A350, B737 MAX or A320-NEO modules, significantly increasing capacity and revenue potential.