Flywings Simulator Training Centre Ltd. IPO Analysis

06 December 2025

In an IPO market chasing tech and consumer buzz, Flywings Simulator Training Centre Ltd brings something rarer to Dalal Street, with real aviation infrastructure, DGCA-backed demand, and a near-monopoly in cabin crew simulator training.

Parameter	Details
Issue Type	Fresh Issue of ₹47.99 cr and OFS of ₹9.05 cr
Issue Size	INR 57.05 Crores
Price Band	INR 181-191 per share
Lot Size	600 shares
Net Issue	29,86,800 Shares
Listing Platform	NSE SME
Issue Opens	December 5, 2025
Issue Closes	December 9, 2025
Listing Date	December 12, 2025

Before the Deep Dive: What’s Working — and What Isn’t

Strengths	Risks
Near-monopoly in cabin crew simulator training with no listed direct peers	Heavy revenue concentration in one segment
Regulation-backed, recurring demand due to mandatory DGCA training	Pilot simulator revenue still unproven at scale
High margins driven by asset-leverage model	Capex-heavy expansion raises execution risk
Sticky 3–5 year airline contracts with high switching costs	Promoter-driven operations with limited management depth
Early entry into drone training via DGCA-approved subsidiary	Returns have reduced recently

Industry Outlook

India’s aviation training demand is being pulled straight by fleet expansion and pilot shortages, not hype. The country is expected to need ~10,900 additional pilots by FY30, nearly doubling the current base to ~22,400 pilots. Cabin crew training alone already represents a ~$0.9 billion recurring market in South Asia, driven by mandatory DGCA-led recurrent certifications. With India now among the fastest-growing aviation markets and over 1,000+ A320 aircraft on order, simulator-based training is shifting from “nice to have” to hard infrastructure. In short, airline growth is locked in, and training capacity is scrambling to keep up.

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