Flywings Simulator Training CentreShare price, financial results, shareholding and management
- Market cap
- ₹298 cr
- Stock P/E
- 25.6peers 21.7
- Book value
- ₹88.3
- Price to book
- 3.31
- EV / operating profit
- 18.1
- Market cap to sales
- 12.14
- ROCE · FY26
- 20.5%
- ROE · FY26
- 18.1%
- ROE, 3-year average
- 39.9%
- Operating margin · FY26
- 64.2%peers 18.1%
- Sales growth, 3 years
- 34.8%
- Profit growth, 3 years
- 42.8%
- Debt to equity
- 0.12peers 0.21
- Borrowings
- ₹11.1 cr
- Interest cover
- 20.5×
- Cash from business / op. profit
- 30%
- Debtor days
- 144
- Pledged
- 0.00%
- Promoter holding
- 59.87%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 358
- High / low since listing
- ₹310 / ₹145
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Flywings Simulator Training Centre share price chart
Close on 6 Nov 2026 · -0.93% on the day · Vol 32,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +43.4%
- 3 months
- +54.2%
- 6 months
- +69.0%
- Since IPO
- +53.1%
- Traded a day, 20 days
- ₹2.21 cr
- Taken for delivery
- 72%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +23% | +6% |
| 3 years, a year | +35% | +43% |
| Latest half, H2 FY26 | +10% | -19% |
About Flywings Simulator Training Centre: business, products and customers
Flywings Simulator Training Centre runs a centre in Gurgaon where airlines train their cabin crew for emergencies such as evacuations, cabin fires and water landings, on full size aircraft door and cabin trainers. It also runs job courses for aviation students, and its shares trade on NSE Emerge.
Flywings owns safety and emergency training devices in Gurgaon: an Airbus A320 cabin evacuation trainer, A321neo and Boeing 787 door trainers with slides, a live fire and smoke trainer, a ditching pool for water survival and classrooms. Airlines bring their own instructors and run their DGCA approved crew training on these devices, and Flywings is paid a usage fee under multi year training services agreements. The offer document is clear that Flywings provides and maintains the facility and does not itself certify the training.
Because the company rents out time on equipment it already owns, with no raw material and a small staff, most of each rupee of fees is left as profit, and its margins are not comparable with a school or a course seller. The flip side is that sales are capped by the hours the devices can run and by a handful of airlines, and money owed by airlines can take months to come in. A smaller arm sells fee paying aviation, cabin crew and ground staff courses to students, and a wholly owned subsidiary runs DGCA approved drone pilot courses.
Read more about the business
The company holds 49.65% of Ambitions Flying Club, a pilot flying school at Karad airport in Maharashtra. On the June 2026 call the management said the company had started repairing aircraft wheels, brakes and batteries in Gurgaon, with a long term IndiGo wheels contract, and was building a second centre at Taloja near the new Mumbai airport for full flight simulators that pilots train on, leased from a supplier in the Netherlands.
The offer document names AAG Centre for Aviation Training, with centres in Siliguri and Chennai, as the only other known simulator based safety training provider, mainly for students, and Aptech as an education company with an aviation course arm. For pilot simulators, the management named CAE, which makes simulators and runs a centre with IndiGo, and a two simulator centre in Chennai. Airlines setting up their own facilities is the risk the company itself lists.
From the offer document (red herring prospectus, 2025), the investor presentation of June 2026 and the H2 FY26 earnings call of 30 June 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 35% a year over three years.
- It earns a high return on the money it uses: ROCE 21% in FY26.
- It has little debt for its size: debt to equity 0.12.
To watch
- DGCA readiness approval for the two Mumbai simulators, expected by the end of December 2026, and first revenue from January 2027 (Earnings call, June 2026, p.10).
- FY27 sales against the 20% to 30% growth the company expects (Investor presentation, June 2026, p.28).
- Repair revenue reaching ₹0.20 cr to ₹0.25 cr a month by mid 2027 (Earnings call, June 2026, p.8).
- Use of the ₹35.3 cr of issue money for the A320neo flight training device and other equipment (Offer document, p.102 and p.166).
- Customers take longer to pay than before: 144 days in FY26, against 51 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Flywings Simulator Training Centre revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Flywings Simulator Training Centre half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 7 | 13 | 10.18 | 14.33 |
| Expenses | 2 | 4 | 4.40 | 5.12 |
| Operating profit | 5 | 10 | 5.78 | 9.21 |
| OPM | 70.0% | 73.0% | 56.8% | 64.3% |
| Interest | 0 | 1 | 1.10 | 0.05 |
| Depreciation | 0 | 0 | 0.30 | 0.60 |
| Profit before tax | 4 | 11 | 4.77 | 9.97 |
| Net profit | 4 | 9 | 3.69 | 7.26 |
Flywings Simulator Training Centre profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 1 | 10 | 23 | 20 | 24.51 |
| Expenses | 2 | 5 | 7 | 6 | 8.78 |
| Operating profit | 0 | 6 | 16 | 14 | 15.73 |
| OPM | -14.0% | 56.0% | 70.0% | 71.0% | 64.2% |
| Other income | 0 | 0 | 0 | 3 | 1.31 |
| Interest | 1 | 0 | 1 | 2 | 0.79 |
| Depreciation | 1 | 1 | 1 | 1 | 1.21 |
| Exceptional and other items | · | · | 1 | 1 | · |
| Profit before tax | -2 | 5 | 15 | 15 | 15.42 |
| Tax rate | 67.0% | 20.0% | 33.3% | 26.7% | 24.5% |
| Net profit | -3 | 4 | 10 | 11 | 11.64 |
| EPS ₹ | -3,000 | 4,130 | 1,504 | 14.25 | 11.44 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Flywings Simulator Training Centre profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | -14.0% | 56.0% | 70.0% | 71.0% | 64.2% |
| Tax rate | 67.0% | 20.0% | 33.3% | 26.7% | 24.5% |
| ROCE | · | 52.6% | 68.0% | 35.8% | 20.5% |
| ROE | · | · | 68.8% | 32.8% | 18.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Flywings Simulator Training Centre debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Flywings Simulator Training Centre balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 0.07 | 8 | 10.18 |
| Reserves | -3 | 1 | 28 | 31 | 79.68 |
| Net worth | -2.99 | 1.01 | 28.07 | 39 | 89.86 |
| Borrowings | 13 | 8 | 10 | 18 | 11.10 |
| Other liabilities | 4.99 | 6.99 | 5.93 | 8 | 7.04 |
| Total liabilities | 15 | 16 | 44 | 65 | 108 |
| Fixed assets | 5 | 5 | 15 | 15 | 7.06 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 16 | 27.10 |
| Other assets | 10 | 11 | 29 | 34 | 73.84 |
| Receivables | · | · | · | · | 9.66 |
| Inventory | · | · | · | · | 0 |
| Cash | · | · | · | · | 23.64 |
| Trade payables | · | · | · | · | 0.06 |
Flywings Simulator Training Centre cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 0 | 11 | 3 | 9 | 4.72 |
| Cash from investing | 1 | -1 | -12 | -21 | -15.85 |
| Cash from financing | -1 | -5 | 16 | 6 | 29.10 |
| Net cash flow | 0 | 5 | 7 | -6 | 17.97 |
| Capital spending | · | · | · | · | 0.25 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 51 | 86 | 72 | 152 | 144 |
| Cash conversion cycle | 51 | 86 | 72 | 152 | 144 |
| Working capital days | 720 | -102 | 104 | -20 | 189 |
Flywings Simulator Training Centre peers and competitors
Listed SME companies in the same industryBy sales, Flywings Simulator Training Centre is number 15 of the 22 listed SME companies in other consumer services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Mopshop Distribution | - | - | 44.1 | 5.2 | 18.1% | 1.02 |
| Drone Destination | 79 | 67.8 | 35.1 | 1.2 | 27.7% | 0.39 |
| Docmode Health Technologies | 7 | - | 25.5 | -0.1 | -1.3% | 0.45 |
| Flywings Simulator Training Centre | 298 | 25.6 | 24.5 | 11.6 | 64.2% | 0.12 |
| Thinking Hats Entertainment Solutions | 16 | 12.7 | 23.5 | 1.2 | 9.9% | 0.37 |
| Fusion Klassroom Edutech | 155 | 20.4 | 23 | 7.6 | 56.4% | 0.19 |
| Blue Pebble | 26 | 53.2 | 21.6 | 0.5 | 4.5% | 0.00 |
| Moxsh Overseas Educon | 102 | 44.4 | 12.9 | 2.3 | 37.7% | 0.24 |
| Humming Bird Education | 17 | 21.3 | 7.9 | 0.8 | 5.4% | 0.00 |
| Sodhani Academy of Fintech Enablers | 75 | 21.7 | 3.7 | 3.5 | 55.1% | 0.00 |
| Kuberan Global Edu Solutions | 7 | - | 0 | -0.4 | - | 0.05 |
| Median of the 10 others | 26 | 21.7 | 22.3 | 1.2 | 18.1% | 0.21 |
Flywings Simulator Training Centre shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Flywings Simulator Training Centre shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 59.87% | 59.87% |
| Foreign investors (FIIs) | 6.74% | 4.20% |
| Indian institutions (DIIs) | 8.19% | 8.73% |
| HNIs (over ₹2 lakh each) | 7.11% | 7.49% |
| Small holders (up to ₹2 lakh) | 12.01% | 6.57% |
| Companies and others | 6.08% | 13.14% |
| Number of shareholders | 949 | 358 |
The named holders are at 31 March 2026, beside 11 Dec 2025, each under the group the pattern files them in.
Flywings Simulator Training Centre study: the business from its own documents
Read from 4 of the company's own documentsFlywings Simulator Training Centre so far
From the company's own record
- 12 Dec 2025Listed on NSE Emerge at ₹191
- 31 March 2026Promoters at 59.87%
- 6 Nov 2026Highest close since listing, ₹292.45
Flywings Simulator Training Centre key facts from the filings
Each figure with the document it comes from
- Airline business
- ₹17.9 cr
- Fees from airlines and operators in FY25, out of ₹20.2 cr of revenue; student courses made up the rest.Offer document, p.148
- Largest customer
- 32.65%
- Share of FY25 revenue from one airline, and the top ten customers gave 89.98%; the customers are not named.Offer document, p.167
- Airline agreements
- 6
- Training services agreements with airlines, each running three to five years with a yearly fee rise of 2% to 8%.Offer document, p.158 and p.168; Investor presentation, June 2026, p.15
- Gurgaon centre in use
- About 92%
- How full the Gurgaon devices were, run in four hour slots for 14 to 15 hours a day, as the management put it on the call.Earnings call, June 2026, p.6
- Mumbai centre
- 4 simulators
- Planned at Taloja near the new Mumbai airport; the first two are Airbus A320 full flight simulators, with revenue expected from January 2027.Earnings call, June 2026, p.5 and p.10
Show 5 more facts
- Simulator lease
- About USD 100,000 a month
- Rental the management expects to pay on the leased simulators, starting only once DGCA certifies them ready for training.Earnings call, June 2026, p.10
- IndiGo repair work
- 3,000 to 4,000 wheels
- Wheels a year IndiGo will send under a long term contract, lifting repair revenue from about ₹0.10 cr a month to ₹0.15 cr to ₹0.20 cr.Earnings call, June 2026, p.7
- Flying school stake
- 49.65%
- Holding in Ambitions Flying Club, a DGCA approved flying school at Karad with four training aircraft, bought from the promoter group.Offer document, p.162 and p.248 to 249
- Idle equipment
- ₹5.0 cr
- Plant bought in February 2024 from Flybig MRO, a promoter group company, that had not been put to use by June 2025.Offer document, p.241 and p.249
- Issue money for equipment
- ₹35.3 cr
- Set aside from the 2025 public issue for an A320neo flight training device, a motion platform and a new cabin trainer; the Managing Director also sold 4,74,000 shares in the issue.Offer document, p.101 to 102 and p.166
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The June 2026 investor presentation says the company expects to grow 20% to 30% in FY27 without acquisitions, and on the call the CEO said the company was confident of it. The management said the two Mumbai simulators were ready to ship but the building was not, and that it expected DGCA readiness approval by the end of December 2026 and revenue from January 2027. The CEO also said the wheels, brakes and battery repair work should reach ₹0.20 cr to ₹0.25 cr a month by mid 2027, and that the company has been awarded a site at Dholera airport in Gujarat for a flying school, pending the final signing.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Flywings earns its money by renting out emergency training devices that airlines must use every year, and because the devices are already paid for, most of the fees are left as profit.
Its weak spots are a few airline customers, a centre that is already nearly full, and growth that now rests on a new Mumbai centre that has not yet opened.
AverageCan it set its own prices?Agreements carry a fixed yearly price rise, and there are few other places to train, but a few large airlines take most of the time.
StrongHow strong is it against rivals?Few rivals have full size safety trainers for several aircraft types, and new ones are costly and slow to set up.
WatchWho are its customers?A few Indian airlines give almost all the revenue, and agreements can be ended at notice.
AverageDoes it need a lot of money?The Gurgaon devices are old and paid for, but new simulators are expensive, so the company is leasing them and using issue money for others.
AverageCan it keep finding new work?Airlines must retrain crew every year and crew turnover is high, but the new Mumbai simulators have no signed airline contract yet.
AverageDo good and bad years swing a lot?Crew training is required by rule every year, but the yearly total moves with how many crew the few big airlines send.
Who runs Flywings Simulator Training Centre?
Promoters, directors and officers; tap a name for the background
RSRupal Sanjay MandaviaPromoter, Chairperson, Managing Director and Chief Financial Officer · holds 59.87%
Holds a Bachelor of Commerce from the University of Mumbai (1995). The first director of the company; Managing Director and CFO since March 2024 and Chairperson since June 2024. Earlier held managerial positions at Big Charter (2014 to 2020 and 2021 to 2024) and Ambitions Flying Club (2015 to 2021), and is a director of Flywings Drone Training.
Offer document, p.189 and p.191; Shareholding pattern, March 2026MNMitul Natvarlal MandaviaPromoter and Executive Director
Studied up to the tenth standard and has been Executive Director since March 2024, involved in day to day management; the offer document gives more than two years of experience. The offer document records Mitul Natvarlal Mandavia as the brother in law of Rupal Sanjay Mandavia.
Offer document, p.189 to 192SMSanjay MandaviaChief Executive Officer
Introduced on the June 2026 call as Captain Sanjay Mandavia, CEO: about twenty years in aviation, flying for several airlines as a senior captain, before starting businesses from 2005, including aviation simulation. Not a director or key managerial person in the offer document.
Earnings call, June 2026, p.2 and p.4KBKripa Bhargav MandaviaNon-Executive Director
Holds a Bachelor of Commerce from the University of Mumbai (2020), described as a pilot with a background in business aviation, and a director of Avion Prive Aviation Consultancy Services since June 2020. On the board since October 2023.
Offer document, p.190 to 192SNSivasubramanian NatrajhenIndependent Director
Holds a Bachelor of Commerce from Madras University (1980) with over 40 years of experience, including senior roles at SpiceJet, where the Q400 regional fleet was inducted, and at Sun TV Network. On the board since May 2024.
Offer document, p.190 and p.192MRManita RaniIndependent Director
Holds bachelor's (2014) and master's (2017) degrees in commerce from Chaudhary Devi Lal University, Sirsa, with over five years in accounts and compliance, with Prefcom Corporate Advisors since June 2020. On the board since June 2024.
Offer document, p.190 to 192Flywings Simulator Training Centre latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹14.3 cr (+10%), net profit ₹7.3 cr (-19%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 59.87%.
Flywings Simulator Training Centre announcements
35 on record, latest first; each opens the filing on the exchange
- Shareholders meetingNotice of Extraordinary General Meeting to be held on November 05, 2026PDF ↗
- Outcome of Board MeetingHeld on October 12, 2026PDF ↗
- Updates'as per attachment'PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatorY approvalsPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 29, 2026PDF ↗
- Outcome of Board MeetingHeld on September 05, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
Flywings Simulator Training Centre annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 July 2026 ↗read
- 31 July 2026 ↗read
- FY26 ↗read
Flywings Simulator Training Centre share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Flywings Simulator Training Centre's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,01,77,128 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹4,130.00) and FY24 (₹1,503.75) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Flywings Simulator Training Centre
What does Flywings Simulator Training Centre do?
Flywings Simulator Training Centre runs a centre in Gurgaon where airlines train their cabin crew for emergencies such as evacuations, cabin fires and water landings, on full size aircraft door and cabin trainers. It also runs job courses for aviation students, and its shares trade on NSE Emerge.
What is the share price of Flywings Simulator Training Centre?
₹292 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Flywings Simulator Training Centre?
₹298 cr at the close on 6 Nov 2026, on 1,01,77,128 shares.
What is the P/E of Flywings Simulator Training Centre?
25.6 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Flywings Simulator Training Centre's revenue and profit?
Revenue ₹25 cr and profit after tax ₹12 cr in FY26.
Who are the promoters of Flywings Simulator Training Centre?
Rupal Sanjay Mandavia, Mitul Natvarlal Mandavia; promoters held 59.87% at 31 March 2026.
What was the IPO price of Flywings Simulator Training Centre?
₹191 a share; it listed on 12 Dec 2025.
What is Flywings Simulator Training Centre's website?
www.fwstc.in
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Built from 1 offer document, 1 earnings call transcript, 1 investor presentation, 1 annual report, 35 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.