Flywings Simulator Training SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 12 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹191 | ₹0 |
| 11 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹191 | ₹0 |
| 10 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹191 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 12 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹191 per share
- Lot size
- 600 shares
- Total issue size
- ₹57.05 Cr
- Market cap at offer price
- ₹194 Cr
- Promoter holding
- 85.69% → 59.87% pre-issue → post-issue
- ISIN
- INE0SQZ01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Sobhagya Capital Options Pvt.Ltd.
- Registered office
- Ground Floor, Killa No.13, Begampur, Khatula, Sector 35, Sadar Bazar, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 8,50,200 | — | — |
| Market maker | 1,49,400 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹191
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,14,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,29,200 |
| S-HNI (max) | 8 | 4,800 | ₹9,16,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,31,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹191 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.24 | 5.42 |
| P/E (×) | 13.41 | 35.24 |
| Price to book (×) | 3.75 | — |
| Market cap | — | ₹194 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 34.75%
- ROCE
- 28.62%
- Debt / equity
- 0.37
- PAT margin
- 54.02%
- EBITDA margin
- 66.85%
- NAV per share
- ₹50.92
- Price to book
- 3.75
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Flywings Simulator Training SME
Flywings Simulator Training Centre Limited (FWSTCL), headquartered in Gurgaon, Haryana, was originally incorporated on June 16, 2011 as a private limited company in Mumbai, shifted its registered office to Haryana (fresh certificate issued February 09, 2022), and was converted from a private to a public limited company on May 28, 2024. The company is engaged in providing infrastructure facilities for aviation training, with a core focus on safety and emergency procedure (SEP) training for cabin and cockpit crew, offering training modules aligned with industry standards and regulatory expectations (DGCA CAR Section 7 – Series M, Part I governs third-party SEP training). Its business model is primarily B2B, catering to A-rated domestic scheduled airlines, select Indian non-scheduled operators and regional international carriers, supplemented by a limited B2C vertical of non-certification training programs for the aviation and hospitality industries. It earns revenue through contractual training agreements with airlines, typically receiving lump sum payment after provisioning training infrastructure for a defined period; its top 10 customers contributed ~90–96% of revenue from operations. Training operations run from leased facilities in Gurgaon and Dwarka (Delhi) using equipment such as a Cabin Crew Evacuation Trainer (CEET) for Airbus 320, Boeing 787 Door Trainer, A321 Neo Door Trainer, fire trainer equipment and A320 slide/rafts. Restated consolidated revenue from operations was ₹2,021.05 lakhs with PAT of ₹1,091.74 lakhs in FY2025, and ₹406.07 lakhs revenue with PAT of ₹137.98 lakhs for the three months ended June 30, 2025. The company has a wholly-owned subsidiary, Flywings Drone Training Private Limited, and an associate, Ambition Flying Club Private Limited. Its IPO comprises a fresh issue of up to 27,00,000 equity shares and an offer for sale of up to 5,00,000 shares by promoter Mrs. Rupal Sanjay Mandavia, to be listed on NSE Emerge.
Company Analysis
from DRHPFlywings Simulator Training Centre Limited provides infrastructure facilities for aviation training, with a core focus on safety and emergency procedure (SEP) training for cabin and cockpit crew, serving airlines primarily on a B2B basis along with a limited B2C non-certification training vertical.
Flywings Simulator Training Centre Limited (FWSTCL), headquartered in Gurgaon, Haryana, was originally incorporated on June 16, 2011 as a private limited company in Mumbai, shifted its registered office to Haryana (fresh certificate issued February 09, 2022), and was converted from a private to a public limited company on May 28, 2024. The company is engaged in providing infrastructure facilities for aviation training, with a core focus on safety and emergency procedure (SEP) training for cabin and cockpit crew, offering training modules aligned with industry standards and regulatory expectations (DGCA CAR Section 7 – Series M, Part I governs third-party SEP training). Its business model is primarily B2B, catering to A-rated domestic scheduled airlines, select Indian non-scheduled operators and regional international carriers, supplemented by a limited B2C vertical of non-certification training programs for the aviation and hospitality industries. It earns revenue through contractual training agreements with airlines, typically receiving lump sum payment after provisioning training infrastructure for a defined period; its top 10 customers contributed ~90–96% of revenue from operations. Training operations run from leased facilities in Gurgaon and Dwarka (Delhi) using equipment such as a Cabin Crew Evacuation Trainer (CEET) for Airbus 320, Boeing 787 Door Trainer, A321 Neo Door Trainer, fire trainer equipment and A320 slide/rafts. Restated consolidated revenue from operations was ₹2,021.05 lakhs with PAT of ₹1,091.74 lakhs in FY2025, and ₹406.07 lakhs revenue with PAT of ₹137.98 lakhs for the three months ended June 30, 2025. The company has a wholly-owned subsidiary, Flywings Drone Training Private Limited, and an associate, Ambition Flying Club Private Limited. Its IPO comprises a fresh issue of up to 27,00,000 equity shares and an offer for sale of up to 5,00,000 shares by promoter Mrs. Rupal Sanjay Mandavia, to be listed on NSE Emerge.
Objects of the Issue
- Capital Expenditure towards Pilot Training Equipment's ₹ 3,359.27 Lakhs p.96
- General Corporate Purposes p.98
Issue Structure
- Total Issue
- Upto 32,00,000* Equity Shares of face value of ₹ 10.00 each amounting up to ₹ [●] Lakhs
- Fresh Issue
- Upto 27,00,000* Equity Shares of face value of ₹ 10.00 each amounting up to ₹ [●] Lakhs
- Offer for Sale
- Upto 5,00,000* Equity Shares of face value of ₹ 10.00 each amounting up to ₹ [●] Lakhs (by Mrs. Rupal Sanjay Mandavia)
- Face Value
- ₹ 10.00 each
Business Model
Primarily Business-to-Business (B2B): the company relies on contractual agreements with airline companies for providing infrastructure facilities and services related to the training of cabin crew and pilots, and states it 'typically receive[s] lump sum payment after provisioning of training infrastructure for a defined period'. It also operates a limited Business-to-Customer (B2C) vertical offering non-certification training programs aimed at enhancing operational and interpersonal skills relevant to the aviation and hospitality industries.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mrs. Rupal Sanjay Mandavia | Promoter / Promoter Selling Shareholder | 85.69% | — |
| Mr. Mitul Natvarlal Mandavia | Promoter | Nil | — |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.