Updated on 12.12.2025 @ 9:46 AM
Flywings Simulator Training Centre Limited is set to launch its Initial Public Offering (IPO) on the NSE SME platform. It is a specialized aviation training infrastructure provider. You can also explore all live, latest, and upcoming public issues on our IPO hub page to stay fully updated before you invest.
The subscription for this public issue will open on December 5, 2025, and close on December 9, 2025.
The company aims to raise up to ₹57.05 crores through a mix of a fresh issue and a small Offer for Sale (OFS).
The price band has been fixed at ₹181 to ₹191 per share, with a minimum lot size of 600 shares.
Flywings has demonstrated strong profitability and operational efficiency, but investors should be aware of the specialized nature of its business and associated risks. If you're evaluating broader wealth-building options, you can explore our passive income earning guides or understand long-term investing better through our Mutual Fund Q&A section
In this article, you will find Flywings Simulator Training IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision. For investors planning systematic market participation, our SIP calculator can also help you plan your long-term investments more effectively.
Briefs of Flywings Simulator Training IPO Details
- Price Band: ₹181 to ₹191 per share
- IPO Open / Close Dates: December 5, 2025 – December 9, 2025
- Lot Size: 600 Shares
- Issue Size: 29,86,800 shares (aggregating up to ₹57.05 Crores)
- Fresh Issue: 23,63,400 shares (₹45.14 Crores)
- Offer for Sale (OFS): 4,74,000 shares (₹9.05 Crores)
- Reserved for Market Maker: 1,49,400 shares (aggregating up to ₹2.85 Cr)
- Registrar: Bigshare Services Pvt.Ltd.
- Listing Exchange: NSE SME
What is Flywings Simulator Training IPO GMP Today?
Check the grey market premium of this and other issues at our dedicated GMP hub page. (The Grey Market Premium (GMP) is an unofficial indicator that reflects market sentiment and typically becomes active closer to the IPO opening date).
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 191 | 195 | 2.1 |
Source: NSE India
What is Flywings Simulator Training IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 5, 2025 – December 9, 2025
- Basis of Allotment Date: December 10, 2025
- Refund Initiation Date: December 11, 2025
- Credit of Shares: December 11, 2025
- Listing Date: December 12, 2025
What Are the Objectives of Flywings Simulator Training IPO?
The company intends to utilise the net proceeds from the fresh issue for significant capital expenditure and expansion:
- Capital Expenditure (₹35.34 Crores): A substantial portion of the proceeds will be used to purchase advanced Pilot Training Equipment, enhancing the company's training capabilities.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
- Note: The proceeds from the Offer for Sale (OFS) of ₹9.05 crores will go to the selling promoters and not the company.
How is The Financial Performance of Flywings Simulator Training?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Jun 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 4.24 | 23.64 | 22.60 | 10.44 |
Profit After Tax (PAT) | 1.38 | 10.92 | 10.74 | 4.16 |
EBITDA | 2.30 | 13.51 | 15.29 | 5.78 |
Net Worth | 40.40 | 39.02 | 23.80 | 1.08 |
Reserves and Surplus | 32.74 | 31.36 | 23.74 | 1.07 |
Total Borrowing | 14.78 | 18.09 | 10.70 | 7.67 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
The company has maintained strong profitability, with PAT growing significantly from ₹4.16 Crores in FY23 to ₹10.92 Crores in FY25. The exceptionally high PAT margin of over 54% in FY25 reflects the high-margin nature of the specialized aviation training business.
Total Income:
Revenue more than doubled between FY23 and FY24, driven by the recovery in the aviation sector. Although there was a slight dip in core revenue from operations in FY25, total income remained robust.
EBITDA:
Operational efficiency is a key highlight, with EBITDA margins consistently exceeding 55%. This indicates strong pricing power and effective cost management in its niche market.
Total Borrowings:
While total borrowings stood at ₹14.78 Crores as of June 2025, the company has significantly improved its leverage position. The debt-to-equity ratio has dropped dramatically from over 7x in FY23 to a comfortable 0.37x in the recent quarter.
Net Worth:
Net worth has grown exponentially to ₹40.40 Crores, supported by retained earnings and equity infusion, strengthening the company's financial base for future expansion.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹14.27, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 13.4x at the upper end of the price band (₹191).
P/E Ratio = ₹191 (Price) / ₹14.27 (Earnings Per Share)
P/E Ratio ≈ 13.4x
Analysis for Investors:
The company states that it has no listed peers in India with a comparable business model, making a direct valuation benchmark difficult.
However, a P/E of ~13.4x for a company with EBITDA margins over 60% and a high Return on Net Worth (RoNW) of nearly 35% appears attractive.
Investors are essentially paying for a high-margin, niche business with a strong moat in regulatory approvals and infrastructure.
Industry Outlook
- Flywings operates in the specialized aviation training sector, providing critical Safety and Emergency Procedure (SEP) training to airline crew.
- The Indian aviation industry is undergoing a massive expansion, with airlines placing record orders for new aircraft.
- This directly translates to a growing demand for trained pilots and cabin crew, creating a long-term tailwind for training infrastructure providers like Flywings.
What Are The Strengths and Risks of Flywings Simulator Training IPO?
Strengths:
- High Profitability Margins: Exceptionally high EBITDA and PAT margins indicate a very efficient and profitable business model.
- Niche Market Position: Operates in a specialized segment with high entry barriers due to regulatory requirements and infrastructure costs.
- Strong Financial Recovery: Significant improvement in leverage ratios and net worth over the last three years.
- Strategic Expansion: IPO proceeds are dedicated to acquiring advanced pilot training equipment to capture future growth.
Risks:
- Dependence on Infrastructure: Any downtime or malfunction of simulators could directly impact revenue and reputation.
- Regulatory Risks: The business is highly regulated by the DGCA. Any changes in training norms or delays in approvals can affect operations.
- Client Concentration: Revenue is dependent on B2B contracts with airlines. Loss of a key airline client could be material.
- Foreign Exchange Risk: Procurement of advanced machinery involves forex exposure, which is a risk given recent audit observations on forex transactions.
What Are The Expert Recommendations – Should You Apply?
Subscribe
The Flywings Simulator Training IPO presents a unique opportunity to invest in the aviation infrastructure theme with a highly profitable company.
- For Value Investors: The P/E of ~13.4x combined with high margins makes this an attractive value proposition.
- For Growth Investors: The expansion into pilot training and the overall growth of the Indian aviation sector offer strong future potential.
- Our View: Despite the regulatory risks, the company's financial strength, niche positioning, and reasonable valuation make it a compelling investment. We recommend "Subscribe" for potential listing gains and long-term holding.
Key Takeaways
- IPO Price Band: ₹181 to ₹191 per share
- Lot Size: 600 Shares (Minimum Investment: ₹1,14,600). Note: Minimum investment is ₹2,29,200 for retail as per lot size of 2 lots).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on December 12, 2025.
- Recommendations of experts: A "Subscribe" recommendation. A high-margin, niche aviation infrastructure player offered at an attractive valuation.
FAQs on Flywings Simulator Training IPO
What is Flywings Simulator Training IPO price band?
The price band for the IPO is set at ₹181 to ₹191 per equity share.
What is Flywings Simulator Training IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Wednesday, December 10, 2025.
How to check Flywings Simulator Training IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized. You can also find details of allotment status at our IPO allotment status hub page.
What is Flywings Simulator Training IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Friday, December 12, 2025.
Should I apply for Flywings Simulator Training IPO?
Yes, this is a recommended IPO. The company operates in a high-growth niche with excellent profit margins and is offered at a reasonable valuation. However, the minimum investment amount places it in the HNI category for retail investors.
Disclaimer:
All IPO information presented here is sourced from the company’s RHP and public disclosures. This article is not investment advice. Please consult your financial advisor and review official documents before investing. The publisher is not liable for any investment losses.
