FWSTC
Flywings Simulator Training Centre financials
- Market cap
- ₹194 Cr
- Sector
- Consumer Services
- Calls analysed
- 1
Flywings Simulator Training Centre Ltd H2 & FY26
What went well
- New Mumbai facility with 4 simulators expected to be operational by Q4 FY27, generating revenue.
- High utilization of current Gurgaon facility at 90-95%.
- MRO business secured a long-term contract with IndiGo, expecting monthly revenue to grow from ₹10 lakhs to ₹15-20 lakhs.
What to watch
- Mumbai facility operationalization delayed by rains, pushing revenue contribution to Q4 FY27.
- Drone training market is largely saturated, though new developments are hinted.
What Flywings Simulator Training Centre Ltd does
Flywings Simulator Training Centre operates DGCA-approved simulator infrastructure — including an Airbus A320 CEET, A321 Neo Door Trainer, Boeing 787 Door Trainer, B737 Evacuation Slide and a V7000 Live Fire & Smoke Trainer — to deliver Safety and Emergency Procedures (SEP) training to cabin and cockpit crew. It earns recurring revenue from multi-year Training Services Agreements (TSAs) with airline operators (B2B), and from B2C course fees for aviation/ground-staff certification, pilot training (PPL/CPL) delivered through associate Ambitions Flying Club, and drone Remote Pilot Certification delivered through wholly-owned subsidiary Flywings Drone Training Private Limited.
Segments
- B2B – SEP Training & Infrastructure
- B2C – Certification courses (Aviation, Hospitality & Ground Staff)
- B2C – Pilot Training & Simulator
- B2C – Drone Training
- Full-scale simulators
- 7
- Aircraft training facilities
- 4
- Active airline contracts
- 6
- Airline clients
- 10+
- Training modules delivered
- 20,000+
- Training centre locations
- 2
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Overall Company Growth open said Q4 FY26 Promised: 20% to 30% growth for FY27 Q4 FY26: Management expressed 'absolute' confidence in achieving 20% to 30% growth in FY27.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|
| Revenue | 7 | 13 | 10 | 14 |
| EBITDA | 5 | 10 | 6 | 9 |
| Net profit | 4 | 9 | 4 | 7 |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −17.2% YTD
YTD: ₹223.55 on 1 Jan 2026 → ₹185. High ₹224 (7 Jan 2026), low ₹150.25 (22 May 2026).
Balance sheet
| Year ending | FY25 | FY26 |
|---|---|---|
| Equity capital | ₹8 Cr | ₹10 Cr |
| Reserves | ₹34 Cr | ₹80 Cr |
| Borrowings | ₹14 Cr | ₹11 Cr |
| Other liabilities | ₹5 Cr | ₹7 Cr |
| Total liabilities | ₹61 Cr | ₹108 Cr |
| Fixed assets | ₹3 Cr | ₹7 Cr |
| Capital work in progress | ₹5 Cr | ₹0 Cr |
| Investments | ₹26 Cr | ₹27 Cr |
| Other assets | ₹28 Cr | ₹74 Cr |
| Total assets | ₹61 Cr | ₹108 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Dec 2025, FIIs trimmed −2.54 pp while the public added +2.01 pp. The shareholder count shrank 62% to 358.
- Promoters
- 59.9%
- FIIs
- 4.2%
- DIIs
- 8.7%
- Public
- 27.2%
Since Dec 2025
- FIIs −2.54 pp
- Public +2.01 pp
- DIIs +0.54 pp
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Gretex Share Broking Private Limited +5.76 pp 7.23% held
- Rgsl Investment Fund - Rgsl Investment Lvf 1 AIF newly disclosed 5.41% held
- Vorton Capital Alternative Investment Trust-Vorton Opportunities Fund AIF newly disclosed 1.34% held
- Saint Capital Fund FPI fund +1.03 pp 2.17% held
- North Star Opportunities Fund Vcc-Bull Value Incorporated Vcc Sub-Fund FPI fund newly disclosed 1.03% held
- Kapil Mahesh Kothari newly disclosed 1.00% held
- Royal Alpha Opportunity Fund AIF +0.21 pp 1.98% held
The same filing shows 0 holders trimming and 6 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Flywings Simulator Training Centre Ltd above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Rupal Sanjay Mandavia | 59.87% | unchanged |
| Gretex Share Broking Private Limited | 7.23% | +5.76 pp |
| Rgsl Investment Fund - Rgsl Investment Lvf 1 AIF | 5.41% | newly disclosed |
| Saint Capital Fund FPI fund | 2.17% | +1.03 pp |
| Royal Alpha Opportunity Fund AIF | 1.98% | +0.21 pp |
| Wasim Javid Dalal | 1.82% | unchanged |
| Viney Equity Market Llp | 1.36% | unchanged |
| Vorton Capital Alternative Investment Trust-Vorton Opportunities Fund AIF | 1.34% | newly disclosed |
| North Star Opportunities Fund Vcc-Bull Value Incorporated Vcc Sub-Fund FPI fund | 1.03% | newly disclosed |
| Kapil Mahesh Kothari | 1.00% | newly disclosed |
| Nipa Mitul Mandavia | 0.00% | unchanged |
| Mitul Natvarlal Mandavia | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- -2.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Flywings Simulator Training Centre Ltd
Guides on how to read this kind of business and the numbers that matter.