- **Flywings Simulator Training Centre Ltd is India’s only listed pure-play aviation training company, and the country’s sole dedicated Safety and Emergency Procedures (SEP) training centre for airline cabin and cockpit crew.** It was established in 2015 to bridge the gap between classroom theory and what airlines actually need on the job, using a “learn, practice and perform” approach built around full-scale aircraft simulators rather than textbooks. That same logic - own the expensive, hard-to-replicate hardware, get it approved by the regulator, and then charge airlines and students to use it - now repeats across every new venture the company has added, from pilot and drone training to component repair and aircraft leasing. # Business segments Five engines at different stages - a simulator-based training cash cow, two regulated infrastructure plays for pilots and drones, a component-repair workshop, and an aircraft-leasing bet at the drawing board - each built on the same principle of owning scarce, regulator-gated assets and renting them out. ## 1. Simulator-based SEP training: the airline industry’s outsourced safety classroom **Airlines send their cabin and cockpit crew here to practise evacuations, door drills, and firefighting on full-scale aircraft mock-ups because it is cheaper than building their own - and the regulator requires it.** - **Paid per training session, not per student** - airline clients sign multi-year Training Services Agreements lasting three to five years, with built-in annual fee escalations of 2-8%, so revenue is recurring and predictable regardless of how many individual crew members pass through the doors. - **The only multi-aircraft simulator shed in the country** - the Gurgaon facility houses seven full-scale simulators under one roof, covering narrow-body workhorses like the A320 and B737 as well as wide-body aircraft like the B787, which means an airline can train crews for its entire fleet in a single visit. - **Regulatory approval is the real moat** - the centre is DGCA-approved and compliant with IATA and ICAO norms, and the equipment itself is capital-intensive and slow to replicate; airlines face high switching costs once they have embedded their procedures into a specific training provider’s simulators. - **Runs at near-full capacity during daylight hours** - the Gurgaon facility operates at roughly 90% to 95% occupancy, running 14 to 15 hours a day from early morning until late evening, though it stops short of overnight shifts for staff safety. - **A second hub is being bolted on** - a new facility in Taloja, Mumbai, will add four more simulators including full-flight and cabin-crew machines plus a water-survival training pool, with operations expected by late 2026 and revenue flowing from the last quarter of this financial year. ## 2. Full Flight Simulator training: renting out the cockpit **Instead of buying INR 120-crore machines outright like competitors do, the company leases Level D Airbus A320neo simulators from a Dutch firm - a capital-light way to enter a business where every machine earns more than USD 3 million a year.** - **Leased, not bought** - competitors typically purchase full flight simulators with a 12-14 month order lead time; Flywings instead signed a 10-year operating lease for two Airbus A320neo Level D simulators, which are the gold standard that airlines prefer for pilot proficiency checks. - **Placed next to a major aviation hub** - the simulator facility is being set up in Panvel, Mumbai, rather than at the existing Gurgaon site, putting it closer to the country’s busiest airport and the airline crews that will use it. - **A helicopter first** - the company is also bringing in, for the first time in India, a helicopter simulator that EASA has approved to provide training for three different helicopter types currently flying in the country, and because helicopter simulator hours command premium rates, it is expected to generate more than USD 3 million per annum. ## 3. MRO: fixing the parts that wear out **A component-level repair shop for wheels, brakes, and batteries, operating under DGCA Part 145 and Part 147 approvals - no airport runway needed, just a workshop and a long-term contract with a major airline.** - **Wheels and brakes at scale** - the company has signed a long-term partnership with IndiGo to support their wheels and brakes assembly, with IndiGo expected to supply roughly 3,000 to 4,000 wheels every year for overhaul and repair. - **No hangar required** - the current MRO work in Gurgaon focuses on components like wheels, brakes, batteries, and non-destructive testing, none of which needs airport-side infrastructure, keeping the entry cost low while the company pursues land at Dholera airport in Gujarat for a future full-aircraft maintenance facility. ## 4. FTO - pilot licensing: from classroom to cockpit **A “zero to hero” pathway that takes a 12th-standard student all the way to a commercial pilot licence, using an associate flying club with its own airstrip and a planned government-awarded training base at Dholera airport.** - **An associate with a runway** - the company holds a 49.65% stake in Ambitions Flying Club, a DGCA-approved Flight Training Organisation at Karad Airport, Maharashtra, which operates four single-engine and one multi-engine aircraft from a 4,000-foot airstrip on a 20-year lease. - **Students pay their way** - the B2C model offers PPL and CPL courses lasting 6 to 18 months at fees of ₹35-40 lakh per student, funded by the students themselves or through bank loans, with graduates eligible for airline type-rating and employment. - **A government-awarded greenfield site** - the company has been awarded the Dholera airport in Gujarat to set up a new Flight Training Organization and is awaiting the final sign-off from the Ministry of Civil Aviation, which would add a second training base to the network. ## 5. Drone training and services: the small-aircraft classroom **A DGCA-approved Remote Pilot Training Organization that certifies 300 to 400 students a year on agricultural and surveillance drones, while also flying government survey projects.** - **Five days to a licence** - the wholly owned subsidiary Flywings Drone Training runs 5-day Remote Pilot Certificate courses using a fleet of four drones: two agricultural models with 27 kg payloads and two surveillance models with 5 kg payloads. - **Training plus services** - beyond pilot certification, the business operates a Drone-as-a-Service model and has already completed two government aerial survey projects, giving it a second revenue stream from the same equipment. # Group structure and partners **A single operating segment - aviation training - delivered through the parent company, one wholly owned drone subsidiary, one associate flying club, and a newly planted flag in GIFT City for aircraft leasing.** - The company has one wholly owned subsidiary, Flywings Drone Training Private Limited, incorporated in October 2023 and holding DGCA RPTO authorization. - It holds a 49.65% stake in Ambitions Flying Club Private Limited, the DGCA-approved FTO at Karad Airport that delivers its pilot-licensing courses. - In 2026, the board approved establishing a presence in IFSC GIFT City, Gujarat, for aircraft leasing and allied activities, marking the group’s entry into aviation finance. - Key operating partnerships include a long-term MRO agreement with IndiGo for wheels and brakes support, a simulator leasing arrangement with a Netherlands-based company for full flight simulators, and qualification under the government’s DDU-GKY scheme across five states to train underprivileged students for airport ground-staff roles.