1. NCD issuance - ₹20 crore via private placement, 18-month tenure, 18% p.a. On track - The company proposed to issue 200 NCDs aggregating ₹20 crore via private placement, in one or more tranches, unlisted, with 18 months tenure and 18% P.A. coupon, with charge over current and fixed assets and a 2% per month penalty for payment delays beyond three months. Promoter Ms. Rupal Sanjay Mandavia pledged 14,72,982 shares (14.47% of share capital) dated 17-06-2026 in favour of Catalyst Trusteeship Limited as Debenture Trustee for the secured NCDs.
2. Main Objects alteration - aviation infrastructure and EPC diversification Delivered - On 1 May 2026, the board approved alteration of the Main Objects (Clause III(A)) to diversify into aviation infrastructure and systems, including airfield and runway lighting, air traffic advisory systems, instrument landing systems and electro-mechanical works, subject to shareholder Special Resolution. The EGM held 28 May 2026 transacted the alteration, expanding the business scope into aviation infrastructure and EPC-related activities.
3. IPO objects variation - replace A320neo FTD with two leased A320neo FFS, achieved within 6 months On track - On 1 May 2026, the board proposed replacing the Airbus A320neo FTD with leasing two Airbus A320neo Full Flight Simulators on a 10-year operating lease at Taloja, Panvel, to be achieved within 6 months of the special resolution; the EGM on 28 May 2026 passed the variation with 100.00% votes in favour. At the Q1 FY27 call (Jun 2026), both Mumbai A320 simulators were ready to deliver but the building and power were not ready.
4. Simulator occupancy - \~85-90% target, \~6,500 simulator hours Delivered - At the Q1 FY27 call (Jun 2026), management targeted \~85% to 90% occupancy, equating to around 6,500 simulator hours. The Gurgaon facility was running at about 90% to 95% occupancy, stated at about 92% while operating 14 to 15 hours a day; a Chennai competitor benchmark runs two simulators at \~100% (\~6,500 hours).
5. Dholera FTO - establishment after final award by Ministry of Civil Aviation On track - At the Q1 FY27 call (Jun 2026), management stated Dholera FTO establishment will start once the final award is signed by the Ministry of Civil Aviation, with five acres of land already received at Dholera airport. AAI issued a Letter of Intent dated 5 August 2026 for an FTO at Dholera Airport, Gujarat, subject to execution of requisite agreements and applicable approvals.
6. Aircraft leasing platform - IFSC Gift City, gradual scaling On track - At the Q4 FY26 PPT (8 Jun 2026), management announced an aircraft leasing platform through IFSC Gift City with gradual fleet scaling via asset-light and hybrid ownership models, cited as aiding FY27 growth. FY26 milestones included establishment of a unit in IFSC, GIFT City and diversification into aircraft leasing and allied activities, and the board approved presence there to explore aircraft and simulator leasing.
7. FY27 organic growth - 20-30% On track - At the Q4 FY26 PPT (8 Jun 2026), management guided 20-30% organic growth for FY27, and at the Q1 FY27 call (Jun 2026) the CEO confirmed confidence in the 20% to 30% guidance - "Absolutely". No FY27 outcome is reported yet - Q4 FY26 revenue grew 7.83% YoY and FY26 revenue grew 21.27% to ₹24.51 cr, within the guided band.
8. Component MRO revenue - INR 20-25 lakhs per month by mid-2027 On track - At the Q1 FY27 call (Jun 2026), management aimed for component MRO revenue of INR 20 lakhs to INR 25 lakhs per month by mid-2027. Component MRO (wheels, brakes, batteries, NDT) in Gurgaon was doing around INR 10 lakhs revenue per month up till that call, with active IndiGo wheels and brakes work scaling.
9. Mumbai (Taloja MIDC) facility - start by end of October 2026, revenue by Q4 FY27 On track - At the Q1 FY27 call (Jun 2026), management expected the Mumbai (Taloja MIDC) facility to start by end of October, "plus or minus one month" subject to Mumbai rains, with revenue from the last quarter of FY27 (by January); it will house four simulators - two A320 FFS, one helicopter simulator and a cabin crew simulator/training pool; the Q4 FY26 PPT had framed the Mumbai ATO as an FY27 aim. Both Mumbai A320 simulators were ready to deliver but the building and power were not ready as of that call.