Annual reportSep 2026
Sep 2026 · Outcome of Board Meeting 5 Sep - Board approved 15th AGM on Sept. 29, 2026, annual report, authorised capital hike to Rs. 25 crore.
Source: Nse
Flywings Simulator Training Centre Ltd. (FWSTC)
SME CapServices stocks · SME cap · NSE
Flywings Simulator Training Centre Ltd. (FWSTC) provides DGCA-approved simulation-based aviation training, focusing on Safety and Emergency Procedures (SEP) for cabin and cockpit crew. It serves B2B airline clients and B2C aspirants, leveraging 7 full-scale simulators. The company is expanding into pilot training, drone training, and aircraft leasing.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:16 pm ISTDetails
Quote19 Oct, 03:16 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 07:44 pm IST
Score19 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
61BullishSMA20 +4.8% / mo · RSI overbought · MACD + · near 52W high
Stock trend: 61
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
FWSTCW candles · FIT view+32.6%Latest close ₹271.60 on 2026-10-12
Bar
+34.5%
RSI
71
MACD hist
6.70
52W pos
94%
2026-10-12O ₹202.00H ₹279.00L ₹201.50C ₹271.60Vol 10.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
FWSTCNifty 500
- FWSTC
- +39.2%
- Nifty 500
- -4.2%
- Vs Nifty 500
- +43.4 pp
Chart stats
16 Oct 2026- From 52W high
- -2.7%
- 52W range position
- 94%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.87x
- Avg traded value
- ₹2 Cr
- 20D price channel
- ₹152 - ₹279
₹279
₹145 - ₹279
₹15.9
Latest completed session
20-session average
130.0% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST41
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish61
Price trend and sector-relative-strength timing.
Valuation
Legacy model+6.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14 Cr | NDF | +40.0% |
| EBITDA | ₹9 Cr | NDF | +50.0% |
| Operating margin | 64.0% | NDF | +700 bps |
| PAT | ₹7 Cr | NDF | +75.0% |
| PAT margin | 50.0% | NDF | +1000 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 24.80
- P/B
- 3.08
- EV/EBITDA
- 18.13
- Market Cap
- 276.00Cr
Profitability
- ROE
- 17.40%
- ROCE
- 19.70%
- ROA
- 10.81%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 20.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 20.00%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 15.00×
- Altman Z
- 7.97
- Book Value
- 88.30
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 3.00 Cr
- EPS TTM
- 11.44
Shareholding
- Promoter Hold
- 59.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 95%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 14.0+40.0% vs prev
Net Profit
₹ CrLatest: 7.0+75.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Weekly technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 71. Wait for confirmation.
- SMA20 rising (~4.8% over last month) — short-term momentum positive.
- RSI(14) at 71 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 1 Base / Transition
1M return
+78.2%
3M return
+49.2%
6M return
+44.5%
1Y return
-
RS 1D
+1
RS 20D
+66
Sector rank
#14
Industry rank
#52
Stage evidence
- Price is 45.0% above the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price above
200-DMA
unavailable
Sector
neutral
Industry
improving
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
169 observations
16 Oct 2026Value 141.32+2.24%
RS vs Nifty 500141
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth17/25
Quality11/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-4
Raw sum
41
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
41/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 17/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Penalty bucket subtracts 4 points.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
24.8
PB
3.1
EV/EBITDA
18.1
ROE
17.4%
ROCE
19.7%
FCF Yield
—
Debt/Equity
0.2
MoS
+6.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 19 Oct 2026
v4.3-runtime-valuation
Final score
41
Previous: 43 (-2)
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+6.8%
Previous: +10.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
19 Oct 2026
v4.3-runtime-valuation
52
52
52
52
49
48
46
46
46
46
43
43
Factor attribution
Valuation
2-2
was 4
Modelled fair value
Graham Number
₹150.76
-87.7% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹303.73
+6.8% MoS
PEG
1.24
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
DRONE
SME
Drone Destination Ltd.
Aviation
match 54
29
69.3
1.9%
-161%
OVERVALUED
GLOBALVECT
Small
Global Vectra Helicorp Limited
Aviation
match 50
15
—
-676.0%
—
OVERVALUED
FLYSBS
SME
FlySBS Aviation Ltd.
Aviation
match 42
68
17.2
26.2%
+35%
UNDERVALUED
INDIGO
Large
InterGlobe Aviation Limited
Aviation
match 37
25
—
-27.1%
—
OVERVALUED
ARIHANTACA
SME
Arihant Academy Ltd.
Education
match 19
56
30.3
31.1%
-14%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-16T08:43:07.695Z
Management commentary snapshot
FWSTC reported FY26 consolidated revenue of ₹2,582.04 Lakh, up 9.2% YoY, with EBITDA at ₹1,610.92 Lakh and PAT at ₹1,143.34 Lakh. However, EBITDA margin declined to 65.72% from 68.69% in FY25, and ROCE/ROE also saw significant drops.
While FWSTC shows strong revenue growth and strategic diversification into pilot, drone training, and aircraft leasing, the sharp decline in key profitability ratios (EBITDA/PAT margins, ROCE, ROE, EPS) from FY24 to FY26 is concerning. The shift to consolidated reporting in FY25/FY26 makes direct comparison challenging, but the trend warrants close monitoring.
Growth engines
Integrated Aviation Training Ecosystem
Expanding across SEP, pilot (Ambitions Flying Club), and drone training (Flywings Drone Training Academy) verticals.
New Airline Client Acquisition
Onboarding of Air India, Air India Express, and Akasa Airline in 2024.
Aircraft Leasing Business
Diversification into high-growth aviation asset leasing through IFSC Gift City to enhance revenue visibility.
Drone-as-a-Service (DaaS)
Subsidiary Flywings Drone Training Private Limited offers drone pilot training and DaaS, completing 2 government aerial survey projects.
Capacity and execution
New Training Equipment
Investing in CEET 320 Equipment (Cabin Visual and Slide single trainer), 6 DOF Motion Platform, and Airbus A320neo FTD.
New Training Centres
Establishing an additional training centre in Mumbai by FY27 and exploring other strategic locations.
A321 Neo & B787 Door Trainers
Inception of A321 Neo and Boeing 787 Door Trainer in 2024.
Drone Fleet Expansion
Subsidiary has a fleet of 4 drones (2 Agricultural, 2 Surveillance) for training and DaaS.
Tailwinds
Growing Indian Aviation Market
India is the 3rd-largest domestic market, projected for 7-10% YoY domestic passenger growth in FY26.
Pilot & Cabin Crew Shortages
India faces annual shortages of 1,150-1,450 pilots and up to 1,000 cabin crew, with fleet expected to triple by 2034.
Long-Term Airline Contracts
Multi-year Training Services Agreements (TSAs) with 2-8% annual escalation ensure steady, recurring revenue.
Asset-Light Airline Preference
Asset-light airlines prefer outsourcing SEP training rather than investing in in-house setups.
Headwinds
High Customer Concentration
A weakness identified by management, indicating reliance on a few key airline clients.
Asset-Intensive Operations
The business requires significant capital investment in simulators and infrastructure.
Downtime Impact on Capacity
Simulator downtime directly hits training capacity and revenue generation.
Risk radar
Airline In-house SEP Facilities
Threat of airlines developing their own Safety and Emergency Procedures training facilities.
Regulatory/Standard Changes
Changes in aviation regulations or training standards could require significant capital expenditure upgrades.
Technological Obsolescence
Risk of existing training equipment becoming obsolete, necessitating costly replacements.
Fiscal Policy & Competition
Risks include fiscal policy, competition, inflationary pressures, and general economic conditions affecting demand/supply.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company's core business involves long-term contracts with airlines, and financial results are presented annually. While new project execution could benefit from QoQ, the provided data and business model are best assessed year-over-year for underlying trends.
Sector KPIs management disclosed
Training Modules Delivered
20,000+
Full-scale Simulators
7
Active Airline Contracts
6
Airline Clients
10+
Management forward view
FY27 Organic Growth Target
Expects to grow by 20-30% organically in FY27, with inorganic initiatives further accelerating expansion.
Aircraft Leasing Foray
Foraying into aircraft leasing and allied services to create synergies and unlock new revenue streams.
Integrated Ecosystem Development
Developing an integrated aviation training ecosystem covering SEP, pilot, and drone training.
Investment in Advanced Equipment
Plans to invest in a 6 DOF Motion Platform and an Airbus A320 Neo Fixed Base Flight Simulator.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 65.72% (FY26 Consolidated) | Monitor stabilization or improvement, especially given the decline from 68.69% in FY25. |
| ROCE | 16.7% (FY26 Consolidated) | Watch for reversal of the declining trend from 28.62% in FY25 and 43.36% in FY24. |
| Debt Service Coverage Ratio | 1.93x (FY26 Consolidated) | Track for improvement, as it has significantly declined from 6.59x in FY25 and 14.92x in FY24. |
| New Training Centre Commissioning | Mumbai training centre by FY27 | Verify timely commissioning and ramp-up of new training centers and equipment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 52nd percentile of the scored universe and 58th percentile within Services. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Services: 58th pctile, median 66 · SME: 66th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
74
acceptable · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 59.9%.
- ▸Promoter pledge is zero.
- ▸ROCE is 20%.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 16%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Flywings Simulator Training Centre Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJul 2026
Jul 2026 · PPT
Source: Nse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Nse
Investor presentationJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 23 June 2026 - Flywings Investor Presentation 2026 scheduled virtually on 26 June 2026 at 1:30 PM.
Source: Nse
Annual report
Annual Report 2026
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.