Flywings Simulator Training Centre has disclosed that promoter Ms. Rupal Sanjay Mandavia has pledged 14,72,982 equity shares to secure the recently issued Non-Convertible Debentures (NCDs). The encumbrance was created in favor of Catalyst Trusteeship Limited, acting as the Debenture Trustee, to support the issuance of secured NCDs aggregating ₹20 crore. This disclosure was submitted to the National Stock Exchange of India Limited on June 20, 2026, under Regulation 31(1) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Pledge Details

The pledged shares represent 14.47% of the company's total share capital. Ms. Mandavia, who holds 60,93,414 equity shares representing 59.87% of the total paid-up capital, created the pledge on June 17, 2026. The encumbrance is specifically for the benefit of the listed company to facilitate the secured debt instrument.

NCD Issue Background

The company had previously allotted 200 secured, redeemable, fully paid-up NCDs on a private placement basis. The board approved this allotment via a circular resolution on June 19, 2026. The debentures carry a coupon rate of 18% per annum and mature in 18 months. The issue is backed by a charge over current and fixed assets, in addition to the promoter's pledge.

Board Appointments

Concurrent with the capital raising activities, the board appointed Catalyst Trusteeship Limited as the Debenture Trustee. Furthermore, Mr. Nishant Sharma was appointed as the Internal Auditor for the financial year 2026-27 to ensure compliance with Section 138 of the Companies Act, 2013 and relevant SEBI regulations.

Flywings Simulator Training Centre reported a 21% year-on-year increase in revenue to ₹2,451.17 lacs for the financial year ended March 31, 2026, driven by strong demand for aviation training infrastructure. The company's net profit for the year rose 6% to ₹1,143.34 lacs, while EBITDA grew 16% to ₹1,610.92 lacs. Management has provided guidance for FY27, expecting the company to grow by 20–30% organically, supported by a foray into the aircraft leasing business and expansion of new service centres.

Financial Performance

The company delivered steady standalone financial performance for the year ended March 31, 2026. Revenue from operations rose to ₹2,451.17 lacs from ₹2,021.05 lacs in the previous year. Total revenue, including other income of ₹130.87 lacs, stood at ₹2,582.04 lacs compared to ₹2,364.33 lacs previously. Other expenses increased during the year, partly due to a provision for bad debts of ₹181.84 lacs.

The following table summarises the financial results for FY26 and FY25:

Strategic Developments

During the year, Flywings Simulator Training Centre received DGCA approval to conduct Safety & Emergency Procedures (SEP) training for both flight and cabin crew. The company reallocated IPO proceeds towards leasing two Airbus A320neo Full Flight Simulators (FFS) for 10 years to strengthen pilot training capabilities. Additionally, the firm announced plans for a new simulator facility at Panvel, Maharashtra, and expanded its business scope into aviation infrastructure and EPC related activities.

Balance Sheet and IPO Funds

The standalone balance sheet as at March 31, 2026 reflects significant growth in the company's asset base. Total assets stood at ₹10,778.78 lacs, up from ₹6,641.43 lacs in the previous year. Total equity improved substantially to ₹8,964.99 lacs from ₹3,856.82 lacs. Cash and cash equivalents grew to ₹2,364.35 lacs from ₹567.87 lacs.

The company had raised funds through its IPO by issuing 29,86,800 equity shares with a face value of ₹10 each at an issue price of ₹191 per share, aggregating to ₹57,04,78,800. The equity shares were listed on the SME Platform of the National Stock Exchange of India Limited on December 12, 2025. Statutory auditor Jain and Jain LLP confirmed that ₹19.31 crore of the net proceeds were utilized during the half year ended March 31, 2026, with no deviation from the original allocation plans.