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1. Opening Hook
An aviation training company just held its FY26 call, and the numbers took two very different flights. Revenue climbed 21% to ₹24.5 Cr. Profit, per the data sheet, grew about 1% to ₹11.2 Cr. Same runway, wildly different altitudes.
The call arrived carrying more baggage than usual. On 27 June 2026 the exchange sought clarification from the company on its March-2026 results under Regulation 33. The concall itself was rescheduled from 24 June to 30 June. Then management walked in with four business verticals, four simulators, a Netherlands lease deal, a Dholera flight school, and a wheels-and-brakes contract with IndiGo.
Somewhere in there, an investor asked about the aircraft-leasing business. The CEO’s answer was short. We’ll get to it.
2. At a Glance
- Revenue ₹24.5 Cr (up 21%) – The top line flew. The bottom line stayed in the lounge.
- PAT ₹11.2 Cr (up ~1%) – Profit grew at roughly the pace of a boarding queue.
- OPM 64%, down from 71% – Margins gave back 700 bps and didn’t file a reason on the sheet.
- EPS ₹11.23, down from ₹14.07 – More profit, fewer rupees per share, because the share count rose post-IPO.
- H2 profit down ~18% YoY on 7.83% higher sales – The revenue went up; the profit went the other way.
- Working capital days 109 → 189 – Cash spent longer in the departure hall.
- Dividend 0% – Five years of profits, zero payout, uninterrupted.
3. Management’s Key Commentary
Captain Sanjay Mandavia set the tone early: “Flywings is our baby, which we would like to take forward and make a world-class ancillary training provider for the airline industry, which is always highly profitable.” (The industry is always highly profitable. The company’s OPM still fell to 64%.)
On the four verticals: “All these four verticals are high-margin businesses and have exponential growth potential.” (Four exponentials in one sentence. The P&L is still doing addition.)
On the simulator economics: “Every full flight simulator generally makes in excess of USD 3 million per annum.” (A per-machine figure quoted for machines that, per the call, arrive by October and earn from January.)
On the leasing edge: “We are the only company in the country that will have all the simulators on the lease model.” (Only one in the country — a claim easier to hold when the machines aren’t installed yet.)
The attrition explanation was its own genre. Management said the industry runs a 25% yearly attrition rate, then added that “Indian cabin crew generally have a lot of young girls who join the industry at a very early age and then have social compulsions to move to a different field or maybe get married. So, we have a very high attrition rate and that helps our business model very nicely.” (“Helps our business model very nicely” — the euphemism doing an emergency evacuation from the sentence around it.)
On utilisation, management said the Gurgaon facility runs at “about 92%”, operating “about 14 to 15 hours a day.”
