Key Metrics of Cae Simulation Training Private Limited
About Cae Simulation Training Private Limited
Company details
- Registered office
- Third Floor, Gopal Das Bhawan 28, Barakhamba Road, New Delhi, In-dl, 110001
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Oct 2026 | ICRA | Reaffirmed | A | — | Stable | ₹741 Cr | View |
Credit strengths (ICRA, Oct 2026)
+ High degree of recurring business; association with leading airline provides healthy revenue visibility
As per the regulatory guidelines by the Directorate General of Civil Aviation (DGCA), Government of India, pilots must undergo 200 hours of simulator training to obtain a commercial pilot licence.
+ Healthy profitability, aided by high-capacity utilisation level
CSTPL benefits from its leadership position in the Indian flight simulation market and the limited competitive intensity in the industry.
+ Strong promoter group provides operational and financial flexibility
CSTPL benefits from strong parentage and strategic linkages with its promoters, being a 50:50 joint venture between InterGlobe Enterprises and CAE.
Credit challenges
− Significant debt-funded capacity expansion plans to result in moderation of debt coverage metrics
Simulation training is a capital-intensive business, with an investment of around $11-12 million for an Airbus simulator and $16-17 million for a Boeing MAX simulator.
− Exposure to regulatory changes in the civil aviation sector
CSTPL remains exposed to risks arising from airline fleet rationalisation, changes in aircraft mix, capacity expansion by existing competitors, or the entry of new players in the Indian flight simulation market, any of which could affect simulator demand and revenue growth.
Could lead to an upgrade
ICRA could upgrade the ratings upon a material expansion in CSTPL’s scale of operations, leading to a stronger competitive position, greater resilience to demand variability, and a sustained improvement in debt protection metrics.
Could lead to a downgrade
Pressure on the ratings could arise in case of a prolonged decrease in capacity utilisation or sizeable debt - funded capex undertaken by CSTPL, which results in weakening of its debt protection metrics on a sustained basis. Specific credit metrics for ratings downgrade include total debt to OPBDITA of 3.0 times or higher on a sustained basis, along with a material depletion of cash and cash equivalents. Weakening of financial flexibility (enjoyed on account of the parent group) could also exert pressure on the ratings. www.icra.in Sensitivity Label : Public Page |3
Agency-reported financials (ICRA, 30 Oct 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹344 Cr | ₹333 Cr |
| PAT | ₹81.20 Cr | ₹21.80 Cr |
| OPBDIT/OI | 77.3% | 82.2% |
| PAT/OI | 23.4% | 6.5% |
| Total outside liabilities/Tangible net worth (times) | 1.90× | 1.90× |
| Total debt/OPBDIT (times) | 2.70× | 2.80× |
| Interest coverage (times) | 5.70× | 5.30× |
| Revenue growth (YoY) | — | −3.2% |
| EBITDA (margin × income) | ₹266 Cr | ₹274 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹718 Cr | ₹767 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹46.65 Cr | ₹51.66 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based – Term Loan Short-term – Interchangeable Buyers Credit | Term loans | ₹786 Cr | ₹741 Cr | −5.7% | A (Stable) | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 58% |
| Information on file | 44% · missing: Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 58% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 5.3×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate CSTPL’s liquidity position is expected to remain adequate, aided by strong cash flows from operations of Rs. 200-250 crore p.a., cash balances and healthy liquid investments (in mutual funds) of Rs. 252 crore as on March 31, 2026.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.