Airfloa Rail Technology Ltd

BSE: 544516

₹ 458.4-2.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,099 crWebsite: www.airflow.co.inUpdated: 24 Oct 2026

About

Airfloa Rail Technology Limited manufactures railway interior systems, components, and sub-systems for Indian Railways, metro systems, and defence applications from its facility in Chennai. In FY26 the company reported revenue of ₹319.6 crores, up 66% year-on-year. It holds an unexecuted order book of ₹469 crores (March 2026), with 89% railway and 96% government exposure.^[1][2]

Business segments

Railways (Indian Railways and metro) formed ~89% of the order book as of March 2026, with the balance in defence and aerospace; 96% of the order book was government-sourced in FY26.^[2]
Of ~₹405 crores in railway orders as of Q2 FY26, 75 - 80% was from Indian Railways (government) and ~20% from the non-government/private sector.^[3]
Defence order book stood at ₹29 crores as of March 2026; the company entered defence and aerospace in 2020.^[2][3]

Products and services

Core products are railway interior systems and sub-systems supplied to Integral Coach Factory, Modern Coach Factory, and private contractors including Acme India Industries Ltd.^[3][4]
New product areas in railways include door systems and vacuum toilet systems for Vande Bharat trains; developmental orders for both were received by Q2 FY26.^[3]
Defence products under development include autonomous drones, anti-drone laser systems, radar systems, electronic warfare systems, high-power microwave/laser systems, and unmanned land rovers.^[3][2]
A subsidiary has been incorporated to develop electroluminescent dynamic display boards and flexible electronics for railway signage and aerospace/space applications.^[2]

Operations and capacity

Manufacturing is based in Chennai; the company moved from single-shift to double-shift operations in Q3 FY26, effectively doubling production throughput.^[3][2]
Capacity utilisation was 90% in FY26, up from 85% in FY25, running across two shifts each at 85% utilisation.^[2][3]
A 14-acre land parcel has been acquired for a new manufacturing facility; a 50,000 - 1,00,000 sq ft shed is planned for commissioning in FY27 at an infrastructure capex of ₹30 - 35 crores.^[2][3]
The new 14-acre facility is targeted to double existing manufacturing output capacity.^[2]

Key operating numbers

Order book was ₹469 crores at March 2026 (vs ₹472 crores at March 2025); as of May 2026, unexecuted orders stood at ₹486.9 crores.^[2]
Order inflows in FY26 were ₹380 crores, up from ₹329 crores in FY25.^[2]
Active bid pipeline was ₹1,200 crores as of May 2026, of which ~₹900 crores is Indian Railways and ~₹120 crores metro; historical bid-win ratio is 20 - 25%.^[2]
H2 FY26 revenue was ₹229.1 crores vs ₹107.3 crores in H2 FY25 (+114% YoY), reflecting heavy back-end loading from railway customer ordering patterns.^[2]
Debtor days were 195 in FY26 vs 219 in FY25; trade receivables stood at ₹214 crores as of March 31, 2026.^[2]

Customers and distribution

Key customers include Integral Coach Factory, Modern Coach Factory, and Acme India Industries Ltd; all order book revenue is domestic.^[3][4]
A channel-partner network is being formalised across Indian railway zones to execute zonal-railway and refurbishment contracts without owned facilities nationwide, targeting ₹500 crore revenue without proportional capex.^[2]
Management expects the refurbishment segment to deliver ₹100 crores or more in orders in FY27; government has sanctioned ₹26,000 crores for 25,000 coaches over 3 - 4 years.^[2]

Expansion and capex

New 14-acre manufacturing facility in Chennai: 50,000 - 1,00,000 sq ft shed, infrastructure capex ₹30 - 35 crores, targeted for commissioning in FY27; land already acquired.^[2]
Total FY27 capex (excluding defence JV) is approximately ₹30 - 40 crores.^[2]
Airfloa plans to invest approximately ₹25 crores into the Big Bang Boom Solutions JV in FY27 for autonomous drones and electronic warfare.^[2]
R&D spend is planned to increase to 8 - 9% of revenue in FY27, predominantly on defence and aerospace, to be capitalised on the balance sheet.^[2]
₹120 crores of bank debt is being raised in FY27 at 8.25% interest to fund working capital; ₹60 crores sanctioned, with ₹60 crores disbursement expected by June 30, 2026.^[2]

Recent developments

A 51:49 JV with Big Bang Boom Solutions (Airfloa majority) covering electronic warfare, AI-driven autonomous defence platforms, and high-power microwave/laser systems was expected to be incorporated by June 15, 2026.^[2]
Defence orders from HAL (AMCA simulators) of ₹60 - 70 crores are targeted in FY27, in addition to ₹29 crores already in the order book as of March 2026.^[2]
An order worth ₹7.33 crores was received from Acme India Industries Ltd on September 27, 2026, for supply of railway interior items; execution deadline is October 27, 2026.^[4]
Management chose not to chase the ₹1,000 crore revenue milestone in FY26, requesting customers to retender projects where economics did not meet internal return thresholds; the milestone timeline is described as extending modestly.^[2]
An integrated AI-based remote train security system is planned to be exhibited to RDSO and Railway Board in FY27.^[2]

Market Cap

₹1,099 Cr

High / Low

₹594 / 246

Stock P/E

32.2

Price / Book

0.0

Book Value

₹100

EPS

₹16.3

No. of Shares

2.4 Cr

ROCE

19.9%

ROE

16.3%

OPM

19.1%

Debt / Equity

0.29

Sales

₹320 Cr

Net Profit

₹39 Cr

Promoter holding

54.2%

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