September 10, 2025
admin
Airfloa Rail TechnologyIPO Key Dates
| Anchor Investor Subscription | |
| IPO opens on | 11 Sept. 2025 |
| IPO Closes on | 15 Sept. 2025 |
| Allotment on | 16 Sept, 2025 |
| Credit of shares on | 17 Sept. 2025 |
| Tentative Listing on | 18 Sept. 2025 |
Airfloa Rail Technology IPO Condenses Verdict
Airfloa Rail Technology Ltd., a supplier of railway rolling stock components and turnkey interiors, has reported strong performance in FY25 with Total Income of Rs. 192.66 cr and PAT of Rs. 25.55 cr. Margins are healthy (EBITDA Rs. 47.41 cr, ~24.6%) and Net Worth has expanded to Rs. 110.8 cr. With established credentials in Railways, Metro, and Vande Bharat projects, along with presence in aerospace & defence, the company offers a strong growth story. However, borrowings of Rs. 59.98 cr remain a point to track.
Final Subscription Tally
| Size Rs. Crore | ||||
| QIB | NII x | RII x | Total x | Applications |
| Subscription Review: |
||||
About Airfloa Rail Technology
Incorporated in December 1998, Airfloa Rail Technology Ltd. is engaged in the manufacturing of rolling stock components and turnkey interior projects for Indian Railways. The company supplies to production units such as the Integral Coach Factory (ICF) and other coach factories, and has also executed projects for Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches and the Train-18 Vande Bharat Express.
Beyond Railways, the company also caters to the aerospace and defence sectors, producing critical components such as AMCA ground simulators and artillery tank bodies. It is certified with ISO 9001:2015, EN 15085-2 and BMS, ensuring compliance with global quality standards.
The company’s product portfolio includes seating systems, passenger access doors, air diffusers, large windows, roof panels, PAPIS displays and other turnkey interior solutions that enhance passenger comfort and safety. As of 31 July 2025, Airfloa Rail Technology employed 281 personnel (including contract staff), supported by an experienced senior management team.
Airfloa Rail Technology IPO Details
|
Sector: Retail sector |
|
| IPO opens on | 11 September 2025 |
| IPO closes on | 15 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 65,07,000 Shares / Rs 91.10 Crore |
| * Fresh Issue | – |
| * Offer for Sale – | – |
| Market Maker Portion | 326,000 Shares |
| Net offer to Public | 61.81.000 Shares Rs. 86.53 Crores |
| Face Value per share | Rs. 10 |
| Price Band | Rs. 133-14- |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 1000 Shares |
| Listing will at | BSE SME |
How shares are being offered
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 3,26,000 (5.01%) |
| QIB Shares Offered | 30,87,000 (47.44%) |
| NII (HNI) Shares Offered | 9,30,000 (14.29%) |
| Retail Shares Offered | 21,64,000 (33.26%) |
| Total Shares Offered | 65,07,000 (100.00%) |
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 2,000 | ₹2,80,000 |
| Retail (Max) | 2 | 2,000 | ₹2,80,000 |
| S-HNI (Min) | 3 | 3,000 | ₹4,20,000 |
| S-HNI (Max) | 7 | 7,000 | ₹9,80,000 |
| B-HNI (Min) | 8 | 8,000 | ₹11,20,000 |
Who are the Promoters of Airfloa Rail Technology IPO?
Ms. Nandhini Manikandan and Mr. Sathishkumar Venkatesan.
The promoters hold 74.40% of the pre-IPO capital
What are the Objects of Airfloa Rail Technology IPO?
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects
+Capital expenditure towards purchase of machinery and equipments Rs. 13.68 Crore
+Repayment of a portion of certain outstanding borrowing availed by the company Rs. 6.00 Crore
+Funding working capital requirements Rs. 59.27 Crore
+General Corporate purposes
Airfloa Rail Technology IPO Lead Managers
GYR Capital Advisors Pvt ltd
| Registered Office of the Company |
| Airfloa Rail Technology Ltd. No 9 Chelliamman Koilstreet Keelkttala Chennai, Tamil Nadu, 600117 Email: cs@airflow.co.in |
| Who is the Registrar to the IPO?
Kfin Technologies Ltd. |
Airfloa Rail Technology Financials Snapshot
| Period Ended | 31-Mar-25 |
| Assets | 256.94 |
| Total Income | 192.66 |
| Profit After Tax | 25.55 |
| EBITDA | 47.41 |
| Net Worth | 110.8 |
| Reserves and Surplus | 93.34 |
| Total Borrowing | 59.98 |
| Amount in Rs. Crore | |
Performance Indicators
| KPI | Values |
| ROE | 30.64% |
| ROCE | 26.28% |
| Debt/Equity | 0.54 |
| RoNW | 23.06% |
| PAT Margin | 13.28% |
| EBITDA Margin | 24.61% |
| Price to Book Value | 3.75 |
| EPS | 8.15 |
| PER | 17.18 |
How Jay Airfloa Rail Technology IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Jay Ambe Supermarkets | 20.51 | |
| Osia Hyper Retail | 17 | 4.97 |
#
Airfloa Rail Technology IPO Review
by Paresh Gordhandas, CA & Research Analyst
Financial Performance:
-
Total Income for FY25 stood at Rs. 192.66 cr, reflecting robust order execution.
-
Profit After Tax was Rs. 25.55 cr, showing consistent profitability.
-
EBITDA of Rs. 47.41 cr indicates strong operating efficiency (~24.6% margin).
-
Net Worth improved to Rs. 110.8 cr, supported by Reserves of Rs. 93.34 cr.
-
Debt levels stand at Rs. 59.98 cr, implying moderate leverage.
Business Strengths:
-
Long track record since 1998, with certifications like ISO 9001:2015, EN 15085-2 & BMS, ensuring quality standards.
-
Supplier to prestigious projects: Train-18 Vande Bharat Express, Agra-Kanpur Metro, RRTS, Vistadome Coaches, etc.
-
Expanding into aerospace & defence with critical components (AMCA ground simulators, artillery tank bodies).
-
Diversified product portfolio: seating systems, access doors, air diffusers, roof panels, PAPIS displays and turnkey interiors.
Concerns / Risks:
-
Dependency on Indian Railways and defence orders makes revenues sensitive to government allocations.
-
Borrowings of nearly Rs. 60 cr need to be serviced amidst capex and working capital demands.
-
Execution of complex turnkey projects requires maintaining quality and timelines to avoid cost overruns.
Chanakya View:
Airfloa Rail Technology combines solid credentials in Railways with future potential in defence & aerospace. Financials show strength with high margins, though investors should monitor leverage and project execution risks.
The company manufactures railway rolling stock components and turnkey interiors for Indian Railways, Metro, and also supplies parts for aerospace & defence projects.
It reported Total Income of Rs. 192.66 cr, PAT of Rs. 25.55 cr and EBITDA of Rs. 47.41 cr in FY25.
Projects include Train-18 Vande Bharat Express, Agra-Kanpur Metro, RRTS, Vistadome Coaches, Sri Lankan DEMU, among others.
Strong client base in Indian Railways, certified quality systems, diversified product range, and entry into aerospace & defence manufacturing.
Dependence on government orders, moderate borrowings (Rs. 59.98 cr), and execution challenges in complex turnkey projects.
Quicklinks
- Market Analysis by Nagaraj Shetti
- Stock Market today by Vaishali Parekh
- Analysis by Kotak Securities
- Market Analysis by HDFC Securities
- Technical Analysis by Kotak Securities
- Technical Analysis by Samco Securities
- Reliance, Target & Stoploss
- Gold Analysis
- FII buy-Sell
- Technical Analysis
- Calls for the Day
- Currency Analysis
# This is only coverage of News related to Grey Market Premium & subject to rates. We do not deal in grey market premium. We do not recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
