Airfloa Rail TechnologyShare price, financial results, shareholding and management
- Market cap
- ₹1,162 cr
- Stock P/E
- 29.7peers 24.3
- Book value
- ₹99.7
- Price to book
- 4.86
- EV / operating profit
- -
- Market cap to sales
- 3.64
- ROCE · FY26
- 25.7%
- ROE · FY26
- 22.4%
- ROE, 3-year average
- 27.4%
- Operating margin · FY26
- 20.1%peers 14.5%
- Sales growth, 3 years
- 49.8%
- Profit growth, 3 years
- 239.6%
- Debt to equity
- 0.28peers 0.26
- Borrowings
- ₹68 cr
- Interest cover
- 7.1×
- Cash from business / op. profit
- -89%
- Debtor days
- 244
- Pledged
- 0.00%
- Promoter holding
- 54.20%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 2,129
- 52-week high / low
- ₹594 / ₹220
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Airfloa Rail Technology share price chart
Close on 6 Nov 2026 · +2.21% on the day · Vol 59,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -12.6%
- 3 months
- +53.7%
- 6 months
- +42.0%
- 1 year
- +48.7%
- Traded a day, 20 days
- ₹3.38 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +66% | +51% |
| 3 years, a year | +50% | +240% |
| Latest half, H2 FY26 | +114% | +69% |
About Airfloa Rail Technology: business, products and customers
Airfloa Rail Technology makes and fits the insides of train coaches, such as seats, windows, doors, panels and lighting, for Indian Railways coach factories, metro projects and private suppliers. It also makes parts and simulators for defence and aircraft programmes, and its shares trade on BSE SME.
Airfloa, set up in Chennai in 1998, designs, makes, installs and commissions coach interiors and exterior panels in aluminium, steel and fibre reinforced plastic. It has worked on Vande Bharat, Amrit Bharat, Vistadome, metro and RRTS coaches, and on 97 coaches for Sri Lanka through RITES. Railways gave 72% of FY26 revenue.
The largest customer is Integral Coach Factory in Chennai, which gave 53.6% of FY25 revenue, and private companies that build coaches and parts gave 60% of FY26 revenue. It works from five units around Chennai, which ran at about 90% of capacity in FY26, and is planning a larger plant on 14 acres.
Read more about the business
What is new: a 51:49 joint venture with Big Bang Boom Solutions for electronic warfare and autonomous defence systems, approved by its board, and a memorandum signed in September 2026 to acquire the Coimbatore business of KIN Railway Equipment for ₹48 cr, subject to due diligence. It is an approved vendor to HAL and CVRDE and has built ground simulators for the AMCA fighter programme.
On 10 October 2026 the company told the exchange it had signed a memorandum of understanding with KTK Group Co. Ltd, a company incorporated under the law of China with a place of business in India, to take part jointly in tendering. Only the subject lines of that filing and its press release are among the documents read, so the tenders, the shares of work and any value are not stated here.
From the prospectus (September 2025), the November 2025 and June 2026 earnings calls, the June 2026 investor presentation and the September and October 2026 exchange announcements.
Read the deeper study ↓In its favour
- Sales have grown fast: 50% a year over three years.
- It earns a high return on the money it uses: ROCE 26% in FY26.
- It has little debt for its size: debt to equity 0.28.
To watch
- The FY27 revenue target of about ₹500 cr with profit margins of 12% to 13%, given in June 2026 (Earnings call, Jun 2026, p.5).
- Collection of the ₹214.0 cr owed by customers at March 2026 (Investor presentation, Jun 2026, p.34).
- Due diligence and a final agreement on the ₹48 cr purchase of KIN Railway Equipment's business (Exchange announcement, 12 Sep 2026, p.2).
- Start of commercial work at the Big Bang Boom Solutions joint venture, targeted for mid FY27 (Investor presentation, Jun 2026, p.19).
- Customers take longer to pay than before: 244 days in FY26, against 144 in FY05.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Airfloa Rail Technology revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Airfloa Rail Technology half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 85 | 107 | 90.54 | 229.06 |
| Expenses | 63 | 81 | 68.54 | 187.06 |
| Operating profit | 22 | 26 | 22 | 42 |
| OPM | 26.0% | 24.0% | 24.0% | 18.0% |
| Interest | 5 | 6 | 4 | 4 |
| Depreciation | 1 | 1 | 2 | 2 |
| Profit before tax | 16 | 19 | 16.50 | 36.17 |
| Net profit | 10 | 16 | 12.09 | 27.05 |
Airfloa Rail Technology profit and loss
Full years to March, FY05 to FY26 · ₹ crore, consolidated where reported
| FY05 | FY06 | FY07 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1 | 1 | 4 | 137 | 95 | 119 | 192 | 319.60 |
| Expenses | 1 | 1 | 4 | 120 | 79 | 87 | 144 | 255.35 |
| Operating profit | 0 | 0 | 0 | 17 | 17 | 32 | 48 | 64.25 |
| OPM | 6.0% | 5.0% | 4.2% | 12.0% | 17.0% | 27.0% | 25.0% | 20.1% |
| Other income | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0.47 |
| Interest | 0 | 0 | 0 | 9 | 11 | 12 | 11 | 8.58 |
| Depreciation | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3.47 |
| Exceptional and other items | · | · | · | · | -1 | · | · | · |
| Profit before tax | 0 | 0 | 0 | 5 | 2 | 21 | 35 | 52.67 |
| Tax rate | 33.0% | 50.0% | 67.0% | 60.0% | 50.0% | 33.3% | 25.7% | 25.7% |
| Net profit | 0 | 0 | 0 | 2 | 1 | 14 | 26 | 39.15 |
| EPS ₹ | 8 | 2 | 0.80 | 4.38 | 2.98 | 28.49 | 14.63 | 18.66 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY07) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Airfloa Rail Technology profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY05 | FY06 | FY07 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 5.0% | 4.2% | 12.0% | 17.0% | 27.0% | 25.0% | 20.1% |
| Tax rate | 33.0% | 50.0% | 67.0% | 60.0% | 50.0% | 33.3% | 25.7% | 25.7% |
| ROCE | · | 0.0% | 0.0% | 24.5% | 12.1% | 29.7% | 31.7% | 25.7% |
| ROE | · | 0.0% | 0.0% | 9.5% | 2.4% | 28.6% | 31.3% | 22.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Airfloa Rail Technology debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Airfloa Rail Technology balance sheet
At each 31 March · ₹ crore
| FY05 | FY06 | FY07 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.05 | 0.05 | 0.25 | 5 | 5 | 5 | 17 | 24 |
| Reserves | 0 | 0 | 0 | 37 | 37 | 51 | 93 | 215 |
| Net worth | 0.05 | 0.05 | 0.25 | 42 | 42 | 56 | 110 | 239 |
| Borrowings | 0 | 0 | 1 | 71 | 60 | 64 | 60 | 68 |
| Other liabilities | 0.95 | 0.95 | 0.75 | 49 | 62 | 82 | 87 | 96 |
| Total liabilities | 1 | 1 | 2 | 162 | 164 | 202 | 257 | 403 |
| Fixed assets | 0 | 0 | 0 | 37 | 36 | 34 | 37 | 49 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| Other assets | 1 | 1 | 2 | 125 | 128 | 168 | 220 | 347 |
Airfloa Rail Technology cash flow
₹ crore
| FY05 | FY06 | FY07 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | · | · | · | · | 10 | 3 | -4 | -57 |
| Cash from investing | · | · | · | · | 3 | 3 | -6 | -22 |
| Cash from financing | · | · | · | · | -21 | -7 | 13 | 88 |
| Net cash flow | · | · | · | · | -8 | -1 | 3 | 9 |
Working capital
Days
| FY05 | FY06 | FY07 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 144 | 111 | 122 | 178 | 187 | 311 | 242 | 244 |
| Inventory days | 28 | 61 | 23 | 181 | 400 | 258 | 202 | 125 |
| Days payable | 81 | 79 | 92 | 186 | 414 | 337 | 207 | 105 |
| Cash conversion cycle | 92 | 93 | 52 | 172 | 173 | 232 | 237 | 264 |
| Working capital days | 96 | 73 | 66 | 16 | -19 | 47 | 120 | 190 |
Airfloa Rail Technology peers and competitors
Listed SME companies in the same industryBy sales, Airfloa Rail Technology is number 3 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Kataria Industries | 325 | 27.1 | 331 | 12 | 6.0% | 0.19 |
| Airfloa Rail Technology | 1,162 | 29.7 | 320 | 39.2 | 20.1% | 0.28 |
| Aimtron Electronics | 3,925 | 85.3 | 301 | 46 | 20.0% | 0.23 |
| True Colors | 366 | 11.8 | 301 | 31 | 16.0% | 0.25 |
| Innovators Facade Systems | 207 | 14.8 | 228 | 14 | 13.0% | 0.26 |
| Fabtech Cleanrooms | 614 | 36.1 | 219 | 17 | 10.0% | 0.18 |
| Concord Control Systems | 2,464 | 60.1 | 210 | 41 | 28.0% | 0.26 |
| BEW Engineering | 66 | 17.5 | 186 | 3.8 | 5.2% | 0.44 |
| Patil Automation | 810 | 42.6 | 167 | 19 | 15.0% | 0.15 |
| Adisoft Technologies | 493 | 21.5 | 166 | 22.9 | 18.0% | 0.30 |
| Energy Mission Machineries (India) | 135 | 11.3 | 161 | 11.9 | 14.0% | 0.31 |
| Median of the 10 others | 430 | 24.3 | 215 | 18 | 14.5% | 0.26 |
Airfloa Rail Technology shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Airfloa Rail Technology shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 54.20% | 54.20% |
| Foreign investors (FIIs) | 2.77% | - |
| Indian institutions (DIIs) | 1.23% | - |
| Number of shareholders | 1,624 | 2,129 |
Airfloa Rail Technology study: the business from its own documents
Read from 8 of the company's own documentsAirfloa Rail Technology so far
From the company's own record
- December 1998Company formed
- 27 Sept 2026Order worth ₹7.33 cr
- 13 Oct 2026Order worth ₹34.85 cr
- 31 March 2026Promoters at 54.20%
- 18 Sept 2026Highest close since listing, ₹584.20
Airfloa Rail Technology key facts from the filings
Each figure with the document it comes from
- Order book
- ₹469 cr
- Unexecuted orders at the end of March 2026, about one and a half times FY26 revenue; 89% from government customers.Investor presentation, Jun 2026, p.5 and p.14
- Revenue
- ₹319.6 cr
- FY26 revenue from operations, up 66% from ₹192.4 cr, with ₹229.1 cr of it in the second half.Investor presentation, Jun 2026, p.33
- Largest customer
- 53.6%
- Share of FY25 revenue from Integral Coach Factory; the top ten customers gave 92.5%.Prospectus, p.145
- Private customers
- 60%
- Share of FY26 revenue from private customers, against 35% in FY25.Investor presentation, Jun 2026, p.7
- Capacity used
- 90%
- Use of its five units in FY26, up from 85% in FY25; a 14-acre site is planned for a new plant.Investor presentation, Jun 2026, p.4, p.21 and p.26
Show 5 more facts
- Bid pipeline
- ₹1,200 cr
- Tenders the company was bidding for in June 2026, about ₹900 cr of it for Indian Railways; it says it has historically won 20% to 25% of bids.Earnings call, Jun 2026, p.4 and p.7
- Money owed by customers
- ₹214.0 cr
- Trade receivables at 31 March 2026, up from ₹127.6 cr, as much of the year's work was billed in March.Investor presentation, Jun 2026, p.34; Earnings call, Jun 2026, p.6
- EBITDA margin
- 20.1%
- FY26 operating margin, down from 25.1%; the company says aluminium and stainless steel prices rose sharply and price variation clauses covered only part of it.Investor presentation, Jun 2026, p.33; Earnings call, Jun 2026, p.10
- Planned purchase
- ₹48 cr
- Price in a September 2026 memorandum to acquire the business of KIN Railway Equipment in Coimbatore, subject to due diligence and a final agreement.Exchange announcement, 12 Sep 2026, p.1 and p.2
- Recent order
- ₹7.33 cr
- Railway interior items for Acme India Industries, received on 27 September 2026 and due by 27 October 2026.Exchange announcement, 26 Sep 2026, p.2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it held ₹469 cr of unexecuted orders at the end of March 2026 and was bidding for about ₹1,200 cr more. In June 2026 it set a target of about ₹500 cr of revenue in FY27 with profit margins of 12% to 13%, and said its earlier aim of ₹1,000 cr of revenue may take longer after it chose not to take low margin work. It also said it expects the defence joint venture to start commercial work around the middle of FY27 and plans to launch at least two new railway products a year.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue of around ₹300 cr or more | Nov 2025 call | ₹319.6 cr |
| Order book of about ₹1,000 cr by March 2026 | Nov 2025 call | ₹469 cr at March 2026 |
| FY27 revenue of about ₹550 cr | Nov 2025 call | Target set at about ₹500 cr in June 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Airfloa earns its money making and fitting coach interiors to order for Indian Railways and coach builders, a field where approvals and a long record matter.
Its weak spots are reliance on one coach factory and a few large buyers, metal prices it cannot fully pass on, and money held up in unpaid bills.
WatchCan it set its own prices?Most work is won by tender at fixed prices, and contract clauses cover only part of any rise in metal costs, so margins fell when aluminium and steel climbed.
AverageHow strong is it against rivals?Railway and defence approvals and a long record with coach factories keep it in the running, but several established firms bid for the same work.
WatchWho are its customers?One government coach factory has given about half the sales, and ten customers give almost all of it, though private buyers grew fast in the latest year.
WatchDoes it need a lot of money?Large projects billed late in the year leave a lot of money owed by customers, and the company is taking new bank loans and planning a new plant.
AverageCan it keep finding new work?Railways keep ordering new coach types, and the company has a sizeable list of bids, but orders arrive in lumps and the order book did not reach the level the company had expected.
WatchDo good and bad years swing a lot?Work is heavily weighted to the second half of the year and margins move with metal prices, so results can change a lot from one period to the next.
Who runs Airfloa Rail Technology?
Promoters, directors and officers; tap a name for the background
VDVenkatesan DakshinamoorthyPromoter, Chairman and Managing Director · holds 27.10%
A director since the company was formed in 1998, with more than two decades with the company handling its operations, according to the prospectus.
Prospectus, p.163, p.165 and p.175; Investor presentation, Jun 2026, p.20MDManikandan Dakshna moorthyPromoter and Joint Managing Director · holds 27.10%
Holds a Bachelor of Engineering from the University of Madras; a director since 2005 who leads the management team, with almost two decades with the company. The prospectus states that Manikandan Dakshna moorthy is the brother of Venkatesan Dakshinamoorthy.
Prospectus, p.163, p.165, p.166 and p.175SVSathishkumar VenkatesanPromoter and Whole Time Director
Holds a Bachelor of Engineering from Sathyabama University and a Master of Science from Coventry University; with the company since July 2024. The prospectus states that Sathishkumar Venkatesan is the son of Venkatesan Dakshinamoorthy.
Prospectus, p.163, p.165 and p.166NMNandhini ManikandanPromoter and Non-Executive Director
Holds a Bachelor of Engineering from the University of Madras; on the board since July 2024. The prospectus states that Nandhini Manikandan is the spouse of Manikandan Dakshna moorthy.
Prospectus, p.164, p.165 and p.166SMSudhanshu ManiIndependent Director
Retired from the Indian Railways Service of Mechanical Engineering as General Manager of Integral Coach Factory after 38 years, and led the Train 18 (Vande Bharat) project from concept to delivery; earlier Railway Advisor at the Embassy of India in Berlin, and a Fellow of the Institution of Mechanical Engineers, London.
Prospectus, p.164 and p.165TRTilak Raj SethIndependent Director
Holds a Bachelor of Engineering in Electrical Engineering from Delhi College of Engineering and a law degree from the University of Delhi, with more than 35 years at Siemens.
Prospectus, p.165Airfloa Rail Technology latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹229 cr (+114%), net profit ₹27.1 cr (+69%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 54.20%.
- 13 Oct 2026: order worth ₹34.85 cr announced.
- 27 Sept 2026: order worth ₹7.33 cr announced.
Airfloa Rail Technology announcements
10 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate Under Regulation - 74 (5) for the quarter eneded 30th September - 2026PDF ↗
- Company UpdatePress Release with regard to receiving of LOA as a lead member of ConsortiumPDF ↗
- Company UpdatePress Release with regard to Signing of MOU with KTK Group Co. LtdPDF ↗
- Company UpdateSigning of MOU with KTK Group Co. Ltd, a Company incorporated under the Law of China having it''s place of business in India, for joint participation of TenderPDF ↗
- Company UpdateNews Paper Advertisement featuring extensive Interview of Chairman of the CopanyPDF ↗
- AGM/EGMScrutiniser''s Report on Voting Result of 27th Annual General Meeting of Annual General MeetingPDF ↗
- AGM/EGMOutcome of the 27th Annual General Meeting of the Company held on 28th September 2026PDF ↗
- Company UpdateReciving of Order from Acme Industries Limited value of Rs. 7.33 CroresPDF ↗
- Insider Trading / SASTClosure of Trading Window of the Company for dealing in Securities of the Company by the Designated persons and their immediate relatives from 1st October 2026 PDF ↗
- Company UpdateIn furtherence to our Eariler Intinmation dated, 27th August 2026, Our Company Signed the MOU with Kin Railway Equipment Private LimitedPDF ↗
Airfloa Rail Technology annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 Nov 2025 ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
Airfloa Rail Technology share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Airfloa Rail Technology's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iOn 2 Feb 2026 the exchange restated the previous close by a factor of 0.896 (a split, bonus or rights issue); earlier prices on this page are put on the new basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,39,69,954 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹28.49) and FY25 (₹14.63) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY05 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Airfloa Rail Technology
What does Airfloa Rail Technology do?
Airfloa Rail Technology makes and fits the insides of train coaches, such as seats, windows, doors, panels and lighting, for Indian Railways coach factories, metro projects and private suppliers. It also makes parts and simulators for defence and aircraft programmes, and its shares trade on BSE SME.
What is the share price of Airfloa Rail Technology?
₹485 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Airfloa Rail Technology?
₹1,162 cr at the close on 6 Nov 2026, on 2,39,69,954 shares.
What is the P/E of Airfloa Rail Technology?
29.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Airfloa Rail Technology's revenue and profit?
Revenue ₹320 cr and profit after tax ₹39 cr in FY26.
Who are the promoters of Airfloa Rail Technology?
Venkatesan Dakshinamoorthy, Manikandan Dakshna moorthy, Sathishkumar Venkatesan, Nandhini Manikandan; promoters held 54.20% at 31 March 2026.
What is Airfloa Rail Technology's website?
www.airflow.co.in
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Built from 3 annual reports, 2 earnings call transcripts, 2 investor presentations, 1 offer document, 10 exchange announcements, 2 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.