Airfloa Rail Technology Limited is engaged in manufacturing, processing, assembling, developing, and designing railway rolling stock and components.
Airfloa Rail Technology Limited stands as a key supplier to Indian Railways, delivering both rolling stock components and turnkey interior solutions.
Over the years, it has contributed to some of the most prestigious projects, including the Sri Lankan DEMU, Mainline Coaches, Agra–Kanpur Metro, RRTS, Vistadome Coaches, and the flagship Train-18 Vande Bharat Express.
Airfloa Rail Technology Limited is a leading manufacturer of high-precision rolling stock components, supplying critical parts that power Indian Railways. The company is a specialist in turnkey interior furnishing projects, having worked on prestigious trains like the Vande Bharat Express.
It is also expanding its footprint in aerospace and defence, producing advanced components such as simulators and artillery parts.
Backed by ISO 9001:2015, EN 15085-2, and BMS certifications, the company demonstrates a strong commitment to global quality and safety standards.
The company contribute to its appeal by supplying the following key components:
- Seating Solutions – Ergonomically designed seats for long journeys, ensuring comfort and better viewing angles.
- Passenger Accessibility – IC doors that provide smooth, safe, and reliable movement inside the coach.
- Climate Comfort – Advanced air diffusers that maintain ventilation and create a pleasant environment.
- Modern Interiors – Large windows, sleek roof panels, and PAPIS displays that improve visibility and elevate the overall travel experience.
As of July 31, 2025, Airfloa Rail Technology employed 281 professionals, including engineers, designers, and managers, powering its growth in railways and defence.
Airfloa Rail Technology IPO – Details
| IPO Opening Date | 11 September 2025 |
| IPO Closing Date | 15 September 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 65,07,000 Shares Worth ₹91.10 Crore Fresh Issue: 65,07,000 Shares Worth ₹91.10 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹133 – ₹140 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Airfloa Rail Technology IPO – Date Schedule
| IPO Open Date | 11 September 2025 |
| IPO Close Date | 15 September 2025 |
| Basis of Allotment | 16 September 2025 |
| Initiation of Refund | 17 September 2025 |
| Credit of Shares to Demat | 17 September 2025 |
| IPO Listing Date | 18 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 15, 2025 |
Airfloa Rail Technology IPO – Lots Size & Price
| 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 |
Competitive Strengths
- The manufacturing capabilities produce high-quality components, making us a versatile partner for the the railway, aerospace, and defence sectors.
- As a turnkey railway provider, the company offers seamless end-to-end solutions, simplifying project execution and boosting efficiency.
- Advanced manufacturing with modern machinery ensures efficiency and precision, making us a trusted partner for quality railway and aerospace components.
- Led by experienced promoters, the company navigates market dynamics, drives innovation, and fosters strong client relationships in the railway and aerospace sectors.
- A strong work order book, proven financials, and a scalable model position us for continued growth and meeting rising market demands.
Company Promoters
- Mr. Venkatesan Dakshinamoorthy
- Mr. Manikandan Dakshnamoorthy
- Ms. Nandhini Manikandan
- Mr. Sathishkumar Venkatesan.
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2025 | ₹192.66 Cr | ₹157.70 Cr | ₹25.55 Cr | ₹59.98 Cr |
Key Performance Indicator
| 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 | 2.19 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 14.63 | 10.66 |
| P/E (x) | 9.57 | 13.14 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital expenditure towards purchase of machinery and equipment. | ₹13.68 |
| Repayment of a portion of certain outstanding borrowing availed by the company. | ₹6.00 |
| Funding working capital requirements. | ₹59.27 |
| General Corporate Purposes. | – |
✅Strengths
- Diverse product portfolio in rail interiors and exteriors.
- Turnkey solutions provider managing full project lifecycles.
- Presence in railways, aerospace, and defence reduces dependency.
- Modern manufacturing units in Chennai and Kancheepuram.
- Proven track record with projects like Vande Bharat, Sri Lankan DEMU, and metro systems.
⚠️Risks
- Heavy dependence on Indian Railways for majority of revenue.
- Policy or contract changes by the Ministry of Railways may impact operations.
- Revenue concentration in railways remains high despite diversification.
Airfloa Rail Technology IPO Promoter Holding
| Pre Issue Share Holding | 74.40% |
| Post Issue Share Holding | 54.20% |
Airfloa Rail Technology IPO Prospectus
Company Contact Information
| Airfloa Rail Technology Ltd. No 9 Chelliamman Koilstreet Keelkttala Chennai, Tamil Nadu, 600117 Phone: +91 9600621490 Email: cs@airflow.co.in Website: https://www.airflow.co.in/ |
Airfloa Rail Technology IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: airfloa.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Airfloa Rail Technology IPO Lead Manager(s)
| 1. GYR Capital Advisors Pvt.Ltd. |
Airfloa Rail Technology IPO FAQ
| What is Airfloa Rail Technology IPO? Airfloa Rail Technology IPO is an SME IPO. The issue is priced at ₹133 – ₹140 per equity share. The IPO is to be listed on BSE SME. |
| When Airfloa Rail Technology IPO will open? The IPO is to open on 11 September 2025 for QIB, NII, and Retail Investors. |
| What is Airfloa Rail Technology IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Airfloa Rail Technology IPO Size? Airfloa Rail Technology IPO size is ₹91.10 Crore. |
| What is Airfloa Rail Technology IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 2000 Shares with ₹2,80,000 amount, while the maximum bid is 2000 Shares with ₹2,80,000. |
| What is the Airfloa Rail Technology IPO Allotment Date? Airfloa Rail Technology IPO allotment date is 16 September 2025. |
| What is the Airfloa Rail Technology IPO Listing Date? Airfloa Rail Technology IPO listing date is 18 September 2025. The IPO is to be listed on the BSE SME. |
