Submission of Transcript of Investors'' call dated 3rd June 2026
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Airfloa Rail Technology reported FY2026 revenue of Rs.319.6 Crores, up 66% year-on-year, with PAT rising 52% to Rs.39.1 Crores at a 12.2% margin and EBITDA at Rs.64.2 Crores (20.1% margin). The company has an unexecuted order book of Rs.486.9 Crores as of May 2026 and a bid pipeline of about Rs.1,200 Crores, primarily in railways, with about 20-25% historical win ratio. Management guided FY2027 revenue of about Rs.500 Crores with a PAT margin of 12-13%, supported by a planned debt raise of Rs.120 Crores at 8.25% interest. A joint venture with Big Bang Boom Solutions in defence/aerospace is expected to be formally incorporated by June 15, 2026, while R&D spend is set to rise to 8-9% of revenue and capex of Rs.30-40 Crores is planned for FY2027-28 to expand manufacturing facilities on a 14-acre land parcel.
Strong FY2026 execution and a healthy order pipeline support growth, though the EBITDA margin contraction to 20.1% (from 25%) highlights raw material risk. For shareholders, the FY2027 guidance of Rs.500 Crores revenue and 12-13% PAT margin offers visibility, but timing of defence/aerospace contribution and additional debt of Rs.120 Crores could weigh on near-term sentiment.