AIRFLOA RAIL TECHNOLOGY LIMITE

Designs and manufactures railway coach interior components and assemblies for Indian Railways, supplying seats, panelling, FRP modular toilet sets, roof and wall assemblies for Vande Bharat, Amrit Bharat, LHB and refurbishment programmes. The customer base is dominated by Indian Railways production units — Integral Coach Factory (ICF) Chennai, Modern Coach Factory (MCF), and Eastern Railway liluah — with FY26 revenue of Rs. 319.6 Cr and Q1 FY27 revenue of Rs. 100.7 Cr. The order book stood at Rs. 486.9 Cr as of May 2026, with a fresh Rs. 380 Cr of orders booked during FY26 and a bid pipeline of about Rs. 1,200 Cr across railway, metro and aerospace/defence opportunities. The company is stepping into defence and aerospace through a 51:49 joint venture with Big Bang Boom Solutions, with Airfloa investing Rs. 25 Cr for autonomous drones, anti-drone systems and electronic warfare, expected to be incorporated by 15 June 2026. A 14-acre integrated facility is coming online in FY27 to roughly double manufacturing capacity, currently running at around 90% utilisation on a double-shift model. Raw materials — primarily aluminium, stainless steel and FRP — make up 67.8% of revenue, and the company flagged aluminium up 80% and stainless steel up 60-65% during FY26 as a margin headwind.