BSE: 544516
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway coach components and interior fit-outs, Defence and aerospace (via Big Bang Boom JV). Order-driven, asset-growing industrial manufacturer tied to Indian Railways' modernisation capex cycle.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 320 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 18.66 |
| ROE % · ROCE % | — · 24.9 |
| Debt / equity (x) | — |
| Cash from operations | (57) |
| Capex | (9) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 91 | 229 |
| Profit before tax | 16 | 36 |
| Net profit | — | — |
| EPS (₹) | 6.72 | 22.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.8 | 26.5 | 41 of 130 | 69% |
| ROCE | 21.4 | 11.3 | 24 of 142 | 84% |
| Market cap | 1175 | 279 | 41 of 141 | 71% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Reg 74(5) Certificate Submission For Q2 FY2027 | compliance | minimal | — | — |
| 13 Oct 2026 · Wins 34.85 cr LOA for Vande Bharat sleeper train interiors | business updates | high | — | — |
| 12 Oct 2026 · Airfloa Rail secures Rs 34.85 Cr LOA for Vande Bharat Sleeper interior work | business updates | high | — | — |
| 10 Oct 2026 · Airfloa Rail signs MOU with KTK Group for Platform Screen Door projects | strategic transactions | medium | — | — |
| 10 Oct 2026 · MOU with China's KTK Group for PSD project tenders in India | strategic transactions | medium | — | — |
| 9 Oct 2026 · Newspaper ad featuring Chairman interview published in Business Standard | compliance | minimal | — | — |
| 28 Sept 2026 · All 5 resolutions passed at 27th AGM with 100 percent approval | compliance | low | — | — |
| 28 Sept 2026 · 27th AGM concluded - 5 resolutions put to e-vote, no audit qualifications | board shareholder meetings | low | — | — |
| 27 Sept 2026 · Airfloa Rail Technology wins Rs 7.33 Cr railway interior order | business updates | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 till 48 hours after H1 results declaration | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.