Airfloa Rail Technology IPO is a book build issue of ₹91.10 crore. The issue is entirely a fresh issue of 0.65 crore shares of ₹91.10 crore.
The IPO opens for subscription on September 11, 2025, to September 15, 2025.
The basis of allotment is expected to be finalised on September 16, 2025. The shares are proposed to be listed on the BSE SME, with a tentative listing date of September 18, 2025. The issue price for Airfloa Rail Technology IPO has been fixed at ₹133 to ₹140 per share.
The lot size is set at 1000 shares. A retail investor is required to make a minimum investment of ₹2,80,000 for 2000 shares. For High Net-worth Individuals (HNIs), the minimum application is for 3 lots or 3,000 shares, amounting to ₹4,20,000.
GYR Capital Advisors Pvt Ltd is the book running lead manager and Kfin Technologies Ltd is the registrar of the issue. The market maker of the company is Giriraj Stock Broking Pvt. Ltd. Refer to Airfloa Rail Technology IPO RHP for complete details.
Airfloa Rail Technology IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Upto ₹1,367.78 lakh will be allocated for the purchase of machinery and equipment.
- Upto ₹600.00 lakh will be used for repayment of certain outstanding borrowings availed by the company.
- Upto ₹5,927.02 lakh will be earmarked for funding working capital requirements.
- The balance amount will be used for general corporate purposes.
About Airfloa Rail Technology Limited
Airfloa Rail Technology is engaged in the manufacturing of components used in rolling stock for the Indian Railways through railway production units such as the Integral Coach Factory (ICF) and other coach factories. In addition to rolling stock components, the company also undertakes turnkey interior furnishing projects for the Indian Railways.
In the aerospace and defence sectors, Airfloa Rail Technology manufactures intricate, highly engineered, and critical components. Beyond serving Indian Railways through ICF and other coach factories, the company caters to other rail factories as well as global rolling stock OEMs.
The company has successfully manufactured rolling stock components and executed turnkey interior furnishing projects for several prestigious assignments, including the Sri Lankan DEMU and Mainline Export Coaches, the Agra-Kanpur Metro Coach, the RRTS Coach, the Vistadome Coach, and the Train-18 Vande Bharat Express.
With an operational history spanning over 20 years, Airfloa Rail Technology has established itself as a trusted supplier of high-precision forged and machined components for the rolling stock, aerospace, and defence industries, along with expertise in turnkey railway interior furnishing projects.
The company has demonstrated consistent financial performance over the past three financial years, underlining its operational stability and growth.
In FY 2025, Airfloa Rail Technology reported consolidated revenue from operations of ₹19,238.70 lakhs and a total income of ₹19,266.26 lakhs, marking a notable increase from ₹11,930.36 lakhs recorded in FY 2023-24. The company achieved an EBITDA of ₹4,740.84 lakhs in FY 2024-25 with a margin of 24.61%, compared to ₹3,457.92 lakhs and a margin of 28.14% in the previous year. The restated profit after tax stood at ₹2,554.76 lakhs in FY 2024-25, translating to a PAT margin of 13.28%.
Industry Outlook
- The Indian railway market is projected to become the third largest globally within the next five years, accounting for 10% of the global market.
- Key initiatives such as private participation in passenger train operations and station redevelopment are expected to attract investments exceeding US$ 7.5 billion in the coming years.
- The planned introduction of 3,000 new trains will boost passenger capacity from 800 crore to 1,000 crore, addressing the demands of a growing population.
How To Apply for the Airfloa Rail Technology IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Airfloa Rail Technology IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Airfloa Rail Technology IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Airfloa Rail Technology Limited
Registered office: No 9, Chelliamman Koilstreet Keelkttalai, Chennai-117, Tamil Nadu 600117, India
Phone: +91 9600621490
E-mail: cs@airflow.co.in
Airfloa Rail Technology IPO Reservation
|
Investor Category |
Shares Offered |
|
Market Maker Shares Offered |
3,26,000 (5.01%) |
|
QIB Shares Offered |
30,87,000 (47.44%) |
|
NII (HNI) Shares Offered |
9,30,000 (14.29%) |
|
Retail Shares Offered |
21,64,000 (33.26%) |
|
Total Shares Offered |
65,07,000 (100.00%) |
Airfloa Rail Technology IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Individual investors (Retail) (Min) |
2 |
2,000 |
₹2,80,000 |
|
Individual investors (Retail) (Max) |
2 |
2,000 |
₹2,80,000 |
|
HNI (Min) |
3 |
3,000 |
₹4,20,000 |
Airfloa Rail Technology IPO Promoter Holding
Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan and Mr. Sathishkumar Venkatesan are the promoters of the company
|
Share Holding Pre-Issue |
74.40% |
|
Share Holding Post Issue  |
54.2% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Airfloa Rail Technology IPO
|
KPI |
Value |
|
RoCE (%) |
26.28 |
|
Debt/Equity  |
0.54 |
|
RoNW (%) |
23.06 |
|
PAT Margin (%) |
13.28 |
|
EBITDA Margin (%) |
24.61 |
Airfloa Rail Technology IPO Prospectus
Airfloa Rail Technology IPO Registrar and Lead Managers
Airfloa Rail Technology IPO Lead Managers
- GYR Capital Advisors Pvt Ltd
Registrar for Airfloa Rail Technology IPO
Kfin Technologies Ltd
- Phone: 04067162222, 04079611000
- Email: ipo@kfintech.com
- Website: https://ipostatus.kfintech.com
Financial Performance of Airfloa Rail Technology Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Revenue from Operations (₹ lakh) | 19,238.70 | 11,930.36 |
| Total Income (₹ lakh) | 19,266.26 | 12,287.22 |
| EBITDA (₹ lakh) | 4,740.84 | 3,457.92 |
| Net Profit / Loss After Tax (₹ lakh) | 2,554.76 | 1,423.28 |
| PAT Margin (%) | 13.28 | 11.93 |
| Return on Equity (RoE) (%) | 30.64 | 29.13 |
Know before investing
Strengths
8Over two decades of experience in the railway OEM industry, providing deep market insights and strong competitive positioning.
Proven capability in manufacturing components for advanced trains like Vande Bharat and Metro projects.
Ability to manufacture and integrate both interiors and exteriors of train sets, differentiating from component-focused competitors.
Demonstrated steady revenue growth, successful project execution, and high client satisfaction.
Solid customer base, including government bodies, railway operators, and OEMs, ensuring loyalty and repeat business.
Introducing new and value-added offerings to deepen engagement with existing clients and boost revenue streams.
Potential to partner with industry leaders, enhancing technological capabilities and market share.
Exploring international opportunities for diversification, growth, and stronger global presence.
Risks
8Limited working capital may restrict the company’s ability to scale operations or take on large, high-value projects.
Rising costs of essential raw materials could reduce profitability and disrupt production schedules.
A significant portion of revenue comes from Indian Railways, making the company vulnerable to policy changes or contract modifications by the Ministry of Railways.
Future contracts are not guaranteed, as bids may not be accepted, affecting business growth and revenue.
Continuous increases in raw material prices can adversely impact operational efficiency and financial performance.
Operations of the subsidiary in a similar line of business may lead to conflicts of interest, potentially affecting overall business performance.
Inability to generate sufficient cash flows could hinder timely payments and negatively impact results of operations.
Dependence on external factors, such as regulatory changes and market conditions, may lead to financial instability or operational disruptions.
Airfloa Rail Technology Limited Peer Comparison
| Company | Face Value | Total Income (₹ in lakh) (March 31, 2025) | P/E Ratio | Return on Net Worth (%) |
|---|---|---|---|---|
| Airfloa Rail Technology Limited | - | 19,266.26 | NA | 23.06 |
| Jupiter Wagons Limited | - | 4,00,763.60 | 37.80 | 13.81 |
| Titagarh Rail Systems Ltd | - | 3,94,310.00 | 41.94 | 11.07 |
