Airfloa Rail Technology Ltd
Incorporated in December 1998, Airfloa Rail Technology Limited manufactures components for Indian Railways' rolling stock through production units like the Integral Coach Factory (ICF) and other coach factories.[1]
- Market Cap ₹ 662 Cr.
- Current Price ₹ 276
- High / Low ₹ 432 / 246
- Stock P/E 23.5
- Book Value ₹ 87.5
- Dividend Yield 0.00 %
- ROCE 31.9 %
- ROE 31.0 %
- Face Value ₹ 10.0
Pros
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 242 days.
- Company's cost of borrowing seems high
- Working capital days have increased from 47.5 days to 114 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE SME IPO
Half Yearly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 4 | 137 | 95 | 119 | 192 | 198 | |
| 1 | 1 | 4 | 120 | 79 | 87 | 144 | 150 | |
| Operating Profit | 0 | 0 | 0 | 17 | 17 | 32 | 48 | 48 |
| OPM % | 6% | 5% | 4% | 12% | 17% | 27% | 25% | 24% |
| 0 | 0 | 0 | 0 | 0 | 4 | 0 | 1 | |
| Interest | 0 | 0 | 0 | 9 | 11 | 12 | 11 | 10 |
| Depreciation | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3 |
| Profit before tax | 0 | 0 | 0 | 5 | 2 | 21 | 35 | 36 |
| Tax % | 33% | 50% | 67% | 56% | 36% | 31% | 27% | |
| 0 | 0 | 0 | 2 | 1 | 14 | 26 | 28 | |
| EPS in Rs | 8.00 | 2.00 | 0.80 | 4.38 | 2.98 | 28.49 | 14.64 | 14.23 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 12% |
| TTM: | 61% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 127% |
| TTM: | 79% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 24% |
| Last Year: | 31% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.05 | 0.25 | 5 | 5 | 5 | 17 | 24 |
| Reserves | 0 | 0 | 0 | 37 | 37 | 51 | 91 | 186 |
| 0 | 0 | 1 | 71 | 60 | 64 | 60 | 57 | |
| 0 | 0 | 1 | 49 | 62 | 82 | 87 | 53 | |
| Total Liabilities | 1 | 1 | 2 | 162 | 164 | 202 | 256 | 320 |
| 0 | 0 | 0 | 37 | 36 | 34 | 37 | 39 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 1 | 0 | 2 | 125 | 128 | 168 | 219 | 281 | |
| Total Assets | 1 | 1 | 2 | 162 | 164 | 202 | 256 | 320 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 10 | 3 | -4 | |||||
| 3 | 3 | -6 | |||||
| -21 | -7 | 13 | |||||
| Net Cash Flow | -8 | -1 | 2 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 144 | 111 | 122 | 178 | 187 | 311 | 242 |
| Inventory Days | 28 | 61 | 23 | 181 | 400 | 258 | 202 |
| Days Payable | 81 | 79 | 92 | 186 | 414 | 337 | 207 |
| Cash Conversion Cycle | 92 | 93 | 52 | 172 | 173 | 232 | 237 |
| Working Capital Days | 96 | 73 | 66 | 16 | -19 | 47 | 114 |
| ROCE % | 10% | 12% | 13% | 29% | 32% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|
| Actual Production Nos. |
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| Capacity Utilization % |
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| Installed Capacity Nos. |
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Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
8h - Airfloa Rail to meet analysts/investors in Mumbai on March 10, 2026, 9:00–18:00, physical meeting only.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
23h - Management participated in virtual investor meeting on 06-Mar-2026 at Arihant Bharat Connect; no UPSI.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Mar
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
18 Feb - Company held virtual analyst/investor meeting Feb 18, 2026 (12:00–13:30 IST); no unpublished price-sensitive information discussed.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
18 Feb - ₹11.78 Crore order for 159 roller-blind sets from Integral Coach Factory; 45-day completion.
Concalls
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Nov 2025TranscriptPPT
Business Profile[1]
Airfloa Rail Technology Ltd is a 20+ year-old manufacturer and turnkey integrator of high-precision forged/machined components and interior/exterior assemblies for rolling stock (Indian Railways, metro, export coaches) and critical components for aerospace & defence.
It provides end-to-end solutions (design, tooling, manufacture, assembly, installation, commissioning) and has executed projects such as Vande Bharat (Train-18) components, Agra-Kanpur Metro, RRTS, Vistadome, and export DEMU coaches.[2]