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 ₹ 898 Cr.
- Current Price ₹ 375
- High / Low ₹ 432 / 266
- Stock P/E 32.2
- 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 | |
|---|---|---|---|---|---|---|---|
| 1 | 1 | 4 | 137 | 95 | 119 | 192 | |
| 1 | 1 | 4 | 120 | 79 | 87 | 144 | |
| Operating Profit | 0 | 0 | 0 | 17 | 17 | 32 | 48 |
| OPM % | 6% | 5% | 4% | 12% | 17% | 27% | 25% |
| 0 | 0 | 0 | 0 | 0 | 4 | 0 | |
| Interest | 0 | 0 | 0 | 9 | 11 | 12 | 11 |
| Depreciation | 0 | 0 | 0 | 3 | 3 | 3 | 3 |
| Profit before tax | 0 | 0 | 0 | 5 | 2 | 21 | 35 |
| Tax % | 33% | 50% | 67% | 56% | 36% | 31% | 27% |
| 0 | 0 | 0 | 2 | 1 | 14 | 26 | |
| EPS in Rs | 8.00 | 2.00 | 0.80 | 4.38 | 2.98 | 28.49 | 14.64 |
| 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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
1d - ₹86.65 lakh order from Modern Coach Factory received 25-Nov-2025; delivery by 10-May-2026.
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Submission Of Transcript
2d - H1 FY26 revenue INR90.98Cr, PAT INR12.09Cr; secured >INR1,013Cr orders; orderbook INR455Cr; FY26 guidance >INR300Cr.
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Announcement under Regulation 30 (LODR)-Joint Venture
21 Nov - Nov 21, 2025: Airfloa forms 51/49 JV with Big Bang Boom Solutions for defence manufacturing.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
21 Nov - ₹2.87 Crore order from Integral Coach Factory (20-Nov-2025) to supply/install wider LHB coach windows; completion by 31-Oct-2026.
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Board Meeting Outcome for The Board In Its Meeting Held On 21St November 2025 Considered And Approved (1) An Invest Plan Of Rs.25.00 Crores In The Compulssory Convertible Debentures Of And (2) To Form A Jointventure With Big Bang Boom Solutions Private Limited.
21 Nov - Approved Rs25 crore CCD investment and 51% JV with BBBSPL; convertible within five years, last tranche by June 1, 2026.
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]