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 | ||||
| Free Cash Flow | 13 | 6 | -11 | ||||
| CFO/OP | 65% | 12% | 0% |
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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Closure of Trading Window
25 Mar - Trading window closed Apr 1, 2026 until 48 hours after results for year/half-year ended Mar 31, 2026.
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Media Interaction With NDTV Profit On 24.03.2026
24 Mar - Joint MD's NDTV Profit interview on March 24, 2026; recording timestamp 5:36:25–5:51:34.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
20 Mar - Received ₹22.91 Crore order from BEML for Chennai Metro lighting; supply Nov 2026 start, 17-month completion.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
15 Mar - Airfloa secures ₹62.36 Crore order from Acme India; delivery Mar 23,2026–Mar 25,2027.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
15 Mar - Received ₹62.36 Crore order from Acme India Industries on 15-Mar-2026; delivery by 25-Mar-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]