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 ₹ 1,356 Cr.
- Current Price ₹ 566
- High / Low ₹ 594 / 246
- Stock P/E 34.6
- Book Value ₹ 98.8
- Dividend Yield 0.00 %
- ROCE 25.9 %
- ROE 22.7 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 26.0%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has high debtors of 244 days.
- Working capital days have increased from 116 days to 186 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
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 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 4 | 137 | 95 | 119 | 192 | 320 | |
| 1 | 1 | 4 | 120 | 79 | 87 | 144 | 255 | |
| Operating Profit | 0 | 0 | 0 | 17 | 17 | 32 | 48 | 64 |
| OPM % | 6% | 5% | 4.2% | 12% | 17% | 27% | 25% | 20% |
| 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 9 | 11 | 12 | 11 | 9 |
| Depreciation | 0 | 0 | 0 | 3 | 3 | 3 | 3 | 3 |
| Profit before tax | 0 | 0 | 0 | 5 | 2 | 21 | 35 | 53 |
| Tax % | 33% | 50% | 67% | 56% | 36% | 31% | 27% | 26% |
| 0 | 0 | 0 | 2 | 1 | 14 | 26 | 39 | |
| EPS in Rs | 8.00 | 2.00 | 0.80 | 4.38 | 2.98 | 28.49 | 14.64 | 16.33 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 50% |
| TTM: | 66% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 197% |
| TTM: | 54% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 45% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 21% |
| 3 Years: | 26% |
| Last Year: | 23% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 0.05 | 0.25 | 5 | 5 | 5 | 17 | 24 |
| Reserves | 0 | 0 | 0 | 37 | 37 | 51 | 91 | 213 |
| 0 | 0 | 1 | 71 | 60 | 64 | 60 | 68 | |
| 0 | 0 | 1 | 49 | 62 | 82 | 87 | 96 | |
| Total Liabilities | 1 | 1 | 2 | 162 | 164 | 202 | 256 | 401 |
| 0 | 0 | 0 | 37 | 36 | 34 | 37 | 49 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| 1 | 0 | 2 | 125 | 128 | 168 | 219 | 346 | |
| Total Assets | 1 | 1 | 2 | 162 | 164 | 202 | 256 | 401 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| 10 | 3 | -4 | -57 | |||||
| 3 | 3 | -6 | -22 | |||||
| -21 | -7 | 13 | 88 | |||||
| Net Cash Flow | -8 | -1 | 2 | 9 | ||||
| Free Cash Flow | 13 | 6 | -11 | -75 | ||||
| CFO/OP | 65% | 12% | 0% | -73% |
Ratios
Standalone / View Consolidated
| Mar 2005 | Mar 2006 | Mar 2007 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 144 | 111 | 122 | 178 | 187 | 311 | 242 | 244 |
| Inventory Days | 28 | 61 | 23 | 181 | 400 | 258 | 202 | 125 |
| Days Payable | 81 | 79 | 92 | 186 | 414 | 337 | 207 | 105 |
| Cash Conversion Cycle | 92 | 93 | 52 | 172 | 173 | 232 | 237 | 264 |
| Working Capital Days | 96 | 73 | 66 | 16 | -19 | 47 | 114 | 186 |
| ROCE % | 10% | 12% | 13% | 29% | 32% | 26% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Capacity Utilization % |
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| Government Share of Revenue % |
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| Railways Share of Revenue % |
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| Production Volume Nos. |
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| Top 10 Customer Concentration % |
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| Order Book ₹ crores |
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| Total Workforce employees |
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| Active Bid Pipeline ₹ crores |
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| Order Inflow ₹ crores |
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Documents
Announcements
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Signing Of MOU With KTK Group Co. Ltd.
- Signing of MOU with KTK Group Co. Ltd, a Company incorporated under the Law of China having it''s place of business in India, for joint …
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News Paper Publication
- Intimation of Business Standard newspaper publication dated 9 October 2026.
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
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Shareholder Meeting / Postal Ballot-Outcome of AGM
- 27th AGM held on 28 September 2026; audited accounts adopted and auditors approved.
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Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order
- Airfloa Rail Technology won a Rs.7.33 crore domestic supply order from Acme India Industries, due by 27 October 2026.
Concalls
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Jun 2026Transcript PPT REC
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Jun 2026PPT REC
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Nov 2025Transcript
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]