Airfloa Rail Technology Limited IPO

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Airfloa Rail Technology Limited has been a trusted player in the railway, aerospace, and defence sectors for over two decades. The company specializes in manufacturing high-precision forged and machined components for rolling stock and defence applications, while also executing turnkey interior furnishing projects for Indian Railways and global OEMs.

Business Operations

– Manufactures rolling stock components for Indian Railways through units like Integral Coach Factory (ICF) and other coach factories.

– Executes turnkey interior furnishing projects for Indian Railways and metros.

– Serves international clients including Sri Lankan DEMU and Mainline Export Coaches, Agra-Kanpur Metro, RRTS Coach, Vistadome Coach, and Train-18 (Vande Bharat Express).

– Expanding into aerospace and defence, manufacturing highly engineered and critical components.

Manufacturing & Capabilities

Airfloa Rail Technology Limited runs two modern facilities in Chennai and Kancheepuram with ERP-driven operations, covering engineering, design, tooling, assembly, QA, and R&D. Backed by ISO-certified processes, the company ensures precision, safety, and quality in delivering reliable solutions for railways, aerospace, and defence.

Competitive Strengths

i) Comprehensive Solutions – From rolling stock components to turnkey furnishing projects.
ii) Diversified Industry Presence – Strong foothold in railways, aerospace, and defence.
iii) Turnkey Expertise – Ability to manage entire project lifecycles, including design, engineering, manufacturing, installation, and commissioning.
iv) Trusted Client Relationships – Repeated contracts from Indian Railways, PSUs, and global OEMs demonstrate long-term reliability.
v) Experienced Leadership – Promoters Mr. Venkatesan Dakshinamoorthy (CMD) and Mr. Manikandan Dakshinamoorthy (Joint MD) bring over 20 years of expertise in the railway OEM industry.
vi) Technical Advisory – Supported by Mr. Sudhanshu Mani, the visionary behind India’s Vande Bharat Express, as Technology Advisor.

Strategic Position

With proven operational excellence, advanced manufacturing facilities, and deep industry knowledge, Airfloa Rail Technology Limited is well-positioned to strengthen its presence in Indian and global markets. Its integrated solutions and long-term customer relationships establish it as a preferred partner in railways, aerospace, and defence sectors.

Objects of the Airfloa Rail Technology Limited IPO:

Company proposes to utilise the Net Proceeds towards funding the following objects: 1. Capital expenditure towards purchase of machinery and equipment (₹13.68 cr) 2. Repayment of a portion of certain outstanding borrowing (₹6 cr) 3. Funding working capital requirements (₹59.27 cr) 4. General corporate purposes

Airfloa Rail Technology Limited IPO Details:

Open Date: Sep 11 2025
Close Date: Sep 15 2025
Total Shares: 65,07,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 91.10 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 133-140 Per Equity Share
Listing At: BSE SME
Listing Date: Sep 18 2025

Promoters And Management:

1. Mr. Venkatesan Dakshinamoorthy, Promoter, Chairman, and Managing Director of the company, brings over two decades of experience and deep technical expertise. He has played a pivotal role in managing and strengthening the company’s operations. 2. Mr. Manikandan Dakshinamoorthy, Promoter and Joint Managing Director, is a Bachelor of Engineering graduate from the University of Madras. With nearly two decades of experience, he leads the management team with visionary leadership and innovative thinking, driving the company’s growth. 3. Mr. Sathishkumar Venkatesan, Promoter and Whole-time Director, holds a Bachelor of Engineering from Sathyabama University and a Master of Science from Coventry University. He has been associated with the company since July 24, 2024.

Financials of Airfloa Rail Technology Limited IPO:

Particulars FY 2024-25 Consolidated FY 2023-2024 Standalone FY 2022-2023 Standalone
Revenue from Operations 192.38 119.30 95.17
EBITDA 47.4 34.57 14.68
EBITDA Margins 24.61% 28.14% 15.40%
PAT 25.54 14.23 1.49
PAT Margins 13.28% 11.93% 1.57%
ROCE 26.28% 26.42% 11.31%
Debt to Equity Ratio(In Times) 0.54 1.14 1.44
Operating Cash Flows -4.44 3.46 10.07

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Airfloa Rail Technology Limited 192.38 24.61% 13.28% 26.28% 0.54 335.57 13.14
Jupiter Wagons Limited 3871 14% 9.63% 21.50% 0.14 13,571 42.8
Titagarh Rail Systems Ltd 3868 11% 7.10% 16.60% 0.25 11,799 49

Lead Manager of Airfloa Rail Technology Limited IPO:

  1. GYR CAPITAL ADVISORS PRIVATE LIMITED

Registrar of Airfloa Rail Technology Limited IPO:

  1. Kfin Technology Private Limited

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