In 2025, India’s IPO market has continued to attract strong investor interest, particularly in sectors critical to infrastructure, transportation, and technology. With projects like the Vande Bharat Express, metro expansions, and defence modernisation, companies servicing these sectors are gaining prominence.
Amid this backdrop, Airfloa Rail Technology Ltd IPO is set to open on September 11, 2025. Here is a detailed insight into Airfloa Rail Technology, its IPO, and the industry outlook.
About Airfloa Rail Technology Ltd.
Incorporated in December 1998, Airfloa Rail Technology Ltd. manufactures high-precision components for Indian Railways’ rolling stock through facilities like the Integral Coach Factory (ICF) and other coach factories.
The company specialises in producing rolling stock components and turnkey interior furnishing projects for prestigious rail projects, including:
- Vande Bharat Express
- Agra-Kanpur Metro
- RRTS and Vistadome Coaches
- Sri Lankan DEMU and Mainline Coaches
Airfloa Rail Technology also serves the aerospace and defence sector, producing components for AMCA ground simulators and artillery tank bodies.
The company is ISO 9001:2015, EN 15085-2, and BMS certified, reflecting adherence to international quality standards. Its expertise includes:
- Seating Options: Ergonomic designs for long-distance travel
- Passenger Accessibility: IC doors for safe and smooth movement
- Climate Control: Advanced air diffusers for passenger comfort
- Interior Design: Large windows, roof panels, and PAPIS displays
As of July 31, 2025, Airfloa Rail Technology employs 281 employees, including senior management and contract staff.
Competitive Strengths
- Advanced manufacturing capabilities ensure high-quality production for the railway, aerospace, and defence sectors.
- Turnkey solutions provide end-to-end project execution, reducing complexity for clients.
- Modern machinery and precision engineering allow efficient and scalable operations.
- Experienced promoters drive innovation, maintain strong client relationships, and navigate market dynamics.
- Robust order book, strong financials, and scalable model support continued growth.
Airfloa Rail Technology IPO Details
The Airfloa Rail Technology IPO is a book-building issue of ₹91.10 crore, consisting entirely of fresh issue shares.
| IPO Date | September 11, 2025, to September 15, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹133 to ₹140 per share |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 65,07,000 shares (aggregating up to ₹91.10 Cr) |
| Reserved for Market Maker | 3,26,000 shares (aggregating up to ₹4.56 Cr) Giriraj Stock Broking Pvt.Ltd. |
| Net Offered to Public | 61,81,000 shares (aggregating up to ₹86.53 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,74,62,954 shares |
| Share Holding Post Issue | 2,39,69,954 shares |
Airfloa Rail Technology IPO Timeline (Tentative Schedule)
Airfloa Rail Technology IPO opens on September 11, 2025, and closes on September 15, 2025.
| IPO Open Date | Thu, Sep 11, 2025 |
| IPO Close Date | Mon, Sep 15, 2025 |
| Tentative Allotment | Tue, Sep 16, 2025 |
| Initiation of Refunds | Wed, Sep 17, 2025 |
| Credit of Shares to Demat | Wed, Sep 17, 2025 |
| Tentative Listing Date | Thu, Sep 18, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Sep 15, 2025 |
Airfloa Rail Technology IPO Reservation
| Category | Shares Offered | % of Total |
| Market Maker | 3,26,000 | 5.01% |
| QIB | 30,87,000 | 47.44% |
| NII (HNI) | 9,30,000 | 14.29% |
| Retail (RII) | 21,64,000 | 33.26% |
| Anchor Investors | 18,52,000 | 28.46% |
| Total | 65,07,000 | 100% |
The IPO raised ₹25.93 crore from anchor investors, with a lock-in period of 30 days for 50% shares and 90 days for the remaining shares.
Airfloa Rail Technology IPO Lot Size & Investment
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereafter.
| Investor Category | Lots | Shares | Amount (₹) |
| Retail (Min) | 2 | 2,000 | 2,80,000 |
| Retail (Max) | 2 | 2,000 | 2,80,000 |
| S-HNI (Min) | 3 | 3,000 | 4,20,000 |
| S-HNI (Max) | 7 | 7,000 | 9,80,000 |
| B-HNI (Min) | 8 | 8,000 | 11,20,000 |
Promoter Holding
The promoters of the company include Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan, and Mr. Sathishkumar Venkatesan.
| Promoter Holding | Pre-Issue | Post-Issue |
| Percentage | 74.40% | 54.2% |
Airfloa Rail Technology Ltd. Financials
Restated Consolidated Financials (₹ Crore)
| Period Ended | 31 Mar 2025 |
| Assets | 256.94 |
| Total Income | 192.66 |
| Profit After Tax | 25.55 |
| EBITDA | 47.41 |
| Net Worth | 110.80 |
| Reserves & Surplus | 93.34 |
| Total Borrowing | 59.98 |
Key Performance Indicators
The market capitalisation of Airfloa Rail Technology IPO is ₹335.58 Cr.
| KPI | Value |
| ROE | 30.64% |
| ROCE | 26.28% |
| Debt/Equity | 0.54 |
| RoNW | 23.06% |
| PAT Margin | 13.28% |
| EBITDA Margin | 24.61% |
| Price to Book Value | 2.19 |
EPS & P/E
| Metric | Pre-IPO | Post-IPO |
| EPS (₹) | 14.63 | 10.66 |
| P/E (x) | 9.57 | 13.14 |
Objects of the Issue
The IPO proceeds will be used for:
| Object | Amount (₹ Cr) |
| Capital expenditure for machinery & equipment | 13.68 |
| Repayment of borrowings | 6.00 |
| Working capital requirements | 59.27 |
| General corporate purposes | Balance |
Airfloa Rail Technology Ltd.: Industry Outlook
- India’s railway infrastructure and rolling stock modernisation drives strong demand for high-precision components.
- Projects like Vande Bharat Express, Agra-Kanpur Metro, and RRTS create growth opportunities.
- Aerospace and defence sector contracts provide additional revenue streams.
- The company’s expertise in turnkey interior solutions, quality certification, and precision manufacturing positions it competitively.
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Airfloa Rail Technology IPO: Peer Comparison
Investors looking to evaluate Airfloa Rail Technology Ltd. can consider its performance relative to industry peers like Jupiter Wagons Limited and Titagarh Rail Systems Ltd. While Airfloa focuses on manufacturing high-precision rolling stock components and turnkey interior projects for Indian Railways, Jupiter Wagons Limited is known for its freight and passenger wagons, whereas Titagarh Rail Systems Ltd. specialises in complete railway solutions, including metro coaches, wagons, and ancillary components. Comparing key metrics such as revenue growth, profit margins, and order books can help investors assess Airfloa’s competitive positioning and growth potential within the railway and allied sectors.
Conclusion
Airfloa Rail Technology Ltd. presents an attractive IPO opportunity, backed by a strong presence in the railway, aerospace, and defence sectors, experienced promoters, and robust financial performance. Potential investors should weigh the risks associated with industrial demand fluctuations, dependency on major clients, and project execution timelines.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
