Airfloa Rail Technology IPO: Price, GMP, Analysis, And Details

Airfloa Rail Technology IPO - Company Analysis 

Airfloa Rail Technology IPO under the SME IPO category is a bookbuild issue of Rs. 91.10 Cr by Airfloa Rail Technology Ltd, which was incorporated in 1998 and uses production facilities such as the Integral Coach Factory (ICF) and other coach factories to manufacture parts for Indian Railways' rolling stock.

The company develops intricate, vital parts for aerospace and defense, as well as rolling stock components and interior projects for Indian Railways.

They provide high-precision parts and full interior furnishings for rolling stock, making them a vital supplier to Indian Railways.  Additionally, they manufacture parts for projects like AMCA ground simulators and artillery tank hulls for the aerospace and defense industries. 

The company provides turnkey interior furnishing services for high-profile railway projects, including the Agra-Kanpur Metro and the Vande Bharat Express.

 

Services

• Options for Seating.

• The accessibility of passengers.

• Climate Regulation.

• Interior Design.

 

Airfloa Rail Technology IPO Details

The Airfloa Rail Technology IPO date is on 11 September 2025, and its initial public offering will end on 15 Sep with IPO allotment on Sep 16, and refund initiation on Sep 17, 2025.

The Rs. 91.10 crore new SME IPO comprises a wholly fresh issue of 0.65 crore shares.

The Airfloa Rail Technology IPO listing date (expected) might be on Thursday, Sep 18, 2025, and listing at the BSE and SME. 

The Airfloa Rail Technology IPO price band is Rs. 133 to Rs. 140.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Sep 11, 2025
IPO Closing Date	Sep 15, 2025
IPO Allotment Date	Sep 16, 2025
Refund Initiation	Sep 17, 2025
IPO Listing Date	Sep 18, 2025

 

Click to open demat account and apply for the IPO.

Company Financials

(Amount in Cr)

Period	31 Mar 2025 (Consolidated)	31 Mar 2024 (Standalone)	31 Mar 2023 (Standalone)
Total Assets	256.94	201.99	163.89
Total Revenue	192.66	122.87	95.33
PAT	25.55	14.23	1.49
Net Worth	110.80	55.98	41.75
Reserves & Surplus	93.34	50.99	36.75
Borrowings	59.98	63.80	60.22

 

 

Cash Flows

(Amount in lac)

Net Cash Flow in Multiple Activities	31 Mar 2025 (Consolidated)	31 Mar 2024 (Standalone)	31 Mar 2023 (Standalone)
Net Cash Flow Operating Activities	(444.60)	346.32	1,007.92
Net Cash Flow Investing Activities	(615.77)	318.52	258.33
Net Cash Flow Financing Activities	1,271.37	(748.27)	(2,064.02)

Revenue Bifurcation

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Capital investment for the acquisition of equipment and machinery. ~ Rs. 13.68 Cr.

• Partial repayment of some outstanding loans that the business has taken out. ~ Rs. 6 Cr.

• Requirements for funding working capital. ~ Rs. 59.27 Cr.

• General Corporate Purposes. 

 

Listed Peers of Airfloa Rail Technology Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Jupiter Wagons Limited	10	9.08	37.80
Titagarh Rail Systems Ltd.	2	20.39	41.94

 

Valuation

Metric	Value
ROCE	26.28%
ROE	30.64%
PBV	3.75
Debt/Equity	0.54
PAT Margin	13.28%
EBITDA Margin	24.61%
RoNW	23.06%

 

Evaluation of P/E Ratio

Considering the FY ended on 31 Mar 2025 with an EPS of Rs. 15.63 from the last year, the resulting P/E ratio is 8.95x.

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IPO's Strengths 

• Because of its ability to manufacture high-quality components, it is a flexible partner for the defense, aerospace, and railroad industries.

• As a turnkey railway provider, the company offers complete end-to-end solutions that expedite project execution and boost efficiency.

• The company's innovative manufacturing and state-of-the-art technology ensure efficiency and accuracy, making it a dependable partner for high-quality railway and aircraft components.

• Connections between the railroad and aerospace sectors.

 

 

IPO’s Weaknesses 

• More working capital is required.

•  Costs of raw materials are rising.
  
  

Airfloa Rail Technology IPO GMP (Grey Market Premium)

Airfloa Rail Technology IPO GMP today is Rs. 150, as of 06 Sep 2025 at the time of writing this information. Hence, the Airfloa Rail Technology IPO listing price (estimated) might be Rs. 290 (upper price + current GMP or grey market premium).

 

Airfloa Rail Technology IPO Summary

The Airfloa Rail IPO has a market maker portion size of 3,26,000 Shares (Rs. 4.56 Cr).

IPO Opening & Closing Date	11 Sep, 2025 to 15 Sep, 2025
Face Value	Rs. 10 per Share
Issue Price	Rs. 133 to Rs. 140 per Share.
Lot Size	1000 Shares
Issue Size	65,07,000 Shares (Rs. 91.10 Cr)
Offer for Sale	-
Fresh Issue	65,07,000 Shares (Rs. 91.10 Cr)
Listing at	BSE, SME
Issue Type	Bookbuilding IPO
Registrar	Kfin Technologies Ltd.

 

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 2,80,000 and in multiples thereof, while for S-HNI investors, the minimum Lot is 3 (3000 Shares) for Rs. 4,20,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
S-HNI (Min)	3 Lots

 

Airfloa Rail Technology IPO Allotment Status

To check the Airfloa Rail Technology IPO Allotment Status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Airfloa Rail Technology Ltd.

• Mr. Venkatesan Dakshinamoorthy

• Mr. Manikandan Dakshnamoorthy

• Ms. Nandhini Manikandan

• Mr. Sathishkumar Venkatesan.

Pre-Issue Promoter Shareholding	74.40%
Post-Issue Promoter Shareholding	54.2%

 

IPO Lead Managers

• GYR Capital Advisors Pvt. Ltd.  

 

 

Dividend Policy

The company has not declared a dividend during the last three years.

Conclusion

With a solid product mix and established management, Gujarat's expanding retail industry is accessible to investors through the Airfloa Rail Technology IPO.

Despite the company's steady revenue growth, it is important to take into account issues including geographic concentration, reliance on leases, and high working capital requirements. When compared to its public peers in the SME retail market, its valuation of  17x P/E seems reasonable.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.