Airfloa Rail Technology IPO

₹1,33,000/1,000 shares

Minimum Investment

IPO Details

Open Date

11 Sep 25

Close Date

15 Sep 25

Minimum Investment

₹1,33,000

Lot Size

1,000

Price Range

₹133 to ₹140

Listing Exchange

BSE

Issue Size

₹91.10 Cr

Listing Date

18 Sep 25

Open Free Demat Account

Airfloa Rail Technology IPO Timeline

Bidding Start

11 Sep 25

Bidding Ends

15 Sep 25

Allotment Finalisation

16 Sep 25

Refund Initiation

17 Sep 25

Demat Transfer

17 Sep 25

Listing

18 Sep 25

Airfloa Rail Technology Limited

Incorporated in December 1998, Airfloa Rail Technology Limited specialises in manufacturing rolling stock components and turnkey interior projects for Indian Railways. The company has contributed to projects like Sri Lankan DEMU, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and the Vande Bharat Express. Beyond railways, it also serves aerospace and defence sectors by producing critical components such as AMCA ground simulators and artillery tank bodies. With ISO 9001:2015, EN 15085-2, and BMS certifications, Airfloa ensures quality through advanced seating, accessibility, climate control, and interior design solutions.

Airfloa Rail Technology Limited IPO Overview

Airfloa Rail Technology IPO is a book-built issue worth ₹91.10 crore, comprising a fresh issue of 0.65 crore shares. The subscription window opens on 11 September 2025 and closes on 15 September 2025, with allotment expected on 16 September 2025. The shares are proposed to be listed on the BSE SME platform on 18 September 2025. The price band is fixed between ₹133 and ₹140 per share, and the lot size is set at 1,000 shares. For retail investors, the minimum application requires 2,000 shares, translating to an investment of ₹2,80,000 at the upper price band. For HNIs, the minimum application is three lots, or 3,000 shares, amounting to ₹4,20,000. GYR Capital Advisors Pvt. Ltd. is acting as the book-running lead manager, Kfin Technologies Ltd. is the registrar, and Giriraj Stock Broking Pvt. Ltd. is the market maker for the issue.

Airfloa Rail Technology Limited IPO Details

Particulars	Details
IPO Date	11 September 2025 to 15 September 2025
Listing Date	18 September 2025
Face Value	₹10 per share
Issue Price Band	₹133 to ₹140 per share
Lot Size	2,000 Shares
Total Issue Size	65,07,000 shares (aggregating up to ₹91.10 Cr)
Fresh Issue	65,07,000 shares (aggregating up to ₹91.10 Cr)
Offer for Sale	NA
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
Market Maker Portion	3,26,000 shares

Airfloa Rail Technology Limited IPO Reservation

Investor Category	Shares Offered
Market Maker	3,26,000 (5.01%)
QIB	30,87,000 (47.44%)
NII (HNI)	9,30,000 (14.29%)
Retail	21,64,000 (33.26%)
Anchor Investors	18,52,000 (28.46%)

Airfloa Rail Technology Limited IPO Lot Size

Application	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

Airfloa Rail Technology Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	74.40%
Post-Issue	54.20%

Airfloa Rail Technology Limited IPO Valuation Overview

KPI	Value
EPS (Pre-Issue)	₹8.15
EPS (Post-Issue)	₹5.94
Price/Earnings (P/E) Ratio	Pre: 17.18x, Post: 23.58x
Return on Net Worth (RoNW)	23.06%
Return on Equity (ROE)	30.64%
Return on Capital Employed (ROCE)	26.28%
PAT Margin	13.28%
EBITDA Margin	24.61%
Net Asset Value (NAV)	₹63.81
Debt to Equity Ratio	0.54

Objectives of the Proceeds

Capital expenditure towards advanced machinery and equipment purchase – ₹13.68 crore

Repayment of selected outstanding borrowings to reduce finance costs – ₹6.00 crore

Funding working capital requirements to support ongoing projects – ₹59.27 crore

General corporate purposes for business growth and expansion – balance funds

Key Financials (in ₹ Crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	255.76	201.99	163.89
Revenue	192.66	122.87	95.33
Profit After Tax	25.56	14.23	1.49
Reserves and Surplus	90.98	50.99	36.75
Total Borrowings	59.98	63.80	60.22

SWOT Analysis of Airfloa Rail Technology IPO

Strength and Opportunities

Strong manufacturing expertise in railway, aerospace, and defence sectors.
Robust order book ensuring revenue visibility and long-term growth.
Certified with ISO and EN standards, ensuring quality and compliance.
Opportunities in metro projects, Vande Bharat, and defence expansions.

Risks and Threats

Heavy reliance on Indian Railways for majority revenue share.
Exposure to cost escalation risks in large turnkey projects.
Competition from established domestic and global railway component firms.
Possible impact from regulatory changes and government policy shifts.

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About Airfloa Rail Technology Limited

Airfloa Rail Technology IPO Strengths

Integrated turnkey solutions streamline execution, ensuring efficiency and customer satisfaction.

Advanced manufacturing setup produces precision components for railway and aerospace needs.

Promoter-led expertise drives innovation, growth, and strong client partnerships.

Diverse portfolio across railways, aerospace, and defence enhances business resilience.

Strong financial growth with scalability enables future expansion and market leadership.

Peer Group Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
Airfloa Rail Technology Ltd.	15.63	15.63	63.81	23.58	23.06	3.75
Peer Group
Jupiter Wagons Limited	9.08	9.08	64.88	37.80	13.81	5.84
Titagarh Rail Systems Limited	20.39	20.39	184.40	41.94	11.07	4.99

How to apply IPO with HDFC SKY?

Follow these simple steps to apply for an IPO through HDFC SKY. Secure your investments and explore new opportunities with ease by accessing the IPOs available on the platform.

1Login to your HDFC SKY Account

2Select Issue

3Enter Number of Lots and your Price.

4Enter UPI ID

5Complete Transaction on Your UPI App