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Airfloa Rail Technology IPO
₹1,33,000/1,000 shares
Minimum Investment
IPO Details
11 Sep 25
15 Sep 25
₹1,33,000
1,000
₹133 to ₹140
BSE
₹91.10 Cr
18 Sep 25
Open Free Demat Account
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
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