Airfloa Rail Technology IPO Details
| IPO Open Date: | September 11, 2025 |
| IPO Close Date: | September 15, 2025 |
| Face Value: | ₹10 Per Equity Share |
| IPO Price Band: | ₹133 to ₹140 Per Share |
| Issue Size: | Approx ₹91.10 Crores |
| Fresh Issue: | Approx ₹91.10 Crores |
| Lot Size: | 1,000 Shares |
| Issue Type: | Book Built Issue |
| IPO Listing: | BSE SME |
| DRHP Draft Prospectus: |  |
| RHP Draft Prospectus: | |
Airfloa Rail Technology IPO Review & Key Points
- Review: Based on the current market sentiment, the IPO looks more promising, as the company is among the leading providers of train interiors and parts to Indian Railways. They have a strong order book in hand. However, investors should note that liquidity could be a concern since the stock will list on the SME platform. The grey market premium indicates an expected listing gain around 90%. Overall, prospects look positive, and we can hope for a strong debut.
- Manufacturer of train parts and interiors for Indian Railways, contributed projects like Vande Bharat Express, RRTS coaches, Vistadome coaches, and the Agra-Kanpur Metro.
- Has good financial growth in last few years. The PAT doubled in in 2025. Revenues also shown a good growth over the years.
- The company also serve other Rails factories, and global rolling stock OEMs.
- They have good opportunity to be bullish on Indian Railways modernisation with having such projects onboarded.
- EBITDA margin is 24.6% and PAT margin 13.3% that is one of the good points to consider.
- As of August 28, 2025 our order book from the Indian Railways was ₹ 271.28 crores.
- Debt-to-equity ratio is 0.54 in FY25, which is better from risk/interest burden standpoint.
- RoE 30-31% and RoCE looks high but may lead to a strong business in coming years.
- SME IPO and liquidity risk is there to consider with having high GMP lead to 90% listing gain.
- Railway components & precision engineering rely on metals like steel/alloys, etc. The costs may be volatile and might impact on margins.
- The company’s dependence on government due to that they might lead to payment delays, procurement delays, contract award delays might hit their cash flows.
Airfloa Rail Technology IPO Market Lot
The Airfloa Rail Technology IPO minimum market lot is 2,000 shares with ₹2,80,000 application amount.
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,000 | ₹2,80,000 |
| Retail Maximum | 2 | 2,000 | ₹2,80,000 |
| S-HNI Minimum | 3 | 3,000 | ₹4,20,000 |
| S-HNI Maximum | 7 | 7,000 | ₹9,80,000 |
| B-HNI Minimum | 8 | 8,000 | ₹11,20,000 |
IPO Reservation
| Investor Category | Share Offered | %Shares |
| Market Maker Shares Offered | 3,26,000 Shares | 5.01% |
| QIB Shares Offered | 30,87,000 Shares | 47.44% |
| Anchor Investor | 18,52,000 Shares | 28.46% |
| QIB (Ex. Anchor) | 12,35,000 Shares | 18.98% |
| NII Shares Offered | 9,30,000 Shares | 14.29% |
| bNII > ₹10L | 6,20,000 Shares | 9.53% |
| sNII < ₹10L | 3,10,000 Shares | 4.76% |
| Retail Shares Offered | 21,64,000 Shares | 33.26% |
| Total Shares Offered | 65,07,000 Shares | 100.00% |
Airfloa Rail Technology IPO Anchor Investors
| Anchor Bidding Date | September 10, 2025 |
| Anchor Investors List | |
| Shares Offered | 18,52,000 Shares |
| Anchor Size | 25.93 Cr. |
| lock-in period end date 50% shares (30 Days) | October 16, 2025 |
| lock-in period end date 50% shares (90 Days) | December 15, 2025 |
Airfloa Rail Technology IPO Dates
The Airfloa Rail Technology IPO date is September 11 and the close date is September 15. The Airfloa Rail Technology IPO allotment will be finalized on September 16 and the IPO listing on September 18.
| IPO Open Date: | September 11, 2025 |
| IPO Close Date: | September 15, 2025 |
| Basis of Allotment: | September 16, 2025 |
| Refunds: | September 17, 2025 |
| Credit to Demat Account: | September 17, 2025 |
| IPO Listing Date: | September 18, 2025 |
| IPO Bidding Cut-off Time: | September 15, 2025 – 5 PM |
Promoters of Airfloa Rail Technology IPO
The promoters of the company are Mr. Venkatesan Dakshinamoorthy, Mr. Manikandan Dakshnamoorthy, Ms. Nandhini Manikandan and Mr. Sathishkumar Venkatesan.
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,74,62,954 | 74.40% |
| Promoter Holding Post Issue | 2,39,69,954 | 54.2% |
Objects of the Issue & Utilisation of proceeds
| Purpose | Crores | % |
| Capital expenditure towards purchase of machinery and equipment | 13.68 | 15.02% |
| Repayment of a portion of certain outstanding borrowing availed by the company | 6.00 | 6.59% |
| Funding working capital requirements | 59.27 | 65.06% |
| General corporate purposes | 12.15 | 13.34% |
About Airfloa Rail Technology IPO
A leading company, Airfloa Rail Technology Limited, was founded in 1998 and started with the mission of manufacturing components for Indian Railways. These parts are made at places like the Integral Coach Factory (ICF) and other coach factories. The company makes train parts and interiors for Indian Railways. It also makes important and complex parts for the aerospace and defence sectors.
Moreover, the company makes train parts and works on interior projects for Sri Lankan trains, mainline Coaches, Agra Kanpur Metro RRTS, Vistadome Coaches, and the Train-18 Vande Bharat Express. The company also has competitive strengths, which are given below. They are considered a versatile partner for the railway, aerospace, and defence sectors as the manufacturing capabilities produce high-quality components. Moreover, the company has a stable work order book, a proven financial and scalable model position for continued growth, and is meeting rising market demands.
Airfloa Rail Technology IPO Company Financial Report
The company reported revenue of ₹192.66 crores in 2025 against ₹122.87 crores in 2024. The company reported profit of ₹25.56 crores in 2025 against profit of ₹14.23 crores in 2024.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
| 2022 | ₹137.63 | ₹132.50 | ₹3.43 | ₹176.76 |
| 2023 | ₹95.33 | ₹92.98 | ₹1.49 | ₹163.89 |
| 2024 | ₹122.87 | ₹102.27 | ₹14.23 | ₹201.99 |
| 2025 | ₹192.66 | ₹157.69 | ₹25.56 | ₹255.76 |
Airfloa Rail Technology IPO Valuation – FY2025
Check Airfloa Rail Technology IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| KPI | Values |
| ROE: | 30.64% |
| ROCE: | 26.28% |
| EBITDA Margin: | 24.61% |
| PAT Margin: | 13.28% |
| Debt to equity ratio: | 0.54 |
| Earning Per Share (EPS): | ₹15.63 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 23.06% |
| Net Asset Value (NAV): | ₹63.81 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Jupiter Wagons Limited | 9.08 | 37.80 | 13.81% | 64.88 | 4,007.64 Cr. |
| Titagarh Rail Systems Ltd | 20.39 | 41.94 | 11.07% | 184.40 | 3,943.10 Cr. |
IPO Lead Managers aka Merchant Bankers
- GYR Capital Advisors Pvt.Ltd.
Company Address
Airfloa Rail Technology Ltd.
No 9 Chelliamman
Koilstreet Keelkttala
Chennai, Tamil Nadu, 600117
Phone: +91 9600621490
Email: [email protected]
Website: https://www.airflow.co.in/
IPO Registrar
KFin Technologies Limited
Phone: 04067162222, 04079611000
Email:
Website: https://ipostatus.kfintech.com/
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Note: The Airfloa Rail Technology IPO price band and date are officially announced. The (Airfloa Rail Technology IPO grey market premium) will be added to the IPO GMP page as it will start).
5 Responses
intresting
A good first impression on going through the write-up about the Company, and its financials…. Railways as a govt. policy are progressively on track towards international standards which makes this another attractive investment as a longterm stock….
In one word….Reliable
AMAZING GMP & WONDERFUL INVESMENT
Nice ipo, superb investment
Good job