Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Airfloa Rail Technology IPO
Price Band
₹133.0–140.0
Issue Size
₹91.1 Cr
Lot Size
1,000 shares
Min Investment
₹280,000
2 LOTS MIN
GMP
+₹175.0 (125.0%)
Issue Price
₹140.0
Subject to Sauda
₹133000
Paid only if allotted
Airfloa Rail Technology IPO AI Summary
- Airfloa Rail Technology IPO is listed on BSE SME in the Industrial Products sector.
- Price band: ₹133.0–₹140.0 per share, lot size 1,000 shares (min. investment ₹280,000, 2 lots minimum).
- Subscription window: 11 Sep–15 Sep 2025, listing on 18 Sep 2025.
- Current GMP is +₹175.0 (125.0%), an estimated listing price of ₹315 — unofficial and can change daily.
Airfloa Rail Technology Limited is set to raise ₹91.1 Cr through its IPO, offering shares at an issue price of ₹140. The company is well-positioned in the railway, aerospace, and defense sectors, with a strong focus on quality and innovation.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Airfloa Rail Technology IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 15 Sep 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Airfloa Rail Technology IPO Grey Market Premium (GMP) Today
GMP
+₹175.0
GMP %
+125.0%
Est. Listing
₹315.0
Updated: 25 Jul 2026 14:12
About the Company
Incorporated in December 1998, Airfloa Rail Technology Limited manufactures components for Indian Railways' rolling stock through production units like the Integral Coach Factory (ICF) and other coach factories. The company manufactures rolling stock components and interior projects for Indian Railways and produces complex, crucial parts for aerospace and defence. The company made rolling stock parts and managed interior projects for Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and Train-18 Vande Bharat Express. They are a key supplier to Indian Railways, manufacturing high-precision components and turnkey interior furnishings for rolling stock. They also serve the aerospace and defense sectors, making components for projects like AMCA ground simulators and artillery tank bodies. The company offers turnkey interior furnishing projects for prestigious railway projects, such as the Vande Bharat Express and the Agra-Kanpur Metro. They extend their expertise to the aerospace and defence sectors, manufacturing components for projects like AMCA ground simulators. They are an ISO 9001:2015, EN 15085-2, and BMS-certified company, signifying their commitment to quality management and railway standards. The company contribute to its appeal by supplying the following key components: Seating Options: Comfortable seats are designed for long, scenic trips, offering optimal viewing angles. Passenger Accessibility: IC doors for smooth and safe movement within the coach. Climate Control: Air diffusers ensure a pleasant environment during travel. Interior Design: Large windows, roof panels, and PAPIS displays, enhancing visibility and the overall travel experience. As of July 31, 2025, the Company’s workforce comprised 281 employees (including those on contract), including the senior management team. Competitive Strength The manufacturing capabilities produce high-quality components, making us a versatile partner for the the railway, aerospace, and defence sectors. As a turnkey railway provider, the company offers seamless end-to-end solutions, simplifying project execution and boosting efficiency. Advanced manufacturing with modern machinery ensures efficiency and precision, making us a trusted partner for quality railway and aerospace components. Led by experienced promoters, the company navigates market dynamics, drives innovation, and fosters strong client relationships in the railway and aerospace sectors. A strong work order book, proven financials, and a scalable model position us for continued growth and meeting rising market demands.
Company Financials (₹ Cr)
As of 2025-03-31
| 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 and Surplus | 93.34 |
| Total Borrowing | 59.98 |
Key Ratios
EPS
₹14.63
NAV
₹63.81
ROE
30.64%
ROCE
26.28%
RoNW
23.06%
P/B Value
2.19
P/E Ratio
9.57
Market Cap
₹335.58 Cr
PAT Margin
13.28%
Debt/Equity
0.54
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Titagarh Rail Systems Limited | 184.4 | 11.07% | 41.94 | 20.39 | 20.39 |
| Jupiter Wagons Limited | 64.88 | 13.81% | 37.8 | 9.08 | 9.08 |
| Airfloa Rail Technology Limited This IPO | 63.81 | 23.06% | — | 15.63 | 15.63 |
Promoters
Venkatesan Dakshinamoorthy, Manikandan Dakshnamoorthy, Nandhini Manikandan and Sathishkumar Venkatesan
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure towards purchase of machinery and equipmen 13.68 2 Repayment of a portion of certain outstanding borrowing availed by the company 6.00 3 Funding working capital requirements of the Company 59.27 4 General Corporate Purposes 9.90 5 Issue Expenses 2.24 Total 91.09
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
For the period ending 31 Mar 2025, the Total Income was ₹192.66 Cr. This figure represents the company's revenue for that fiscal year.
Profit Trend
The Profit After Tax for the period ending 31 Mar 2025 was ₹25.55 Cr, indicating the company's profitability for that fiscal year.
Valuation
At the issue price of ₹140, Airfloa Rail Technology's implied P/E ratio is approximately 9.57, compared to peers trading at P/E ratios of 37.8 to 41.94.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which an IPO is expected to list in the stock market compared to its issue price. A positive GMP suggests strong demand for the shares in the grey market, which can be an indicator of potential listing gains.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. Consider the company's financial health, growth prospects, and industry position before making a decision.
Who May Want to Wait
Investors who may be risk-averse or uncomfortable with the inherent uncertainties of newly listed companies might consider avoiding this IPO. It is essential to evaluate personal financial situations and investment strategies.
IPO Timeline, Explained
The IPO opens for subscription on September 11, 2025, and closes on September 15, 2025. Allotment of shares is expected to be finalized by September 16, 2025, with the listing date set for September 18, 2025.
Listing Gains — The Risk
Listing day gains can be unpredictable. While a positive GMP may suggest potential gains, various market factors can influence the actual listing price. Investors should be prepared for the possibility of price fluctuations on the listing day.
This evaluation is generated from Airfloa Rail Technology's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Airfloa Rail Technology IPO GMP today?
Airfloa Rail Technology IPO GMP today is +₹175.0 (125.0%), indicating an estimated listing price of ₹315. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Airfloa Rail Technology IPO?
The price band of Airfloa Rail Technology IPO is ₹133.0–₹140.0 per share.
When does Airfloa Rail Technology IPO open and close?
Airfloa Rail Technology IPO opens on 11 September 2025 and closes on 15 September 2025.
When does Airfloa Rail Technology IPO list on the stock exchange?
Airfloa Rail Technology IPO listed on 18 September 2025 at ₹315.0.
What is the lot size for Airfloa Rail Technology IPO?
The lot size for Airfloa Rail Technology IPO is 1000 shares, requiring a minimum investment of ₹280,000 (2 lots).
What is the price band for the IPO?
The price band for the IPO is ₹133 to ₹140.
What is the minimum investment required?
The minimum investment required is ₹280,000, which corresponds to a lot size of 1000 shares.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the shares compared to the issue price.
What is the listing date for the IPO?
The listing date for the IPO is September 18, 2025.
Who are the lead managers for this IPO?
The lead manager for this IPO is GYR Capital Advisors Pvt. Ltd.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
11 Sep 2025
Close
15 Sep 2025
Allotment
16 Sep 2025
Listing
18 Sep 2025
Similar IPOs in Industrial Products
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for Airfloa Rail Technology?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.