Airfloa Rail Technology IPO

Airfloa Rail Technology manufactures rolling stock components for Indian Railways, including ICF, and executes turnkey interior projects, while also producing precision parts for aerospace and defence. It manufactured rolling stock parts and executed interior projects for Sri Lankan DEMU, Mainline Coaches, Agra-Kanpur Metro, RRTS, Vistadome Coaches, and Train-18 Vande Bharat Express. As of August 28, 2025, the order book stood at ₹375.89 crore, with 72.17% from the Railways-Government segment. Train Materials contributed 45.81% of revenue, followed by Train 18 Seats at 28.71% and Roof & Sidewall at 8.28%. Regionally, Tamil Nadu contributed the bulk of revenue at 93.43% in FY25, followed by Gujarat at 3.31%. Capacity utilisation stood at 85% in FY25.