Airfloa Rail Technology Limited · BSE:AIRFLOA
Airfloa Rail Technology — FY2026 Earnings Presentation
39 slides from Airfloa Rail Technology's earnings presentation, Jun 12, 2026
Slide 1: BSE submission letter: Investors' Presentation
AIRFLOA RAILTECHNOLOGYLIMITED (Formerly known as Airflow Equipments India Pvt Ltd) Date: June 12, 2026 To, Department of Corporate Services, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001, Subject: Submission of Investors’ Presentation in furtherance to our earlier Submission da
Slide 2: Investor Presentation – FY26 Earnings Update
AIRFLOA RAIL TECHNOLOGY LIMITED Investor Presentation – FY26 Earnings Update
Slide 3: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 4: Executive summary – FY26
Executive summary – FY26 Revenue and profitability Return and capital Client and people Revenue from operations Return on equity (RoE) Orderbook ₹ 319.6 crores 22.4% ₹ 469 crores 66% YoY growth vs 30.8% in FY25 vs 472 in FY25 Operating profit (EBIDTA) Return on capital employed (RoCE) Order inflow ₹
Slide 5: Performance update and management commentary – FY26
Performance update and management commentary – FY26 ▪ Unexecuted order book as on March-end stands at ₹469 crore; ₹1,200 crore active bid pipeline with a historic win ratio of 20-25% ▪ Proposed JV1 with Big Bang Boom Solutions approved by the board; Expected to be incorporated within the next two we
Slide 6: Revenue mix across sectors
Revenue mix across sectors (in ₹ crores) Railways Aeronautical, defense and others Revenue mix + 134% 228.9 90.8 250 .0 100 .0 80 106% 90.0 63.2 70 200 .0 80.0 165.9 70.0 68.2 60 50 124.2 150 .0 60.0 50.0 40 27.0 28% 25% 28% 80.3 100 .0 40.0 35% 30 30.0 20 50.0 20.0 10 10.0 = - - - FY25 FY26 H2 FY25
Slide 7: Revenue mix across clients
Revenue mix across clients (in ₹ crores) Government Private Revenue mix + 128.6 140 .0 250 .0 124.2 -4% 191.0 120 .0 542% 200 .0 100 .0 84.3 81.2 147.8 150 .0 80.0 60.0 21% 100 .0 40.0 68.2 35% 50.0 20.0 23.0 60% = - - 65% FY25 FY26 H2 FY25 H2 FY26 FY25 FY26 H2 FY25 H2 FY26 79% Revenue from operatio
Slide 8: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 9: Engineering-led manufacturer serving regulated, high-entry-barrier mobility and defense markets
Engineering-led manufacturer serving regulated, high-entry-barrier mobility and defense markets About Airfloa Rail Technology Limited Airfloa at a glance ▪ Engineering-driven manufacturing company operating across railways, aerospace, and defense o Manufacture high-precision forged and machined roll
Slide 10: Two decades of engineering progress and strategic expansion
Two decades of engineering progress and strategic expansion 1998 2018-19 Vande Bharat (Train 18) interior & Incorporation of the company seating orders (2018-19) 2014-16 2025 Entered full coach body building Listed on BSE SME | JV with Big Bang Boom Solutions for Defense Tech 2003-04 2019 First in I
Slide 11: Integrated engineering across railways, aerospace & defense
Integrated engineering across railways, aerospace & defense (in ₹ crores) Railway rolling stock Aerospace Revenue AMCA7 ground simulators Precision machining & Rail car body Rail interior Composites structural assemblies ▪ Exterior: Sidewalls. end walls, roof, nose-cone ▪ Interiors: Doors, windows,
Slide 12: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 13: Defensible business model
Defensible business model Operational excellence through global certifications Robust order book across high-value strategic sectors and advanced manufacturing lines Diversified, high-quality manufacturing platform across Evolution in a turnkey solutions provider railways and strategic sectors Build
Slide 14: Robust order book across high-value strategic sectors
Robust order book across high-value strategic sectors Top 5 order-wins Total order book: 469 crores ₹73.9 crs. Indian Railways Indian Railways and metro rail projects Project: Turnkey interior furnishing-Amrit Bharat LWSCN1 coaches Client: Integral Coach Factory (ICF), Chennai Supported by strong St
Slide 15: Operational excellence through advanced manufacturing lines
Operational excellence through advanced manufacturing lines Unit 1 Unit 3 Unit 5 Unit 6A AREA AREA AREA AREA 6,179 sq. ft. 7,200 sq. ft. 52,259 sq. ft. 32,000 sq. ft. Address Address Address Address No. 9, Chelliamman Koil Street, Keelkattalai, Chennai 4D, Boopathy Nagar Industrial Area, Kilkattalai
Slide 16: Operational excellence through global certifications and approvals
Operational excellence through global certifications and approvals IRIS Certification AS91000 & ISO 9001 Approved Vendor ISO/TS 22163 2015 2017 HAL Approved Vendor Approved Supplier Approved Vendor Defence Avionics Indian Railways CVRDE Research (IREPS) 15
Slide 17: Diversified manufacturing platform across railways and strategic sectors
Diversified manufacturing platform across railways and strategic sectors Reliable, multi-industry manufacturing partner ▪ High-quality component manufacturing across railway, aerospace, and defense sectors ▪ Proven track record in delivering precision-engineered, mission-critical products Comprehens
Slide 18: Evolution in a turnkey solutions provider
Evolution in a turnkey solutions provider End-to-end turnkey Improved client Proven Track capabilities efficiency Record ▪ Transitioned from a rolling stock manufacturer to an ▪ Enables clients to streamline procurement by ▪ Successful execution of high-profile turnkey projects, integrated, turnkey
Slide 19: Building a scalable defense manufacturing platform
Building a scalable defense manufacturing platform ▪ 51:49 Joint Venture o Airfloa – Manufacturing partner (Majority Stake) JV structure and operating model o Big Bang Boom Solutions (BBBS) – Technology and R&D partner ▪ Purpose: Industrialization of next-generation defense technologies ▪ IP Ownersh
Slide 20: Experienced promoters guided by an expert board
Experienced promoters guided by an expert board Executive Leadership Board of Directors Mr. Venkatesan Dakshinamoorthy Ms. Nandhini Manikandan Chairman & Managing Director Non-Executive Director ▪ 20+ years of technical & operational experience ▪ Bachelor of Engineering, University of Madras ▪ Shape
Slide 21: Consistent financial delivery over time (1/2)
Consistent financial delivery over time (1/2) Revenue from operations (in ₹ crores) EBITDA (in ₹ crores) Profit after tax (PAT) (in ₹ crores) 319.6 64.3 39.1 48.3 192.4 25.8 31.3 119.3 13.5 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Capacity utilization EBITDA margin PAT margin 90% 26.2% 25.1% 13.
Slide 22: Consistent financial delivery over time (2/2)
Consistent financial delivery over time (2/2) Return on equity (RoE) Debtor days Inventory days 30.8% 236 219 260 27.4% 195 22.4% 158 110 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Return on capital employed Payable days Cash conversion cycle 44.9% 250 40.2% 247 211 203 167 24.9% 102 FY24 FY25 FY2
Slide 23: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 24: Strategic focus areas
Strategic focus areas Deepen wallet share by expanding product portfolio ▪ Increase wallet share with Indian Railways, metro projects, and OEMs1 ▪ Expand offerings across seating systems, interiors, and FRP2-based solutions ▪ Strengthen export outreach by leveraging past international projects ▪ Lev
Slide 25: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 26: Investment rationale: Why Airfloa Rail Technology Limited
Investment rationale: Why Airfloa Rail Technology Limited Robust order book Diverse presence ₹469 crores across railways, metro, aerospace, Active across railways, metro, aerospace, and defense and defense segments sectors Premium offerings Proven track record Specialized products including Train 18
Slide 27: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 28: Key project highlights and execution track record (1/4)
Key project highlights and execution track record (1/4) Vande Bharat (T18) Mozambique Mainline Coaches (Cape Gauge) Agra-Kanpur Metro ▪ Advance seating and interior modules ▪ Export interiors and systems ▪ Sidewalls, windows and interiors Kolkata Metro RRTS1 (NCRTC2) Sri Lankan Mainline and DEMU3 ex
Slide 29: Key project highlights and execution track record (2/4)
Key project highlights and execution track record (2/4) AC EMU1 Vistadome Aviation training centers simulator ▪ Durable and ergonomic interiors ▪ Panoramic interiors Vistadome Coach - Honorable Railway Minister inspecting the coach Design and development of India’s first continuous window coach duri
Slide 30: Key project highlights and execution track record (3/4)
Key project highlights and execution track record (3/4) AMCA1, Aeronautical Development Components for train 18 (Vande Bharat Jaguar Cockpit, HAL2 - Bangalore Agency - Bangalore Express) AC EMU3 aluminum paneling AC EMU3 aluminum paneling Amrit Bharat interior RRTS4 coaches 29 1. AMCA: Advanced medi
Slide 31: Key project highlights and execution track record (4/4)
Key project highlights and execution track record (4/4) Hull Assembly for T90 for HVF1, Avadi Medium Ballistic Missile Railway Wagon with Spilt Hood Structure and Launching Pad for DRDO2 - MSC , Pune 30 1. HVF: Heavy vehicles factory | 2. DRDO: Defense research and development organization
Slide 32: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 33: Income statement
Income statement ₹ crores unless otherwise mentioned Particulars H2 FY25 H2 FY26 YoY change FY24 FY25 FY26 YoY change Revenue from operations 107.3 229.1 114% 119.3 192.4 319.6 66% Operating expenses 81.2 186.8 88.0 144.1 255.3 EBIDTA 26.1 42.2 62% 31.3 48.3 64.3 33% EBIDTA Margin 24.3% 18.4% (590 b
Slide 34: Balance sheet
Balance sheet ₹ crores unless otherwise mentioned ₹ crores unless otherwise mentioned Assets FY24 FY25 FY26 Equity and Liabilities FY24 FY25 FY26 Non-current assets Shareholder’s funds 56.1 111.1 239.1 33.6 36.8 42.0 Minority interest -- 0.6 0.6 Tangible assets Non-current liabilities Intangible ass
Slide 35: Agenda
Agenda 1. Executive summary – FY26 2. Company overview: Airfloa Rail Technology Limited 3. Defensible business model 4. Strategic focus areas 5. Investment rationale: Why Airfloa Rail Technology 6. Key project highlights and execution track record 7. Annexure: India’s strategic manufacturing tailwin
Slide 36: Indian railways: Unmatched scale, sustained capex and global ambitions
Indian railways: Unmatched scale, sustained capex and global ambitions Overview ▪ 4th largest rail network globally: 65,556 km ▪ Daily operations: 13,523 passenger trains and 9,146 freight trains 1. Policy support 2. Public-private partnerships (PPP) ▪ FY26 capex: ₹3.0 lakh crores; Investment pipeli
Slide 37: India's defense and aerospace manufacturing: Structural growth story
India’s defense and aerospace manufacturing: Structural growth story India's defense sector is accelerating toward self- India aims to double aerospace manufacturing reliance and exports market by 2030 Market scale and targets Defense production Target: ₹3 lakh Defense exports Export target: Market
Slide 38: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Airfloa Rail Technology Limited (Airfloa, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 39: For further information, please reach out to:
For further information, please reach out to: COMPANY AIRFLOA RAIL TECHNOLOGY LIMITED Mr. Manikandan Dakshnamoorthy Joint MD cs@airflow.co.in INVESTOR RELATIONS CONSULTANT Meeting Request Link NEOATLAS CAPITAL ADVISORY LLP Research Team Mr. Rutul Shah research@atlascapital.in rutul.shah@atlascapital
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