ALFA Finder
| Market Cap | ₹1,230.62 CrSmall Cap |
|---|---|
| PE TTM | 31.43Industry PE 41.04 |
| 1Yr Price Change | 39.28%Annual Return |
| RSI | 54.49Neutral Zone |
| Metric | H1-27 | H2-26 | H1-26 |
|---|---|---|---|
| Revenue from Operations | 220 | 107 | 90.5 |
| Other Income | 0.1 | 0.2 | 0.4 |
| Total Income | 220 | 107 | 91.0 |
| Profit Before Tax | 34.8 | 19.1 | 16.5 |
| Net Profit | 25.1 | 16.0 | 12.1 |
| Operating Margin | 15.8% | 17.8% | 18.1% |
| Net Profit QoQ | +56.9% | ||
| Net Profit YoY | +107.4% | ||
| Adj. Profit QoQ | +83.6% | ||
| Adj. Profit YoY | +115.5% | ||
Key highlights
- Revenue from operations grew 143% YoY to reach ₹220 crore in H1-FY27
- Net profit increased to ₹25.1 crore from ₹12.1 crore in the same period last year
- Board approved a ₹40.80 crore acquisition of specified assets from Kin Railway Equipment Private Limited
- Operating margins settled at 15.8% for H1-FY27 compared to 18.1% in H1-FY26
- Company has utilized ₹78.08 crore out of the ₹88.84 crore net proceeds from its IPO
- Order book stood at ₹433.80 crore as of June 30, 2026
Revenue and Profit Surge in First Half of FY27
Airfloa Rail Technology Limited demonstrated significant growth in the half-year ended September 30, 2026, with revenue from operations surging to ₹220 crore. This marks a substantial increase from the ₹107 crore reported in the second half of FY26 and ₹90.5 crore in the year-ago period. Net profit for the half-year reached ₹25.1 crore, representing a 107.4% increase over H1-FY26.
The company maintained a healthy profit before tax of ₹34.8 crore, although operating margins moderated to 15.8% from 18.1% on a year-on-year basis, reflecting the scaling up of production activities.
Strategic Asset Acquisition from KIN Railway Equipment
- Acquisition of specified assets and business of Kin Railway Equipment Private Limited for ₹40.80 crore
- Targeted assets include plant, machinery, inventory, licenses, and intellectual property rights
- Closing date for the transaction is scheduled for November 30, 2026
- The company will take over operations starting November 16, 2026
- Acquisition aimed at strengthening capabilities in domestic and international metro and high-speed rail segments
- The deal includes existing purchase orders totaling approximately ₹180 crore held by KIN
Expansion Through IPO Proceeds Utilization
The company continues to execute its expansion strategy using proceeds from its September 2025 Initial Public Offer. Out of the total net proceeds of ₹88.84 crore, Airfloa has deployed ₹59.27 crore toward working capital requirements and ₹6.00 crore for the repayment of outstanding borrowings. While ₹13.67 crore was allocated for capital expenditure on machinery and equipment, only ₹2.91 crore has been utilized as of September 30, 2026.
Management noted a delay in procurement schedules for certain machinery due to recent policy changes in China impacting supplier capacity and lead times.
Balance Sheet Strength and Asset Growth
- Total assets reached ₹495.07 crore as of September 30, 2026, up from ₹401.00 crore in March 2026
- Trade receivables increased to ₹262.99 crore to support the expanding scale of operations
- Inventory levels stood at ₹83.38 crore to meet execution requirements for the order book
- Short-term borrowings were reported at ₹139.55 crore to manage working capital needs
- Promoter holding remains steady at 54.2% as per latest disclosures
Management on Strategic Growth
The proposed acquisition, upon successful consummation, will significantly strengthen and enhance the Company's business operations, technical capabilities and market presence, especially enabling the company to pursue greater business opportunities in the domestic and international metros, as well as in domestic and International the high-speed train segments.
| Date | Announcement | Amount |
|---|---|---|
| 14 Jul 2026 | Q1 FY27 provisional revenueSource: BSE filing | ₹100.70 Cr |
| 14 Jul 2026 | FY27 revenue guidance reaffirmedSource: BSE filing | ₹500.00 Cr |
| 02 Jun 2026 | FY27 annual revenue guidanceSource: BSE filing | ₹500.00 Cr |
| 30 May 2026 | FY26 consolidated profit after taxSource: BSE filing | ₹39.15 Cr |
| 30 May 2026 | FY26 consolidated revenue from operationsSource: BSE filing | ₹319.60 Cr |
| 13 Nov 2025 | H1 FY26 standalone revenue from operationsSource: BSE filing | ₹90.54 Cr |
What to watch next
- Completion of KIN Railway Equipment asset acquisition by November 30, 2026
- Earnings call scheduled for November 16, 2026, to discuss H1 performance
- Execution of the ₹433.80 crore order book reported earlier in FY27
- Progress toward the annual revenue guidance of ₹500 crore for FY27
“The Board approved the signing of the Asset Sale & Purchase Agreement with Kin Railway Equipment Private Limited (KIN) for the acquisition of the specified assets of KIN.”
| Share price | ₹513.4 |
|---|---|
| Market capitalisation | ₹1,230.62 Cr |
| Revenue (annual) | ₹319.60 Cr |
| Net profit (annual) | ₹39.15 Cr |
| P/E (TTM) | 31.43×Sector 33.1× |
| Promoter holding | 54.2% |
| FII holding | 0.01%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Airfloa Rail Technology Limited announcing its unaudited standalone and consolidated financial results for the half year ended September 30, 2026. Market figures from a third-party data provider.
