Revenue from operations reached ₹319.6 crore in FY26, representing a 66% growth from ₹192.4 crore in FY25.
Profit After Tax (PAT) increased by 52% to ₹39.15 crore.
Earnings Per Share (EPS) stood at ₹18.67.
Net Profit Margin was 12.25% in FY26, compared to 13.4% in FY25.
EBITDA Margin was 20.1% in FY26, compared to 25.1% in FY25 and 26.2% in FY24.
Networth was ₹236.78 crores.
Net Debt to Equity (Leverage) was 0.29 times.
Current Ratio was 2.12 times.
Cash and Bank Balances stood at ₹13.08 crores.
Performance was particularly strong in the second half (H2) of FY26, with revenue of ₹229.1 crore compared to ₹107.3 crore in H2 FY25.
Order Book & Business Segments
The unexecuted order book stood at ₹469 crore as of the end of March (FY26).
Order inflow during FY26 increased to ₹380 crore from ₹329 crore in the previous year.
By customer type, Government revenue was stable at ₹128.6 crore in FY26 (₹124.2 crore in FY25), while Private revenue grew sharply to ₹191 crore (₹68.2 crore in FY25).
By sector, Railways contributed ₹228.9 crore (72% of FY26 revenue), while Aerospace, Defence and other businesses contributed ₹90.8 crore.
Strategic Developments & Joint Venture
The company has entered into a 51:49 joint venture with Big Bang Boom Solutions, where Airfloa is the majority and manufacturing partner. The JV aims to industrialise next-generation defence technologies.
The JV's scope includes electronic warfare systems, AI-driven autonomous defence platforms, high precision defence components, advanced materials, nanotechnology products, and end-to-end system integration and testing.
Commercialisation for the defence JV is targeted for mid-FY27.
The company is an approved vendor to Hindustan Aeronautics Limited (HAL), CVRDE, and Defence Avionics Research, and an approved supplier to Indian Railways through IREPS.
Past delivered work includes AMCA ground simulators for the Aeronautical Development Agency, Jaguar cockpit work at HAL Bangalore, and hull assembly for the T90 at the Heavy Vehicles Factory in Avadi.
Capacity Utilization & Expansion Plans
The company's five manufacturing units were operating at approximately 90% utilization in FY26, up from 85% the previous year.
Expansion plans include adding machinery and developing a larger facility to consolidate operations. The focus is on throughput planning, supply chain scheduling, digital engineering, and lean practices.
Working Capital & Cash Flow
The company acknowledged that receivables are a significant number relative to revenue.
It reported that during FY26, debtor days, inventory days, and the cash conversion cycle all decreased.
As per the FY26 investor presentation, 20% of FY26 receivables had been collected by the time of the disclosure, with 50-60% of the outstanding balance expected to be collected by the end of June [2026].
Improving cash generation is stated as an important operational priority.
Forward-Looking Guidance & Commentary
For FY27, the company's objective is ₹500 crore of revenue with PAT margins of 12-13%.
The company intends to introduce at least two new railway products every year to ensure order book renewal.
Beyond organic growth, the company sees opportunities for strategic inorganic expansion.
The long-term objective is to build Airfloa into a broader engineering and manufacturing platform with rail at its core and aerospace and defence providing additional growth avenues.
Corporate History & IPO
The company started in 1998 focused on engineering and manufacturing for the railway sector.
It successfully listed on the BSE SME platform on 18 September 2025, raising ₹91.10 crore through its IPO.
IPO proceeds are being utilised for machinery and equipment, repayment of borrowings, working capital requirements, and general corporate purposes.
Certifications & Approvals
The company holds AS9100D and ISO 9001 certifications since 2015 and IRIS certification, ISO/TS 22163, since 2017.
