Financial Performance Update

FY26 Financial Highlights:

  • Revenue from operations grew by 66% YoY to ₹319.6 crores in FY26 from ₹192.4 crores in FY25
  • EBITDA stood at ₹64.2 crores in FY26 with margins of 20.1%
  • Profit After Tax (PAT) grew by 52% YoY to ₹39.1 crores in FY26 with PAT margins of 12.2%
  • Other income was ₹0.5 crores in FY26
  • Depreciation was ₹3.5 crores in FY26
  • Finance costs were ₹8.6 crores in FY26
  • Tax expenses were ₹13.5 crores in FY26

H2 FY26 Performance:

  • H2 FY26 revenue was ₹192.4 crores compared to ₹119.3 crores in H2 FY25
  • H2 FY26 EBITDA was ₹48.3 crores with margins of 25.1%

Balance Sheet Position (as of March 31, 2026):

  • Total assets: ₹402.7 crores (up from ₹256.9 crores in FY25)
  • Non-current assets: ₹66.6 crores (including tangible assets of ₹42.0 crores, intangible assets of ₹8.4 crores, and non-current investments of ₹5.0 crores)
  • Current assets: ₹336.1 crores (including inventories of ₹72.4 crores, trade receivables of ₹214.0 crores, and cash & cash equivalents of ₹13.1 crores)
  • Total liabilities: ₹163.0 crores
  • Non-current liabilities: ₹6.2 crores (including borrowings of ₹4.1 crores)
  • Current liabilities: ₹156.8 crores (including borrowings of ₹64.2 crores and trade payables of ₹60.9 crores)

Order Book and Business Pipeline

  • Unexecuted order book as of March 31, 2026: ₹469 crore
  • Active bid pipeline: ₹1,200 crore with historic win ratio of 20-25%
  • 20% of FY26 receivables collected as of presentation date, with 50-60% of outstanding balance expected to be received by end of June 2026

Top Order Wins

1. Turnkey interior furnishing for Amrit Bharat LWSCN coaches for Integral Coach Factory (ICF), Chennai: ₹73.9 crores

2. Supply of items used in coaches for ACME India Industries Ltd: ₹62.4 crores

3. Interior furnishing for Amrit Bharat coaches for ICF, Chennai: ₹23.9 crores

4. Lighting system for Chennai Metro Rail project for BEML Limited, Bangalore: ₹22.9 crores

5. Roller blind in LHB AC Amrit Bharat version 3.0 coaches for ICF, Chennai: ₹11.8 crores

Joint Venture Announcement

  • Board approved proposed Joint Venture with Big Bang Boom Solutions (BBBS)
  • Airfloa will hold majority stake in the JV
  • Purpose: Industrialization of next-generation defense technologies
  • Intellectual property will reside with the JV
  • Commercialization targeted for mid-FY27
  • Focus areas include Electronic Warfare systems, AI-driven autonomous defense platforms, high-precision defense components, advanced materials, and end-to-end system integration

Manufacturing Facilities and Operations

The company operates multiple manufacturing units:

  • Unit 1: 6,179 sq. ft. in Chennai
  • Unit 3: 7,200 sq. ft. in Sriperumbudur Taluk, Kancheepuram
  • Unit 5: 52,259 sq. ft. in Kancheepuram, Chennai
  • Unit 6A: 32,000 sq. ft. in Kancheepuram, Chennai
  • Unit 6B: 44,000 sq. ft. in Walajabad Taluk, Kancheepuram

Certifications and Approvals

  • AS91000 & ISO 9001:2015
  • IRIS Certification ISO/TS 22163:2017
  • Approved Vendor for HAL, Defence Avionics Research, and CVRDE
  • Approved Supplier for Indian Railways (IREPS)

Management and Board Structure

Board of Directors:

  • Mr. Venkatesan Dakshinamoorthy - Chairman & Managing Director
  • Mr. Manikandan Dakshinamoorthy - Joint Managing Director
  • Ms. Nandhini Manikandan - Non-Executive Director
  • Mr. Sathishkumar Venkatesan - Whole-Time Director
  • Mr. Sudhanshu Mani - Independent Director (38+ years in Indian railways, led Train 18/Vande Bharat project)
  • Mr. Tilak Raj Seth - Independent Director

Strategic Focus Areas

  • Deliver high-quality products at competitive prices
  • Increase wallet share with Indian Railways, metro projects, and OEMs
  • Expand offerings across seating systems, interiors, and FRP-based solutions
  • Strengthen export outreach leveraging past international projects
  • Expand production capacity through new 14-acre facility (50,000-1,00,000 sq.ft.)
  • Operationalize JV for electronic warfare systems and AI-enabled defense platforms
  • Transition from component-focused supply to turnkey interior systems

FY27 Guidance

  • Revenue guidance: ₹500 crores
  • PAT margins expected: 12-13%

Project Execution Track Record

Key projects delivered include:

  • Vande Bharat (T18) - advance seating and interior modules
  • Mozambique Mainline Coaches - export interiors and systems
  • Agra-Kanpur Metro - sidewalls, windows and interiors
  • Kolkata Metro - interior and structural modules
  • RRTS (NCRTC) - seating, access doors and luggage racks
  • Sri Lankan Mainline and DEMU exports - 97 coaches' turnkey execution
  • Design and development of India's first continuous window coach

Investor Relations Contacts

  • Company Contact: Mr. Manikandan Dakshnamoorthy (Joint MD) at cs@airflow.co.in
  • Investor Relations Consultant: NeoAtlas Capital Advisory LLP
  • Mr. Rutul Shah: rutul.shah@atlascapital.in, +91 82002 47366
  • Research Team: research@atlascapital.in, +91 63549 47366