Airfloa Rail Technology FY26: growth at scale, margins under pressure, and a sharper push into defense

Revenue from operations was INR 319.6 crore in FY26, up 66% year on year as presented in the FY26 earnings update.

EBITDA was INR 64.3 crore in FY26, up 33% YoY, while EBITDA margin declined to 20.1% from 25.1% in FY25.

In FY26, railways contributed INR 228.9 crore (72%) and aeronautical, defense and others contributed INR 90.8 crore (28%) of revenue from operations.

The unexecuted order book as of March-end is stated at INR 469 crore, and the active bid pipeline is stated at INR 1,200 crore with a historic win ratio of 20 to 25%.

Management guided for FY27 revenue of INR 500 crore and PAT margin of 12 to 13%.

The presentation states a 51:49 JV where Airfloa is the manufacturing partner (majority stake) and Big Bang Boom Solutions is the technology and R&D partner, with IP residing in the JV and commercialization targeted for mid-FY27.