Airfloa Rail Technology Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Airfloa Rail Technology Ltd filed with BSE on 08 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Airfloa Rail Technology reported FY2026 revenue of Rs.319.6 crore, up 66% year-on-year, with EBITDA of Rs.64.2 crore at a 20.1% margin and PAT of Rs.39.1 crore at a 12.2% margin. Management said the order book stood at approximately Rs.486.9 crore as of May 2026 with an active bid pipeline of about Rs.1200 crore, and it extended the timeline for its earlier Rs.1000 crore revenue aspiration due to commodity price volatility. For FY2027, management guided to revenue of approximately Rs.500 crore while maintaining a PAT margin between 12% and 13%.
Numbers mentioned
Revenue: Rs.319.6 Crores (FY2026)
p. 3
“For FY2026, we reported revenue of Rs.319.6 Crores, representing growth of 66% over FY2025.”
M. Dakshinamoorthy, page 3 of the filed PDF · View the filing
H2 Revenue: Rs.229.1 Crores (H2 FY2026)
p. 5
“Accordingly, H2 FY2026 revenue stood at Rs.229.1 Crores compared to Rs.107.3 Crores in H2 FY2025, reflecting a growth of 114% year-on-year.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
EBITDA: Rs.64.2 Crores (FY2026)
p. 5
“For FY2026, EBITDA stood at Rs.64.2 Crores, reflecting growth of 33% year-on-year with EBITDA margins of 20.1%.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
PAT: Rs.39.1 Crores (FY2026)
p. 5
“Profit after tax stood at Rs.39.1 Crores, representing growth of 52% year-on-year, while PAT margins stood at 12.2%.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
ROE: 22.4% (FY2026)
p. 5
“For FY2026, ROE stood at 22.4% while ROCE stood at approximately 24.9%.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
Net debt to equity: 0.2 times (as of March 31, 2026)
p. 6
“As of March 31, 2026, our net debt to equity ratio remained comfortable at 0.2 times.”
M. Dakshinamoorthy, page 6 of the filed PDF · View the filing
Trade receivables: Rs.214 Crores (as of March 31, 2026)
p. 6
“Trade receivables stood at Rs.214 Crores as of March 31, 2026.”
M. Dakshinamoorthy, page 6 of the filed PDF · View the filing
Order book: approximately Rs.486.9 Crores (as of May 2026)
p. 4
“As of May 2026, our unexecuted order books stood at approximately Rs.486.9 Crores providing healthy visibility for FY2027.”
M. Dakshinamoorthy, page 4 of the filed PDF · View the filing
Bid pipeline: approximately Rs.1200 Crores
p. 4
“In addition, we have an active bid pipeline of approximately Rs.1200 Crores across railways, metro systems, defence and aerospace opportunities.”
M. Dakshinamoorthy, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — approximately Rs.500 Crores · FY2027
stated firmly by M. Dakshinamoorthy
p. 5
“Looking ahead, we are targeting a revenue of approximately Rs.500 Crores in FY2027 while maintaining PAT margin in the range between 12% to 13%.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
PAT margin — 12% to 13% · FY2027
stated firmly by M. Dakshinamoorthy
p. 5
“Looking ahead, we are targeting a revenue of approximately Rs.500 Crores in FY2027 while maintaining PAT margin in the range between 12% to 13%.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
Revenue — Rs.1000 Crores · FY2028
stated as an aspiration by M Dakshinamoorthy
p. 17
“Sir, in fact, if everything goes good, we can achieve Rs.1000 Crores and Rs.150 Crores PAT margin even this year, Sir.”
M Dakshinamoorthy, page 17 of the filed PDF · View the filing
R&D spend as % of revenue — 8% to 9% · FY2027
stated conditionally by M Dakshinamoorthy
p. 9
“Previously it was around 4%, now, we feel that this can even go up to 8% to 9% this year because we are expecting a lot of new product development and the technology transfers to happen this year.”
M Dakshinamoorthy, page 9 of the filed PDF · View the filing
Infrastructure capex — Rs.30 Crores to Rs.35 Crores · FY2027
stated firmly by M Dakshinamoorthy
p. 16
“Approximately around Rs.30 Crores to Rs.35 Crores.”
M Dakshinamoorthy, page 16 of the filed PDF · View the filing
JV investment — Rs.25 Crores
stated firmly by M Dakshinamoorthy
p. 23
“Sir, we have committed to invest around Rs.25 Crores towards this particular joint venture activities, predominantly to cater to two major segment which I have already highlighted for the autonomous drones which we have almost in the almost in the finishing of the design phase and secondly electronic warfare, which is the indigenous activity which we are now working with other foreign partners.”
M Dakshinamoorthy, page 23 of the filed PDF · View the filing
Debt funding — approximately Rs.120 Crores · FY2027
stated firmly by M Dakshinamoorthy
p. 9
“So, we will be having another Rs.120 Crores of debt and the receivables are also going to come.”
M Dakshinamoorthy, page 9 of the filed PDF · View the filing
Refurbishment orders — at least Rs.100 Crores · FY2027
stated as an aspiration by M Dakshinamoorthy
p. 17
“So we can expect the order to flow right from this year and hopeful of punching orders of at least Rs.100 Crores this year through this refurbishment project.”
M Dakshinamoorthy, page 17 of the filed PDF · View the filing
Equity raise — FY2028
stated conditionally by M Dakshinamoorthy
p. 24
“For FY2028, we may need it, Sir, but I cannot comment right now because it all depends on the maturity of the products because right now we are spending on the R&D.”
M Dakshinamoorthy, page 24 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said around Rs.100-110 crore would be collected by month end and working capital cycle would improve to 60-70 days within three to four months.
Answered by M Dakshinamoorthy
Asked by Paras Chheda: When will receivables normalize and cash flow from operations turn positive?
p. 6
“So, it will take at least three to six months to make it less than around 150, 160.”
M Dakshinamoorthy, page 6 of the filed PDF · View the filing
Management said around Rs.900 crore is railways, Rs.120 crore is metro, and Rs.60-70 crore is defence, mainly HAL.
Answered by M Dakshinamoorthy
Asked by Krupashankar NJ: What is the segment-wise breakdown of the Rs.1200 crore bid pipeline?
p. 7
“The bidding of Rs.1200 Crores is predominantly on the Indian railway sector, so out of Rs.1200 Crores, almost Rs.900 Crores is for the Indian railway sector, spreading towards the Atmanirbhar Bharat coach, Spark coach and then Kavach coach and then Vande Bharat, the sleeper coaches.”
M Dakshinamoorthy, page 7 of the filed PDF · View the filing
Management said they have tied up Rs.120 crore of debt funding across two banks rather than raising equity this year.
Answered by M Dakshinamoorthy
Asked by Dhaval Pandya: How will growth be funded given negative operating and free cash flow?
p. 9
“we are now going for a debt funding of approximately around Rs.120 Crores of which we have already got the sanction for Rs.60 Crores and another Rs.60 Crores we are going to get a sanction between 15th and 30th of this month”
M Dakshinamoorthy, page 9 of the filed PDF · View the filing
Management attributed it to a sharp rise in aluminium and steel prices not fully covered by price variation clauses.
Answered by M Dakshinamoorthy
Asked by Archit Agrawal: What caused the EBITDA margin decline from 25% to 20%?
p. 10
“So there was a steep increase of more than 80% of price for aluminium and there was an increase of more than 60% to 65% of the stainless steel price happened in the overall last one year basically year-on-year comparison”
M Dakshinamoorthy, page 10 of the filed PDF · View the filing
Management reaffirmed confidence in maintaining the margin, citing selective bidding and improved working capital cycle.
Answered by M Dakshinamoorthy
Asked by Sahil Garg: Given additional interest and R&D costs, is the 12-13% PAT margin guidance still achievable?
p. 12
“I do not think that we can reduce our overall PAT level less than 12% for sure.”
M Dakshinamoorthy, page 12 of the filed PDF · View the filing
Management clarified the orders are for simulators, not the AMCA aircraft itself.
Answered by M Dakshinamoorthy
Asked by Falak Shah: Are the HAL orders related to AMCA aircraft production?
p. 17
“We are talking about the simulators and then G22 simulators which we are now talking about. It is the simulators not the product, actual product.”
M Dakshinamoorthy, page 17 of the filed PDF · View the filing
Management said the machinery issue would not affect the FY2027 turnover target since key primary machines were already secured.
Answered by M Dakshinamoorthy
Asked by Khush Banthia: Will delays in Chinese machinery procurement affect FY2027 revenue target?
p. 25
“you can be rest assured that these particular machine activities are not going to affect our FY2027 turnover for sure.”
M Dakshinamoorthy, page 25 of the filed PDF · View the filing
Management said the two-shift mechanism and channel partner model would support growth without heavy infrastructure spend.
Answered by M Dakshinamoorthy
Asked by Chirag Satiya: How will the company achieve Rs.500 crore revenue given 90% capacity utilization?
p. 22
“So right now, we are using the two-shift mechanism, Sir. Previously, we were not using it.”
M Dakshinamoorthy, page 22 of the filed PDF · View the filing
Risks flagged
Steep rise in aluminium and steel commodity prices not fully covered by price variation clauses
p. 10
“When you talk about the price variation clause, which is already incorporated in the contract that covers only to certain limit let us say around some 60% or 50% of the overall losses.”
M Dakshinamoorthy, page 10 of the filed PDF · View the filing
Delay in Chinese machinery procurement due to end-user certificate requirements
p. 20
“Chinese government have set a rule to get an end user certificate from Indian companies, which means that we have ordered machineries, which is a high precision machinery, anything which is high precision machinery, they need to get the end user certificate from the Government of India”
M Dakshinamoorthy, page 20 of the filed PDF · View the filing
Extended timeline for Rs.1000 crore revenue milestone due to commodity price volatility and geopolitical uncertainty
p. 5
“Consequently, the timeline towards Rs.1000 Crores revenue milestone may extend modestly.”
M. Dakshinamoorthy, page 5 of the filed PDF · View the filing
Elevated year-end receivables from revenue concentrated in March execution
p. 6
“However, it is important to note that a significant portion of the annual revenues were executed during March, resulting in elevated year-on-year receivables, year-end receivables.”
M. Dakshinamoorthy, page 6 of the filed PDF · View the filing
Lumpy order execution pattern driven by Indian Railways ordering behavior
p. 26
“So the trend is like this but what we are trying to do is that based on our approach with the railways and the last time urgency and things like that we are trying to distribute throughout the year but we will definitely achieve to some extent, but the trend cannot be changed because it is majorly driven by the Indian railways and other railway segments basically.”
M Dakshinamoorthy, page 26 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.