₹469 Cr ORDER BOOK + 90% CAPACITY UTILISATION

🚨 AIRFLOA RAIL TECHNOLOGY | FY26: +66% REVENUE GROWTH + ₹469 Cr ORDER BOOK + 90% CAPACITY UTILISATION Airfloa Rail Technology Ltd. is emerging as a focused play on India's railway modernization and turnkey train-interior ecosystem.

Investors should monitor: ❗ High railway-sector concentration ❗ Working-capital intensity ❗ Raw material volatility in steel & aluminium ❗ Capacity constraints ❗ Related-party dealings with promoter-linked entities ❗ Family concentration on the Board ❗ Pending CSR-related appeals of ~₹90.04 Lakhs ❗ Minor secretarial filing/disclosure delays The statutory audit opinion was unmodified, and internal financial controls were also reported as effective. At the same time, the annual report highlights significant promoter-family representation and transactions with promoter-controlled entities, which merit continued monitoring. 🔎 NEHA GUPTA – RESEARCH VIEW Airfloa's FY26 story is built around railway capex + order-book visibility + integrated manufacturing + capacity expansion. The key pillars are: 1️⃣ Revenue +66% 2️⃣ PAT +52% 3️⃣ ₹469 Cr order book 4️⃣ 90% capacity utilisation 5️⃣ ~₹1,200 Cr bidding pipeline 6️⃣ Turnkey solutions across railway interiors The opportunity is substantial, but the next phase depends on capacity expansion, order conversion and—most importantly—working-capital discipline. Strong growth is visible on the P&L. The next test is whether that growth converts into cash. — Neha Gupta | SEBI Registered Research Analyst Registration No.: INH000016542 ⚠️ For educational and research purposes only. Not investment advice. Investors should conduct their own research and assess all risks independently. #AirfloaRail #RailwayStocks #RailwayIndia #VandeBharat #RailwayInfrastructure #Defence #Aerospace #MakeInIndia #Manufacturing #IndianStocks #StockMarket #Investing