Whalesbook
Airfloa Rail Technology Secures New Metro Contract
Airfloa Rail Technology Limited announced on March 20, 2026, that it has secured a new contract worth ₹22.91 Crore from BEML Limited. The order involves the design, manufacture, supply, testing, and commissioning of lighting systems for the Chennai Metro Rail Project – Phase II. This significant award is expected to bolster the company's order book and reinforce its position in major infrastructure development projects.
The contract adds substantial value to Airfloa Rail's existing backlog, which stood at approximately ₹455 Crore as of October 2025. Supplies for this Chennai Metro project are slated to commence in November 2026, with an estimated completion timeline of 17 months. This indicates a medium-term revenue stream, enhancing future revenue visibility.
The award underscores Airfloa Rail Technology's capabilities in delivering critical components for large-scale urban infrastructure. Incorporated in 1998, the company manufactures railway rolling stock components and provides turnkey interior solutions, also serving the aerospace and defence sectors. This contract specifically strengthens its presence in the metro rail sector, a key growth area in India.
This new order comes after a period of active order book expansion. In October 2025, the company secured orders totaling about ₹113.45 Crore. More recently, on March 15, 2026, it won a ₹62.36 Crore order for railway coach parts. Airfloa Rail Technology also successfully completed its Initial Public Offering (IPO) in September 2025. Financially, the company has shown strong year-on-year growth, reporting revenue of ₹123 Crore for FY24 and a net profit of ₹26 Crore for FY25.
While revenue recognition from this Chennai Metro order will begin from November 2026, the significant lead time presents a period of waiting for financial contribution. Key considerations for investors include monitoring the project's execution progress to ensure timely completion within the 17 months and BEML Limited's adherence to the 45-day payment terms post-supplies.
In the competitive landscape, companies like Jakson Infrastructure are also involved in providing E&M systems, including lighting, for major metro projects such as the Chennai Metro Phase II. Instapower is another notable player, manufacturing and supplying railway lighting solutions for modern networks.