Airfloa Rail Technology secured a ₹34.85 crore contract from Integral Coach Factory (ICF), Chennai, to design interiors for a Vande Bharat Sleeper trainset and develop a mock-up. According to reports from LiveMint, the company announced this development through a post-market regulatory filing on Monday. The contract, inclusive of GST, covers interior design and associated development activities for the trainset, with the entire work to be completed within 12 months from the date of issue of the letter of acceptance (LOA). As the lead member of a consortium with Italy-based BLUE Engineering S.r.l., this contract expands Airfloa's involvement in specialised railway engineering projects and strengthens its presence in India's railway sector.
The contract represents a significant milestone for Airfloa Rail Technology, which has demonstrated strong market performance in recent months. As reported by LiveMint, the company's shares have surged 61.69% over the past six months and 58.46% year-to-date, with the stock closing at ₹530 on October 15, 2026. The stock gained 2.47% on October 13 when the contract announcement was made, climbing from ₹541 at 1:30 pm to ₹554.35 by market close. The contract breakdown shows ₹30.93 crore for interior design and ₹3.93 crore for associated development work, with the company's fully integrated capabilities covering engineering, design, tooling, finishing, material development, and assembly enabling end-to-end project execution.
Airfloa Rail Technology has launched its IPO worth ₹91.10 crores with a fresh issue of 65.07 lakh shares priced between ₹133-₹140 per share. The issue opened on September 11, 2025 with a minimum investment of ₹1.40 lakh and is scheduled to list on September 18, 2025. The IPO has received exceptional investor response with 281.04x overall subscription, including 214.65x from qualified institutional buyers, 331.48x from retail individual investors, and 259.42x from non-institutional investors. The company's pre-issue promoter holding stands at 74%.
Last week, Airfloa Rail Technology signed a memorandum of understanding (MoU) with KTK Group Co. Ltd. to jointly pursue eligible platform screen door (PSD) projects in India. According to the regulatory filing dated October 10, this proposed collaboration aims to strengthen Airfloa's capabilities in railway equipment manufacturing through technology collaboration, domestic production, and project execution. The company, headquartered in Chennai, manufactures rolling stock components for Indian Railways and undertakes turnkey interior furnishing projects, with more than two decades of operating experience, two manufacturing facilities, and two core business verticals. With previous delivery of nine marquee turnkey rail projects including Sri Lankan DEMU and Mainline Export Coaches, Agra–Kanpur Metro, RRTS, Vistadome, and Vande Bharat Express, Airfloa caters to global rail original equipment manufacturers (OEMs) and multiple divisions of Indian Railways.
Indian Railways is planning to roll out more Vande Bharat Sleeper trains in the first half of June 2027, with the coach count increased from 16 to 24, according to The Times of India. The semi-high-speed trains will retain the existing design but will feature a pantry car, more toilets, automatic doors and safety systems, among other facilities. The Integral Coach Factory (ICF) in Chennai has been tasked with manufacturing 50 Vande Bharat Sleeper trainsets, each comprising 24 coaches, positioning Airfloa's current contract as part of a significant expansion in India's railway infrastructure development.
