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Industrials · Engineering & Construction
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Research updated
Titagarh Rail Systems Limited
NSE: TITAGARHIndustrialsRailroads
- Last close
- ₹654.15
- Day change
- −₹10.65 (−1.60%)vs
- Market cap
- ₹10,089 crIndian rupees
- Research updated
- 1 report
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About Titagarh Rail Systems
Titagarh Rail Systems Limited is an Indian rolling stock and heavy engineering manufacturer headquartered in Kolkata, India. The company focuses on providing comprehensive mobility solutions for both passenger and freight rail systems, serving domestic and international markets. In passenger rail, Titagarh designs and manufactures semi high-speed trains, urban metro trains, passenger coaches, propulsion equipment, and related train electrical systems. On the freight side, it is a major producer of railway wagons, including specialized wagons, as well as loco shells, steel castings, couplers, bogies, and other key components for rail infrastructure and logistics. Titagarh’s operations are organized primarily into Freight Rail Systems and Passenger Rail Systems, supported by multiple manufacturing facilities in India. Beyond core rail products, the company is also active in shipbuilding, bridges, and certain defence-related engineering solutions, positioning it as a diversified supplier within the broader transport and infrastructure ecosystem. Founded in 1997, Titagarh Rail Systems Limited plays a significant role in supporting India’s rail capacity and modernization initiatives.
- Sector
- Industrials
- Industry
- Railroads
- Listing
- NSE: TITAGARH
- Chief executive
- Mr. Umesh Chowdhary B.Com.
- Employees
- 1,052
- Headquarters
- Kolkata, India
- ISIN
- INE615H01020
- Website
- titagarh.in
Public research · Report of
Business model & financial foundation
Titagarh Rail Systems (NSE: TITAGARH), Railway rolling stock manufacturing: revenue of ₹3,186 crore in FY26 (-17.6% on FY25), an EBITDA margin of 10.9%, net profit of ₹123.0 crore and net debt of ₹321.4 crore.
- Revenue, FY26 (₹ crore)
- 3,186
- consolidated
- Revenue growth, FY26
- -17.6%
- on FY25
- EBITDA margin, FY26
- 10.9%
- EBITDA excluding other income and JV share / revenue
- Net profit, FY26 (₹ crore)
- 123.0
- to owners
- Return on equity, FY26
- 5.2%
- on average equity
- Net debt, FY26 (₹ crore)
- 321.4
- Borrowings less unrestricted cash and current investments
- Market capitalisation (₹ crore)
- 9,748
- at the close of 18 Oct 2026
Company profile
Manufactures freight wagons and passenger rolling stock for Indian Railways, metro operators and private industrial clients. Freight provides mature volume-based earnings while passenger orders require design approvals and phased execution. Wheel and Vande Bharat maintenance JVs are equity-accounted rather than consolidated revenue; their multi-decade orders are not near-term sales. Naval Systems adds shipbuilding, and Firema's exit left material restatements and residual exposures.
| Item | Value |
|---|---|
| Legal name | Titagarh Rail Systems Limited (formerly Titagarh Wagons Limited) |
| Exchange and ticker | NSE: TITAGARH; BSE: 532966 |
| ISIN | INE615H01020 |
| CIN | L27320WB1997PLC084819 |
| Sector | Industrials |
| Industry | Railway rolling stock manufacturing |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP and Salarpuria & Partners |
| Market capitalisation | ₹9,748 crore (18 Oct 2026) |
| Shares outstanding | 13.47 crore shares (FY26) |
| Price | ₹749.2 (close, 18 Oct 2026) |
| 52-week range | ₹568.7 - ₹971.0 (to 18 Oct 2026) |
| Website | https://www.titagarh.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Titagarh Naval Systems Limited | 100% | Shipbuilding and maritime systems; SMS transferred 1 Jan 2026 |
| Titagarh Firema Engineering Services | 66% | Detailed business description not retrieved |
| Titagarh Wagons AFR | 100% | France; current operating status not retrieved |
| Ramkrishna Titagarh Rail Wheels Limited (JV) | 49% | Forged wheels; 228,000 annual planned capacity |
| Titagarh Mermec (JV) | 50% | Rail technology; detailed business description not retrieved |
| Shivaliks (JV) | 44.63% | Firema financing exposure |
| Titagarh Firema SpA (associate) | 25.43% | Residual entity after business sale, under liquidation |
Singapore 100% subsidiary ceased on 5 May 2026; Firema business sold 4 March 2026, not residual shares. BHEL maintenance JV 50/50 per presentation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 40.46% | 40.46% | 40.46% | 40.46% |
| Promoter holding pledged | 0.06% | 0.06% | 0.06% | |
| Foreign institutions | 10.66% | 10.67% | 10.87% | 11.39% |
| Domestic institutions | 12.60% | 12.46% | 15.38% | 15.95% |
| of which mutual funds | 9.66% | 9.33% | 12.31% | 12.98% |
| Retail | 36.28% | 36.42% | 33.28% | 32.21% |
| Other | 0.01% | 0.01% | 0.01% | 0.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Titagarh sells freight wagons to Indian Railways and private industrial customers, passenger rolling stock to metro operators and Railways, plus propulsion and related equipment. Freight is mature and tender-dependent; passenger requires design, prototype certification, manufacturing and acceptance. Naval Systems is wholly owned; wheel JV49% and maintenance consortium withBHEL are equity-accounted, not consolidated gross sales. The26,635cr headline order book atJun26 includes13,300cr prorata long-term JV orders, not a near-term revenue runway. Firema business sold4Mar2026 to repay creditors, not a windfall to shareholders.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Freight Rail Systems | 2,604 | 81.7% | 317.9 | 84.9% |
| Passenger Rail Systems | 539.3 | 16.9% | 77.0 | 20.6% |
| Shipbuilding & Maritime Systems | 42.2 | 1.3% | -20.6 | -5.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Jupiter Wagons (JWL) | Direct wagon manufacturer with wheel backward integration |
| Texmaco Rail & Engineering (TEXRAIL) | Direct wagon competitor; engineering mix differs |
| BEML (BEML) | Metro and passenger rolling stock competitor; defence/mining diversify |
| Ramkrishna Forgings (RKFORGE) | Wheel JV partner; forgings exposure, not direct rolling-stock peer |
| Bharat Heavy Electricals (BHEL) | Vande Bharat consortium partner and propulsion equipment; broad power mix limits comparability |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 1,442 | 2,755 | 3,853 | 3,868 | 3,186 |
| Cost of revenue (vendor classification) * | 1,206 | 2,415 | 3,294 | 3,331 | 2,768 |
| Other operating costs (vendor classification) * | 61.0 | 90.7 | 126.9 | 77.4 | 101.0 |
| EBITDA (vendor classification) * | 206.0 | 300.0 | 463.9 | 446.3 | 361.3 |
| EBIT * | 153.9 | 254.8 | 444.0 | 433.5 | 243.5 |
| Finance costs | 46.9 | 64.7 | 73.5 | 73.2 | 70.8 |
| Profit before tax after exceptional and JV share | 107.0 | 190.1 | 388.6 | 149.6 | 192.7 |
| Total income tax expense | 29.2 | 55.5 | 100.1 | 62.9 | 71.1 |
| Profit including discontinued operations | -0.69 | 125.7 | 286.1 | 86.6 | 122.8 |
| Diluted EPS, continuing and discontinued (₹) | -0.03 | 10.89 | 22.46 | 6.42 | 9.11 |
| Materials consumed plus signed inventory change | 2,988 | 2,929 | 2,321 | ||
| Employee benefits expense | 66.3 | 86.9 | 110.3 | ||
| Other expenses | 347.0 | 419.0 | 406.5 | ||
| EBITDA excluding other income and JV share | 451.9 | 433.0 | 348.0 | ||
| Other income | 39.8 | 75.4 | 48.4 | ||
| Depreciation and amortisation | 27.1 | 29.6 | 51.1 | ||
| Share of profit or loss of JVs and associates | -2.61 | -98.5 | -17.2 | ||
| Exceptional gains or charges, signed | 0.00 | -157.5 | -64.8 | ||
| Discontinued operations after tax | -2.29 | -0.14 | 1.27 | ||
| Non-controlling interest share of profit | 0.00 | -1.47 | -0.16 | ||
| Profit attributable to owners | 286.1 | 88.1 | 123.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 842.3 | 963.6 | 2,218 | 2,295 | 2,456 |
| Borrowings excluding separately disclosed leases | 919.8 | 353.3 | 165.7 | 529.3 | 521.9 |
| Cash equivalents plus other bank balances | 8.96 | 55.4 | 329.0 | 467.4 | 317.2 |
| Trade receivables | 232.6 | 279.1 | 532.5 | 670.9 | 629.8 |
| Inventories | 503.9 | 461.4 | 523.7 | 523.3 | 588.2 |
| Trade payables, MSME plus other creditors | 438.7 | 323.1 | 319.8 | 235.0 | 330.0 |
| Net property, plant and equipment * | 938.9 | 721.9 | 738.3 | 914.2 | 1,189 |
| Capital work in progress * | 15.2 | 12.3 | 107.8 | 39.6 | 71.6 |
| Total assets * | 2,679 | 2,027 | 3,216 | 3,762 | 4,039 |
| Current investments | 0.00 | 0.00 | |||
| Borrowings less unrestricted cash and current investments | 305.4 | 321.4 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -58.1 | -66.3 | 85.8 | -97.4 | 322.4 |
| Free cash flow (vendor definition) * | -47.6 | 4.18 | -77.7 | -333.4 | -46.4 |
| Dividends paid (the provider's sign: an outflow is negative) * | -0.03 | -0.02 | -6.38 | -10.8 | -13.5 |
| Purchase of PPE, CWIP, intangibles and development | -96.1 | -36.5 | -163.5 | -236.0 | -368.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 11.95 | 11.96 | 12.74 | 13.47 | 13.47 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,057 | 902.2 | 1,006 | 679.3 | 799.0 | 832.1 | 875.4 | 765.1 |
| Cost of revenue (vendor classification) * | 826.1 | 715.5 | 782.3 | 520.2 | 627.9 | 650.9 | 683.4 | 606.2 |
| Other operating costs (vendor classification) * | 108.9 | 92.9 | 130.0 | 95.9 | 99.9 | 101.7 | 109.0 | 79.0 |
| EBITDA (vendor classification) * | 128.3 | 109.6 | 76.1 | 63.8 | 75.6 | 82.9 | 89.6 | 86.0 |
| EBIT * | 128.3 | 109.6 | 114.3 | 63.8 | 75.6 | 82.9 | 89.6 | 86.0 |
| Finance costs | 17.5 | 21.1 | 22.1 | 17.8 | 18.3 | 17.8 | 16.9 | 15.1 |
| Profit before tax after exceptional and JV share | 110.9 | 88.5 | -139.9 | -8.00 | 67.4 | 60.6 | 72.7 | 70.9 |
| Total income tax expense | 29.9 | 26.2 | -16.3 | 14.5 | 20.3 | 15.2 | 21.2 | 18.3 |
| Profit including discontinued operations | 80.7 | 62.8 | -123.9 | -23.0 | 47.1 | 45.3 | 53.5 | 52.6 |
| Diluted EPS, continuing and discontinued (₹) | 5.99 | 4.66 | -9.19 | -1.71 | n.r. | 3.36 | 3.97 | 3.84 |
| Materials and inventory changes | 798.9 | 687.4 | 745.8 | 482.0 | 590.0 | 607.7 | 641.4 | 562.7 |
| Employee benefits expense | 19.8 | 21.8 | 28.0 | 26.3 | 25.5 | 30.6 | 27.8 | 28.5 |
| Other expenses | 108.9 | 92.9 | 130.0 | 95.9 | 99.9 | 101.7 | 109.0 | 79.0 |
| EBITDA excluding other income | 129.4 | 100.1 | 101.7 | 75.1 | 83.6 | 92.0 | 97.2 | 94.9 |
| Other income | 10.7 | 22.5 | 29.9 | 11.7 | 14.4 | 10.8 | 11.6 | 6.64 |
| Depreciation and amortisation | 7.65 | 6.36 | 8.43 | 11.9 | 12.4 | 12.5 | 14.2 | 15.0 |
| Share of profit/loss of JV and associates | -4.15 | -6.58 | -83.4 | -11.0 | -0.03 | -1.10 | -4.99 | -0.58 |
| Exceptional items signed | 0.00 | 0.00 | -157.5 | -54.0 | 0.00 | -10.8 | 0.00 | 0.00 |
| After tax discontinued operations signed | -0.28 | 0.41 | -0.32 | -0.55 | -0.03 | -0.09 | 1.94 | -0.02 |
| Non-controlling interest signed | 0.00 | 0.00 | -1.47 | 0.08 | 0.10 | 0.12 | -0.46 | 0.00 |
| Profit attributable to owners | 80.7 | 62.8 | -122.4 | -23.1 | 47.0 | 45.2 | 54.0 | 52.6 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -3.7% | 91.1% | 39.8% | 0.4% | -17.6% |
| EBITDA margin | 11.7% | 11.2% | 10.9% | ||
| Net margin | 7.4% | 2.3% | 3.9% | ||
| Return on equity | 18.0% | 3.9% | 5.2% | ||
| Return on capital employed | 8.9% | 16.6% | 24.0% | 16.6% | 8.4% |
| Return on assets | 10.9% | 2.5% | 3.2% | ||
| Net debt (₹ crore) | 305.4 | 321.4 | |||
| Net debt / EBITDA | 0.71x | 0.92x | |||
| Interest cover | 3.28x | 3.94x | 6.04x | 5.93x | 3.44x |
| Asset turnover | 0.56x | 1.17x | 1.47x | 1.11x | 0.82x |
| Receivable days | 59 | 37 | 50 | 63 | 72 |
| Inventory days (on revenue) | 128 | 61 | 50 | 49 | 67 |
| Payable days (on revenue) | 111 | 43 | 30 | 22 | 38 |
| Cash conversion | 0.30x | -1.11x | 2.62x | ||
| Capex intensity | 6.7% | 1.3% | 4.2% | 6.1% | 11.6% |
| Free cash flow (₹ crore) | -154.1 | -102.8 | -77.7 | -333.4 | -46.4 |
| Dividend payout | 2.2% | 12.2% | 10.9% | ||
| EPS, diluted (₹) | -0.03 | 10.89 | 22.46 | 6.42 | 9.11 |
| Book value per share (₹) | 70.49 | 80.58 | 174.1 | 170.4 | 182.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and JV share / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less unrestricted cash and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and JV share.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
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