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Titagarh Rail Systems Ltd

₹ 855-0.53%
07 Jan – close price
🔗titagarh.in•BSE: 532966•NSE: TITAGARH
Market Cap₹ 11,521 Cr.
Current Price₹ 855
High / Low₹ 1,130
Stock P/E47.3
Book Value₹ 193
Dividend Yield0.12 %
ROCE17.5 %
ROE12.8 %
Face Value₹ 2.00
Sales₹ 3,368 Cr.
OPM11.1 %
Mar Cap₹ 11,521 Cr.

ABOUT

Titagarh Rail Systems Ltd (Formerly Titagarh Wagons Limited), incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc. The company caters to both domestic and export markets.[1]

KEY POINTS

Market PositionIt is the only Indian company that manufactures both wagons and coaches. It commands a25% market sharein the wagon manufacturing industry.[1]

Also present in buckets:
Aggressive Growth TriggersRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Jupiter Wagons321.8548.8913725.320.3152.70-40.53707.25-27.3621.493120.1813.61280.7552.704.8911.130.21
2.Titagarh Rail854.8547.2711520.630.1247.29-42.49788.32-24.8217.493368.1411.09243.7151.854.438.640.25
–Median: 2 Co.588.3548.0812622.970.2150.0-41.51747.79-26.0919.493244.1612.35262.2352.284.669.890.23

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
7669559029119036749741,0521,0046069351,049788
Expenses
694844802805801597879932896551820914700
Operating Profit
7311110010610277951201085511513489
Other Income
10142210121081530-307610
Profit before tax
551009590945775112107-09511568
Tax %
28%25%28%25%25%25%29%26%27%6,506%25%26%31%
Net Profit
397569687143538378-12718547
EPS in Rs
3.285.575.125.655.303.174.436.195.80-0.995.576.323.51

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
2613763113493141,0601,4841,0261,4962,7813,8533,8663,368
Expenses
2683463153313169991,3559061,3272,5163,4013,4272,995
Operating Profit
-630-418-262129119168264452439374
Other Income
25172423-93-14416-30-2467572
Interest
665493965555781737379
Depreciation
791212131618161822273039
Profit before tax
615-1426-1-87-986463159397412327
Net Profit
410-9193-55-805033103297303237
EPS in Rs
0.370.98-0.781.670.25-4.79-6.914.212.808.6522.0522.5317.60
Dividend Payout %
213%16%-103%48%119%-6%-0%-0%-0%6%4%4%–

Compounded Profit Growth

10 Years:32%
5 Years:31%
3 Years:74%
TTM:-24%

Compounded Sales Growth

10 Years:26%
5 Years:21%
3 Years:37%
TTM:-15%

Return on Equity

10 Years:9%
5 Years:13%
3 Years:15%
Last Year:13%

Stock Price CAGR

10 Years:19%
5 Years:71%
3 Years:55%
1 Year:-24%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
20202323232323242424272727
Reserves
6136108528728678737938488469392,2012,4932,570
Borrowings
6415134399299212104198353166627637
Other Liabilities
99117121140194448409442617710832650620
Total Liabilities
7967621,0091,0781,1831,6431,4371,4181,6852,0263,2263,7973,853
Fixed Assets
1171132993073025905865756787327489911,196
Gross Block
1931983093283356636776747958709141,186–
Accumulated Depreciation
7785102133739199117138165195–
CWIP
42251619-016-012175123128
Investments
1772162333633841581041336045213343380
Other Assets
4984304754034818777476939471,2382,0902,3392,149
Total Assets
7967621,0091,0781,1831,6431,4371,4181,6852,0263,2263,7973,853

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
2491-44-2828-94296226356293-101
Cash from Investing Activity
-13-45-753-6722-143-39-59-77-531-581
Cash from Financing Activity
-4-63115283770-145-147-2250724373
Net Cash Flow
7-18-43-2-1840-4634286-310

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
68738411512264394648375063
Inventory Days
5352222582782721527099106786465
Days Payable
4565676876162726778553929
Cash Conversion Cycle
55923027432531854377977607599
Working Capital Days
26715722321421262728928206158
ROCE %
2%6%1%3%0%7%11%11%16%24%25%17%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
47.82%47.82%47.82%44.97%42.47%42.46%40.46%40.46%40.46%40.46%40.46%40.46%
FIIs
5.27%6.07%7.05%16.85%20.04%17.27%19.56%16.32%13.67%11.63%9.49%9.56%
DIIs
6.78%6.61%9.68%10.45%12.27%13.72%14.13%13.94%15.01%13.40%11.67%12.77%
Public
40.10%39.48%35.43%27.73%25.22%26.53%25.83%29.25%30.86%34.49%38.35%37.19%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Titagarh Subsidiary Gets In-Principle Nod for Expansion Project with Govt. Subsidy

6th April 2026, 11:48 pm

Titagarh Rail Systems Confirms SEBI Dematerialisation Compliance for March 2026 Quarter

4th April 2026, 5:29 pm

Titagarh Rail Systems' Credit Ratings Reaffirmed by CRISIL

2nd April 2026, 12:01 am

Titagarh Rail Systems Secures ₹226.35 Crore Order for 720 Wagons from JSW Port Logistics

28th March 2026, 9:09 pm

Titagarh Rail Systems to Sell Dormant Singapore Subsidiary for USD 1,54,707

28th March 2026, 2:42 am

Published by Other Websites

External media mentions & references

₹1.53 Lakh Cr Indian Railways Budget Fuels Stock Rally

15th April 2026, 6:37 am

Ramkrishna Forgings' Chennai Plant Secures Rs 12,227 Cr Railway Order

13th April 2026, 6:05 pm

Titagarh Rail Systems Surges on Rs 610 Cr Shipyard Expansion Approval

7th April 2026, 10:24 pm

Indian Markets Rally 4th Day: Sensex Surges 500+, Nifty Crosses 23,100

7th April 2026, 10:13 pm

Railway Stocks Soar, Wipro Lands $1B Deal; Jubilant FoodWorks Slumps

7th April 2026, 10:01 pm

News Articles

Editorial & research coverage

Q3 Earnings Surge, MSCI Rejig Fuel Indian Markets; Risks Remain
Q3 Earnings Surge, MSCI Rejig Fuel Indian Markets; Risks Remain

11th February 2026, 8:28 am

Container Scheme: Direct Impact Limited, Indirect Support for Logistics
Container Scheme: Direct Impact Limited, Indirect Support for Logistics

5th February 2026, 6:27 pm

Railway Stocks Tumble Despite Budget Allocation Hike
Railway Stocks Tumble Despite Budget Allocation Hike

1st February 2026, 2:50 pm

Budget Day Sparks India Market Focus Amidst Sector Bets
Budget Day Sparks India Market Focus Amidst Sector Bets

1st February 2026, 6:53 am

Capital Goods Surge 5% on EU Pact, Defense Stocks Soar
Capital Goods Surge 5% on EU Pact, Defense Stocks Soar

28th January 2026, 3:17 pm

Documents

Announcements

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

31 Dec - Held today i.e. 31st December, 2025 approved grant of options under TRSL ESOP Scheme - 2023

Announcement under Regulation 30 (LODR)-Restructuring

31 Dec - SMS business slump-sale to wholly-owned TNSL w.e.f. 1 Jan 2026 for Rs.114.88 Crore; ESOP grants totaling 874,500 options.

Board Meeting Outcome for Outcome Of Board Meeting Held Today I.E. 31St December, 2025

31 Dec - SMS business slump sale to TNSL effective 1 Jan 2026 for securities aggregating Rs114.88Cr; 874,500 ESOPs granted.

Closure of Trading Window
Announcement under Regulation 30 (LODR)-Press Release / Media Release

20 Dec - Titagarh rolled out first driverless Ahmedabad Metro trainset on Dec 20, 2025; 28.26 km network, 22 stations.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from nse)

Credit Ratings

Rating update

10 Jan 2025 from crisil

Rating update

25 Jun 2024 from crisil

Rating update

8 Jan 2024 from crisil

Rating update

28 Sep 2023 from crisil

Rating update

6 Mar 2023 from crisil

Rating update

7 Dec 2022 from crisil

Concalls

Nov 2025

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Stock Analysis

Description

Titagarh Rail Systems Ltd (TRSL) is a leading Indian company engaged in the manufacturing of freight wagons, passenger coaches, metro trains, train electricals, steel castings, specialized equipment, bridges, and ships, serving both domestic and export markets. It holds a significant market share in the wagon manufacturing industry.

Key Growth Triggers

  1. Strategic shift towards passenger rolling stock leadership by FY28.
  2. Capacity expansion for metro coaches and Vande Bharat trains.
  3. Development of new business verticals like wagon leasing.
  4. Exploring strategic partnerships for its shipbuilding division.
  5. Securing significant new orders across segments.

Order Book

  1. Order book stands strong at ~₹26,000 crore, boosted by new orders.
  2. Secured a ₹1598.55 Cr contract from NCC Ltd for Mumbai Metro Line 6.
  3. Letter of Intent (LOI) from GRSE for two research vessels worth ₹467.25 crore.
  4. LOA from Banaras Locomotive Works for WAG-9HC Locomotive shells worth ₹91.12 crore.
  5. LOA worth ₹273.24 crore from Ministry of Railways for Rail Borne Maintenance Vehicles (RBMVs).

Key Red Flags

  1. Financial distress and risk of impairment on Italian associate, Titagarh Firema S.p.A.

Key Dates To Watch

  1. The company previously announced its Q1 FY26 (August 12, 2025) and Q2/H1 FY26 (November 18, 2025) earnings calls.
  2. The 28th AGM was held on September 15, 2025.
  3. The next financial results (Q3 FY26, for the quarter ending December 31, 2025) would typically be announced in February 2026.

Corporate Announcements

6th Apr 26
Impact Rating: 8
Titagarh Naval Systems secured in-principle approval for its Falta expansion under the Shipbuilding Development Scheme, eligible for capital assistance of approx. ₹12,889.06 lakh (₹128.89 cr). Total project cost is around INR 610 crore.
4th Apr 26
Impact Rating: 4
Titagarh Rail Systems Limited has enclosed its registrar's certificate confirming compliance with SEBI dematerialisation regulations for the quarter ending March 31, 2026, as per the SEBI (Depositories and Participants) Regulations, 2018.
1st Apr 26
Impact Rating: 8
CRISIL has reaffirmed Titagarh Rail Systems Limited's credit ratings, keeping its long-term rating at CRISIL AA-/Stable and its short-term rating at CRISIL A1+. This signifies continued confidence in the company's creditworthiness.
28th Mar 26
Impact Rating: 9
Titagarh Rail Systems announced receiving a Letter of Intent from JSW Port Logistics Private Limited for manufacturing and supplying 720 wagons. The order value is ₹226.35 crore, with execution expected within 6 months.
27th Mar 26
Impact Rating: 7
Titagarh Rail Systems will divest its wholly-owned, dormant Singapore subsidiary, TSPL, for USD 1,54,707. The transaction, subject to approvals, is anticipated to conclude by June 30, 2026.