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Stock Analysis

Description

Transrail Lighting Limited is a leading turnkey EPC player in the Power Transmission & Distribution (T&D) sector with diversified operations including Civil, Railways, Poles & Lighting, and Solar EPC. It has a global footprint across 60 countries.

Key Growth Triggers

The company's strategy focuses on expanding its global footprint in the MENA region and Africa, coupled with adding new capabilities like HTLS re-conductoring in India. A strong order inflow momentum and a significant L1 pipeline provide visibility for sustained growth.

Order Book

Order Book: FY26 (YTD) = ₹5,637 crore; L1 Pipeline = ₹2,800 crore.

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

Currently no data available for Key Dates To Watch.

Corporate Announcements

2nd Apr 26

Impact Rating: 6

Transrail Lighting received warning letters from BSE and NSE for submitting an inaccurate reason for a senior employee's exit, which breaches SEBI disclosure norms.

31st Mar 26

Impact Rating: 5

Transrail Lighting Limited announces a trading window closure for insiders and relatives, starting April 1, 2026. This restriction will remain in effect until 48 hours after the declaration of its audited financial results for the year ended March 31, 2026.

25th Mar 26

Impact Rating: 8

Transrail Lighting Ltd. has informed BSE and NSE about Income Tax search and seizure operations that commenced on March 24, 2026. The company is fully cooperating with the authorities.

23rd Mar 26

Impact Rating: 6

Following a prior disclosure, Transrail Lighting Limited has recalled share application money remitted for its UAE subsidiary, Transrail Trading LLC, due to a current war-like situation.

17th Mar 26

Impact Rating: 8

Transrail Lighting Ltd announced that shareholders have approved all 5 resolutions from the postal ballot, notably increasing the company's borrowing powers up to ₹15,000 crore.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market 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 value	Return on assets (%)	Debt to equity
1.	Siemens	3086.60	65.14	109920.16	0.39	485.40	-7.14	5171.20	16.02	15.83	17364.20	11.56	1687.44	484.90	8.31	7.46	0.01
2.	A B B	5168.50	61.98	109524.84	0.85	409.04	-7.17	3310.72	13.69	38.65	13010.65	16.56	1766.99	408.88	15.22	16.04	0.01
3.	B H E L	300.05	187.06	104479.31	0.17	374.89	253.17	7511.80	14.09	4.87	29269.17	4.03	558.54	374.89	4.28	0.81	0.45
4.	CG Power & Ind	645.25	95.11	101618.01	0.20	284.44	29.76	2922.79	21.14	37.48	11069.29	12.97	1068.45	286.72	13.62	14.53	0.02
5.	Siemens Ener.Ind	2564.50	83.02	91327.10	0.00	359.60	–	2645.70	–	38.52	7826.70	19.34	1100.10	359.60	20.84	13.26	0.03
6.	Hitachi Energy	19004.00	118.10	84705.32	0.03	264.36	405.57	1832.55	17.94	19.44	6815.40	12.60	717.23	264.36	18.48	5.77	0.02
7.	GE Vernova T&D	3077.20	85.66	78791.71	0.16	299.48	107.08	1538.46	38.88	54.74	5094.78	23.87	919.85	299.48	37.77	14.76	0.01
8.	Transrail Light	557.65	17.77	7486.79	0.14	90.37	56.57	1564.63	43.76	35.09	6523.40	12.33	421.30	90.37	3.55	6.10	0.38
–	Median: 37 Co.	557.65	47.56	6819.19	0.03	37.35	41.39	460.03	24.34	28.09	1522.91	13.99	169.5	45.14	5.8	12.29	0.14

Quarterly Results

Standalone figures in ₹ crores

	Dec 2023	Dec 2024	Jun 2024	Jun 2025	Mar 2024	Mar 2025	Sep 2023	Sep 2024	Sep 2025
Sales	837	1,357	916	1,655	1,392	1,946	977	1,088	1,565
Expenses	739	1,174	793	1,453	1,212	1,712	859	948	1,380
Operating Profit	98	183	123	202	181	234	118	141	185
Other Income	15	10	14	12	24	16	7	8	15
Profit before tax	59	131	80	150	151	175	69	89	124
Tax %	20%	25%	32%	27%	26%	29%	31%	35%	27%
Net Profit	47	98	54	109	112	125	47	58	90
EPS in Rs	18.88	7.27	4.39	8.10	9.00	9.28	19.15	4.62	6.73

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,837	2,155	2,284	3,133	4,077	5,308	6,523
Expenses	1,561	1,870	2,089	2,789	3,515	4,524	5,719
Operating Profit	276	285	195	344	562	783	804
Other Income	21	20	73	41	54	48	52
Interest	145	137	139	189	246	300	218
Depreciation	32	33	38	46	50	56	60
Profit before tax	120	135	92	150	320	475	579
Net Profit	102	102	66	109	235	334	421
EPS in Rs	243.26	134.76	29.26	47.99	18.93	24.90	31.38
Dividend Payout %	-0%	-0%	-0%	-0%	8%	3%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	4	8	23	23	25	27	27
Reserves	438	564	647	758	1,139	1,890	2,082
Borrowings	369	429	476	605	667	661	810
Other Liabilities	1,206	1,184	1,700	2,069	2,817	3,694	3,895
Total Liabilities	2,018	2,185	2,846	3,455	4,648	6,271	6,814
Fixed Assets	312	317	334	378	374	424	490
Gross Block	445.13	483.14	536.66	615.96	659.99	763.17	–
Accumulated Depreciation	133.36	165.71	202.53	237.84	286.48	339.59	–
CWIP	11	4	17	4	6	12	47
Investments	6	4	4	4	6	2	2
Other Assets	1,689	1,860	2,491	3,069	4,263	5,833	6,274
Total Assets	2,018	2,185	2,846	3,455	4,648	6,271	6,814

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	189	82	52	143	58	288
Cash from Investing Activity	-54	-17	-89	-107	-96	-499
Cash from Financing Activity	-141	1	3	29	28	242
Net Cash Flow	-6	66	-34	65	-11	31

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	97	83	102	75	92	91
Inventory Days	107	81	86	63	62	76
Days Payable	313	293	329	264	275	333
Cash Conversion Cycle	-109	-129	-141	-126	-121	-166
Working Capital Days	29	31	43	29	52	48
ROCE %	–	30%	21%	27%	35%	35%