Q2 FY26 results steady, but preferential issue project spending slow
TEXRAIL · price
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On the reaction day the stock moved 0.9 pts less than Nifty Microcap 250 and in line with its Industrial Manufacturing peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Texmaco Rail Q2 FY26 standalone revenue Rs 1,256.93 crore (up about 12.6% YoY), PAT Rs 61.82 crore versus Rs 4.85 crore. H1 FY26 revenue Rs 2,167 crore, up roughly 7.9%. Results include amalgamation of Texmaco West Rail effective April 1, 2025, so prior periods are restated and not comparable. Auditors issued an unqualified review. Monitoring Agency report on the Rs 150 crore preferential issue shows only Rs 4.34 crore utilised so far, with Rs 33.16 crore parked in mutual funds, project progress slow due to global uncertainties, and Rs 5.42 crore warrants lapsed in October 2025.
Steady revenue growth is positive, but capital project spend is slow, one investor walked away from warrants, and standalone operating cash flow turned negative in H1. YoY comparisons distorted by amalgamation.