NSE: ORIRAIL · BSE: 531859
ORIENTAL RAIL INFRA L
Manufactures and supplies railway coach interior components — primarily seats and berths — to Indian Railways coach factories. Recent orders include Rs. 5.26 crore from Modern Coach Factory (MCF), Raebareli for 78-seater LHB 2nd AC Chair Car seating, Rs. 3.36 crore from MCF for 50 sets of seat and berth for LWS(DDG) coaches, Rs. 1.62 crore from Integral Coach Factory (ICF), Chennai for 15 sets of Second AC Chair Car seats, and Rs. 3.95 crore from ICF for 31 sets of seats and berths with hardware for LWS PP coaches. Through its wholly-owned subsidiary Oriental Foundry Private Limited, it also participates in railway wagon manufacturing, including a joint bid with Hum Industrial Technology (USA) for an RDSO Smart Wagon tender for 346 Bearing & Wheel Health Monitoring Module units. Combined order book with the subsidiary stood at Rs. 1,739.80 crore as of FY26 results (~3.3x FY26 revenue of Rs. 573.35 crore). New growth lines include a 49%-owned JV (ABOR Projects LLP) for turnkey railway coach refurbishment, partnership with HUM International for smart wagon technology on 300-400 wagons, a collaboration with United Wagon for 25T high axle-load wagons, and entry into wagon leasing with regulatory approvals secured. The cost structure is dominated by materials at 78.6% of revenue, with employee costs at 6.1%, other opex at 8.0%, depreciation at 1.7%, and capex at 4.4% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway coach interior components, Railway wagon manufacturing, Railway coach refurbishment, Wagon leasing. Order-driven, contract manufacturing for Indian Railways with working capital sensitivity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 173 | 325 | 526 | 602 | 573 |
| EBITDA (ex other income) | 30 | 25 | 67 | 70 | 85 |
| margin % | 17.5 | 7.7 | 12.7 | 11.6 | 14.9 |
| Owners' profit | 16 | 3 | 30 | 0 | 0 |
| EPS, as reported (₹) | 2.89 | 0.59 | 5.51 | 4.68 | 6.37 |
| ROE % · ROCE % | 14.9 · 12.3 | 3.0 · 8.3 | 10.5 · 15.1 | 8.4 · 15.9 | 10.1 · 18.2 |
| Debt / equity (x) | 1.64 | 2.66 | 0.96 | 0.77 | 0.73 |
| Cash from operations | 2 | (44) | 6 | (24) | (30) |
| Capex | 0 | (26) | (6) | (15) | (25) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 123 | 186 | 153 | 140 | 118 | 133 | 169 | 153 |
| Profit before tax | 8 | 14 | 10 | 12 | 8 | 14 | 18 | 16 |
| Net profit | 6 | 10 | 8 | 5 | 6 | 11 | 14 | 12 |
| EPS (₹) | 1.29 | 1.70 | 1.17 | 0.83 | 0.91 | 1.59 | 2.06 | 1.77 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TITAGARH RAIL SYSTEMS LTD | 8,806 | 46.1 | 3.58 | 27.6 | 5.0 | 7.4 | 15.9 | 13.3 |
| JUPITER WAGONS LIMITED | 7,552 | 47.0 | 2.53 | 21.2 | 6.2 | 7.6 | — | 11.0 |
| TEXMACO RAIL & ENG. LTD. | 4,081 | 18.8 | 1.69 | 11.5 | 8.0 | 9.0 | 21.0 | 10.0 |
| ORIENTAL RAIL INFRA L ◆ | 787 | 18.6 | 1.87 | 11.0 | 10.1 | 12.6 | 21.1 | 17.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.6 | 26.4 | 49 of 139 | 65% |
| P/B | 1.9 | 3.1 | 45 of 120 | 63% |
| ROCE | 12.6 | 11.2 | 69 of 151 | 55% |
| ROE | 10.1 | 9.5 | 58 of 121 | 53% |
| Debt / Equity | 0.7 | 0.2 | 102 of 121 | 16% |
| EBITDA margin | 17.0 | 12.6 | 38 of 117 | 68% |
| Revenue growth | 9.5 | 19.5 | 78 of 122 | 36% |
| Profit growth | 121.0 | 17.1 | 21 of 117 | 83% |
| Market cap | 787 | 329 | 52 of 150 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 PAT rises 44%; order book reaches INR1,571 crore | investor communications | medium | — | — |
| 26 Oct 2026 · Oriental Rail secures Rs. 1.3725 crore Indian Railways order | business updates | medium | — | — |
| 24 Oct 2026 · Q2FY27 earnings call audio recording uploaded | investor communications | low | — | — |
| 23 Oct 2026 · Q2 FY27 results published in Financial Express and Navakal | compliance | minimal | — | — |
| 22 Oct 2026 · Oriental Rail Infra Q2 and H1 FY27 investor presentation | investor communications | medium | — | — |
| 22 Oct 2026 · No deviation in use of 212.20 crore rupees raised via preferential issue | compliance | minimal | — | — |
| 22 Oct 2026 · Monitoring agency report on Rs 212 cr preferential issue Q2 FY27 | compliance | low | — | — |
| 21 Oct 2026 · Consolidated Q2 net profit rises 44%; order book reaches Rs 1,571 crore | results | high | — | — |
| 21 Oct 2026 · Oriental Rail Q2 FY27 consolidated net profit jumps 44%, order book at Rs 1,571 cr | results | high | — | — |
| 17 Oct 2026 · Earnings call scheduled for Q2FY27 on October 24, 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.