TITAGARH RAIL SYSTEMS LTD

Designs and manufactures railway rolling stock in India, split between freight wagons and passenger coaches. The Freight Rail Systems segment contributed 82.8% of FY26 segment revenue at Rs. 2,604.25 crore with a 12.2% segment EBIT margin, while Passenger Rail Systems made up the remaining 17.2% at Rs. 539.33 crore with a higher 14.3% segment EBIT margin. The company's wholly-owned subsidiary Titagarh Naval Systems Ltd (TNSL) carries out naval and shipbuilding work, including the launch of the fifth and final Diving Support Craft (YARD 329) for the Indian Navy in August 2026 as part of a 5-vessel series built with about 70% indigenous content, and operates a 50-acre shipyard under construction at Falta, West Bengal. Raw materials form the dominant input cost at 73.7% of revenue, followed by other operating expenses at 12.8%. Standalone FY26 revenue was Rs. 3,143.58 crore, down 16% YoY, and the company fully exited its European operations by writing off its Italian associate Titagarh Firema SpA. The Shipbuilding & Maritime Systems business was transferred to TNSL for Rs. 114.88 crore as a going concern during the year.