NSE: TITAGARH · BSE: 532966
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Freight Rail Systems (83%), Passenger Rail Systems (17%). Cyclical, order-driven rolling stock and naval shipbuilding manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,931 | 2,780 | 3,853 | 3,868 | 3,186 |
| EBITDA (ex other income) | 120 | 263 | 449 | 433 | 283 |
| margin % | 6.2 | 9.5 | 11.7 | 11.2 | 8.9 |
| Owners' profit | (0) | 130 | 286 | 275 | 123 |
| EPS, as reported (₹) | (0.03) | 10.14 | 22.46 | 20.41 | 9.12 |
| ROE % · ROCE % | (0.1) · 8.7 | 13.0 · 24.5 | 12.8 · 18.5 | 11.1 · 18.0 | 5.0 · 9.9 |
| Debt / equity (x) | 1.02 | 0.26 | 0.03 | 0.21 | 0.21 |
| Cash from operations | 55 | 41 | 86 | (97) | 322 |
| Capex | (102) | (37) | (164) | (220) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,057 | 902 | 1,006 | 679 | 799 | 832 | 875 | 765 |
| Profit before tax | 115 | 95 | 101 | 57 | 67 | 73 | 78 | 71 |
| Net profit | 81 | 63 | 64 | 31 | 37 | 48 | 54 | 53 |
| EPS (₹) | 5.99 | 4.66 | 4.79 | 2.30 | 2.73 | 3.58 | 3.97 | 3.91 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Freight Rail Systems | 2,028 | 63.6 |
| Passenger Rail Systems | 462 | 14.5 |
| Shipbuilding | 17 | 0.5 |
| Freight Rail System | 602 | 18.9 |
| Passenger Rail System | 77 | 2.4 |
| Total, before eliminations | 3,186 | 100.0 |
Exhibit 4: 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 ◆ | 9,467 | 49.5 | 3.85 | 29.6 | 5.0 | 7.4 | 15.9 | 13.3 |
| JUPITER WAGONS LIMITED | 7,864 | 48.9 | 2.63 | 22.0 | 6.2 | 7.6 | — | 11.0 |
| TEXMACO RAIL & ENG. LTD. | 4,113 | 18.9 | 1.71 | 11.5 | 8.0 | 9.0 | 21.0 | 10.0 |
| ORIENTAL RAIL INFRA L | 767 | 18.1 | 1.82 | 10.7 | 10.1 | 12.6 | 21.1 | 17.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.5 | 26.5 | 100 of 139 | 28% |
| P/B | 3.9 | 3.0 | 70 of 120 | 42% |
| ROCE | 7.4 | 11.2 | 105 of 151 | 31% |
| ROE | 5.0 | 9.5 | 86 of 121 | 29% |
| Debt / Equity | 0.2 | 0.2 | 73 of 121 | 40% |
| EBITDA margin | 13.3 | 12.6 | 55 of 117 | 53% |
| Revenue growth | 12.6 | 19.5 | 71 of 122 | 42% |
| Profit growth | 69.9 | 17.1 | 40 of 117 | 66% |
| Market cap | 9467 | 325 | 11 of 150 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Railways adds 4,955 BOXNHL wagons worth Rs 1,716.90 crore | business updates | high | — | — |
| 26 Oct 2026 · Board meeting for September 2026 results postponed | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board meeting set for October 29, 2026 results | results | low | — | — |
| 6 Oct 2026 · RTA certificate on dematerialization compliance for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · All 7 resolutions passed at 29th AGM including final dividend of Re 1 per share | compliance | minimal | — | — |
| 30 Sept 2026 · 29th AGM: Final dividend of Re 1/share declared, key directors re-appointed | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 15 Sept 2026 · Titagarh-BHEL sign JV for Vande Bharat sleeper trainset maintenance | compliance | low | — | — |
| 15 Sept 2026 · Titagarh signs equal JV with BHEL for Vande Bharat maintenance | strategic transactions | high | — | — |
| 9 Sept 2026 · Newspaper publication of 29th AGM notice | compliance | minimal | — | — |
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.