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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · Newspaper publication of 29th AGM notice | compliance | minimal | — | — |
| 8 Sept 2026 · 29th AGM on Sept 30, 2026 via video conferencing; Annual Report FY26 link shared | compliance | minimal | — | — |
| 8 Sept 2026 · TDS communication on Re 1 dividend for FY26 sent to shareholders | compliance | minimal | — | — |
| 8 Sept 2026 · Record date 23 Sept for dividend; AGM on 30 Sept 2026 | corporate actions | high | — | — |
| 8 Sept 2026 · Titagarh Rail Systems files sustainability report FY26 with assurance | compliance | low | — | — |
| 8 Sept 2026 · 29th AGM notice: final dividend and director re-appointments | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Titagarh Rail Systems files FY26 Annual Report and 29th AGM Notice | results | medium | — | — |
| 7 Sept 2026 · Board OKs deputy MD re-appointment, AGM on 30 Sep, ends Mermec JV | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · Titagarh Rail reshuffles PRS business leadership, new COO appointed | management changes | medium | — | — |
| 26 Aug 2026 · Titagarh Rail signs non-binding MoU with Siemens for global metro projects | strategic transactions | high | — | — |
| 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 |
| TITAGARH RAIL SYSTEMS LTD ◆ |
| 11,348 |
| 59.4 |
| 4.62 |
| 35.3 |
| 5.0 |
| 7.4 |
| 15.9 |
| 13.3 |
| JUPITER WAGONS LIMITED | 10,254 | 63.8 | 3.43 | 28.1 | 6.2 | 7.6 | — | 11.0 |
| TEXMACO RAIL & ENG. LTD. | 4,829 | 22.2 | 2.00 | 13.2 | 8.0 | 9.0 | 21.0 | 10.0 |
| ORIENTAL RAIL INFRA L | 828 | 19.5 | 1.97 | 11.4 | 10.1 | 12.6 | 21.1 | 17.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 59.4 | 26.9 | 111 of 147 | 25% |
| P/B | 4.6 | 3.4 | 71 of 119 | 41% |
| ROCE | 7.4 | 11.2 | 106 of 153 | 31% |
| ROE | 5.0 | 9.2 | 89 of 125 | 29% |
| Debt / Equity | 0.2 | 0.2 | 77 of 125 | 39% |
| 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 | 11348 | 376 | 11 of 149 | 93% |
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| 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 |
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.
