NSE: TRANSRAILL · BSE: 544317
TRANSRAIL LIGHTING LTD
Designs, manufactures and erects transmission and distribution infrastructure, including transmission towers, power lines and substations, on an EPC basis for projects in India and overseas. FY26 revenue stood at ₹6,880.11 crore with an EBITDA margin of 12.37%, backed by an order book of ₹16,361 crore that received ₹8,520 crore of inflows during the year. Tower manufacturing capacity stands at 172,400 metric tonnes per annum. International operations centre on the MENA region, where the company booked about ₹459 crore of new transmission line orders, supported by a UAE subsidiary that trades electrical and construction materials for transmission, substations and solar projects. The largest cost is materials at 46.7% of revenue, followed by other operating expenses at 38.6% and employee costs at 4.7%. The company is diversifying via a ₹10 crore acquisition of industrial cooling solutions firm Gactel Turnkey Projects and plans to add drones, solar, battery storage, data centres and EV charging to its main objects, while raising up to ₹600 crore through a QIP. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. T&D EPC, Tower manufacturing, International T&D EPC, Electrical and construction materials trading, Industrial cooling solutions. Project-based EPC contractor with in-house tower manufacturing
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 5,308 | 6,880 |
| EBITDA (ex other income) | 673 | 802 |
| margin % | 12.7 | 11.7 |
| Owners' profit | 327 | 404 |
| EPS, as reported (₹) | 25.72 | 30.06 |
| ROE % · ROCE % | 17.4 · 33.1 | 17.7 · 31.9 |
| Debt / equity (x) | 0.34 | 0.29 |
| Cash from operations | 287 | 643 |
| Capex | (142) | (249) |
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 | 1,088 | 1,340 | 1,946 | 1,660 | 3,221 | 1,796 | 1,863 | 1,736 |
| Profit before tax | 87 | 126 | 175 | 146 | 269 | 150 | 147 | 144 |
| Net profit | 55 | 93 | 127 | 106 | 197 | 110 | 97 | 108 |
| EPS (₹) | 4.40 | 7.48 | 9.97 | 7.88 | 14.66 | 8.17 | 7.19 | 8.04 |
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. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,39,247 | 57.2 | 5.33 | 46.4 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,38,795 | 46.5 | 14.86 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,576 | 86.1 | 16.05 | 71.6 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,642 | 110.0 | 24.47 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,18,886 | 36.3 | 8.58 | 33.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,01,908 | 78.1 | 37.88 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,243 | 68.0 | 21.04 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 50,776 | 16.2 | 5.37 | 15.7 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.3 | 36.3 | 4 of 34 | 91% |
| P/B | 2.5 | 5.4 | 6 of 33 | 84% |
| ROCE | 23.0 | 16.6 | 9 of 36 | 77% |
| ROE | 17.7 | 14.7 | 14 of 34 | 61% |
| Debt / Equity | 0.3 | 0.1 | 22 of 34 | 36% |
| EBITDA margin | 12.6 | 16.4 | 23 of 35 | 35% |
| Revenue growth | 4.6 | 17.7 | 26 of 33 | 22% |
| Profit growth | 1.9 | 6.7 | 17 of 32 | 48% |
| Market cap | 5800 | 6531 | 19 of 35 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting to approve September 2026 quarterly and half-year results | results | low | — | — |
| 21 Oct 2026 · Transrail bags fresh orders worth 927 crore in power T&D | business updates | medium | — | — |
| 19 Oct 2026 · Transrail to acquire 49 percent stake in 990 MW solar project in Maharashtra | strategic transactions | high | — | — |
| 19 Oct 2026 · Transrail acquires 49 percent stake in solar power SPV for Rs 20 crore | strategic transactions | high | — | — |
| 14 Oct 2026 · Transrail Lighting wins orders worth Rs 408 crore | business updates | high | — | — |
| 13 Oct 2026 · Routine compliance filing for quarter ended September 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Transrail Lighting allots 2.59 lakh equity shares upon ESOP 2023 stock option exercise | capital market events | low | — | — |
| 6 Oct 2026 · Transrail Lighting wins new orders worth ₹412 crore in T&D business | business updates | high | — | — |
| 30 Sept 2026 · Transrail tower capacity up 12,000 MTPA to 184,400 MTPA at Silvassa | capex operations | high | — | — |
| 30 Sept 2026 · Transrail Lighting bags new orders worth Rs 574 crore | compliance | 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.