Suppliers to Indian Railways and metro projects, tiered by how central rail actually is to the business.
L&T executes rail infrastructure including slab tracks for the Delhi-Meerut RRTS regional rapid transit system as part of its transportation infrastructure work.
“Commercial operation started on the entire section of mainline 182 TKM of the Delhi-Meerut RRTS after the completion of slab tracks”
JSW Steel supplies structural steel and rails (including via its Italy Piombino rail mill at 0.32 MTPA) for Indian metro rail and bullet train corridors as a real but non-core business line.
“Our Company is contributing to the 70 km Mumbai-Ahmedabad Bullet Train corridor, 55 km of metro rail projects across major cities, 889 km of expressways and highways and 235 km of bridges alongside extensive water and oil and gas pipeline networks.”
Rail & Metro Solutions is an identified non-defence business line with specific products/orders such as 5G Solution for Railways and Automatic Train Supervision System.
“Non-Defence segment businesses like Rail & Metro solutions, civil aviation solutions, network and cyber security solutions and other diversification areas will also continue contributing to growth.”
BHEL is a long-standing supplier to Indian Railways (850+ locomotives), is manufacturing 80 Vande Bharat trainsets, and has secured maiden orders for track machines (SPIC, RBMV) and Kavach signalling.
“850+ Locos supplied to Indian Railways and Industry”
Cummins India recorded record Rail revenue supplying DETC propulsion packages, CPCBIV+ Power Car alternator sets, Track Maintenance Machine engines, and developmental HSSPART propulsion systems to Indian Railways.
“Record revenue was registered for Rail in FY 2025–26, driven by robust demand for Diesel Electric Tower Cars (DETCs), Power Car diesel alternator sets and engines for Track Maintenance Machines.”
“Rail product development: Developed horizontal engine for high speed self-propelled accident relief train (HS SPART) application”
Siemens Limited explicitly offers rail vehicles, rail automation and rail electrification systems as part of its mobility/transportation product portfolio in India.
“SL offers products, integrated solutions for industrial applications for manufacturing industries, drives for process industries, intelligent infrastructure and buildings and for passenger and freight transportation, including rail vehicles, rail automation and rail electrification systems.”
“Mr. Michael Peter is the Chief Executive Officer of Siemens Mobility and Managing Director of Siemens Mobility GmbH. He has been CEO of Siemens Mobility since 2017 and is responsible for the global mobility business, including rolling stock, rail automation, digital mobility solutions, and intelligent traffic systems for road and rail.”
Jindal Steel manufactures dedicated rail products (long-length rails for Indian Railways, metros and freight corridors) and has supplied steel to specific railway/metro projects including Agra Metro, Nagpur Metro, Prayagraj Railway Station and Konkan Railway, as a real but non-principal revenue line.
“We contribute to some of India's most significant infrastructure projects by supplying steel for roads, bridges, railways, metros, airports, ports and energy infrastructure.”
Railways and Heavy Engines is a listed business segment where Bharat Forge manufactures turbochargers and high-value engine components for rail applications.
“Capability to manufacture indigenously developed turbochargers for Diesel rail engines”
JSW Infrastructure operates a Category I container train operator licence with 42 rakes currently, scaling to 250 rakes, and is developing rail logistics hubs (e.g., Kudathini) as a real but secondary part of its integrated logistics business.
“Through JSW Port Logistics, our Category I container train operator licence enables seamless pan-India rail connectivity between ports and inland consumption centres.”
Schaeffler India's Bearings & Industrial Solutions division supplies bearings and components to Indian Railways as a stated high-potential growth sector.
“The Bearings & Industrial Solutions division registered a growth of 6.4% as compared to 2024, driven by traction and expansion in high potential sectors – railways, two wheelers, off roads and renewable energies.”
KEI supplies cables for railway projects and has commissioned an electron-beam facility at Sanand with specialized capabilities for railway and other transportation/critical infrastructure applications.
“Sanand Phase I adds LT and HT cable capacity and includes an electron-beam facility for specialized uses in renewables, railways, transportation, aerospace, industrial, nuclear plants and other critical infrastructure projects.”
Railways is a meaningful sub-segment within Exide's Industrial Infrastructure business, achieving highest-ever volume with strong double-digit growth.
“Railways remained the strongest part within this, with healthy demand and strong project activities.”
“applications spanning home power backup, industrial UPS, solar, railways, traction, infrastructure and specialised defence sector.”
Railways is a listed end-sector for KOEL's industrial engine business, served through a deliberate key-account management approach that is now generating traction.
“In Railways, our key account management approach — implemented systematically over two years — has begun to yield significant results.”
“We have made targeted investments in the capabilities and certifications required to compete credibly in defence, railways, and marine applications, developing indigenised product variants that meet the specific requirements of government procurement frameworks.”
Gabriel India is a qualified supplier with dominant share in advanced damping solutions for Vande Bharat and Train 18 high-speed rail fleets, forming part of its Commercial Vehicles and Railways segment (13% of revenue, 35% YoY growth).
“Our Railway business also gained exceptional momentum. As the Government continues to modernise rolling stock, Gabriel India has maintained a dominant share in advanced damping solutions for the high-speed Vande Bharat and Train 18 fleets.”
“Our comprehensive product portfolio spans shock absorbers, struts, front forks and gas springs, serving passenger vehicles, commercial vehicles, two- and three-wheelers, railways and the aftermarket.”
Tata Elxsi is a stated supplier of rail engineering solutions including co-development of Kavach 4.0 safety systems and AI-powered vision-based rail asset inspection for a North American operator.
“Partnered with NOVA Control Tecnologix (a deep-tech subsidiary of e2E Transportation Infrastructure Limited) to co-develop Kavach 4.0, an advanced safety system for railway networks.”
Railways is a dedicated business segment within ELGi's India operations, with stated strategic priorities (maintaining core market share, expanding in multiple unit segments, private OEM opportunities) and active product launches (RS25100 for WAG10 locomotive) during FY'26.
“Launched RS25100 oil-injected screw compressor for WAG10 locomotive application.”
Avalon supplies rail-specific subsystems including Kavach anti-collision systems and locomotive engine subsystems, with programs progressing towards commercial production.
“production of locomotive engine subsystems commenced during the year. Aerospace cabin sub-assemblies progressed through validation and are moving towards volume production, while the Railway Kavach anti-collision system completed testing and is progressing towards commercial production.”
Real railway business within Industrial Batteries: executed Metro signalling and telecom UPS orders and secured vendor approvals for 110V VRLA systems for the NHSRCL bullet train corridor.
“Orders executed during the year included Metro signalling and telecom UPS applications along with participation in the Mumbai- Ahmedabad High-Speed Rail project.”
TRIL manufactures traction transformers and railway application transformers (incl. Scott-Connected & V-Connected) for Indian Railways and metro projects, with transformer demand from rail electrification cited as a key end-use driver.
“Currently, Indian Railways is moving towards highspeed trains that is leading to increased demand of transformers from 66 kV to 132 kV. Further, demand is increasing from development of freight corridors, metros, etc. Happy to inform that we are one of the first manufacturer of Scott-Connected & V-Connected railway application transformers.”
Garware's geosynthetics business supplies geosynthetic components used in railway track/infrastructure projects, with railway applications explicitly cited as backing its record order book in FY26.
“The business also achieved its highest-ever order book during the year, backed by major railway and hazardous waste landfill projects, providing strong visibility for the near future.”
Metro and railway infrastructure projects form a real revenue-generating segment within DBL's diversified EPC platform, contributing ₹1,275 Cr (4%) of its FY26 closing order book.
“Metro and Railways Rs. 1,275 Crore (4%)”
“Sanjib Kumar Jena President Business Development (Railways)”
Company is registered with Delhi Metro for electrification/automation and is actively dealing with Mumbai Metro rail work.
“He also got the Company registered with Delhi Metro for electrification and automation installation and now dealing with Mumbai Metro.”
Railways is an active business vertical with FY26 revenue of ₹158 crore (35% YoY growth), executing OHE for the Bullet Train project, S&T works, and three newly secured railway projects.
“Our Railways vertical supports the development of large-scale national transport infrastructure. We deliver integrated solutions across railway electrification, signalling, telecommunication, track linking, earthwork and other composite works”
“The business is structured around five core verticals: Power Transmission and Distribution, Civil Construction, Poles and Lighting, Railways, and Solar EPC.”
“Transrail's Railway business continued its growth momentum during FY 2025-26 with revenue of ` 158 crore.”
Railways is part of the same 13% consolidated revenue vertical, with the company manufacturing railway wheels, axles and wheel sets as listed products in its portfolio.
“Our Defence, Aerospace, and Railways vertical expanded to represent 13% of our consolidated revenue.”
“the Company strengthened its presence in higher-value end-user segments, particularly defence, railways and industrial applications, while its established commercial vehicle and off-highway equipment businesses continued to grow in absolute terms.”
Skipper manufactures railway electrification structures as part of its engineering product portfolio and undertakes railway EPC projects in India, though this is a secondary segment to its core T&D tower business.
“Skipper Limited has grown into a global leader in the engineering and infrastructure sector, specialising in the manufacture of transmission and distribution (T&D) structures, including towers and poles. Over the past four decades, the Company expanded its presence across multiple industries, including polymer pipes and fittings, railway electrification structures, telecom towers & poles and EPC projects.”
Through the Tech Innovation Group and Aurionpro Toshi Automatic, supplies AFC hardware and software plus ITMS to Indian metro projects (Delhi Metro, MMRDA Mumbai Line 4/4A ~INR 250 cr, Chennai Metro, Egypt public transport).
“Our front-to-back ability to offer end-to-end solution has made Aurionpro the best and most competitive player in the Automatic Fare Collection (AFC) market in India and a strong emerging player globally.”
Railway projects are an active operational vertical alongside the company's core roads/highways business, with a director specifically tasked with overseeing railway project execution.
“He would continue to be responsible for Roads and Railway Projects, starting from Project planning to optimum use of material, machineries and other resources, quality and safety assurance.”
Company has a dedicated railway cables product line (Signalling, Axle Counter, Railway Power Cables), RDSO approval, and a separate Railway Cables revenue segment contributing 3.8% of FY26 revenue.
“First to develop Axle Counter Cables for Indian Railways”
New non-automotive vertical supplying cast and machined components for tracks, wagons and carriages to Indian Railways, with supplies already commenced.
“The Company has created a new Non-Automotive business vertical to focus on– Railways and CNC Machines. Railways product portfolio would include manufacturing high-quality cast & machined components for Tracks, Wagons & Carriages utilizes the current surplus capacities. Supplies have already started.”
“Created a new Non-Auto business vertical to focus on – Railways, Manufacturing of CNC Machines”
Proflex division supplies self-supported steel roofing to railway applications among other segments, contributing ~22% of FY26 revenue.
“MBEL is the largest player in India by revenue in self-supported roofing solutions, with strong leadership in railway, industrial, and infrastructure applications.”
RPSL executed a traction substation for Indian Railways at Bikaner in FY26, evidencing supply of railway electrification infrastructure.
“Lalgarh Traction Substation for Indian Railways, Bikaner (Government)”
Supplies railway bridges, ROBs, FOBs and railway crash barriers; empanelled with Western Railways and holds RDSO approval, with heavy-engineering rail dispatches including a Chennai Metro girder.
“We entered heavy engineering with a ₹19 crore Chennai Metro order and dispatched our first rail-over-bridge girder from Matar in November.”
MIC earns current revenue from Indian Railways passenger-information displays and is developing additional railway systems and coach-electrification products.
“During the year under review, the Company earned revenue of `3292.75 Lakhs from Passenger Information System (PIS) displays of Indian Railways, `3325.27 from regular displays.”
“is a supplier to Indian Railways, airports, ports, sports stadia and other public-infrastructure agencies”
Scoda Tubes supplies stainless steel tubes/pipes to multiple Indian Railways entities (Modern Coach Factory, Chittaranjan Locomotive Works, Eastern/Northeastern Railways, Banaras Locomotive Works, Rail Coach Factory, Western and Central Railway), making railways a real but not core end-market.
“Started supplying products to key entities under Indian Railways: Modern Coach Factory & Chittaranjan Locomotive Works”
“the company has supplied its products to major domestic public sector clients such as Western, Central, Eastern and Northeastern Railway, Modern Coach Factory (MCF), Rail Coach Factory (RCF), Department of Atomic Energy, etc”
Railways forms a small but real adjacent revenue stream (~4.87% of order book, ~`193.35 million across 2 projects including Amrut Bharat railway works), serving as opportunistic work alongside its core water management business.
“The remaining 4.87% is distributed selectively across Railways (`193.35 million, 2 projects), Roads (`95.62 million, 10 projects), and Infrastructure (`65.62 million, 2 projects), which act as tactical, opportunistic adjacencies.”
“Our Company has selectively undertaken construction works in the railways sector, primarily under the Amrit Bharat Station Scheme and similar railway modernisation programmes. Engagements include station upgradation, civil works, platform extensions and ancillary infrastructure.”
The company reports current supplies of its products to Metro and Bullet Train projects, representing a rail-project end market rather than its principal business.
“Today, our products are supplied to several major infrastructure projects across India, including Bullet Train, Metro, industrial corridors, dams, bridges, and other critical infrastructure projects.”
“we are an approved supplier of various Government authorities like National Highway Authority in India (NHAI), National Thermal Power Corporation Limited (NTPC), Delhi Metro Rail Corporation Limited (DMRC), Public Works Department (PWD), Central Public Work Department (CPWD), Railways, large public and private sector industries etc.”
RPP has an EPC contract for roofing shed construction at a railway marshalling yard, supplying railway infrastructure as one of several ongoing project types.
“Engineering, Procurement and Construction of Roofing Shed to the Railway Lines in the Marshalling Yard at New Mangalore Port Authority, Mangalore for Rs.66.25 crores”
Railways is explicitly listed as one of the company's six business verticals alongside buildings, roads, water, irrigation and power, though no specific railway project or revenue detail is disclosed in this section.
“The Company has a well-diversified business portfolio spread across various business verticals viz., Buildings & Housing, Roads, Water & Environment, Irrigation, Power and Railways.”
Company executes EPC projects for Indian Railways as one of several sectors (alongside education, healthcare, housing, urban infrastructure), but it is not the primary business segment.
“Our portfolio encompasses education, healthcare, institutional buildings, housing, railways and urban infrastructure, giving us a balanced platform from which to pursue emerging opportunities while reducing our dependence on any single sector.”
The Power & Control Systems division supplies and services mechanical governors and actuators to Indian Railways along with other heavy industries, contributing Rs. 5,126 Lakhs in revenue in FY 2025-26.
“Demand for the supply and servicing of mechanical governors and actuators continues across heavy engineering industries, Indian railways, boiler plants etc.”
Definition used: Supplies rolling stock, signalling, electrification, track work, wagons/coaches or components to Indian Railways, metros or rail projects. Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
MarketPing publishes facts, filings and measured history only — nothing on this page is investment advice, a recommendation or a rating.
