Railways

Suppliers to Indian Railways and metro projects, tiered by how central rail actually is to the business.

Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Modern InsulatorsOther Electrical EquipmentMention-only₹2,310 CrP/E 32.1 vs 25.4ROCE 16.0%

The Opportunities section flags Indian Railways' electrification and high-speed rail projects as a driver of demand for Modern Insulators' specialized porcelain insulators, though no railway revenue is separately quantified.

“Indian Railways continues to heavily electrify its broad-gauge network and lay new lines for high-speed trains, driving direct demand for specialized insulators.”

Modern Insulators Ltd - 515008 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 16
Valiant CommunicationsTelecom - Equipment & AccessoriesMention-only₹2,037 CrP/E 69.8ROCE 32.6%

Railways is listed as one of the mission-critical sectors Valiant serves with its general communications, protection and cybersecurity portfolio, but no rail-specific products (rolling stock, signalling, track work) are described.

“mission-critical sectors including power utilities, oil & gas, railways, airport networks, defense, the BFSI sector, and government institutions worldwide.”

Valiant Communications Ltd-$ - 526775 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 4
+1 more quote from the report

“Supplied products to Banedanmark (Rail Net Denmark), demonstrating applicability of VCL synchronization solutions in European rail transport networks.”

Valiant Communications Ltd-$ - 526775 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 34
Vinyas Innovative TechVINYASMention-only₹1,812 CrP/E 84.2ROCE 16.7%

Rail is referenced alongside aerospace, defence, and medical as an industry covered by Vinyas' certifications, but no specific rail products, contracts or revenue are described.

“across various industries, including aerospace, defence, medical, and rail”

Annual Report · p. 10
B.l.kashyap & SonCivil ConstructionMention-only₹1,214 CrP/E 2693.0 vs 14.6ROCE 3.9%

Railways/metro work is identified as a future strategic priority for entry, but the order book is still ~95% residential and commercial and no rail orders are reported yet.

“A key strategic priority is to expand its presence in government-funded infrastructure projects, including railways, metro systems, logistics parks, and public buildings, thereby creating a balanced mix of public and private sector contracts.”

B. L. Kashyap and Sons Ltd - 532719 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 7
Beekay Steel Inds.Iron & Steel ProductsMention-only₹840 CrP/E 10.9 vs 17.0ROCE 4.4%

Railways is listed as one of several end-user sectors for the company's diversified steel product range, but no specific railway orders, components or PSU supply is detailed.

“The Company manufactures a diverse range of steel products for railways, infrastructure, housing, automobile, and engineering sectors.”

Beekay Steel Industries Ltd - 539018 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 23
Prostarm Info SystemsOther Electrical EquipmentMention-only₹776 CrP/E 19.7 vs 25.4ROCE 14.9%

Railways listed as one of the served industry sectors, but no specific railway equipment, signalling or rolling-stock supply is described in this section.

“serves diverse sectors including BFSI, healthcare, education, telecom, railways, defence, airports, oil & gas and industrial infrastructure.”

Prostarm Info Systems Ltd - 544410 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 6
Hitech CorporationHITECHCORPMention-only₹600 CrP/E 34.2ROCE 5.4%

Thriarr's stated future strategy includes entering the Railways sector with thermoset/thermoplastic processing capabilities; no current railway business is described.

“The Company aims to strengthen its presence in the US market, expand into untapped sectors such as Railways, Defense and Aerospace, and enhance its offerings through advanced thermoset and thermoplastic processing supported by global certifications.”

Hitech Corporation Ltd-$ - 526217 - Notice Of 35Th Annual General Meeting To Be Held On September 24, 2026 And Annual Report For FY 2025-26. · Sept 2026 · p. 12
Birla Precision TechIndustrial ProductsMention-only₹398 CrP/E 34.0 vs 28.8ROCE 8.6%

Railways are named among the high-growth sectors the company says it intends to lead, but no rail-specific supply, project, or revenue is disclosed.

“For shareholders, this is the opportunity: a Company positioning itself deliberately ahead of the sectors it intends to lead, rather than reacting to them once they arrive.”

Birla Precision Technologies Ltd - 522105 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 3
Kalyani ForgeCastings & ForgingsMention-only₹334 CrP/E 27.0 vs 27.7ROCE 10.3%

Railway is listed among the industrial sectors served, but no specific railway products, programs, or revenue contribution are disclosed.

“The Company manufactures forged, machined, and assembled products serving automotive, construction, power generation, marine, railway, and industrial applications.”

Kalyani Forge Ltd - 513509 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 23
Shree Hari Chemicals ExportCommodity ChemicalsMention-only₹211 CrP/E 42.6 vs 19.2ROCE 9.8%

Railways and metro systems are referenced only as part of a proposed new infrastructure object clause in the MOA alteration, with no current operations or revenue in this theme.

“11. To carry on the business of planning, designing, developing, constructing, engineering, executing, operating, maintaining, managing, improving, renovating and providing infrastructure and infrastructure related projects and facilities of all kinds, including roads, highways, bridges, flyovers, tunnels, railways, metro systems, airports, ports, harbours”

Shree Hari Chemicals Export Ltd - 524336 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 18
Apollo Techno Industries LimitIndustrial ProductsMention-only₹124 CrP/E 8.7 vs 28.8ROCE 15.7%

Apollo's diaphragm wall drilling rigs are used in railway/metro foundation and retaining wall works as one of several end-use applications, but rail infrastructure is not a stated business segment.

“The Diaphragm Drilling Rigs are designed for constructing foundations for deep basements, retaining walls in railway, airports and metro stations, as well as developments along riverfronts.”

Apollo Techno Industries Ltd - 544671 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 5
Relicab Cable Manufacturing LiOther Electrical EquipmentMention-only₹34 CrP/E 19.4 vs 25.4ROCE 7.2%

Railways is mentioned only as one of several end-market industries whose health is interlinked with the wire and cable sector in general industry commentary; no evidence Relicab specifically supplies rail projects.

“The prospects of the Wire and Cable industry are interlinked with the health of other industries viz: power, telecom, railways, real estate, steel, cement, refineries, infrastructure etc., government’s procurement policies, strategic diversifications and switching over to integrated manufacturing.”

Relicab Cable Manufacturing Ltd - 539760 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 33
Earthstahl & AlloysIron & Steel ProductsMention-only₹15 CrP/E 2.6 vs 17.0ROCE -15.8%

Company is only exploring cast article opportunities for the railway sector; no revenue or committed orders yet.

“We are also exploring opportunities for producing cast articles for railway / defence sector, which throws large market for growth.”

Earthstahl & Alloys Ltd - 543765 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 31
MID India IndustriesOther Textile ProductsMention-only₹10 CrP/E 32.9 vs 16.4ROCE -8.1%

Railways is listed only as one of several sectors driving general demand for heavy plant machinery, which the company trades; there is no specific rail-project supply business.

“The Indian capital goods, infrastructure and industrial sectors continue to offer significant opportunities driven by increasing investments in roads, railways, mining, construction, manufacturing facilities, logistics infrastructure and urban development projects.”

Mid India Industries Ltd - 500277 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 28

Outdoor-cabinet solutions are described as applicable to rail networks among other outdoor infrastructure markets, but rail is not a stated segment or revenue driver.

“support telecom densification, smart city infrastructure, surveillance systems, rail networks, airports, and utility applications.”

Schneider Electric President Systems Ltd - 544786 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 12
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How this list is built

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.