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Texmaco Rail & Engineering Q4 FY26 results: net profit up 48.2% to ₹58.04 crore, revenue down 13.3%
Texmaco Rail & Engineering Limited reported consolidated revenue of ₹1,167 crore in Q4 FY26, down 13.3% from ₹1,346 crore in Q4 FY25 but up 12.0% from ₹1,042 crore in Q3 FY26. EBITDA rose 9.0% year on year to ₹106.43 crore, while profit after tax increased 48.2% to ₹58.04 crore and basic EPS was ₹1.42.
Key points
- Consolidated Q4 FY26 revenue was ₹1,167 crore, down 13.3% from ₹1,346 crore in Q4 FY25 and up 12.0% from ₹1,042 crore in Q3 FY26.
- EBITDA was ₹106.43 crore, up 9.0% year on year, with the margin rising to 9.1% from 7.2%.
- Profit after tax was ₹58.04 crore, up 48.2% from ₹39.16 crore in Q4 FY25 and 37.3% from ₹42.27 crore in Q3 FY26.
- Basic EPS was ₹1.42, compared with ₹1.00 in Q4 FY25 and ₹1.07 in Q3 FY26.
- For FY26, revenue was ₹4,377.27 crore, PBT was ₹254.68 crore, PAT was ₹193.57 crore and basic EPS was ₹4.84.
How did Texmaco Rail & Engineering perform in Q4 FY26?
Texmaco Rail & Engineering reported consolidated revenue from operations of ₹1,167 crore in Q4 FY26, down ₹179.39 crore or 13.3% from ₹1,346 crore in Q4 FY25. Revenue rose ₹125.37 crore or 12.0% from ₹1,042 crore in Q3 FY26. EBITDA increased 9.0% year on year to ₹106.43 crore from ₹97.60 crore and was up 20.0% from ₹88.66 crore in the previous quarter.
The consolidated EBITDA margin was 9.1% in Q4 FY26, up 1.9 percentage points from 7.2% in Q4 FY25 and 0.6 percentage points from 8.5% in Q3 FY26. PBT was ₹70.67 crore, up ₹1.65 crore or 2.4% from ₹69.02 crore a year earlier and ₹15.19 crore or 27.4% from ₹55.48 crore in Q3 FY26. PAT was ₹58.04 crore, against ₹39.16 crore and ₹42.27 crore, while basic EPS was ₹1.42, against ₹1.00 and ₹1.07.
On a standalone basis, Q4 FY26 revenue was ₹1,164 crore and PAT was ₹58.72 crore. The standalone figure for PAT includes profit attributable to owners of ₹57.68 crore and a non-controlling interest of ₹35.75 lakh in the filed consolidated results.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,167 | 1,042 | 1,346 | −13.3% | +12.0% |
| Other income | 7.99 | 13 | 16.64 | −52.0% | −38.5% |
| Total expenses | 1,104 | 996.09 | 1,294 | −14.7% | +10.9% |
| EBITDA | 106.43 | 88.66 | 97.60 | +9.0% | +20.0% |
| EBITDA margin | 9.1% | 8.5% | 7.2% | +1.9 pp | +0.6 pp |
| Profit before tax | 70.67 | 55.48 | 69.02 | +2.4% | +27.4% |
| Tax | 14.40 | 20.78 | 33.56 | −57.1% | −30.7% |
| Net profit | 58.04 | 42.27 | 39.16 | +48.2% | +37.3% |
| EPS (₹) | 1.42 | 1.07 | 1.00 | +42.0% | +32.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Texmaco Rail & Engineering's costs and profit?
Total expenses fell ₹189.80 crore or 14.7% year on year to ₹1,104 crore from ₹1,294 crore. Cost of materials declined ₹123.73 crore or 11.5% to ₹955.51 crore, other expenses fell ₹28.05 crore or 29.5% to ₹66.90 crore, and finance costs declined ₹4.14 crore or 12.1% to ₹30.20 crore. Employee cost rose ₹0.57 crore or 1.3% to ₹44.24 crore, while depreciation increased ₹2.56 crore or 23.5% to ₹13.45 crore.
Other income fell ₹8.65 crore or 52.0% to ₹7.99 crore from ₹16.64 crore. The year-ago quarter had no exceptional item, while Q4 FY26 included a ₹0.10 crore exceptional charge. Tax expense declined ₹19.16 crore or 57.1% to ₹14.40 crore from ₹33.56 crore, while PBT increased ₹1.65 crore to ₹70.67 crore and PAT rose ₹18.88 crore to ₹58.04 crore.
Sequentially, total expenses rose ₹108.09 crore or 10.9% from ₹996.09 crore in Q3 FY26, led by a ₹154.05 crore increase in cost of materials. Employee cost fell ₹0.79 crore and finance costs fell ₹1.29 crore, while depreciation rose ₹1.78 crore and other expenses rose ₹3.26 crore. Other income fell ₹5.01 crore and tax fell ₹6.38 crore.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 955.51 | 1,079 | −123.73 | −11.5% |
| Employee cost | 44.24 | 43.67 | +0.57 | +1.3% |
| Finance costs | 30.20 | 34.34 | −4.14 | −12.1% |
| Depreciation | 13.45 | 10.89 | +2.56 | +23.5% |
| Other expenses | 66.90 | 94.95 | −28.05 | −29.5% |
| Total expenses | 1,104 | 1,294 | −189.80 | −14.7% |
| Other income | 7.99 | 16.64 | −8.65 | −52.0% |
| Tax | 14.40 | 33.56 | −19.16 | −57.1% |
| Exceptional items | −0.10 (charge) | none |
Source: Company's results filing (XBRL).
How did Texmaco Rail & Engineering do in FY26 as a whole?
For FY26, consolidated revenue was ₹4,377.27 crore, down ₹729.30 crore or 14.3% from ₹5,106.57 crore in FY25. Total income fell ₹749.94 crore or 14.5% to ₹4,414.31 crore from ₹5,164.25 crore, while PBT declined ₹89.93 crore or 26.1% to ₹254.68 crore from ₹344.61 crore.
FY26 PAT was ₹193.57 crore, down ₹55.31 crore or 22.2% from ₹248.88 crore in FY25. Basic EPS declined ₹1.40 or 22.4% to ₹4.84 from ₹6.24. The earnings presentation stated that FY26 revenue from operations was ₹4,377 crore and PAT was ₹194 crore.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 4,377 | 5,107 | −14.3% |
| Profit before tax | 254.68 | 344.61 | −26.1% |
| Net profit | 193.57 | 248.88 | −22.2% |
| EPS (₹) | 4.84 | 6.24 | −22.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets increased to ₹5,053.82 crore on 31 March 2026 from ₹4,922.80 crore on 30 September 2025. Total equity fell to ₹2,411.98 crore from ₹2,902.22 crore, while borrowings declined to ₹872.99 crore from ₹883.53 crore. Cash rose to ₹89.86 crore from ₹62.29 crore, inventories fell to ₹867.81 crore from ₹948.93 crore, and trade receivables increased to ₹1,247.93 crore from ₹1,090.57 crore.
For FY26, operating cash flow was ₹362.67 crore, compared with an outflow of ₹46.58 crore in FY25. Investing cash flow was an outflow of ₹230.68 crore against an outflow of ₹95.57 crore, and financing cash flow was an outflow of ₹101.35 crore against an inflow of ₹172.13 crore. Capital expenditure was ₹167.05 crore in FY26, compared with ₹532.53 crore in FY25.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 5,054 | 4,923 |
| Total equity | 2,412 | 2,902 |
| Borrowings | 872.99 | 883.53 |
| Cash and equivalents | 89.86 | 62.29 |
| Inventories | 867.81 | 948.93 |
| Trade receivables | 1,248 | 1,091 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 362.67 | −46.58 |
| Cash from investing | −230.68 | −95.57 |
| Cash from financing | −101.35 | 172.13 |
| Capital expenditure | 167.05 | 532.53 |
Source: Company's results filing (XBRL).
How has Texmaco Rail & Engineering done over the last 8 quarters?
Revenue over the last four quarters rose from ₹910.60 crore in Q1 FY26 to ₹1,258.10 crore in Q2 FY26, then fell to ₹1,041.60 crore in Q3 FY26 before recovering to ₹1,166.97 crore in Q4 FY26. The highest quarterly revenue in the series was ₹1,346.36 crore in Q4 FY25, while the lowest was ₹891.71 crore in Q1 FY25.
PAT moved from ₹29.34 crore in Q1 FY26 to ₹63.92 crore in Q2 FY26, declined to ₹42.27 crore in Q3 FY26 and rose to ₹58.04 crore in Q4 FY26. The highest PAT was ₹76.39 crore in Q3 FY25 and the lowest was ₹29.34 crore in Q1 FY26. The EBITDA margin bottomed at 7.2% in Q4 FY25, peaked at 9.9% in Q2 FY26 and ended at 9.1% in Q4 FY26.
Which businesses drove the quarter?
Freight Car Division reported Q4 FY26 revenue of ₹908.8 crore, down 15.7% from ₹1,078.58 crore in Q4 FY25. Segment EBIT was ₹79.82 crore, compared with ₹73.63 crore in the year-ago quarter, and the EBIT margin was 8.8%. Infra-Rail & Green Energy reported revenue of ₹65.56 crore and an EBIT loss of ₹10.07 crore, with a margin of -15.4%.
Infra-Electrical reported revenue of ₹192.6 crore, up 40.1% from ₹137.43 crore in Q4 FY25. EBIT was ₹18.08 crore, compared with ₹16.67 crore, and the EBIT margin was 9.4%. Real Estate reported an EBIT loss of ₹11 lakh and no revenue.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Freight Car Division | 908.80 | −15.7% | 79.82 | 8.8% |
| Freight Car Division | 908.80 | −15.7% | 79.82 | 8.8% |
| Infra- Rail & Green Energy | 65.56 | −10.07 | -15.4% | |
| Infra- Rail & Green Energy | 65.56 | −10.07 | -15.4% | |
| Infra-Electrical | 192.60 | +40.1% | 18.08 | 9.4% |
| Infra-Electrical | 192.60 | +40.1% | 18.08 | 9.4% |
| Real Estate | 0 | −0.11 | ||
| Real Estate | 0 | −0.11 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board recommended a final dividend of 75%, or ₹0.75 per fully paid-up equity share of ₹1 each, for FY26, subject to shareholder approval at the ensuing AGM. If approved, the dividend is to be credited or dispatched within 30 days from the AGM date. The board also approved a defence-business investment of up to ₹200 crore in Texmaco Defence Technologies Ltd. over the next 3 to 5 years.
The board approved an agreement with Sigma Rail Systems for collaboration in railway signalling, component systems, safety and power electronics. It re-appointed Deloitte Touche Tohmatsu India as internal auditor and DGM & Associates as cost auditor for FY27. Separately, the company received a letter of award worth USD 43,05,72,749, equivalent to ₹4,045 crore, from Tsiko Africa Logistics and Barberry Holdings for rolling-stock freight wagons, locomotives, components and long-term maintenance, to be executed in 2027-2028.
What did the auditors point out?
L.B. Jha & Co. LLP issued audit reports with a modified opinion on the standalone and consolidated financial results for the quarter and year ended 31 March 2026. The excerpts identify the qualification as a “Qualified Opinion” and state that the financial statements are presented under the applicable listing regulations except for the effects of the matter described in the basis for the opinion. The excerpts also set out the Board’s responsibility to assess the company’s ability to continue as a going concern and the auditor’s responsibility to conclude on the appropriateness of the going-concern basis.
Management said on the earnings call that a ₹700 crore contingency provision, created from reserves as a non-cash risk-mitigation measure for geopolitical and contract-execution uncertainties, was among the matters on which the statutory auditors qualified their treatment. The available auditor excerpts do not state that the report itself raised a going-concern qualification or an emphasis of matter.
What did Texmaco Rail & Engineering's management say?
Management said ₹200 crore of defence capex had been approved and the total capex envelope through 2030 was estimated at ₹1,500 crore, within a ₹1,500–2,000 crore range. It expected net debt to equity to remain in a comfortable range and cash generation to fund growth. Bright Power revenue grew 66% year on year to ₹610 crore, with a 10.8% EBIT margin, according to management.
Management identified geopolitical tensions, US tariffs and global supply-chain disruptions as risks affecting production schedules, shipping, export volumes and project execution. It said supply-chain issues affected FY26 wagon production, while lower Infra-Rail and Green Energy revenue also weighed on performance. Management said the South African contract covered 2,200 wagons, 30 locomotives and 15 years of maintenance. No analyst questions were included in the supplied call record.
How did Texmaco Rail & Engineering shares react?
After the after-market filing, Texmaco Rail & Engineering was up 1.2% after 5 minutes, 4.0% after 15 minutes and 3.8% after 30 minutes. The stock closed the reaction day up 14.1% from its pre-results close of ₹105.02. By the next day’s close, it was up 18.0% from that same close, while the five-session gain was 3.3%.
The Industrial Manufacturing industry median moved up 0.2% on the reaction day, compared with Texmaco’s 14.1% gain, giving an excess industry move of 13.9 percentage points. By the next day’s close, the stock was up 18.0% against an unchanged industry median; over five sessions, Texmaco was up 3.3% while the industry median fell 1.2%, an excess move of 4.5 percentage points. Earlier reaction-day moves ranged from a fall of 5.8% on 13 August 2025 to a rise of 6.6% on 16 May 2024.
| After the filing | Stock | Industrial Manufacturing median |
|---|---|---|
| 5 minutes | +1.2% | |
| 15 minutes | +4.0% | |
| 30 minutes | +3.8% | |
| Reaction day | +14.1% | +0.2% |
| Next day | +18.0% | +0.0% |
| 5 days | +3.3% | −1.2% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 9 February 2026 | −2.5% |
| 11 November 2025 | +2.4% |
| 13 August 2025 | −5.8% |
| 16 May 2025 | −1.9% |
| 31 January 2025 | +6.2% |
| 25 October 2024 | +5.1% |
| 13 August 2024 | −3.9% |
| 16 May 2024 | +6.6% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Texmaco Rail & Engineering's revenue in Q4 FY26?
Revenue from operations was ₹1,167 crore, down 13.3% from ₹1,346 crore in Q4 FY25 (consolidated).
Did Texmaco Rail & Engineering make a profit in Q4 FY26?
Yes. Net profit was ₹58.04 crore, against a net profit of ₹39.16 crore in Q4 FY25.
What was Texmaco Rail & Engineering's EPS in Q4 FY26?
Basic earnings per share were ₹1.42, against ₹1.00 in Q4 FY25.
How did Texmaco Rail & Engineering shares react to the Q4 FY26 results?
On the reaction day the stock moved +14.1% from the previous close; the median Industrial Manufacturing stock moved +0.2%.
When did Texmaco Rail & Engineering announce its Q4 FY26 results?
On 12 May 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Inter-Alia, Considering The Audited Standalone & Consolidated Financial Results Of The Company For The Quarter And Year Ended 31St March 2026 And To Recommend Dividend On Equity Shares, If Any (BSE, 7 May 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting (BSE, 12 May 2026) · PDF
- Financial Results For The Quarter And Year Ended 31St March, 2026 (BSE, 12 May 2026) · PDF
- Corporate Action-Board approves Dividend (BSE, 12 May 2026) · PDF
- Announcement under Regulation 30 (LODR)-Monitoring Agency Report (BSE, 12 May 2026) · PDF
- Outcome of Board Meeting (NSE, 12 May 2026) · PDF
- Monitoring Agency Report (NSE, 12 May 2026) · PDF
- General Updates (NSE, 12 May 2026) · PDF
- Updates (NSE, 14 May 2026) · PDF
- The earnings call (19 May 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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