Texmaco Rail & Engineering Limited (TEXRAIL)
₹113.25 +0.32% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Texmaco Rail's revenue was ₹757 Cr (-16.9% year on year, -35.2% on the previous quarter), and net profit ₹50.1 Cr (+70.7% year on year); the operating margin was 7.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹757 | -16.9% | -35.2% |
| Operating profit | ₹57.0 | -19.6% | -46.2% |
| Net profit | ₹50.1 | +70.7% | -13.7% |
| EPS (₹) | 1.23 | +64.0% | -13.4% |
| Operating margin | 7.5% | — | — |
TEXRAIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 36.61% of the TEXRAIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.23%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 44.0% · 37.0% · 38.3% · 42.5% · 36.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Texmaco Rail & Engineering Limited has received a Letter of Acceptance for an order valued at Rs 3.65 crores (including taxes) from West Central Railway. The contract entails the provision of anti-bird discs to prevent bird faults across rail lines. The project has an execution timeline of within 12 months from the date of the Letter of Acceptance. Given the company's TTM revenue of Rs 4,223 crores, this order represents less than 0.1% of annual sales and is routine in size.
- Received Letter of Acceptance worth Rs 3.65 crores (including taxes)
- Contract awarded by West Central Railway for anti-bird disc provision
- Execution timeline set within 12 months from issuance of LOA
- Order size represents less than 0.1% of TTM revenue (Rs 4,223 Cr)
Texmaco Rail & Engineering's subsidiary, Texmaco Defence Technologies Limited (TDTL), has signed an agreement to acquire 100% of Indolem Technologies Systems Private Limited (ITSPL) for a cash consideration of ₹8 Lakh. ITSPL, incorporated recently on March 12, 2026, focuses on Autonomous Land Systems (ALS) and Autonomous Sea Vehicles (ASV). Financially, the acquisition is negligible relative to Texmaco's ₹4,223 Cr TTM revenue and ₹5,299 Cr market cap. The transaction is slated to conclude within 30 business days from September 30, 2026.
- 100% acquisition of Indolem Technologies Systems for ₹8,00,000 in cash
- Target operates in Defence, Robotics, Autonomous Land Systems, and Autonomous Sea Vehicles
- Target was incorporated on March 12, 2026, and has no prior financial-year turnover
- Acquisition scheduled to close within 30 business days from September 30, 2026
Texmaco Rail & Engineering Limited reported the voting results of its 28th Annual General Meeting held on September 18, 2026. All 8 resolutions, including adoption of audited FY26 financial statements, dividend approval, and re-appointment of directors, were passed by shareholders. In addition, special resolutions authorizing an increase in borrowing limits under Section 180(1)(c) and creation of asset charges under Section 180(1)(a) were approved with over 99.99% votes in favor. Institutional voter participation was 70.13%, while overall shareholder turnout stood at 56.93%.
- All 8 resolutions passed at the 28th AGM held on September 18, 2026
- Special resolution to increase borrowing limits approved with 99.9969% votes in favor (23,16,74,606 votes)
- Resolution to create charges on company assets passed with 99.9949% votes in favor (23,16,70,047 votes)
- Total voter turnout across all categories stood at 56.93% (23,16,37,756 shares polled out of 40,68,64,572 shares)
Texmaco Rail & Engineering Limited held its 28th Annual General Meeting on 18th September 2026. Key agenda items transacted included the adoption of standalone and consolidated FY26 financial statements, dividend declaration for FY26, and director re-appointments. Shareholders also voted on enabling resolutions to increase the company's borrowing limits under Section 180(1)(c) and create charges on assets under Section 180(1)(a). Detailed e-voting results and specific limit figures were not disclosed in this initial outcome filing.
- Held 28th AGM on 18th September 2026 via video conferencing
- Adopted audited standalone and consolidated financial statements for FY ended 31st March 2026
- Transacted declaration of dividend for the financial year ended 31st March 2026
- Voted on raising borrowing limits and creating charges on assets under Sections 180(1)(c) and 180(1)(a)
Texmaco Rail & Engineering held its 28th Annual General Meeting on September 18, 2026, to vote on 8 resolutions. Key special business items included increasing the company's borrowing limits under Section 180(1)(c) and creating charges on assets under Section 180(1)(a). Ordinary business included the adoption of FY26 financials and declaration of a dividend on equity shares. Voting results from remote e-voting and Instapoll are scheduled to be published within two working days.
- 28th Annual General Meeting concluded on September 18, 2026, at 2:58 p.m. IST
- A total of 8 resolutions were placed before shareholders, including 2 special resolutions
- Special resolutions proposed to increase borrowing limits and create charges on assets
- Remote e-voting was conducted between September 14, 2026, and September 17, 2026
Texmaco Rail & Engineering Limited announced its participation in an institutional investor conference scheduled for September 22, 2026. The company will attend the Anand Rathi G-200 Summit 2026 physically in Mumbai for group interactions. The management confirmed that no unpublished price sensitive information (UPSI) will be shared during the meeting. This is a standard investor relations disclosure under Regulation 30 of SEBI LODR Regulations.
- Meeting scheduled for Tuesday, 22nd September, 2026
- Participation in the Anand Rathi G-200 Summit 2026: Bharat – The Next Engine of Global Growth
- Interaction format is a physical group meeting at Taj Santacruz, Mumbai
- Company confirmed no unpublished price sensitive information will be shared
Texmaco Rail & Engineering Limited has secured a domestic purchase order valued at ₹27.82 crores (inclusive of taxes) from Hindalco Industries Limited. The contract entails the supply of 1 BTAP rake along with 1 Brake Van for Hindalco's Aditya Expansion Project. The execution period is within 8 months from the date of the purchase order. Relative to Texmaco's TTM revenue of ₹4,223 crores, this contract represents approximately 0.66%, indicating limited financial impact.
- Order value of ₹27.82 crores (including taxes) from Hindalco Industries Limited
- Scope covers supply of 1 BTAP rake along with 1 Brake Van
- Execution timeline set within 8 months from the date of Purchase Order
- Order represents approximately 0.66% of TTM revenue (₹4,223 crores)
Texmaco Rail & Engineering's Nomination & Remuneration Committee has approved the grant of 21,073 stock options under the Texmaco Long Term Incentive Plan (LTIP) Scheme 2026. Each option is convertible into one equity share of face value Rs 1 at an exercise price of Rs 1 per share. The options will be implemented via fresh issue of equity shares and can be exercised within two years from the date of vesting. The resulting equity expansion is negligible relative to the company's overall share capital, creating virtually zero dilution impact.
- Approved grant of 21,073 options under Texmaco LTIP Scheme 2026
- Each option convertible into 1 equity share of face value ₹ 1/-
- Exercise price fixed at face value of ₹ 1/- per equity share
- Exercise window open for two years from the date of vesting
Texmaco Rail & Engineering Limited has appointed Shri Shibu Mathews as its Chief Financial Officer (CFO), effective September 5, 2026. Mathews is a Chartered Accountant with 26 years of corporate finance leadership experience at firms including MRF, Bharti Airtel, and ITC. The appointment was approved by the Board following recommendations from the Audit Committee and NRC. This key management update comes as Texmaco manages an annual revenue scale of ₹4,223 Cr (TTM) and works on optimizing working capital.
- Appointment of Shri Shibu Mathews as Chief Financial Officer w.e.f. September 5, 2026
- Candidate brings 26 years of finance leadership experience across MRF Ltd., Bharti Airtel, and ITC Ltd.
- Board meeting approving the appointment was conducted on September 5, 2026, from 03:15 PM to 04:30 PM
Texmaco Rail & Engineering Limited has bagged two domestic wagon supply orders totaling Rs 131.36 Cr (including taxes). The larger order of Rs 106.88 Cr is from related party Touax Texmaco Railcar Leasing for 4 rakes of BFNS22.9 wagons and 4 BVCM wagons, scheduled for completion by May 26, 2027. The second order of Rs 24.48 Cr from Transport Corporation of India is for 1 rake of ACT-1 wagons and 1 BVCM wagon, executable within 16 weeks of LOI. Combined, the orders represent ~3.1% of the company's TTM revenue of Rs 4,223 Cr.
- Received aggregate domestic orders worth Rs 131.36 Cr (inclusive of taxes).
- Rs 106.88 Cr contract from Touax Texmaco Railcar Leasing for 4 BFNS22.9 rakes plus 4 BVCM wagons by May 26, 2027.
- Rs 24.48 Cr contract from Transport Corporation of India for 1 ACT-1 rake plus 1 BVCM wagon within 16 weeks from LOI.
- The Touax Texmaco contract is a related party transaction executed on an arm's length basis.
Texmaco Rail & Engineering Limited has received a domestic order valued at ₹24.48 crore (including taxes) from Transport Corporation of India Limited. The scope includes the manufacture, supply, and commissioning of 1 rake comprising Type: ACT-1 & BVCM wagons. The order is scheduled for completion within 16 weeks from the date of LOI. Representing approximately 0.58% of TTM revenue (₹4,223 crore), this is an incremental order that reflects steady demand from private logistics operators.
- Order value of ₹24.48 crore (inclusive of taxes) awarded by Transport Corporation of India Limited
- Scope comprises manufacture, supply, and commissioning of 1 rake of ACT-1 & BVCM wagons
- Execution timeline defined as within 16 weeks from the date of LOI
- Order value constitutes ~0.58% of FY26 TTM revenue of ₹4,223 crore
Texmaco Rail & Engineering has received a Letter of Award valued at USD 135 Million (approx. ₹1,120+ Cr) from Tsiko Africa Logistics (Pty) Ltd. and Barberry Holdings (Pty) Ltd. The contract entails the design, manufacture, supply, and commissioning of Wabtec ES43ACi 4,500 HP diesel-electric locomotives. The order is slated for execution within 20 to 24 months from the signing of the definitive agreement. Relative to the company's TTM revenue of ₹4,223 Cr, this single order represents over 25% of annual turnover, significantly boosting export visibility.
- Letter of Award received for USD 135 Million exclusive of taxes and duties
- Scope covers design, manufacture, supply, and commissioning of Wabtec ES43ACi 4,500 HP locomotives
- Execution timeline set at 20 to 24 months from signing the definitive agreement
- International contract awarded jointly by Tsiko Africa Logistics and Barberry Holdings
Texmaco Rail & Engineering Limited has announced the cessation of its Chief Financial Officer, Shri Kishor Kumar Rajgaria, effective from the close of business hours on 31st August, 2026. This follows the company's prior resignation disclosure made on 14th July, 2026. The company manages a business with TTM revenue of ₹4,223 Cr and a market capitalization of ₹4,411 Cr. Investors will be monitoring the formal appointment and transition plan for the incoming CFO.
- Cessation of CFO Shri Kishor Kumar Rajgaria effective 31st August, 2026
- Follow-up to the previous resignation intimation dated 14th July, 2026
- Relieved from services at the close of business hours on 31st August, 2026
- Company reported TTM revenue of ₹4,223 Cr and net profit of ₹214 Cr
Texmaco Rail & Engineering Limited has announced that Chief Financial Officer Mr. Kishor Kumar Rajgaria has been relieved from the services of the company effective close of business hours on August 31, 2026. This follows the company's prior intimation dated July 14, 2026, regarding his resignation. Texmaco Rail operates with a market cap of ₹4,411 Cr and TTM revenue of ₹4,223 Cr. The company is yet to disclose the appointment of a successor CFO in this filing.
- CFO Mr. Kishor Kumar Rajgaria relieved from company services effective August 31, 2026
- Follows initial resignation intimation submitted to stock exchanges on July 14, 2026
- Transition in key managerial personnel for the ₹4,411 Cr market cap rail engineering company
- Details submitted under Regulation 30 of SEBI LODR Regulations
Texmaco Rail & Engineering Limited has signed a Memorandum of Understanding (MoU) with Germany-based Bochumer Verein Verkehrstechnik GmbH (BVV). The MoU sets a framework to explore a proposed joint venture entity in India to manufacture and supply railway wheels, wheelsets, axles, and related rail vehicle components. The agreement includes a 12-month exclusivity period, though commercial terms, capital commitments, and equity shareholding remain subject to final definitive agreements.
- Executed MoU with Germany's BVV to explore a proposed Joint Venture/SPV in India for railway wheelsets and axles.
- MoU includes a 12-month validity period with mutual exclusivity provisions for the contemplated purpose.
- No immediate commercial consideration or capex commitment disclosed; terms subject to definitive agreements.
- BVV to provide technology/know-how while Texmaco leads localization, manufacturing, and marketing in India.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) grew 55% YoY in FY24 to INR 3,503.78 Cr and further increased 45.7% to INR 5,106.57 Cr in FY25. The Infra-Electrical division saw segmental profits grow 85.8% from INR 23.92 Cr in FY24 to INR 44.44 Cr in FY25. Conversely, the Infra-Rail & Green Energy division reported a loss of INR 29.09 Cr in FY25 compared to a loss of INR 5.90 Cr in FY24.
Geographic Revenue Split
Primarily domestic-focused with significant revenue from Indian Railways; however, the company is targeting a 300-500% (3x to 5x) growth in export business over the next 2-3 years to diversify beyond the Indian market.
Profitability Margins
Operating profitability (PBILDT margin) improved significantly to 9.82% in H1FY25 compared to 6.66% in H1FY24. PAT increased from INR 25.80 Cr in FY23 to INR 112.98 Cr in FY24, representing a 337.9% increase.
EBITDA Margin
PBILDT margin improved to 9.82% in H1FY25. The company faces a negative rating trigger if the PBILDT margin falls below 7% on a sustained basis.
Capital Expenditure
The company utilized INR 1,050 Cr from QIP and preferential issues in FY24 for debt reduction and working capital. A term loan was also taken for debottlenecking the heavy engineering and steel foundry divisions. Acquisition of TWRL cost approximately INR 614 Cr.
Credit Rating & Borrowing
Long-term bank facilities rated CARE A; Stable (upgraded from CARE A-). Short-term facilities rated CARE A1. Borrowing costs are influenced by the Total Debt/PBILDT ratio, which improved from 10.39x in FY23 to 4.13x in FY24 and below 3.5x by Sept 2024.
Operational Drivers
Raw Materials
Steel, cartridge tapered roller bearings (CTRB), and wheel sets are the primary raw materials. These represent the bulk of the manufacturing cost for wagons.
Import Sources
The company imports wheel sets specifically to meet orders from private parties. Specific countries are not disclosed, but global sourcing is utilized for specialized components.
Key Suppliers
Procurement is restricted to Research Design and Standards Organisation (RDSO) approved vendors for critical components like steel and bearings.
Capacity Expansion
Current installed capacity includes 10,000 Vehicular Units (VUs) of wagons, 20,400 MTPA of structurals, 10,000 MTPA of bridges, and 42,000 MTPA of steel castings. The acquisition of TWRL added 3,000 VUs of capacity, bringing total wagon capacity to 13,000 VUs.
Raw Material Costs
Raw material costs are subject to high volatility; however, risk is mitigated by escalation clauses in long-term Indian Railways contracts. Short-term private orders (1-2 months) remain exposed to price fluctuations.
Manufacturing Efficiency
The company is focusing on debottlenecking its heavy engineering and steel foundry divisions to improve throughput and support the 55% growth in TOI.
Strategic Growth
Expected Growth Rate
300-500%
Growth Strategy
Growth is driven by the acquisition of TWRL for INR 614 Cr to capture private sector wagon demand, a planned demerger of the loss-making 'Infra-Rail & Green Energy' division to lean out the balance sheet, and a 3x-5x target for export expansion. The company is also leveraging a healthy order book from Indian Railways' INR 2.55 lakh Cr budgetary allocation.
Products & Services
Railway freight cars (wagons), hydro-mechanical equipment, industrial structurals, steel castings, loco shells, electrical mechanical units (EMU), railway bridges, and pressure vessels.
Brand Portfolio
Texmaco, TexRail, Adventz Group (parent group), and Texmaco West Rail Limited (TWRL).
New Products/Services
Expansion into commodity-specific wagons for private sector players following the TWRL acquisition.
Market Expansion
Diversifying from government-only contracts to private sector players and international markets (targeting 3x-5x export growth).
Market Share & Ranking
Largest wagon manufacturer in India with a total capacity of 13,000 VUs.
Strategic Alliances
Acquired 100% stake in Texmaco West Rail Limited (formerly Jindal Rail Infrastructure Limited) for INR 614 Cr. Merged BPPPL and Texmaco Hi-Tech to form the Infra-Electrical division.
External Factors
Industry Trends
The industry is seeing a major thrust from the GoI in railway infrastructure, shifting toward higher-capacity wagons and electrification. TexRail is positioned as the market leader to capture this volume growth.
Competitive Landscape
Faces stiff competition from other established wagon manufacturers and larger EPC players in the rail infrastructure segment.
Competitive Moat
Moat is built on being the largest domestic manufacturer with significant backward integration (steel foundry) and a long-standing relationship with Indian Railways. This is sustainable due to high entry barriers in RDSO-certified manufacturing.
Macro Economic Sensitivity
Highly sensitive to Government of India (GoI) budgetary allocations for railways, which increased to INR 2.55 lakh Cr for FY25.
Consumer Behavior
Shift in private sector demand toward commodity-specific wagons for efficient freight movement.
Geopolitical Risks
Global situations impact the foundry business and export targets, though management indicates the portfolio is diversified enough to withstand short-term shocks.
Regulatory & Governance
Industry Regulations
Operations are strictly governed by RDSO standards for manufacturing and vendor approvals. The company must comply with NCLT orders for mergers and demergers.
Environmental Compliance
The company publishes a Business Responsibility & Sustainability Report (BRSR) as per Listing Regulations.
Legal Contingencies
The company is in the process of filing claims for slow-moving/stuck receivables in the Infra-Rail division, which totaled INR 689 Cr in unbilled revenue as of March 2025.
Risk Analysis
Key Uncertainties
The primary uncertainty is the timeline and impact of the demerger of the 'Infra-Rail & Green Energy' division and the realization of INR 689 Cr in unbilled revenue.
Geographic Concentration Risk
High concentration in India, specifically projects linked to Indian Railways, though manufacturing is centralized in West Bengal across four facilities.
Third Party Dependencies
High dependency on RDSO-approved vendors for critical components like bearings and wheel sets.
Technology Obsolescence Risk
The company is upgrading its heavy engineering division to maintain manufacturing efficiency against modern standards.
Credit & Counterparty Risk
Significant credit risk associated with slow-moving receivables from government infrastructure projects, with total debtors reaching INR 1,146 Cr in FY25.
