TITAGARH RAIL SYSTEMS LIMITED (TITAGARH)
₹749.15 +0.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, TITAGARH RAIL's revenue was ₹765 Cr (+12.6% year on year, -12.6% on the previous quarter), and net profit ₹52.6 Cr (+69.9% year on year); the operating margin was 12.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹765 | +12.6% | -12.6% |
| Operating profit | ₹94.9 | +26.3% | +3.1% |
| Net profit | ₹52.6 | +69.9% | -2.6% |
| EPS (₹) | 3.91 | +70.0% | -2.5% |
| Operating margin | 12.4% | — | — |
TITAGARH delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.51% of the TITAGARH shares traded on NSE were taken to delivery, against the stock's own 20-session average of 33.06%. That is close to its usual level.
Delivery in the last 5 sessions: 32.5% · 33.9% · 28.8% · 36.2% · 35.5%
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
Titagarh Rail Systems Limited submitted voting results and the Scrutinizer's Report for its 29th Annual General Meeting held on September 30, 2026. All 7 resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and the declaration of a final dividend of Re. 1 (50%) per equity share of face value Rs. 2. Shareholders also approved the re-appointment of Shri Jagdish Prasad Chowdhary as Executive Chairman (98.44% in favor) and Shri Anil Kumar Agarwal as Deputy Managing Director (86.56% institutional backing). Total votes polled represented approximately 63.12% of outstanding shares.
- Declared final dividend of Re. 1 (50%) per equity share of Rs. 2 face value for FY26 approved with 99.998% votes in favor
- All 7 resolutions passed at the 29th AGM, including re-appointment of Executive Chairman Shri Jagdish Prasad Chowdhary with 98.44% votes
- Re-appointment of Shri Anil Kumar Agarwal as Deputy Managing Director approved, despite 13.44% institutional votes against
- Total voter turnout represented 63.12% of total outstanding shares (85,010,750 votes polled out of 134,673,768 shares)
Titagarh Rail Systems Limited (TRSL) and Bharat Heavy Electricals Limited (BHEL) executed a Joint Venture Agreement on September 15, 2026, establishing a 50:50 JV company. The JV will handle long-term comprehensive maintenance of 80 Vande Bharat sleeper trainsets for 35 years. This agreement forms part of the overall ₹24,000 crore contract awarded by Indian Railways to the TRSL-BHEL consortium, which is over 7.3x TRSL's TTM revenue of ₹3,271 crore.
- Part of the ₹24,000 crore contract awarded by Indian Railways to the TRSL-BHEL consortium
- Establishes a 50:50 Joint Venture Company between Titagarh and BHEL
- Covers comprehensive maintenance of 80 Vande Bharat sleeper trainsets for a 35-year duration
- Consortium contract also includes manufacturing, supply, and upgrading of government units and depots
Titagarh Rail Systems Limited (TRSL) has executed a Joint Venture Agreement on September 15, 2026, with Bharat Heavy Electricals Limited (BHEL) with equal 50:50 equity participation. The JV will handle the comprehensive maintenance of 80 Vande Bharat Trainsets for Indian Railways over a 35-year duration. The entity will be incorporated in Delhi with an initial paid-up capital of INR 50,00,000, governed by two directors nominated by each partner. This moves TRSL deeper into high-margin, long-term lifecycle maintenance services alongside its rolling stock manufacturing operations.
- 50:50 Joint Venture Agreement signed between TRSL and BHEL on September 15, 2026
- Comprehensive maintenance covers 80 Vande Bharat Trainsets for 35 years
- Initial paid-up share capital established at INR 50,00,000 (INR 50 Lakh)
- Board composition set with 2 nominee directors each from TRSL and BHEL
Titagarh Rail Systems Limited has informed the exchanges that it has dispatched letters to physical shareholders and members without registered email addresses regarding the Annual Report for FY 2025-26 and mandatory KYC updation. The company's 29th Annual General Meeting (AGM) is scheduled to be held on September 30, 2026, at 1:30 PM IST via Video Conferencing. In compliance with SEBI circulars, shareholders must update PAN, contact, and banking details to avoid dividend withholding. This is an administrative compliance filing with no impact on operations or financials.
- 29th Annual General Meeting (AGM) scheduled for September 30, 2026, at 1:30 PM IST via VC/OAVM
- Notice and FY26 Annual Report web-links dispatched under Regulation 36(1)(b) to shareholders without registered emails
- Physical shareholders mandated to complete KYC forms (ISR-1, ISR-2, ISR-3/SH-13) to ensure electronic receipt of dividends
- Compliance issued under SEBI directives including circulars dated Nov 03, 2021, and Jun 10, 2024
Titagarh Rail Systems has issued a communication to shareholders regarding Tax Deduction at Source (TDS) on its proposed dividend of Re 1 per share (50% on face value of Rs 2) for FY 2025-26. The dividend is subject to approval at the Annual General Meeting scheduled for September 30, 2026. The record date to determine eligible shareholders is September 23, 2026, with the register of members closed from September 24 to September 30, 2026. Resident individuals face 10% TDS if aggregate payout exceeds Rs 10,000 and PAN is valid, while non-submission of valid documents will result in a 20% withholding rate.
- Dividend recommended at Re 1 (50%) per equity share of Rs 2 face value
- Record date set for September 23, 2026; AGM scheduled on September 30, 2026
- Share transfer books closed from September 24, 2026 to September 30, 2026
- No TDS deducted for resident individuals receiving dividends up to Rs 10,000
- 10% TDS with valid PAN above Rs 10,000 threshold; 20% TDS for missing PAN or unlinked Aadhaar
Titagarh Rail Systems Limited has scheduled its 29th Annual General Meeting (AGM) for September 30, 2026. The company has fixed September 23, 2026, as the record date and cut-off date to determine eligibility for the FY25-26 dividend and remote e-voting. Remote e-voting will run from September 26, 2026, to September 29, 2026. The dividend payment remains subject to shareholder approval at the upcoming AGM.
- Record date and e-voting cut-off date set as September 23, 2026
- 29th Annual General Meeting scheduled for September 30, 2026, at 01:30 P.M. IST
- Remote e-voting window opens September 26, 2026 (9:00 AM) and closes September 29, 2026 (5:00 PM)
- Payment of dividend for FY 2025-26 is subject to approval by shareholders at the AGM
Titagarh Rail Systems Limited has issued notice for its 29th Annual General Meeting scheduled for September 30, 2026. Key agenda items include adoption of FY26 financial statements and declaration of a final dividend of Re. 1 per share (50% on face value Rs. 2). Special resolutions propose the re-appointment of Executive Chairman Jagdish Prasad Chowdhary for a 5-year term starting January 2027 with fixed pay of Rs. 2.40 crore plus commission up to 5% net profits. Additionally, the re-appointment of Deputy MD Anil Kumar Agarwal is proposed for 3 years starting May 2027 at an annual CTC of Rs. 2.73 crore.
- 29th AGM scheduled for September 30, 2026 via Video Conferencing.
- Proposed final dividend of Re. 1 per equity share (50% of face value Rs. 2).
- Special resolution to re-appoint Executive Chairman Jagdish Prasad Chowdhary for 5 years starting January 8, 2027.
- Executive Chairman's fixed remuneration set at Rs. 2.40 crore p.a. (Rs. 20 lakh/month) plus variable pay capped at 5% of net profits.
- Re-appointment of Anil Kumar Agarwal as Deputy MD for 3 years with annual CTC of Rs. 273.52 lakh and 10% annual increment.
Titagarh Rail Systems' board met on September 7, 2026, and approved the closure and discontinuance of its 50:50 joint venture, Titagarh Mermec Private Limited (TMPL), with Mermec S.p.A., Italy. TMPL is currently non-operational, resulting in no financial or operational impact. The board also set September 23, 2026, as the record date for the FY25-26 dividend and scheduled the 29th AGM for September 30, 2026. Additionally, the re-appointment of Deputy Managing Director Anil Kumar Agarwal for a 3-year term starting May 29, 2027, was approved subject to shareholder consent.
- Fixed September 23, 2026 as the Record Date for FY 2025-26 dividend eligibility
- Scheduled 29th Annual General Meeting for September 30, 2026 via VC/OAVM
- Approved closure of non-operational JV TMPL (held 5,000 equity shares of ₹10 each, representing 50% stake)
- Approved re-appointment of Deputy MD Anil Kumar Agarwal for a 3-year term w.e.f. May 29, 2027
Titagarh Rail Systems announced a management restructuring within its Passenger Rail Systems (PRS) business. Mr. Bhavesh Jethwa has assumed charge as Head of Operations (COO), PRS, replacing Mr. Vijay Subramanian, who ceased to be CEO of PRS effective September 2, 2026. Mr. Jethwa brings over 25 years of rolling stock experience from Alstom, Bombardier, and Mahindra & Mahindra, having worked on major programs including India's Namo Bharat (RRTS) project.
- Mr. Bhavesh Jethwa appointed as Head of Operations (COO) for Passenger Rail Systems (PRS)
- Mr. Vijay Subramanian stepped down as CEO of PRS with effect from September 2, 2026
- Incoming operational head possesses over 25 years of railway and metro industry experience
Titagarh Rail Systems Limited signed a non-binding Memorandum of Understanding (MoU) with Siemens on August 25, 2026. The collaboration aims to jointly evaluate and explore international metro rolling stock opportunities on a case-to-case basis. The initiative aligns with Titagarh's strategy to expand coach export capabilities while supporting local manufacturing in India. No commercial order values or financial commitments were disclosed at this exploratory stage.
- Signed non-binding MoU with Siemens on 25th August 2026
- Aims to jointly evaluate global metro rolling stock opportunities on a case-to-case basis
- Intended to leverage Indian manufacturing facilities for international market reach
Titagarh Rail Systems Limited has inaugurated a new Design & Operations Centre at its Passenger Rail Systems (PRS) facility in Uttarpara, West Bengal on August 21, 2026. The centre aims to bolster in-house engineering, design-led innovation, and technology development for passenger rail and metro coaches. No specific capex outlay or capacity additions were quantified in the announcement. The company continues to focus on execution across its passenger rolling stock portfolio.
- Inaugurated new Design & Operations Centre at the Uttarpara facility on August 21, 2026
- Aims to advance design, engineering, and technology development for passenger rail systems
- Capex and investment amount for the new centre: not disclosed
- Financial or capacity additions resulting from the centre: not disclosed
Titagarh Rail Systems has been upgraded to the 'Approved Vendor' category of Indian Railways for 3-phase asynchronous traction motors (type 6FRA-6068). The approval comes with an approved annual capacity of 1,200 units, effective August 19, 2026. This qualifies the company to directly bid for Indian Railways' locomotive traction motor procurement tenders. Financial impact will depend on actual tender wins and execution timelines.
- Approved as Indian Railways vendor for 3-phase asynchronous traction motors (type 6FRA-6068)
- Approved capacity granted at 1,200 numbers per annum
- Approval effective from August 19, 2026
- Allows company to participate in upcoming Indian Railways procurement tenders
Titagarh Rail Systems Limited has filed the transcript of its Q1 FY27 earnings conference call held on August 14, 2026. The call discussed the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The full transcript has been made available on the company's website for investor access. This is a statutory disclosure under Regulation 30 of the SEBI Listing Regulations.
- Earnings call conducted on Friday, August 14, 2026 at 05:30 P.M. IST
- Pertains to Unaudited Standalone and Consolidated Financial Results for Q1 FY27
- Transcript formally disclosed and made accessible on the company website on August 19, 2026
- Follows prior intimation dated August 7, 2026
Titagarh Rail Systems Limited has shared the audio recording link for its Q1 FY27 earnings conference call held on August 14, 2026. The call covered the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 (Q1 FY27 revenue was ₹765.07 crore with a net profit of ₹52.58 crore). The recording is accessible on the company's official website in compliance with Regulation 30 of SEBI Listing Regulations.
- Audio recording published for the Q1 FY27 earnings call held on August 14, 2026.
- Call conducted at 05:30 PM IST via digital means for the quarter ended June 30, 2026.
- Follows earlier intimation submitted to the exchanges on August 7, 2026 under SEBI LODR Regulation 30.
Titagarh Rail Systems reported a consolidated revenue of Rs 765 Cr for Q1 FY27, with the Passenger Rail Systems (PRS) segment achieving record quarterly revenue of Rs 230 Cr, up 197% YoY. The total order book (including JVs) stands at Rs 26,635 Cr, representing a massive 8.1x of TTM revenue, providing long-term visibility. While freight wagon dispatches slowed to 1,284 units from 1,628 YoY, the company is successfully pivoting its revenue mix, with PRS now contributing 31% of standalone revenue compared to 11.5% a year ago. Key strategic projects, including the Rs 2,000 Cr forged wheel JV, are on track with hot trials currently underway.
- Total order book of Rs 26,635 Cr (including JVs) provides revenue visibility of over 8x TTM revenue
- Passenger Rail Systems revenue reached a record Rs 230 Cr, a 197% YoY increase
- Consolidated EBITDA margins expanded to 12.42% in Q1 FY27 from 11.05% in Q1 FY26
- Rail Wheel JV (49% stake) progressing with a Rs 2,000 Cr project cost and 228,000 wheels/year capacity
- Wagon dispatch run-rate of 1,284 units for the quarter, with capacity to upscale to 1,000 units per month
Financial Performance
Revenue Growth by Segment
Freight Rail Systems (FRS) revenue grew 5.64% in FY25, though it saw a 32.83% YoY decline in Q2 FY26 to INR 666.11 Cr. Passenger Rail Systems (PRS) revenue grew 114.70% YoY in Q2 FY26 to INR 122.21 Cr, despite a 41.35% decline in FY25 due to project lifecycle stages.
Geographic Revenue Split
The company operates primarily in India with plants in Titagarh (West Bengal) and Bharatpur (Rajasthan). International strategy focuses on exports from India rather than overseas manufacturing, with plans to dilute the stake in the Italian JV, Firema.
Profitability Margins
Operating Profit Margin was 13.30% in FY25 compared to 12.91% in FY24. PRS segment PBIT margin improved significantly from 6.18% to 11.44% YoY in Q2 FY26 due to operating leverage.
EBITDA Margin
EBITDA margin for Q2 FY26 was 11.25%, down from 12.82% YoY. For the full fiscal 2024, EBITDA margin improved to 11.7% from 9.4% in fiscal 2023, driven by healthy execution of a large wagon order.
Capital Expenditure
Planned incremental capex of approximately INR 600 Cr over FY25-2027 to fund infrastructure and capacity expansion. Additionally, INR 200 Cr is being invested in a wheelset manufacturing JV.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with an adjusted interest coverage ratio of 6.28 times in fiscal 2024. Debt-to-equity ratio stood at 0.20 in FY25.
Operational Drivers
Raw Materials
Key raw materials include steel, steel castings (targeting 40,000 tonnes monthly run rate), traction motors (capacity of 2,400 per annum), and forgings.
Key Suppliers
Ramkrishna Forgings Limited is a key strategic partner and supplier through a joint venture for wheelset manufacturing.
Capacity Expansion
Wagons: 12,000 per annum (current). Passenger Coaches: 250 per annum (current), expanding to 850 per annum through phased investment. Shipbuilding: Planned capacity for 15-18 vessels per year.
Raw Material Costs
Not disclosed as a specific percentage of revenue, but the company manages commodity price risk through forward hedging contracts.
Manufacturing Efficiency
Operating leverage in the PRS segment is achieved at a run rate of 150-200 coaches per year, expected to be reached by Q4 FY26.
Strategic Growth
Expected Growth Rate
35%
Growth Strategy
Growth will be driven by scaling passenger coach capacity from 250 to 850 units/year, executing the INR 28,076 Cr order book, and operationalizing the wheelset JV by end of FY26. The company is also spinning off its naval division to tap into the Shipbuilding Financial Assistance Policy.
Products & Services
Freight wagons, loco shells, bogies, couplers, metro coaches, Vande Bharat trainsets, traction motors, Fast Patrol Vessels, and Coastal Research Vessels.
Brand Portfolio
Titagarh
New Products/Services
Aluminium coach line and wheelsets (commercial production by end of FY26) are expected to contribute meaningfully to future revenue and import substitution.
Market Expansion
Focusing on the robust Indian market while pursuing exports from India to international customers, including Firema in Italy.
Market Share & Ranking
Largest installed capacity in India for wagons at 12,000 units per annum.
Strategic Alliances
Joint Venture with Ramkrishna Forgings Limited for wheelsets; Joint Venture with the Government of Italy for Firema (currently being diluted).
External Factors
Industry Trends
The industry is shifting toward modernization with 136 Vande Bharat trainsets rolled out and 103 stations redeveloped. There is a growing demand for high-speed rail and Kavach safety upgrades.
Competitive Landscape
Leading player in the Indian rail manufacturing ecosystem, benefiting from 'Make-in-India' and 'Aatmanirbhar Bharat' initiatives.
Competitive Moat
Moat is built on being the largest wagon manufacturer in India and having specialized approvals from the Indian Navy and Coast Guard for shipbuilding, which are difficult for new entrants to obtain.
Macro Economic Sensitivity
Highly sensitive to Indian Railway budget allocations and freight performance, which saw a 1.7% YoY rise to 1.62 billion tonnes in FY25.
Consumer Behavior
Shift in government/public preference toward modern, faster, and safer passenger rail systems (Metro and Vande Bharat).
Regulatory & Governance
Industry Regulations
Operations are governed by the Shipbuilding Financial Assistance Policy and SEBI Listing Obligations (Regulations 17 to 27).
Legal Contingencies
No personnel have been denied access to the Audit Committee, and no grievances were reported to the committee during the year.
Risk Analysis
Key Uncertainties
Uncertainty regarding the timing of new wagon tenders from Indian Railways and the successful ramp-up of the PRS segment to 850 coaches.
Geographic Concentration Risk
Manufacturing is concentrated in West Bengal and Rajasthan, making it sensitive to regional industrial policies.
Third Party Dependencies
Dependency on the Government of India (Indian Railways) as the primary customer for the freight segment.
Technology Obsolescence Risk
Risk is mitigated by the development of Aluminium coach technology and traction motor manufacturing.
Credit & Counterparty Risk
Receivables quality is stable, though debtor days increased by 47.81% to 56.82 days in FY25.
