Transrail Lighting Limited (TRANSRAILL)
₹465.85 -0.22% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Transrail Lighting's revenue was ₹1,863 Cr (-4.3% year on year, +4.8% on the previous quarter), and net profit ₹96.0 Cr (-24.4% year on year); the operating margin was 11.1%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,863 | -4.3% | +4.8% |
| Operating profit | ₹207 | -12.3% | -8.8% |
| Net profit | ₹96.0 | -24.4% | -12.7% |
| EPS (₹) | 7.19 | -23.8% | -12.0% |
| Operating margin | 11.1% | — | — |
TRANSRAILL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 29.14% of the TRANSRAILL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.05%. That is close to its usual level. Volume was 0.2 times its average, well below normal. 4 bulk or block deals were reported in TRANSRAILL in the last 60 days: ₹82 Cr bought and ₹83 Cr sold.
Delivery in the last 5 sessions: 42.1% · 41.4% · 32.5% · 46.4% · 29.1%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 22 Sep | Sell | Microcurves Trading Private Limited | ₹47.86 Cr | ₹473.41 | 1,010,878 | Bulk |
| 22 Sep | Buy | Microcurves Trading Private Limited | ₹47.82 Cr | ₹473.07 | 1,010,878 | Bulk |
| 22 Sep | Sell | Qe Securities Llp | ₹35.22 Cr | ₹465.81 | 756,127 | Bulk |
| 22 Sep | Buy | Qe Securities Llp | ₹34.10 Cr | ₹467.93 | 728,735 | Bulk |
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
Transrail Lighting Limited has bagged new orders worth ₹408 crore, primarily comprising a Greenfield EPC Gas Insulated Substation (GIS) project in the MENA region, along with domestic orders. This intake represents ~6.0% of its TTM revenue of ₹6,834 crore. With this win, the company has accumulated ₹1,394 crore in orders over the last fortnight, taking total YTD order inflows to ₹2,429 crore. The win strengthens the company's existing robust order book (~₹14,654 crore) and enhances its international footprint across high-technology transmission infrastructure.
- Secured fresh orders worth ₹408 crore across international and domestic markets
- Major component includes a Greenfield EPC Gas Insulated Substation (GIS) project in the MENA region
- Company accumulated ₹1,394 crore in orders within the preceding fortnight alone
- Cumulative year-to-date (YTD) order inflow reached ₹2,429 crore
Transrail Lighting Limited announced the allotment of 2,58,800 equity shares of face value ₹2 each following the exercise of 51,760 stock options under its ESOP 2023 scheme. The exercise was executed at a price of ₹140.40 per equity share (₹702 per option convertible into 5 shares), raising ₹3.63 crore. Consequently, the company's paid-up equity share capital marginally increased to ₹26.90 crore across 13.45 crore shares. The dilution from this allotment is minimal at approximately 0.19% of the pre-allotment equity base.
- Allotment of 2,58,800 equity shares of face value ₹2 each upon exercise of 51,760 options
- Exercise price fixed at ₹140.40 per equity share (premium of ₹138.40 per share)
- Total capital realized from the option exercise is ₹3,63,35,520
- Paid-up share capital increases from 13,42,56,025 to 13,45,14,825 shares (₹26.90 Cr)
Transrail Lighting has secured new domestic Transmission & Distribution (T&D) orders worth ₹412 crore, primarily for transmission line reconductoring using in-house manufactured carbon-core HTLS conductors. This win represents approximately 6.0% of its TTM revenue of ₹6,834 crore. Following this award, the company's YTD order intake stands at ₹2,021 crore, with an additional ₹409 crore in L1 positions. The company is leveraging expanded manufacturing capacities of 184,400 MTPA for towers and 40,800 KMPA for conductors to support execution.
- Secured new T&D orders worth ₹412 crore in the domestic market.
- Brings total order intake for the year to ₹2,021 crore.
- Company holds additional L1 pipeline worth ₹409 crore.
- Manufactures HTLS conductors supported by 184,400 MTPA tower and 40,800 KMPA conductor capacities.
Transrail Lighting Limited has partially commissioned its brownfield tower manufacturing expansion at Silvassa, adding 12,000 MTPA. This increases the company's total tower manufacturing capacity by ~7% from 172,400 MTPA to 184,400 MTPA. The enhancement supports execution of the company's large order book, which stood at INR 14,654 Cr (over 2.1x TTM revenue of INR 6,834 Cr). Furthermore, management highlighted that ongoing Phase 2 expansion aims to push overall capacity beyond 200,000 MTPA.
- Tower manufacturing capacity increased by 12,000 MTPA at the Silvassa facility
- Total manufacturing capacity expanded from 172,400 MTPA to 184,400 MTPA (~7% increase)
- Phase 2 expansion planned to take aggregate capacity beyond 200,000 MTPA
- Capacity expansion directly aids execution of existing INR 14,654 Cr order book
Transrail Lighting has secured new domestic Transmission & Distribution (T&D) orders worth over ₹574 crore (~8.4% of TTM revenue). A major portion involves reconductoring projects using carbon core HTLS conductors produced at its Silvassa plant, along with an EPC contract from a large private Indian developer. With these wins, total order intake for the year stands at ₹1,609 crore, with an additional ₹694 crore in L1 positions. The company also confirmed recent manufacturing capacity expansions: tower capacity doubled to 172,400 MTPA and conductor capacity rose 70% to 40,800 KMPA.
- Secured new orders worth more than ₹574 crore, representing ~8.4% of TTM revenue
- Year-to-date order intake reaches ₹1,609 crore, with an additional ₹694 crore in L1 status
- Doubled tower manufacturing capacity to 172,400 MTPA to support order book execution
- Expanded conductor capacity by 70% to 40,800 KMPA, supporting higher-margin HTLS jobs
Transrail Lighting Limited conducted its 19th Annual General Meeting (AGM) on September 28, 2026, via Video Conferencing. As per the Scrutinizer's Report submitted by Mitesh Shah & Co, all resolutions outlined in the AGM Notice were duly approved with the requisite majority. The filing submits the official voting results pursuant to Regulation 44 of SEBI LODR without any operational or financial deviations reported.
- 19th Annual General Meeting held on September 28, 2026, at 03:30 p.m. IST
- All resolutions presented in the AGM notice approved with requisite majority
- Mitesh Shah & Co, Practicing Company Secretary, served as the Scrutinizer
- Meeting conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)
Transrail Lighting Limited has commissioned Phase 1 of its brownfield conductor manufacturing expansion at Silvassa. The expansion increases total installed conductor capacity by 70%, moving from 24,000 Km/annum to 40,800 Km/annum. The company also confirmed it is executing Phase 2, which will ultimately double original capacity to 48,000 Km/annum. This increased backward integration supports the company's existing large order book of INR 14,654 Cr and TTM revenues of INR 6,834 Cr.
- Completed Phase 1 brownfield expansion at Silvassa facility
- Conductor manufacturing capacity increased by 70% to 40,800 Km/annum from 24,000 Km/annum
- Phase 2 underway, which will double the original capacity (reaching 48,000 Km/annum)
- Enhances manufacturing capabilities to serve domestic and export T&D markets across 64 countries
Transrail Lighting Limited has informed the exchanges that its officials will attend the Anand Rathi Annual Flagship Conference (G-200 Summit 2026) in Mumbai on September 21, 2026. The meeting will be held physically in an investor conference format. The company explicitly stated that no unpublished price sensitive information (UPSI) will be discussed. Transrail currently has a market capitalization of Rs 5,478 Cr and reported TTM revenue of Rs 6,834 Cr.
- Meeting scheduled for September 21, 2026
- Participating in Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Mode of interaction is physical in Mumbai
- No unpublished price sensitive information (UPSI) to be shared
Transrail Lighting Limited has informed the exchanges that its officials will participate in a virtual group meeting with investors and analysts on September 18, 2026. The interaction is arranged by Dhanki Securities. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction.
- Virtual group investor meeting scheduled for September 18, 2026
- Meeting arranged by Dhanki Securities
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Transrail Lighting Limited shareholders have approved a proposal to raise capital up to ₹600.00 Crore via Qualified Institutions Placement (QIP) with 99.996% votes in favor. The potential ₹600 Cr fundraise represents approximately 10.6% of the company's current market capitalization of ₹5,647 Cr and 25.7% of its net worth. Additionally, shareholders approved an amendment to the main objects clause of the Memorandum of Association (MOA) to enable new business pursuits. Both special resolutions were passed via postal ballot e-voting concluding on September 10, 2026.
- Shareholder approval granted to raise up to ₹600.00 Crore via Qualified Institutions Placement (QIP)
- QIP resolution passed with 99.9960% favorable votes (98,332,443 votes in favor vs 3,887 against)
- MOA main objects clause amendment approved with 99.9962% favorable votes
- Total votes polled stood at 98,336,330 across 157,189 eligible shareholders on record date August 3, 2026
Transrail Lighting Limited has communicated the tax deduction at source (TDS) guidelines to shareholders regarding its recommended final dividend of Rs 2.00 per share (100% on face value of Rs 2) for FY26. The dividend is subject to approval at the upcoming Annual General Meeting on September 28, 2026. The record date to determine eligible shareholders is fixed as Friday, September 11, 2026. Standard withholding tax rates apply: 10% for resident shareholders with valid PAN (exempt up to Rs 10,000) and 20% or applicable tax treaty rates for non-residents upon submission of required documentation.
- Final dividend recommended at Rs 2.00 per equity share (100% of face value Re 2) for FY 2025-26
- Record date for dividend entitlement set as Friday, September 11, 2026
- AGM scheduled for Monday, September 28, 2026 for shareholder approval
- Standard TDS rate of 10% applies to resident shareholders with valid PAN; NIL TDS if dividend is up to Rs 10,000 or valid exemption forms are submitted
- Higher TDS rate of 20% applicable if PAN is missing, invalid, or not linked with Aadhaar
Transrail Lighting Limited has scheduled its 19th Annual General Meeting (AGM) for September 28, 2026, via video conferencing. The company has fixed September 11, 2026, as the record date to determine shareholder eligibility for the FY2025-26 final dividend. If approved at the AGM, the dividend payout will be completed within 30 days. The cut-off date for remote e-voting is fixed as September 21, 2026, with the voting window open from September 24 to September 27, 2026.
- Record date for FY26 final dividend fixed as September 11, 2026
- 19th AGM scheduled for September 28, 2026, at 3:30 PM IST via VC/OAVM
- Dividend to be disbursed within 30 days from the AGM date upon approval
- E-voting cut-off date set for September 21, 2026, with voting active September 24-27, 2026
Transrail Lighting has appointed Ms. Ranjana Maitra as an Additional Non-Executive Independent Director effective August 13, 2026. Ms. Maitra brings over 30 years of leadership experience, having previously held senior roles at Tata Consultancy Services (TCS) and Wipro Limited. Her appointment is for a three-year term ending August 12, 2029, subject to shareholder approval. This addition strengthens the board's expertise in digital transformation and international strategic partnerships as the company executes its ₹14,654 Cr order book.
- Appointment of Ms. Ranjana Maitra as Independent Director for a 3-year term starting August 13, 2026
- Ms. Maitra has over 30 years of experience in international education, healthcare, and digital transformation
- Previously served as Head of Healthcare & Insurance at TCS and Global Head of Life Sciences at Wipro
- Company is currently managing a massive order book of ₹14,654 Cr with operations in over 20 countries
Transrail Lighting reported a resilient Q1 FY27 with revenue growing 5% YoY to Rs 1,736 Cr and PAT rising 3% to Rs 108 Cr. The company's unexecuted order book stands at a robust Rs 16,035 Cr (including L1), which is approximately 2.3x its TTM revenue, providing high growth visibility. Strategic highlights include a credit rating upgrade to AA- (Stable), entry into the Australian monopole market, and the acquisition of Gactel's cooling tower business. The board also declared an interim dividend of Rs 3 per share (150% of face value).
- Unexecuted order book reached Rs 16,035 Cr as of June 30, 2026, providing ~2.3 years of revenue visibility.
- Credit rating upgraded to AA- Stable by both CRISIL and India Ratings for facilities totaling ~Rs 7,500 Cr.
- Bangladesh project exposure significantly de-risked, with only Rs 300 Cr remaining out of the original Rs 4,500 Cr book.
- Bidding pipeline remains strong with over Rs 20,000 Cr worth of tenders quoted and awaiting results in Q2/Q3.
- Planned capex of Rs 203 Cr for tools and plants, with 70% expected to be utilized within FY27.
Transrail Lighting Limited has submitted copies of newspaper advertisements published on August 7 and 8, 2026, regarding its unaudited financial results for the quarter ended June 30, 2026. This filing is a mandatory regulatory requirement under SEBI (LODR) Regulations following the board's approval of the results on August 7, 2026. The announcement is administrative in nature and does not contain new financial data beyond what was previously disclosed in the earnings release. Investors should refer to the detailed quarterly results to track progress against the company's massive Rs 14,654 Cr order book.
- Newspaper advertisements published on August 7, 2026, and August 8, 2026
- Results pertain to the first quarter (Q1) ended June 30, 2026
- Board of Directors reviewed and approved the results on August 7, 2026
- Filing confirms compliance with Regulation 33 of SEBI (LODR) Regulations
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 30.2% YoY to INR 5,307.75 Cr in FY25. The T&D segment remains the primary driver (88-90% of revenue), while the Railways business crossed the INR 100 Cr revenue mark in FY25. H1 FY26 revenue showed a robust 61% YoY growth.
Geographic Revenue Split
The order book is split 55% Domestic and 45% International. Exposure to Bangladesh, which was 35% in FY24, significantly reduced to 12% by July 31, 2025, due to diversification into the MENA and GCC regions.
Profitability Margins
Net Profit after Tax (PAT) grew 42.5% YoY to INR 334.34 Cr in FY25. PAT margins for H1 FY26 increased by 78 basis points to 6.1%. ROCE stood at 35% in FY25 and is projected to stabilize at 27-30% over the medium term.
EBITDA Margin
EBITDA margin was 14.5% in FY25, up from 14% in FY24. However, H1 FY26 EBITDA margins stood at 11.98% due to execution mix and operational costs. The company maintains a minimum profitability threshold for all new bids to sustain 13-14% margins.
Capital Expenditure
Total planned capex of INR 326 Cr for capacity enhancement. This is funded via INR 91 Cr from IPO proceeds, INR 190-200 Cr in term loans, and the remainder through internal accruals. Net PPE grew by INR 65 Cr between March and September 2025.
Credit Rating & Borrowing
Credit rating upgraded to CRISIL AA-/Stable/CRISIL A1+ from CRISIL A+/Stable/CRISIL A1. Interest coverage ratio improved to 2.7 times in FY25 from 2.4 times in FY24, with a medium-term target of 2.7-3.0 times.
Operational Drivers
Raw Materials
Steel, Zinc, Aluminum, and Copper. Steel is a major component, with prices recently dropping by INR 3,000 to 4,000 per metric ton, though gross margins remained stable due to fixed-price contract structures.
Import Sources
Not explicitly disclosed, but the company operates in 20+ countries including Nigeria, Malaysia, and UAE, suggesting global procurement for international projects.
Key Suppliers
Not disclosed; however, the company is backward integrated in manufacturing towers, poles, and conductors, reducing dependency on third-party component suppliers.
Capacity Expansion
The Silvassa factory achieved record production of 12,740 MT of poles in FY25. Ongoing capex of INR 326 Cr is focused on further enhancing manufacturing capacities for towers and poles to support the INR 14,654 Cr order book.
Raw Material Costs
Raw material costs are managed through backward integration and pre-bid risk analysis. While steel prices fluctuated, the company's integrated model for towers and conductors helps sustain operating margins at 13-14%.
Manufacturing Efficiency
Efficiency is driven by backward integration and a 'minimum profitability threshold' policy for bidding, ensuring only high-margin, executable projects are added to the book.
Strategic Growth
Expected Growth Rate
23-25%
Growth Strategy
Growth will be achieved through a massive order book of INR 14,654 Cr, entry into new MENA/GCC markets, and diversification into Civil (bridges/hydro) and Railway OHE segments. The company plans to book an additional INR 3,000-5,000 Cr in orders in H2 FY26.
Products & Services
Turnkey EPC for Power Transmission & Distribution, Substations, Railway Overhead Electrification (OHE), Steel Pipe Masts for High-Speed Rail, and specialized Lighting Poles.
Brand Portfolio
Transrail Lighting Limited.
New Products/Services
Steel Pipe Masts for the Mumbai-Ahmedabad Bullet Train project (INR 92 Cr order) and expansion into Solar EPC and Civil Hydro projects.
Market Expansion
Recent entry into a new MENA region country with a INR 548 Cr order and a GCC region project worth INR 822 Cr. The company now operates in over 20 countries.
Market Share & Ranking
Leading provider of turnkey solutions globally in Transmission, Distribution, and Substations; specific market share % not disclosed.
Strategic Alliances
Joint Ventures are used for specific EPC projects; the company is also acquiring a part of Gammon Engineers and Contractors Private Limited (GECPL) to bolster civil engineering capabilities.
External Factors
Industry Trends
The T&D sector is seeing a strong global outlook driven by renewable energy integration and grid modernization. Transrail is positioning itself by expanding capacity and diversifying into related civil/railway infrastructure.
Competitive Landscape
Faces intense competition from other large EPC players in the power sector, which can pressure bid prices.
Competitive Moat
Moat is built on backward integration (manufacturing own towers/conductors), which protects margins, and a strong track record with multilateral funding agencies that acts as a barrier to entry for smaller players.
Macro Economic Sensitivity
Highly sensitive to global T&D infrastructure spending and interest rate cycles due to the capital-intensive nature of EPC work.
Geopolitical Risks
Exposure to Bangladesh sovereign risk (12% of order book) and political instability in 20+ operating countries. Mitigation includes funding via multilateral agencies.
Regulatory & Governance
Industry Regulations
Operations must comply with international engineering standards and local regulations in 20+ countries. The company follows Section 134(3) of the Companies Act for financial reporting.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 29.5% (INR 140.40 Cr tax on INR 474.74 Cr PBT).
Legal Contingencies
The company is involved in the restructuring process of GECPL as a potential acquirer. Specific values for other pending litigation were not disclosed.
Risk Analysis
Key Uncertainties
Execution delays in international projects (e.g., Bangladesh) and potential elongation of the working capital cycle could impact liquidity.
Geographic Concentration Risk
55% of revenue is concentrated in India, with the remaining 45% spread across 20+ countries, reducing single-country risk.
Third Party Dependencies
Low dependency for core components due to backward integration in towers, poles, and conductors.
Technology Obsolescence Risk
Low risk; the company is investing in 'strong technological capabilities' for T&D and high-speed rail masts.
Credit & Counterparty Risk
Counterparty risk is low as domestic clients are mostly government/large private entities (PGCIL, Adani) and international projects are funded by World Bank/ADB.
