Texmaco Rail Q2 Revenue Rises 14.6% Sequentially

Date: 11th November, 2026

Revenue from Operations: ₹863 Crore (Q2 FY26: ₹1,257 Crore; -31.3% YoY)
Sequential Growth: +14.6% from Q1 FY27 (₹753 Crore)
Other Income: ₹15 Crore (Q2 FY26: ₹12 Crore; +20.2% YoY)
Total Income: ₹878 Crore (Q2 FY26: ₹1,269 Crore; -30.8% YoY)
EBITDA: ₹88 Crore (Q2 FY26: ₹137 Crore; -35.7% YoY)
EBITDA Margin: 10.2% (Q2 FY26: 10.9%; -69 bps YoY)
Profit Before Tax (PBT): ₹51.2 Crore
Profit After Tax (PAT): ₹36 Crore (Q2 FY26: ₹62 Crore; -41.6% YoY)
PAT Margin: 4.2% (Q2 FY26: 4.9%; -73 bps YoY)
Basic EPS: ₹0.89 (Q2 FY26: ₹1.55; -42.6% YoY)
Diluted EPS: ₹0.89 (Q2 FY26: ₹1.53; -41.8% YoY)

Revenue from Operations: ₹1,616 Crore (H1 FY26: ₹2,167 Crore; -25.4% YoY)
Other Income: ₹40 Crore (H1 FY26: ₹24 Crore; +63.0% YoY)
Total Income: ₹1,656 Crore (H1 FY26: ₹2,191 Crore; -24.4% YoY)
EBITDA: ₹169 Crore (H1 FY26: ₹220 Crore; -23.2% YoY)
EBITDA Margin: 10.5% (H1 FY26: 10.2%; +30 bps YoY)
Profit After Tax: ₹88 Crore (H1 FY26: ₹90 Crore; -2.0% YoY)
PAT Margin: 5.4% (H1 FY26: 4.1%; +130 bps YoY)
Basic EPS: ₹2.16 (H1 FY26: ₹2.24; -3.6% YoY)
Diluted EPS: ₹2.16 (H1 FY26: ₹2.21; -2.3% YoY)

Freight Car Division: Sequential revenue growth of 3.75% with EBITDA margin growth of 60 bps
Infra-Electrical Business: Sequential revenue increase of 37.6%
Infra-Rail & Green Energy: Improved revenues and profitability
Wagon Sales: 1,106 units in Q2 FY27

Global Leasing Scale: Strengthened railcar leasing business with Trinity Rail as JV partner in Touax Texmaco Railcar Leasing
Digital Rail Infra & Safety: Exploring collaboration with global partners for digitalization and advanced train control systems, including Kavach solutions
Defence Capabilities: Vagus Def Tech & Aerospace Fund acquired 30% equity stake in Texmaco Defence Technologies Ltd (TDTL)
Wheels Business: MoU with Bochumer Verein Verkehrstechnik (Germany) on 27-Aug-26 to explore India JV for wheels, wheelsets and axles; 12 month exclusivity

CRISIL Ratings (Oct 2026): Long Term Bank Facilities upgraded to Crisil A+/Stable
CARE Ratings (July 2026): Long Term Rating A (Stable), Short Term Rating A1

ESG Score: Improved from 51 to 59 (+8 points)
Water Management: Rainwater harvesting system, CGWB-compliant pre-filtration tank, three additional charge wells
Energy Efficiency: LED lighting across all premises, 10 MW solar plant commissioned at Raipur, Belgharia foundry furnace converted from LDO to LPG
Waste Management: Collaboration with Hulladek Waste Management for e-waste disposal, systems for reusing foundry sand
Certifications: ISO 9001:2015 Quality, ISO 14001:2015 Environmental, ISO 45001:2018 OH&S
CSR: ₹44 Lakhs spent on CSR activities

Highlighted operational efficiency and market diversification:

Revenue growth driven by expansion to private domestic customers and export channels (Africa freight cars, US rail components)
Strategic focus on three growth pillars: global leasing scale, digital rail infrastructure, and defence capabilities

Noted resilience despite reduction in Indian Railways order book:

EBITDA margin remained resilient at 10.2% despite elevated input costs
Underlying improvement in operational performance with 0.70 bps EBITDA improvement from core operations
Continued traction from private-sector customers alongside Indian Railways orders

Manufacturing capacity: 2,500-3,000 wagons per quarter
Freight Car and components: 4 sites at Agarpara, Belgharia, Panihati and Sodepur (West Bengal), 1 in Vadodara (Gujarat)
Foundry facilities: 33,000 MTPA Belgharia (West Bengal), 15,000 MTPA Raipur (Chhattisgarh)
AAR accredited foundry