Key Financial Performance (Standalone)

Q2 FY27 Financial Highlights:

  • Total Revenue: ₹772.81 Crores
  • Freight Rail Segment Revenue: ₹472.63 Crores (61.16% of total)
  • Passenger Rail Segment Revenue: ₹300.18 Crores (38.84% of total), representing +146% YoY and +31% QoQ growth
  • EBIT: ₹102.24 Crores (13.23% margin)
  • Freight Rail Segment EBIT: ₹51.95 Crores (10.99% margin)
  • Passenger Rail Segment EBIT: ₹50.29 Crores (16.75% margin)
  • 51 metro cars invoiced in Q2 FY27 (+325% YoY / +70% QoQ)
  • 1,155 wagons dispatched (vs 1,872 YoY / 1,284 QoQ)

H1 FY27 Financial Performance:

  • Profit before tax: ₹152.69 Crores
  • Depreciation and amortization: ₹30.32 Crores
  • Finance cost: ₹30.73 Crores
  • Operating profit before working capital changes: ₹199.90 Crores
  • Cash generated from operations: ₹129.71 Crores
  • Net cash from operating activities: ₹125.56 Crores

Balance Sheet Position (Standalone as of September 30, 2026)

  • Total Assets: ₹4,322.76 Crores
  • Property, Plant and Equipment: ₹1,055.67 Crores
  • Right-of-Use Assets: ₹65.48 Crores
  • Capital Work-in-progress: ₹207.01 Crores
  • Inventories: ₹598.81 Crores
  • Trade Receivables: ₹576.41 Crores
  • Cash and Cash Equivalents: ₹117.76 Crores
  • Total Equity: ₹2,600.55 Crores
  • Total Liabilities: ₹1,722.21 Crores
  • Borrowings (non-current): ₹351.82 Crores
  • Borrowings (current): ₹413.98 Crores

Order Book Position

Total Order Book (Standalone including WOS): ~₹15,369 Crores

  • Freight Rail Systems: ~₹4,119 Crores (27.61%)
  • Passenger Rail Systems: ~₹10,801 Crores (72.39%)
  • Shipbuilding and Maritime Systems (Titagarh Naval Systems Limited): ~₹449 Crores

Total Order Book including JVs (pro-rata share): ~₹28,695 Crores

  • Forged Wheel manufacturing JV with RKFL: ~₹6,326 Crores
  • Vande Bharat AMC JV with BHEL: ~₹7,000 Crores
  • TRSL's share in JVs: ~₹13,326 Crores

Strategic Milestones Achieved in Q2 FY27

1. JV Agreement with BHEL (Signed 15 September 2026)

  • 50:50 ownership SPV incorporated in New Delhi with initial paid-up capital of ₹50 lakh
  • Comprehensive maintenance of 80 Vande Bharat sleeper trainsets for 35 years
  • Maintenance depots at Shakur Basti (Delhi) and Jogeshwari (Mumbai)
  • TRSL share of JV order book: ~₹7,000 Crores

2. MoU with Siemens

  • Non-binding Memorandum of Understanding signed
  • Scope: Jointly evaluate and explore international metro rolling stock opportunities on case-to-case basis
  • Expected to strengthen TRSL's commitment to promote local manufacturing in India

3. Lucknow Design Centre

  • New design centre commenced at Lucknow, adding to existing centers at Kolkata, Hyderabad and Bangalore
  • Located close to RDSO (Indian Railways' design and standards organization)
  • Strengthens in-house design capabilities for various railway products

4. Vande Bharat Sleeper Prototype

  • Prototype train on track to be ready for testing by Q4 FY27
  • TRSL (51%): car body fabrication, coach assembly and interiors
  • BHEL (49%): propulsion systems
  • 160 kmph, KAVACH-compliant, 16-car sleeper trainset
  • Production ramp-up planned: 192 coaches in FY28 and 384 coaches in FY30

Business Unit Structure and Strategy

Strategy: Leverage growth potential through strategic alliances/JVs/SPVs

Production Capacity and Targets:

  • Metro coaches: ~200 in FY27E, 275 in FY28E, 500 capacity by FY30E
  • Vande Bharat coaches: Prototype in Q4 FY27, 192 in FY28, 384 in FY30
  • Freight Rail Systems revenue share: 61% in Q2 FY27, targeted 40-50% in FY28, 30-40% in FY30
  • Forged wheels JV (49%): 20-25k in FY27, ~80k in FY28, ~2.05 lakh p.a. by FY30
  • Propulsion strategy: Prototype in FY27, limited series production in FY28, full production including internal use by FY30

Freight Rail Systems Outlook:

  • Installed capacity: 12,000 wagons per annum (achieved multiple times)
  • Current production run rate: ~400 wagons per month
  • Target by Q4: 1,000 wagons per month
  • Outstanding order book: 9,144 wagons
  • Structural demand drivers: Indian Railways freight loading target of 3 billion tonnes by FY2030 (from ~1.6 billion currently), modal share push from 25% to 40%, National Logistics cost reduction target from 14% to 9%

Subsidiaries & Joint Ventures Updates

Titagarh Naval Systems Limited (Wholly Owned Subsidiary):

  • Shipbuilding and Maritime Systems business
  • In-principle approval for ~₹129 Crores capital assistance
  • Brownfield Falta shipyard (~₹610 Crores project)
  • Projects include Diving Support Craft, Fast Patrol Vessel, and NIOT projects

Ramkrishna Titagarh Rail Wheels Limited (JV with RKFL):

  • Forged wheel manufacturing joint venture
  • 300 trial wheels under Indian Railways inspection
  • Commercial production expected from December 2026

Vande Bharat JV with BHEL:

  • JV Agreement signed 15 September 2026 for comprehensive maintenance of 80 Vande Bharat sleeper trainsets for 35 years

Shareholding Pattern (as on 30th September 2026)

  • Promoters: 54,486,861 shares (40.46%)
  • Mutual Funds: 17,481,633 shares (12.98%)
  • Resident Individuals: 37,512,459 shares (27.86%)
  • Foreign Portfolio Investors: 15,329,974 shares (11.39%)
  • Others: 9,862,841 shares (7.31%)
  • Promoter holding expected to increase to 41.44% post-conversion of warrants issued to Promoters

ESG Initiatives

Environment:

  • Targeted 4 MW solar capacity installation to support manufacturing operations
  • Existing solar capacity: 2.6 MW power generation
  • Adoption of automated MIG/MAG welding, robotic systems, and IoT tools
  • Planning to achieve 95% waste utilization through KAIZEN reuse, recycling, and digital tracking

Social:

  • Health & Hygiene initiatives in partnership with SICW
  • Education programs including Gyan Jyoti for children
  • Industrial Training Institute with requisite infrastructure
  • Eradication of classroom hunger initiatives with Annamrita Organisation aiming to provide food for 1,000 daily school-going children
  • Jeevan Nirog provides rehabilitation and medical care for children with special needs

Governance:

  • Board oversight with 50% Independent Directors including 1 Woman Independent Director
  • Robust risk management framework through dedicated RM committee
  • Adoption of Code of Conduct, Whistleblower and Anti-corruption policies
  • Commitment to timely disclosures and compliance with SEBI and Companies Act