Financial Performance Highlights

Q2 FY27 Standalone Results:

  • Revenue from operations: ₹772.81 Crores
  • Freight Rail Segment: ₹472.63 Crores (61.16% of revenue)
  • Passenger Rail Segment: ₹300.18 Crores (38.84% of revenue) - record quarter, +146% YoY / +31% QoQ
  • 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)
  • Profit before tax: Not explicitly stated for Q2 standalone

Half Year FY27 Standalone Results:

  • Profit before tax: ₹152.69 Crores (H1 FY26: ₹70.64 Crores)

Operational Metrics:

  • 51 metro cars invoiced in Q2 FY27 (+325% YoY / +70% QoQ)
  • 1,155 wagons dispatched in Q2 FY27 (vs 1,872 YoY / 1,284 QoQ)
  • Current dispatch rate: ~400 wagons per month
  • Target dispatch rate by Q4: 1,000 wagons per month

Order Book Position

As of 30th September, 2026:

  • TRSL Standalone (including WOS) Order Book: ₹15,369 Crores
  • Freight Rail Systems: ₹4,119 Crores (27.61%)
  • Passenger Rail Systems: ₹10,801 Crores (72.39%)
  • Shipbuilding and Maritime Systems (TNSL): ₹449 Crores

Including JV Share:

  • Forged Wheel manufacturing JV with RKFL: ₹6,326 Crores
  • Vande Bharat AMC JV with BHEL: ₹7,000 Crores
  • TRSL's Orderbook Share in JVs: ₹13,326 Crores
  • Total Consolidated Order Book: ₹28,695 Crores

Strategic Milestones Achieved in Q2 FY27

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

  • 50:50 SPV incorporated in New Delhi with initial paid-up capital of ₹50 lakh
  • Comprehensive maintenance of 80 Vande Bharat sleeper trainsets for 35 years
  • 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
  • Joint evaluation and exploration of international metro rolling stock opportunities on case-to-case basis
  • Expected to strengthen local manufacturing in India

3. Lucknow Design Centre

  • New design centre started at Lucknow, close to RDSO headquarters
  • Adds to existing engineering centres at Kolkata, Hyderabad and Bangalore
  • Strengthens in-house design capabilities for 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
  • 160 kmph, KAVACH-compliant, 16-car sleeper trainset
  • Production ramp-up planned: 192 coaches in FY28 and 384 coaches in FY30

Manufacturing Capacity and Expansion

  • Installed wagon capacity: 12,000 wagons per annum (achieved multiple times)
  • Current dispatches: ~400 wagons per month
  • Target: Ramp up to 1,000 wagons per month by Q4 FY27
  • Planned ramp up to 10,000 wagons per month with receipt of new orders

Subsidiaries and Joint Ventures Updates

Titagarh Naval Systems Limited (Wholly Owned Subsidiary):

  • Setting up brownfield shipyard at Falta with total project cost of ~₹610 Crores
  • Received in-principle approval for capital assistance of ~₹129 Crores under Shipbuilding Development Scheme
  • Advanced discussions for major export order with overseas client
  • Exploring technology partnerships and JVs for small vessels, passenger ferries, and craft
  • Working on hovercraft development for Indian Coast Guard
  • Applying for upgraded shipyard status (Category D to Category C) for Indian Navy opportunities
  • Modernizing capabilities for vessels up to 120m

Rail Wheel Project (JV with RKFL - 49% stake):

  • Received LOA for manufacturing and supplying forged wheels for Indian Railways
  • Asia's 2nd largest manufacturing plant with capacity of 228,000 forged wheels per annum
  • Total project cost: ~₹2,181 Crores across two phases
  • Equity infusion: ₹532.65 Crores by both parties (as on September 30, 2026)
  • Plant at Chennai, Tamil Nadu; trial production started
  • 300 trial wheels produced and under Indian Railways inspection
  • Partial production expected from November/December 2026 at 2,000-3,000 wheels/month
  • Ramp up to 4,000-5,000 wheels in Q4 FY27
  • Expected supply: 20,000-25,000 wheels in FY27

Balance Sheet Position (Standalone)

As of September 30, 2026:

  • Total Assets: ₹4,322.76 Crores (March 31, 2026: ₹4,044.39 Crores)
  • Property, Plant and Equipment: ₹1,055.67 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
  • Borrowings (Non-current): ₹351.82 Crores
  • Borrowings (Current): ₹413.98 Crores

Cash Flow (Standalone)

H1 FY27:

  • Net cash from operating activities: ₹125.56 Crores
  • Net cash used in investing activities: ₹263.81 Crores (mainly capex of ₹226.25 Crores)
  • Net cash from financing activities: ₹207.42 Crores (mainly borrowings net of ₹243.21 Crores)
  • Closing cash and cash equivalents: ₹117.76 Crores

Shareholding Pattern

As on 30th September, 2026:

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

ESG Initiatives

Environment:

  • Targeted 4 MW solar capacity installation
  • 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 reuse and recycling

Social:

  • Jeevan Nirog: Rehabilitation and medical care for children with special needs
  • Gyan Jyoti: Education for children from red light areas
  • Industrial Training Institute set up on company land
  • Annamrita Organisation: Food for 1,000 daily school children
  • Animal welfare through Chhaya organization

Governance:

  • Board with 50% Independent Directors including 1 Woman Independent Director
  • Robust risk management framework
  • Code of Conduct, Whistleblower and Anti-corruption policies
  • Commitment to timely disclosures and compliance

Forward-looking Targets

  • Metro coaches production: ~200 in FY27, 275 in FY28, 500 capacity by FY30
  • Vande Bharat coaches: 192 in FY28, 384 in FY30
  • FRS revenue share estimate: 40-50% in FY28, 30-40% in FY30
  • Forged wheels JV: 20-25k in FY27, ~80k in FY28, ~2.05 lakh p.a. ultimately
  • High-speed rail entry targeted by FY30

Note: FY27E-FY30E are targets from the Company's strategic plan and are forward-looking statements.