Key Financial Figures (Standalone)

Revenue: ₹3,143.58 Crores for FY26 (FY25: ₹3,747.38 Cr, FY24: ₹3,853.30 Cr)

Segment Revenue Breakdown:

  • Freight Rail Systems: ₹2,604.25 Cr (82.84% of total)
  • Passenger Rail Systems: ₹539.33 Cr (17.16% of total)

EBIT: ₹394.88 Crores (12.56% margin)

Segment EBIT Breakdown:

  • Freight Rail Systems: ₹317.93 Cr (12.21% margin)
  • Passenger Rail Systems: ₹76.95 Cr (14.27% margin)

Operational Highlights

Order Book Position (as of March 31, 2026):

  • TRSL Standalone (incl. WOS): ~₹14,240 Crores
  • Total including prorated JV share: ~₹27,540 Crores
  • Order Book Composition:
  • Freight Rail Systems: ~₹3,115 Cr (22.67%)
  • Passenger Rail Systems: ~₹10,625 Cr (77.33%)
  • Shipbuilding (Titagarh Naval): ~₹500 Cr

Freight Rail Systems Update:

  • Pending order book: ~6,500 wagons scheduled for FY27 delivery
  • FY26 dispatches: 7,019 wagons (impacted by wheelset and West Asia supply chain constraints)
  • Received first wagon leasing order from Balmer Lawrie for 2 rakes on 10-year operating lease
  • Secured ₹273.24 Crore order for Rail Borne Maintenance Vehicles from Indian Railways
  • Foundry capacity expanded to 50,000 MT per annum
  • FY27 target: 650-700 wagons per month, scalable to 1,000/month with new tenders

Passenger Rail Systems Update:

  • Order book includes 519 metro coaches, 1,280 Vande Bharat coaches, 71 propulsion sets, 571 traction motors
  • Acquired ~40 acres at Uttarpara for capacity expansion including 1.6 km test track
  • Delivered first indigenously manufactured stainless steel metro coach to Gujarat Metro
  • FY26 dispatches: 64 coaches vs. 12 in previous year
  • FY27 target: minimum 200 coaches
  • Delivered all 34 trainsets for Pune Metro, with 25 completing DLP

Strategic Business Updates

1. Exit from Italy: Exited loss-making Italian business and provided for entire investments and liabilities

2. Shipbuilding Hive-off: Shipbuilding business transferred to wholly owned subsidiary Titagarh Naval Systems Limited effective January 1, 2026

3. Promoter Warrant Issue: ₹200 Crore warrant issue allotted at ₹947/share; 25% (₹50 Cr) received, balance due within 18 months

4. ESOP Grant: 8.75 lakh employee stock options granted in December 2025 at ₹750/option

5. Dividend Recommendation: Board recommends ₹1/share dividend (50%) for FY26, subject to shareholder approval

6. Wagon Leasing License: Obtained license from Indian Railways and booked first orders

Cash Flow & Capital Structure

Cash Flow Statement (FY26):

  • Operating profit before working capital changes: ₹392.16 Cr
  • Cash generated from operations: ₹380.42 Cr
  • Net cash from operating activities: ₹311.28 Cr (positive vs. negative ₹101.15 Cr in FY25)
  • Net debt: ₹93 Crores
  • Net working capital days: ~107 days (vs. ~84 days previous year)
  • Capex: ₹368 Crores (vs. ₹236 Crores in previous year)
  • Cash and cash equivalents at year-end: ₹151.78 Cr

Subsidiaries & Joint Ventures

Titagarh Naval Systems Limited (Shipbuilding):

  • Setting up brownfield shipyard at Falta with ~₹600 Cr planned capex
  • Secured ₹169 Cr under Shipbuilding Financial Assistance Scheme
  • Project launch planned for June 2026
  • Advanced discussions for major export order
  • Applying for upgraded shipyard category status for Indian Navy opportunities

Rail Wheel JV with RKFL:

  • 49% stake in JV with Ramkrishna Forgings
  • Received LOA for manufacturing forged wheels for Indian Railways
  • Project cost: ~₹2,000 Cr (debt + equity funding)
  • ₹500 Cr equity infused by both parties as of March 31, 2026
  • Cold commissioning completed, hot trials expected Q1 FY27
  • Commercial operations expected Q2 FY27

Vande Bharat JV with BHEL:

  • 50:50 JV for manufacturing cum maintenance of Vande Bharat Sleeper trains
  • 80 trainsets maintenance for 35 years
  • Depots allotted in Shakur Basti (Delhi) and Jogeshwari (Mumbai)

Shareholding Pattern (as of March 31, 2026)

  • Promoters: 40.46% (54,486,861 shares)
  • Mutual Funds: 9.33%
  • Resident Individuals: 31.68%
  • Foreign Portfolio Investors: 10.66%
  • Others: 7.87%

Promoter holding to increase to 41.44% post-warrant conversion

Additional Information

Full presentation available on exchange website. Company Secretary: Aditya Purohit (ACS 27825).