Financial Performance Overview

Annual Performance (FY26 vs FY25)

| Particulars (₹ Crore) | FY26 | FY25 | Y-o-Y % |

| Revenue from Operations | 6,880 | 5,308 | 30% |

| EBITDA | 820 | 676 | 21% |

| Operating Profit Before Tax | 584 | 467 | 25% |

| Tax Expenses | 163 | 138 | 18% |

| Operating Profit After Tax | 421 | 329 | 28% |

| Operating PAT Margin | 6.1% | 6.1% | - |

Quarterly Performance (Q4 FY26 vs Q4 FY25)

| Particulars (₹ Crore) | Q4 FY26 | Q4 FY25 | Y-o-Y % |

| Revenue from Operations | 1,863 | 1,946 | -4% |

| EBITDA | 207 | 237 | -13% |

| Operating Profit Before Tax | 144 | 177 | -19% |

| Tax Expenses | 47 | 50 | -5% |

| Operating Profit After Tax | 97 | 127 | -24% |

| Operating PAT Margin | 5.1% | 6.5% | - |

Note: Operating PBT & PAT figures exclude provision made of ₹17 crore in Q3 FY26 towards new labour code.

Operational Highlights

Order Book Position

  • Un-executed Order Book including L1 as on March 31, 2026 increased to ₹16,361 Crore from ₹14,551 Crore (12% YoY growth)
  • Provides strong revenue visibility for the coming years

Business Segments and Focus

  • Primary focus on Power Transmission & Distribution (T&D)
  • Integrated manufacturing facilities for lattice structures, conductors and monopoles
  • Pursues opportunities across Power T&D, Railways, Civil and Pole businesses
  • Maintains balanced and diversified project portfolio

Capacity Expansion

  • Doubled Tower manufacturing capacity during FY26
  • Commissioned new greenfield plant at Butiburi
  • In process to expand conductor manufacturing capacity

Financial Position and Cash Flow

Working Capital and Cash Generation

  • Enhanced working capital efficiency
  • Improved leverage metrics
  • Generated operating cash flows of ₹817 crore (almost doubled compared to previous year)

Capital Allocation and Corporate Actions

Capital Expenditure

  • Board of Directors approved further capex plan of ₹203 crore

Dividend Declaration

  • Board recommended dividend of 100% on equity share capital
  • Dividend amount: ₹2 per equity share for financial year ended March 31, 2026

Management Commentary

Mr. Randeep Narang, MD & CEO commented:

  • FY26 reflected continued growth momentum despite dynamic operating environment
  • Company posted highest ever Revenue, EBITDA and PAT numbers
  • Performance supported by robust execution across key business segments and geographies
  • Achieved industry leading margins
  • Significant progress in strengthening balance sheet through improved working capital efficiency and debt reduction
  • Strong operating cash flow generation of ₹817 crore (nearly double previous year)
  • Backed by healthy order book and strong bidding pipeline across businesses and geographies
  • Company remains well positioned to sustain growth trajectory over medium to long term

Company Background

Transrail Lighting Limited is:

  • Leading turnkey engineering, procurement and construction (EPC) company
  • Primary focus on power transmission and distribution business
  • 4 decades of experience
  • Global enterprise with footprint in 63 countries across 5 continents
  • Provides turnkey solutions including Designing, Engineering, Supply, Manufacture, Construction, Testing services
  • Business verticals include Transmission Lines, Substations, Civil Construction, Railways, Solar and Pole & Lighting
  • Employs more than 2,700 people
  • Has large-scale manufacturing facilities in India for Galvanized Lattice Towers, Overhead Conductors and Galvanized Monopoles
  • Maintains well-accredited Tower testing facility