Company Overview
Transrail Lighting Limited is a diversified infrastructure EPC company with over four decades of experience in power transmission and distribution, substations, civil construction, railways, poles and lighting, and solar EPC segments. The company operates as an integrated transmission and distribution company with manufacturing capabilities in towers, conductors, and mono poles, executing marquee turnkey projects including rural electrification, railway electrification, erection of sub-stations and civil construction.
Financial Performance FY 2025-26
Revenue: ₹6,880.11 crore (consolidated), representing 30% YoY growth from ₹5,307.75 crore in FY 2024-25
EBITDA: ₹820 crore, growing 21% YoY
PAT: ₹421 crore, growing 28% YoY
EPS: Basic ₹30.66, Diluted ₹30.49
Profit Before Tax: ₹574.59 crore (FY 2024-25: ₹474.74 crore)
Tax Expense: ₹163.04 crore
Operating Cash Flow: ₹816.89 crore, nearly double the previous year
Revenue Breakdown:
- EPC Contracts: ₹6,227.62 crore
- Sale of Products: ₹519.99 crore
- Sale of Services: ₹30.86 crore
- Other Operating Revenue: ₹100.16 crore
- Other Income: ₹48.72 crore
Geographical Revenue:
- India: ₹3,356.12 crore
- Outside India: ₹3,422.35 crore
Operational Highlights
Order Book: Unexecuted order book including L1 positions stood at ₹16,361 crore as of March 31, 2026
Order Inflows: ₹8,520 crore during FY 2025-26
Transmission Lines Executed: 1,900 CKM during the year
Towers Supplied: 150,000 MT cumulative
Conductors Supplied: 226,000+ KM cumulative
Projects Completed: >20 large-scale projects globally including 7-765 kV projects in India
Manufacturing Expansion
Tower Manufacturing Capacity: Doubled from 84,000 MTPA to 172,400 MTPA
New Facilities: Commissioned new tower manufacturing facility at Butibori, Nagpur
Conductor Capacity Expansion: Ongoing brownfield expansion from 24,000 CKM to 49,500 CKM per annum, expected completion in FY 2026-27
Additional Capex: Board approved ₹203 crore primarily for construction equipment
Business Segment Performance
Power T&D (Domestic): Revenue ₹2,653 crore (71% growth), order wins ₹4,539 crore
Power T&D (International): Revenue ₹3,394 crore, order wins ₹3,074 crore from Tanzania, Djibouti, Tunisia, Abu Dhabi, Mozambique
Civil Construction: Revenue ₹412 crore, order wins ₹547 crore, unexecuted order book ₹790 crore
Poles & Lighting: Revenue ₹261 crore (35% growth)
Railways: Revenue ₹158 crore (35% growth)
International Presence
Global Footprint: 63 countries across five continents
New Market Entries: Botswana, Abu Dhabi, Tunisia, Djibouti added in FY26
Key International Projects: Bangladesh River Crossing Transmission Line (Phase 1 completed), 400 kV Mmamabula substation in Botswana
Corporate Social Responsibility (CSR)
Total CSR Expenditure: ₹3.92 crore (Required: ₹3.69 crore)
CSR Projects:
- Project Arogya (Healthcare): Benefitted 81,000+ people, impacted over 1.25 lakh people total including 143 cancer patients at Tata Memorial Hospital
- Project Saksharta (Education): Benefitted 19,443 people, reached 16,000+ children across rural schools
- Project Rural Development: Benefitted 122,152 people
- Skill Development: 730 youth enrolled, 490 secured employment
Environmental Performance
Energy Consumption: Total 234,786 GJ with 316.61 GJ from renewable sources (0.13%)
Water Management: Total Water Withdrawal 87,525 KL
Greenhouse Gas Emissions: Total 13,602 tCO2e (Scope 1: 657 tCO2e, Scope 2: 12,945 tCO2e)
Waste Management: Total Waste Generated 11,954 MT with 60.5% recycled
Capital Structure and IPO
Paid-up Capital: ₹26.85 crore (13,42,56,025 equity shares of ₹2 each)
IPO Details: Completed on December 27, 2024 - Fresh issue of 92.59 lakh shares (₹400 crore) + Offer for sale of 101.60 lakh shares (₹438.91 crore)
IPO Proceeds Utilization:
- Working capital: ₹249.77 crore out of ₹250 crore
- Capital expenditure: ₹90.43 crore out of ₹90.73 crore
- General corporate purposes: ₹0 out of ₹81.12 crore (delayed due to geopolitical situation in UAE)
Corporate Developments
Board Changes:
- Mr. Raman Rajagopalan appointed as Deputy Managing Director (till July 31, 2026)
- Mr. D Suryanarayana appointed as Whole-time Director
- Dr. Indu Shekhar Jha and Mr. Rajeev Jain joined as Directors
ESOP: Employee Stock Option Plan 2023 approved with 4,56,000 stock options
Promoter Holding: Ajanma Holdings Private Limited holds 69.91%
Regulatory and Compliance Matters
Income Tax Search: Income Tax Department conducted search and seizure proceedings under Section 132 during March 24-28, 2026. No assets attached or amounts disclosed. Impact not ascertainable as of report date.
Tax Contingencies:
- ₹133.82 crore in indirect tax disputes
- ₹90.36 crore in direct tax disputes
Labour Code Implementation: The Code on Social Security, 2020 became effective from November 21, 2025, resulting in an exceptional item of ₹17.38 crore (₹12.85 crore for gratuity and ₹4.53 crore for long-term compensated absences).
Auditor: Nayan Parikh & Co. highlighted key audit matters around contract revenue recognition and recoverability of trade receivables totaling ₹1,739.48 crore.
Balance Sheet Position
Total Assets: ₹7,354.49 crore (18% growth)
Property, plant and equipment: ₹582.24 crore
Trade receivables: ₹1,737.68 crore
Contract assets: ₹2,515.24 crore
Cash and cash equivalents: ₹385.24 crore
Equity: ₹2,281.29 crore
Borrowings: ₹707.54 crore (Long-term: ₹88.53 crore, Short-term: ₹570.86 crore, Current maturities: ₹48.15 crore)
Forward Outlook
Company positioned to benefit from India's transmission network expansion plans (₹9.15 lakh crore investment envisaged by 2032) and global infrastructure growth. Focus on strengthening manufacturing capabilities, geographic diversification, and vertical expansion into solar EPC and emerging areas like BESS and data center infrastructure.