Transrail Lighting Limited announced its unaudited financial results for Q2 and H1 FY27 ended September 30, 2026, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance (Consolidated, ₹ in crore)

Q2 FY27 Performance:

  • Revenue from Operations: ₹2,056 crore (32% YoY growth from ₹1,561 crore in Q2 FY26)
  • EBITDA: ₹238 crore (28% YoY growth from ₹186 crore)
  • EBITDA Margin: 11.6% (vs 11.9% in Q2 FY26)
  • Profit Before Tax: ₹158 crore (26% YoY growth from ₹125 crore)
  • Tax Expenses: ₹54 crore (66% YoY increase from ₹33 crore)
  • Profit After Tax: ₹104 crore (12% YoY growth from ₹92 crore)
  • PAT Margin: 5.0% (vs 5.9% in Q2 FY26)

Quarter-over-Quarter Comparison (Q2 FY27 vs Q1 FY27):

  • Revenue growth: 18% (from ₹1,736 crore)
  • EBITDA growth: 17% (from ₹203 crore)
  • EBITDA Margin: 11.6% (vs 11.7%)
  • Profit Before Tax growth: 10% (from ₹144 crore)
  • Tax Expenses: 50% increase (from ₹36 crore)
  • Profit After Tax: -4% decline (from ₹108 crore)
  • PAT Margin: 5.0% (vs 6.2%)

H1 FY27 Performance:

  • Revenue from Operations: ₹3,792 crore (18% YoY growth from ₹3,221 crore in H1 FY26)
  • EBITDA: ₹441 crore (14% YoY growth from ₹386 crore)
  • EBITDA Margin: 11.6% (vs 12.0%)
  • Profit Before Tax: ₹302 crore (11% YoY growth from ₹272 crore)
  • Tax Expenses: ₹90 crore (22% YoY increase from ₹74 crore)
  • Profit After Tax: ₹212 crore (7% YoY growth from ₹198 crore)
  • PAT Margin: 5.5% (vs 6.1%)

Operational Highlights

  • Achieved highest quarterly performance with revenue of ₹2,056 crore and EBITDA of ₹238 crore
  • Successfully completed a major river crossing transmission project in Bangladesh
  • Maintained healthy unexecuted order book of ₹14,218 crore as of September 30, 2026
  • Received new orders worth ₹1,747 crore post quarter end
  • Significantly expanded manufacturing capacity:
  • Tower capacity increased to 184,400 MTPA
  • Conductor capacity increased to 40,800 KMPA
  • Remaining planned capex is on schedule
  • Cash flow from operations for H1 FY27: ₹435 crore
  • Net working capital days: 82 days

Management Commentary

Mr. Randeep Narang, MD & CEO, commented that the company delivered remarkable performance with growth in both revenue and profitability year-over-year and superior cashflow management, supported by strong execution across businesses. He noted this performance was achieved despite continued supply chain and logistics impact from the West Asia conflict.

He stated that the demand environment for Power T&D remains strong, driven by investments in transmission infrastructure and renewable energy integration. The company's enhanced capacities and capabilities position it to capitalize on these opportunities while selectively pursuing adjacent businesses that leverage engineering and execution strengths.

For the second half of FY27, the company's focus remains on disciplined execution, sustaining margins, and building a quality order book. Backed by a strong tender pipeline, the company remains confident of achieving its FY27 guidance.

Company Description

Transrail Lighting Limited is a leading turnkey engineering, procurement and construction (EPC) company with primary focus on power transmission and distribution business with 4 decades of experience. Headquartered in India, it operates globally with footprint in 64 countries across 6 continents. The company provides turnkey solutions including Designing, Engineering, Supply, Manufacture, Construction, and Testing services across business verticals including Transmission Lines, Substations, Civil Construction, Railways, Solar, and Pole & Lighting. The company has more than 2,900 employees and maintains large-scale manufacturing facilities in India for Galvanized Lattice Towers, Overhead Conductors, and Galvanized Monopoles, along with a well-accredited Tower testing facility.