Titagarh Rail Systems Q1 FY27 earnings call: Revenue & Margins
Q1 FY27 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹765Cr
- +12.7% YoY
- −12.6% QoQ
- Net profit
- ₹53Cr
- +71% YoY
- −1.9% QoQ
- Margin
- 12%
- +3 pp YoY
- +1 pp QoQ
Guidance rank: #22 of 54 in Industrial Manufacturing
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What the Q1 FY27 call signalled
3 of 4 strong
The short version
Passenger Rail System (PRS) business is expected to grow significantly, currently contributing 31% of revenue with a targeted increase to 45-50 coaches per quarter this financial year. The Passenger Rail System (PRS) segment is expected to grow strongly, with PRS contributing 31% of revenue in Q1 FY27 and targeted to increase coach production to 45-50 per quarter this fiscal year. - By 2029-30, the company aims to establish a capacity of 850 coaches annually across Metro, Vande Bharat, and Commuter trains, translating to potential revenue of around INR 8,500 crores. - Freight Rail segment capacity to produce 1,000 wagons/month, currently scaled to approx.
From Titagarh Rail Systems Ltd's Q1 FY27 earnings-call transcript · updated 24 Sept 2026.
Revenue & Sales Performance
- Passenger Rail System (PRS) business is expected to grow significantly, currently contributing 31% of revenue with a targeted increase to 45-50 coaches per quarter this financial year.
- By 2029-2030, the company aims to have a production capacity of 850 coaches annually, translating to potential revenue of approximately INR 8,500 crores.
- Freight Rail Systems (FRS) capacity stands at 1,000 wagons per month but is currently scaled down to 600-650 wagons/month awaiting new large tenders.
- New large freight wagon tenders expected soon to meet Indian Railways' target of doubling freight movement to 3 billion tons.
- Order book stands robust at INR 26,635 crores (including JV), with standalone TRSL order book at INR 13,335 crores (PRS INR 10,395 crores, FRS INR 2,470 crores).
2 more points from Titagarh Rail Systems Ltd's call on revenue
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Profitability & Margins
The Passenger Rail System (PRS) segment is expected to grow strongly, with PRS contributing 31% of revenue…
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Capital Expenditure Plans
- The company is investing in expanding Passenger Rail System (PRS) business capacity with a target to reach 850 coaches per annum by 2029-2030, covering Metro, Vande Bharat, and commuter trains.
- Commissioning of a new production line for aluminium trains expected by Q1 FY28 to support delivery of 12 trains.
- Investment in shipbuilding: A wholly owned subsidiary, Titagarh Naval Systems Limited, is setting up a shipyard in Falta with full operations expected by Q2 FY28. The shipbuilding order has a delivery tenure of around 30 months.
- Wheel JV with Ramkrishna Forgings is progressing on schedule, sample production started August 2026, with phase 2 planned for April 2027.
2 more points from Titagarh Rail Systems Ltd's call on capex
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Top-ranked in Industrial Manufacturing
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Total company order book: INR 26,635 crores (including JV orders).
- TRSL standalone order book: INR 13,335 crores.
- Passenger Rail Systems (PRS): INR 10,395 crores.
- Freight Rail Systems (FRS): INR 2,470 crores.
- PRS order book growth is significant, supporting ramp-up to 850 coaches per annum by 2029.
- Freight wagon order book pending larger Indian Railways tender; current order book at 5,300 wagons.
- Manufacturing scaled to 600-650 wagons/month until new freight tender clarity.
- Metro orders: 491 passenger metro cars in order book; execution for Bangalore, Ahmedabad, Surat ongoing.
- Vande Bharat order to be supplied over next 5 years.
2 more points from Titagarh Rail Systems Ltd's call on order book
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Titagarh Rail Systems Ltd — Quarterly revenue & net profit
Titagarh Rail Systems Ltd Q1 FY27 results — key figures
| ₹ Cr | Q1 FY27 | Q1 FY26 | YoY | Q4 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 765 | 679 | +12.7% | 875 | -12.6% |
| Operating profit (EBITDA) | 94 | 64 | +46.9% | 92 | +2.2% |
| Operating margin | 12% | 9% | +3 pp | 11% | +1 pp |
| Profit before tax | 71 | 45 | +57.8% | 75 | -5.3% |
| Net profit (PAT) | 53 | 31 | +71% | 54 | -1.9% |
| EPS (₹) | 3.90 | 2.29 | +70.3% | 4.01 | -2.7% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹793 Cr, net profit ₹63 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Titagarh Rail's management said in earlier quarters
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Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Titagarh Rail Systems Ltd Q1 FY27 results?
Passenger Rail System (PRS) business is expected to grow significantly, currently contributing 31% of revenue with a targeted increase to 45-50 coaches per quarter this financial year. The Passenger Rail System (PRS) segment is expected to grow strongly, with PRS contributing 31% of revenue in Q1 FY27 and targeted to increase coach production to 45-50 per quarter this fiscal year. - By 2029-30, the company aims to establish a capacity of 850 coaches annually across Metro, Vande Bharat, and Commuter trains, translating to potential revenue of around INR 8,500 crores. - Freight Rail segment capacity to produce 1,000 wagons/month, currently scaled to approx.
What is Titagarh Rail Systems Ltd share price analysis?
Titagarh Rail Systems Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 58.1 with a market cap of ₹11,281 Cr. Investors should review the full earnings analysis for detailed insights.
Is Titagarh Rail Systems Ltd planning capital expenditure?
The company is investing in expanding Passenger Rail System (PRS) business capacity with a target to reach 850 coaches per annum by 2029-2030, covering Metro, Vande Bharat, and commuter trains. - Commissioning of a new production line for aluminium trains expected by Q1 FY28 to support delivery of 12 trains. - Investment in shipbuilding: A wholly owned subsidiary, Titagarh Naval Systems Limited, is setting up a shipyard in Falta with full operations expected by Q2 FY28.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.