Titagarh Rail
Titagarh Rail Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Freight wagon production capacity normalized to 800-850 wagons per month, anticipating steady execution till new tenders by Q1 next financial year. - Passenger coaches ramp-up planned with 100-120 Metro coaches production in current financial year, doubling in the next year. - Vande Bharat train production increasing from 32 to 192 units by FY '28. - Mumbai Metro Lines 5 and 6 deliveries starting Q3/Q4 FY '27, completing within 18-24 months. - Shipbuilding business targeting 15-18 specialized vessels annually, with each vessel valued between Rs. Passenger segment: Expected EBITDA margins to improve from 8-9% initially to 11-12% by Q4 FY '26, with further uplift to 15-20% on propulsion and 20-25% on services (Page 11). - Freight wagons: Capacity normalization post wheelset supply issue; stable run-rate of 800-850 wagons/month sustained (Page 2, 4). - Shipbuilding: Targeting 15-18 vessels per year with each vessel valued Rs.
From Titagarh Rail's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Freight wagon production capacity normalized to 800-850 wagons per month, anticipating steady execution till new tenders by Q1 next financial year.
- Passenger coaches ramp-up planned with 100-120 Metro coaches production in current financial year, doubling in the next year.
- Vande Bharat train production increasing from 32 to 192 units by FY '28.
- Mumbai Metro Lines 5 and 6 deliveries starting Q3/Q4 FY '27, completing within 18-24 months.
- Shipbuilding business targeting 15-18 specialized vessels annually, with each vessel valued between Rs. 100-250 crores; aiming for 15%-17% EBITDA margins.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Titagarh Rail said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Titagarh Rail Systems plans to spin off the shipbuilding business into a separate entity called Titagarh Naval Systems.
- Initial capital infusion of about Rs. 50 crores will be made into Titagarh Naval Systems.
- The new shipbuilding entity will raise its own capital and debt to build capabilities and capacity, targeting production of 15-18 specialized vessels per year.
- For propulsion systems, the company aims to develop its own propulsion for Metro coaches within 2-3 years through technology partnerships and backward integration.
2 more points management made on capital expenditure plans
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
See what Titagarh Rail said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Freight wagon order book: Approximately 9,000 wagons, providing visibility for the next 4 quarters (Page 6).
- Passenger segment order book includes:
- Mumbai Metro Lines 5 and 6 orders, with deliveries starting by Q3/Q4 FY '27 and completing over 18-24 months (Page 13).
- Multiple orders across Vande Bharat and 5 metro rail projects, building the pipeline up to FY '28 with execution ramp-up ongoing (Page 3).
- Shipbuilding segment: Order book around Rs. 500 crore, with a healthy pipeline of enquiries (Page 8).
- The overall order book across different businesses close to Rs. 28,000 - Rs. 29,000 crores (Page 12).
2 more points management made on order book & pipeline
Titagarh Rail — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹832 Cr, net profit ₹48 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Titagarh Rail's management said in earlier quarters
Others in Industrial Manufacturing this season
- Dynamatic Tech. (Q2 FY26)
3,923.8 million, up 8.6% year-on-year from Rs. Key investor presentation takeaways from Dynamatic Technologies Ltd's Q2 FY26 investor presentation — and how it
- Cryogenic OGS (Q2 FY26)
Revenue from operations for H1 FY26: ₹2,106.50 lakhs . Key investor presentation takeaways from Cryogenic OGS Ltd's Q2 FY26 investor presentation — and how it r
- Fabtech Cleanrooms (Q2 FY26)
Confident of maintaining a 30-40% growth rate and establishing presence as a sector-agnostic clean room provider. Key concall takeaways from Fabtech Techn.'s…
- Patil Automation (Q2 FY26)
Pentaco Automation and MII Robotics acquisitions add approximately INR 48-50 crore over and above INR 250 crore capacity, totaling near INR 300 crore potential…
Frequently Asked Questions
What were Titagarh Rail Q2 FY26 results?
Freight wagon production capacity normalized to 800-850 wagons per month, anticipating steady execution till new tenders by Q1 next financial year. - Passenger coaches ramp-up planned with 100-120 Metro coaches production in current financial year, doubling in the next year. - Vande Bharat train production increasing from 32 to 192 units by FY '28. - Mumbai Metro Lines 5 and 6 deliveries starting Q3/Q4 FY '27, completing within 18-24 months. - Shipbuilding business targeting 15-18 specialized vessels annually, with each vessel valued between Rs. Passenger segment: Expected EBITDA margins to improve from 8-9% initially to 11-12% by Q4 FY '26, with further uplift to 15-20% on propulsion and 20-25% on services (Page 11). - Freight wagons: Capacity normalization post wheelset supply issue; stable run-rate of 800-850 wagons/month sustained (Page 2, 4). - Shipbuilding: Targeting 15-18 vessels per year with each vessel valued Rs.
What is Titagarh Rail share price analysis?
Titagarh Rail currently shows a neutral. The stock trades at a P/E of 57.7 with a market cap of ₹11,196 Cr. Investors should review the full earnings analysis for detailed insights.
Is Titagarh Rail planning capital expenditure?
Titagarh Rail Systems plans to spin off the shipbuilding business into a separate entity called Titagarh Naval Systems. - Initial capital infusion of about Rs.
Keep Titagarh Rail on your radar — track it to get its next earnings analysis in your feed.
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.