Titagarh Rail Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹799Cr
- −24.4% YoY
- +17.7% QoQ
- Net profit
- ₹37Cr
- −54.3% YoY
- +19.4% QoQ
- Margin
- 9%
- −3 pp YoY
- 0 pp QoQ
Guidance rank: #22 of 54 in Industrial Manufacturing
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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 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).
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 from Titagarh Rail's call on revenue
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Profitability & Margins
Passenger segment: Expected EBITDA margins to improve from 8-9% initially to 11-12% by Q4 FY '26, with…
Locked: what Titagarh Rail said on margins
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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 from Titagarh Rail'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
Titagarh Rail Systems plans to spin off its shipbuilding business into a separate entity called Titagarh…
Locked: what Titagarh Rail said on fundraising
Also locked on this page: margins
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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 from Titagarh Rail's call on order book
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Titagarh Rail — Quarterly revenue & net profit
Titagarh Rail Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 799 | 1,057 | -24.4% | 679 | +17.7% |
| Operating profit (EBITDA) | 74 | 125 | -40.8% | 64 | +15.6% |
| Operating margin | 9% | 12% | -3 pp | 9% | 0 pp |
| Profit before tax | 57 | 111 | -48.6% | 45 | +26.7% |
| Net profit (PAT) | 37 | 81 | -54.3% | 31 | +19.4% |
| EPS (₹) | 2.74 | 5.99 | -54.3% | 2.29 | +19.7% |
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
Others in Industrial Manufacturing this season
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Recent CAPEX of ₹35 crore has been undertaken for the new Unit 3 Kosamba plant, enhancing production capacity. Key concall takeaways from Aaron Industries…
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Q2 FY26 (Half Year 2-FY25) Standalone revenue: ₹7,799.10 Lacs; +12.90% YoY . Key investor presentation takeaways from Energy-Mission's Q2 FY26 investor presenta
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Q2FY26 Revenue from Operations:** ₹11.40 Crores . Key investor presentation takeaways from Atam Valves's Q2 FY26 investor presentation — and how it ranks agains
- Prizor Viztech (Q2 FY26)
H1 FY25: 35.4% (from Rs. Key investor presentation takeaways from Prizor Viztech Ltd's Q2 FY26 investor presentation — and how it ranks against sector peers.
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 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 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).
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.
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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.