Titagarh Rail Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹832Cr
- −7.8% YoY
- +4.1% QoQ
- Net profit
- ₹45Cr
- −28.6% YoY
- +21.6% QoQ
- Margin
- 11%
- +1 pp YoY
- +2 pp QoQ
Guidance rank: #22 of 54 in Industrial Manufacturing
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The short version
FY'27 and FY'28 are expected to be important, exciting years with significant ramp-up in Passenger Rail Systems production. FY'27 and FY'28 are expected to be very important and exciting years for Passenger Rail Systems with significant production ramp-up.
From Titagarh Rail's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY'27 and FY'28 are expected to be important, exciting years with significant ramp-up in Passenger Rail Systems production.
- Wagon demand is anticipated to remain strong in the midterm, aligned with Indian Railways' aim to carry 3 billion tons of freight by 2030.
- Freight wagon production capacity is set for 1,000 wagons per month, with current orders covering workload till first half of FY'27.
- Passenger Rail Systems have the potential to overtake freight business in revenue within a few years.
- Multiple new orders and tenders are being pursued, including metros (Mumbai Line 5 & 6) and potential MRVC tenders.
- Capacities are being enhanced alongside order book growth to capture these opportunities.
- Backlog for metro projects (e.g., CRRC Bangalore) expected to clear mostly by FY'27.
2 more points from Titagarh Rail's call on revenue
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Profitability & Margins
FY'27 and FY'28 are expected to be very important and exciting years for Passenger Rail Systems with…
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Capital Expenditure Plans
- Planned overall capex for Passenger Rail Systems is about INR 1,000 crores, aimed at capacity expansion.
- Capex for FY'27 will be within this amount, funded through a mix of equity raise, internal accruals, and debt.
- No new capital requirement presently, except for further expansions for large projects like high-speed trains or MRVC tenders.
- Expansion work, including aluminum coach facilities and a 1.6 km test track for high-speed trains, is underway and expected to complete by H1 FY'27.
- Production for Vande Bharat trains has started; capex related to this is included in current plans.
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
For FY'27, the planned capex for Passenger Rail Systems is within the existing announced amount of INR…
Locked: what Titagarh Rail said on fundraising
Also locked on this page: margins
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Order Book & Pipeline
- Total order book stands around INR 27,755 crores.
- Orders for metros: Approximately INR 4,000 crores booked in the last 6 months (Mumbai Metro Lines 5 & 6).
- CRRC Bangalore Metro backlog expected to be completed mostly by FY '27, with possible spillover of 1-1.5 months into FY '28.
- Production ramp-up planned for FY '27 and FY '28, especially in Passenger Rail Systems.
2 more points from Titagarh Rail's call on order book
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Titagarh Rail — Quarterly revenue & net profit
Titagarh Rail Q3 FY26 results — key figures
| ₹ Cr | Q3 FY26 | Q3 FY25 | YoY | Q2 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 832 | 902 | -7.8% | 799 | +4.1% |
| Operating profit (EBITDA) | 91 | 94 | -3.2% | 74 | +23% |
| Operating margin | 11% | 10% | +1 pp | 9% | +2 pp |
| Profit before tax | 60 | 89 | -32.6% | 57 | +5.3% |
| Net profit (PAT) | 45 | 63 | -28.6% | 37 | +21.6% |
| EPS (₹) | 3.35 | 4.66 | -28.1% | 2.74 | +22.3% |
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
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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 Q3 FY26 results?
FY'27 and FY'28 are expected to be important, exciting years with significant ramp-up in Passenger Rail Systems production. FY'27 and FY'28 are expected to be very important and exciting years for Passenger Rail Systems with significant production ramp-up.
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?
Planned overall capex for Passenger Rail Systems is about INR 1,000 crores, aimed at capacity expansion.
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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.