Titagarh Rail
Titagarh Rail Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q4 FY26 call signalled
4 of 5 strong
The short version
Passenger business expected to grow significantly, targeting 200 cars production in FY27 up from 63 in FY26; full ramp-up by 2028 with continuous growth to FY30. Passenger business expected to grow significantly, with order book proportion 70%-80%, targeting full production ramp-up by FY30.
From Titagarh Rail's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Passenger business expected to grow significantly, targeting 200 cars production in FY27 up from 63 in FY26; full ramp-up by 2028 with continuous growth to FY30.
- Freight business to remain steady with cruising altitude production between 600 to 1,000 wagons per month depending on order cycle.
- Overall order book stands at INR 27,540 crores, with passenger segment around INR 10,600 crores and freight at INR 3,100 crores.
- Wheels JV to start production in June 2026 with a contract of 80,000 wheels per annum for 20 years.
- Wagon leasing business to grow gradually as an extension of product offering, targeting safe clients, but exact scale unknown.
- Strategic plan envisions passenger segment revenues rising sharply, supported by new metro train projects and Vande Bharat coach deliveries from FY27 onwards.
- Freight segment margins stable at ~12%, passenger segment margins expected to improve with backward integration over next few years.
Profitability & Margins
See what Titagarh Rail said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Titagarh Naval Systems Limited (TNSL) has a identified total project cost of approximately INR 610 crores.
- The company has received approval for a 25% capital subsidy under the Capital Shipbuilding Scheme by the Government of India for this project.
- The balance of the capex will be funded through a mix of debt and equity in TNSL.
- TNSL is set up as a separate company to attract strategic financial investors, limiting equity outflow from the parent (Titagarh Rail Systems).
- There is potential for a future separate listing of TNSL once the business stabilizes.
- Land for the project has been acquired, the jetty is in place, and construction work is set to begin soon.
- The company has also made significant capital investment in importing machinery to manufacture aluminium coaches domestically, achieving full self-sufficiency anticipated by FY28.
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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
- Total order book: Approximately INR 27,544 crores (includes 49% share of the wheel joint venture).
- Pending metro coaches: About 522 units yet to be delivered.
- Pending Vande Bharat coaches: Approximately 1,280 units yet to be delivered.
- Total pending wagons orders: Around 6,500 wagons.
- Production in Q4 FY26: Approximately 1,700 wagons produced.
- Repeat Pune Metro order: 12 trains to be delivered within 2 years.
- Gujarat Metro: 34 trains (102 cars) expected to complete within FY27 or with minor spillover.
- Mumbai Metro: Supply starting in FY27, execution over next 2 years.
- Leasing business: Currently includes 2 rakes; expected calibrated growth with selective safe clients.
- Wheel joint venture: Contract for 80,000 wheels per annum for 20 years, production starting June 2026.
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.
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What Titagarh Rail Systems Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Titagarh Rail Q4 FY26 results?
Passenger business expected to grow significantly, targeting 200 cars production in FY27 up from 63 in FY26; full ramp-up by 2028 with continuous growth to FY30. Passenger business expected to grow significantly, with order book proportion 70%-80%, targeting full production ramp-up by FY30.
What is Titagarh Rail share price analysis?
Titagarh Rail currently shows a moderate growth signal based on ranking data. 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 Naval Systems Limited (TNSL) has a identified total project cost of approximately INR 610 crores.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.