Titagarh Rail Systems Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,947 Cr
- P/E
- 46.05
- ROE
- 6.78%
- PEG
- 6.27
- Price to sales
- 2.73
- Debt to equity
- 0.25
- 52W high / low
- ₹933 / ₹575
- Sales growth (5Y)
- 15.94%
- EBITDA margin
- 10.73%
- Net profit margin
- 5.05%
- Promoter holding
- 40.46%
- Sales (last year)
- ₹3,272 Cr
Titagarh Rail Systems Ltd (Formerly Titagarh Wagons Limited), incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc. The company caters to both domestic and export markets.[1]
Guidance scorecard · Q1 FY27 call
What Titagarh Rail Systems Ltd's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ1 FY27 call
20–40%- 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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MarginsQ1 FY27 call
FlatSee what Titagarh Rail Systems Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- 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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FundraisingQ1 FY27 call
Ask what Titagarh Rail Systems Ltd said on fundraising →
Full Q1 FY27 analysisOrder bookQ1 FY27 call
Rising- Total company order book: INR 26,635 crores (including JV orders).
- TRSL standalone order book: INR 13,335 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 the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
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.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,207 Cr | 111.0 | |
| 2 | 40%+ | Up 0–2% | ₹549 Cr | 33.8 | |
| 3 | 40%+ | Flat | ₹8,076 Cr | 94.4 | |
| 4 | 40%+ | Flat | ₹3,732 Cr | 81.2 | |
| 5 | 40%+ | Flat | ₹2,580 Cr | 61.2 | |
| 6 | 40%+ | Flat | ₹743 Cr | 43.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingTitagarh Rail Systems Ltd announcements
All announcements →- Order winMajor developmentTitagarh Rail Systems gets 4,955 more BOXNHL wagons order from Ministry of Railways
- Order winNotableTitagarh and BHEL sign JV agreement for Vande Bharat sleeper trainset maintenance
Financials of Titagarh Rail Systems Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Titagarh Rail Systems Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 766 | 974 | 911 | 935 | 955 | 1,052 | 903 | 1,057 | 902 | 1,006 | 679 | 799 | 832 |
| Expenses + | 701 | 882 | 805 | 821 | 844 | 935 | 806 | 932 | 809 | 913 | 615 | 725 | 747 |
| Operating Profit | 65 | 92 | 106 | 115 | 111 | 118 | 97 | 125 | 94 | 93 | 64 | 74 | 85 |
| OPM % | 9% | 9% | 12% | 12% | 12% | 11% | 11% | 12% | 10% | 9% | 9% | 9% | 10% |
| Other Income + | 11 | 7 | 4 | 7 | 14 | 12 | 12 | 10 | 23 | 30 | 11 | 14 | 11 |
| Interest | 23 | 22 | 19 | 20 | 18 | 16 | 13 | 17 | 21 | 22 | 18 | 18 | 18 |
| Depreciation | 5 | 6 | 7 | 7 | 7 | 7 | 7 | 8 | 6 | 8 | 12 | 12 | 13 |
| Profit before tax | 48 | 70 | 84 | 95 | 100 | 108 | 90 | 111 | 89 | 92 | 45 | 57 | 65 |
| Tax % | 32% | 31% | 27% | 25% | 25% | 27% | 26% | 27% | 29% | 30% | 32% | 35% | 26% |
| Net Profit + | 33 | 48 | 62 | 71 | 75 | 79 | 67 | 81 | 63 | 64 | 31 | 37 | 48 |
| EPS in Rs | 2.72 | 4.03 | 5.17 | 5.55 | 5.56 | 5.86 | 4.98 | 5.99 | 4.66 | 4.89 | 2.29 | 2.74 | 3.57 |
Financials of Titagarh Rail Systems Ltd
Profit & Loss
Annual income statement trend
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 624 | 761 | 959 | 1,714 | 1,268 | 1,559 | 1,766 | 1,521 | 1,468 | 2,780 | 3,853 | 3,868 | 3,316 |
| Expenses + | 619 | 721 | 929 | 1,605 | 1,365 | 1,550 | 1,645 | 1,440 | 1,303 | 2,529 | 3,404 | 3,459 | 3,001 |
| Operating Profit | 5 | 40 | 30 | 108 | -97 | 9 | 121 | 81 | 165 | 251 | 449 | 409 | 315 |
| OPM % | 1% | 5% | 3% | 6% | -8% | 1% | 7% | 5% | 11% | 9% | 12% | 11% | 10% |
| Other Income + | 20 | -0 | 20 | 24 | 25 | 25 | -60 | 25 | -61 | 34 | 38 | 75 | 66 |
| Interest | 14 | 18 | 17 | 31 | 44 | 65 | 88 | 81 | 57 | 81 | 73 | 73 | 76 |
| Depreciation | 18 | 26 | 46 | 52 | 51 | 24 | 29 | 30 | 18 | 22 | 27 | 30 | 45 |
| Profit before tax | -7 | -4 | -13 | 50 | -167 | -56 | -57 | -6 | 29 | 181 | 386 | 382 | 260 |
| Tax % | 58% | 177% | 52% | 45% | -12% | -59% | -36% | 237% | 102% | 31% | 26% | 28% | |
| Net Profit + | -10 | -10 | -20 | 27 | -147 | -23 | -36 | -19 | -1 | 126 | 286 | 275 | 181 |
| EPS in Rs | -0.89 | -0.33 | -1.69 | 2.33 | -12.43 | -2.47 | -2.96 | -1.26 | -0.03 | 10.89 | 21.25 | 20.52 | 13.49 |
| Dividend Payout % | -90% | -48% | -47% | 34% | -2% | -12% | 0% | 0% | 0% | 5% | 4% | 5% |
Financials of Titagarh Rail Systems Ltd
Balance Sheet
Capital structure and asset base
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 20 | 20 | 23 | 23 | 23 | 23 | 23 | 24 | 24 | 24 | 27 | 27 | 27 |
| Reserves | 642 | 669 | 930 | 944 | 832 | 793 | 743 | 817 | 818 | 940 | 2,191 | 2,456 | 2,511 |
| Borrowings + | 128 | 125 | 233 | 372 | 624 | 896 | 730 | 847 | 920 | 353 | 166 | 627 | 637 |
| Other Liabilities + | 289 | 246 | 1,493 | 1,356 | 1,210 | 975 | 775 | 775 | 903 | 931 | 832 | 651 | 625 |
| Total Liabilities | 1,080 | 1,060 | 2,678 | 2,695 | 2,689 | 2,687 | 2,272 | 2,462 | 2,664 | 2,248 | 3,216 | 3,761 | 3,801 |
| Fixed Assets + | 323 | 416 | 977 | 933 | 958 | 935 | 872 | 871 | 966 | 732 | 748 | 992 | 1,216 |
| CWIP | 11 | 27 | 13 | 15 | 27 | 36 | 0 | 41 | 61 | 12 | 174 | 122 | 128 |
| Investments | 33 | 1 | 21 | 82 | 83 | 87 | 29 | 31 | 30 | 32 | 198 | 299 | 310 |
| Other Assets + | 712 | 616 | 1,666 | 1,665 | 1,621 | 1,630 | 1,371 | 1,518 | 1,607 | 1,472 | 2,097 | 2,348 | 2,146 |
| Total Assets | 1,080 | 1,060 | 2,678 | 2,695 | 2,689 | 2,687 | 2,272 | 2,462 | 2,664 | 2,248 | 3,216 | 3,761 | 3,801 |
Financials of Titagarh Rail Systems Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 68 | 102 | -154 | -177 | -121 | -124 | 154 | 68 | 55 | 41 | 86 | -97 |
| Cash from Investing Activity + | -34 | -25 | -50 | 44 | -45 | -49 | 4 | -60 | -73 | -61 | -537 | -579 |
| Cash from Financing Activity + | -17 | -69 | 216 | 111 | 191 | 214 | -227 | 43 | -53 | 67 | 724 | 372 |
| Net Cash Flow | 18 | 8 | 11 | -22 | 25 | 40 | -70 | 51 | -71 | 46 | 274 | -304 |
| Free Cash Flow | 21 | 61 | -176 | -199 | -150 | -188 | 129 | 9 | -41 | 4 | -78 | -328 |
| CFO/OP | 1,417% | 280% | -501% | -154% | 104% | -1,161% | 136% | 82% | 40% | 43% | 41% | -0% |
Financials of Titagarh Rail Systems Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 81 | 54 | 87 | 50 | 79 | 81 | 52 | 136 | 58 | 37 | 50 | 63 |
| Inventory Days | 313 | 176 | 471 | 182 | 213 | 203 | 119 | 142 | 176 | 78 | 64 | 65 |
| Days Payable | 84 | 75 | 248 | 150 | 148 | 209 | 111 | 146 | 153 | 55 | 39 | 29 |
| Cash Conversion Cycle | 310 | 155 | 310 | 82 | 145 | 75 | 60 | 131 | 81 | 60 | 75 | 99 |
| Working Capital Days | 103 | 55 | 57 | 38 | 3 | 62 | 96 | 90 | 48 | 20 | 61 | 58 |
| ROCE % | 2% | 5% | 2% | 6% | -8% | 1% | 7% | 5% | 9% | 18% | 25% | 17% |
Guidance history
How Titagarh Rail Systems Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
13 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −26.8% | 28% |
| Last 6 months | −13.5% | 31% |
| Last 3 months | −19.4% | 18% |
The price is 64.3% below its all-time high of ₹1,860.4 (28 Jun 2024). Stocks more than 20% below their peak have their score halved, so 27 became 13.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Titagarh Rail Systems Ltd: 0.4 × 28 + 0.4 × 31 + 0.2 × 18 = 27, halved to 13 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Titagarh Rail Systems Ltd's management said in earlier quarters
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