Titagarh Rail Systems Ltd

- Titagarh Rail Systems Limited currently has no plans for new fundraising through equity or debt. - Specifically, there are no plans for a Qualified Institutional Placement (QIP) or similar equity fundraise at present. - The company is net debt free, with cash and bank deposits approximately equal to its debt, effectively making it a zero-debt company. - If any fundraising plans arise in the future, the company has stated they will inform stakeholders accordingly.

- No substantial new CapEx was undertaken in the last quarter. (Page 13) - Expansion of passenger coach manufacturing capacity is almost complete. Target to achieve 1,000 wagons/month run rate by latest Q4 FY '25 (Jan-Mar 2025). (Pages 13 and 14) - Foundry capacity expansion underway to meet wagon production needs by Q1 FY '26-'27, reducing reliance on outsourced components. (Page 3) - Wheel joint venture project progressing as scheduled; civil and machinery installation to complete by end of calendar year 2025, with trial production afterward. (Page 4) - Propulsion segment ramp-up for EMU and MEMU traction systems expected by Q4 current financial year. (Page 4) - No plans for QIP or major fund raising currently. (Page 7) - Capacity for metro coach production installed for 25 cars/month; production ramp-up ongoing. (Page 9) Overall, ongoing capacity expansions focus on freight wagons, passenger coaches, propulsion, and wheels with no large new CapEx beyond these projects.

- Freight wagon production target: Stabilize at 1,000 wagons/month (3,000 per quarter) by Q4 FY '25 or latest next quarter. - Government’s thermal power plant expansions and new freight corridors expected to significantly increase freight loading in 4 years, driving next phase of demand growth. - Passenger rail segment (metro + commuter trains + propulsion) aiming for a quantum jump, with metro coach production capacity at 36 cars/month, expected to ramp up from Q4 FY '25 and contribute meaningfully FY '26 onwards. - Vande Bharat train production to start around Dec '25-Jan '26, ramping up gradually—full impact expected by FY '26-27. - Over 5 years, business revenues expected to triple or more, though growth will be nonlinear due to project cycles. - Expansion of coach manufacturing and foundry capacity nearly complete to support higher volumes. - Private sector wagon demand stable but smaller than Indian Railways; export potential present but limited.

- Titagarh Rail Systems expects strong growth in passenger rail segments, particularly metro and Vande Bharat trains, contributing to a "quantum jump" in business. - Freight wagon production aims to reach 1,000 wagons per month by next quarter, supporting incremental growth until new freight corridors come online in ~4 years, potentially boosting demand substantially. - The company plans to maintain a 1,000 wagon monthly capacity and metro coach production of 36 cars monthly, with scope to expand if demand rises. - Propulsion business has a robust order book and pipeline, with growth expected as new products like EMU and MEMU traction systems ramp up from Q4 FY '25. - Overall, the five-year vision remains intact, expecting the business size to at least triple, though short-term growth will be non-linear and influenced by lumpy government orders. - No specific earnings/EPS guidance given but operational scale-up and government infrastructure plans underpin positive outlook.

- The current freight wagon order book stands at around 14,500 wagons to be delivered. - The production run rate is expected to reach 1,000 wagons per month (3,000 per quarter) by latest next quarter. - New orders and tenders from Indian Railways are continuous, with both smaller tenders and bulk multi-year tenders expected, including anticipated bulk tenders by early 2025. - The company aims to maintain a wagon production capacity of 1,000 wagons per month and is open to increasing capacity if government demand rises. - Passenger coach orders include ongoing metro projects for Bangalore (starting deliveries Q4 FY25), Ahmedabad, and Surat metros, with production capacity targeted at 36 cars per month. - The JV for Vande Bharat trains has a significant order size; first train production expected by December 2025 or January 2026, with gradual ramp-up to 20 trains per year. - Overall, a robust order pipeline exists for both freight and passenger segments, with growth and new orders expected to continue steadily.