Titagarh Rail Systems Ltd.

NSE: TITAGARH · Railway Wagons

52W Range₹569 ₹971

Snapshot

Unlock Titagarh Rail Systems Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Titagarh Rail Systems Limited is a diversified engineering company primarily engaged in the manufacturing and sale of freight and passenger rail systems. Its operations span across railway rolling stock, propulsion equipment, shipbuilding, and specialized defense and bridge infrastructure products.

Business Model

The company generates revenue through the design, manufacture, and maintenance of rail rolling stock and components, alongside shipbuilding and defense engineering contracts. It serves both domestic and international markets by providing comprehensive lifecycle support, including refurbishment and system upgrades.

Growth Outlook

Growth is driven by the expansion of India's rail infrastructure, including high-speed electric locomotives and urban metro rail systems. The company is also capitalising on increased demand for specialized defense equipment and modular bridge infrastructure.

Key Risks

  • Project Execution Risk. Delays in large-scale rail and defense infrastructure projects could adversely impact revenue recognition and operational margins.
  • Raw Material Price Volatility. Fluctuations in the cost of steel and other essential raw materials may affect the profitability of fixed-price manufacturing contracts.
  • Regulatory and Policy Dependency. The company's performance is heavily reliant on government capital expenditure budgets and public procurement policies within the railway and defense sectors.
  • Competitive Intensity. Increasing competition from both domestic and international players in the rolling stock and shipbuilding markets may exert pressure on pricing and market share.

Price

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Key Metrics

REVENUE

₹3,186 Cr

TTM · consolidated

-17.6%YoY

NET PROFIT

₹170 Cr

TTM · consolidated

-38.3%YoY

EPS

₹12.48

TTM · consolidated

-38.9%YoY

RETURN ON EQUITY

6.8%

TTM · consolidated

-5.2 ppYoY

RETURN ON CAPITAL EMPLOYED

12.8%

TTM · consolidated

-6.0 ppYoY

P/E

70.2x

Q4 FY26 · consolidated

70.2 vs -691.0x5Y avg

EV/EBITDA

30.7x

Q4 FY26 · consolidated

30.7 vs 39.3x5Y avg

EBITDA MARGIN

12.4%

TTM · consolidated

-0.7 ppYoY

NET PROFIT MARGIN

6.1%

Q4 FY26 · consolidated

-0.3 ppYoY

DEBT TO EQUITY

0.2x

Q4 FY26 · consolidated

+0.00xYoY

Peers · Railway Wagons

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Titagarh Rail Systems Ltd.TITAGARH
8,41270.1730.66-17.6%12.4%6.8%12.8%-8.3%
Jupiter Wagons Ltd.JWL
11,09065.8728.45-26.4%14.0%5.9%10.9%-31.6%

As of Q4 FY26

Financials