Transrail Lighting Ltd(TRANSRAILL)

NSE: TRANSRAILLBSE: 544317

₹ 428.15-5.97%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 5,748 crWebsite: www.transrail.inUpdated: 24 Oct 2026

About

Transrail Lighting Ltd is an Indian EPC contractor and manufacturer focused on transmission and distribution infrastructure, supplying towers, conductors and undertaking T&D projects domestically and across 63 countries on 6 continents. The company reported FY26 revenue of ₹6,880 cr and carried an unexecuted order book of ₹15,635 cr (ex-L1) at June 2026. It manufactures transmission towers and conductors at facilities in India, with tower capacity of 184,400 MTPA as of September 2026. The FY25 annual report puts its share of Indian T&D at about 10-12%.^[1][2]

Business segments

Business verticals per the FY25 annual report: power transmission, substations, renewables, civil construction, railways, and poles & lighting.^[2]
T&D EPC is the dominant segment: the firm order book was 93% T&D in Q2FY26, with railways guided at 4-5% of revenue on a selective-bidding basis.^[3]
International revenue contributed ~₹2,500 cr in 9MFY26, up ~30% YoY from ~₹1,700 cr in 9MFY25, and represented 53% of Q2FY26 revenue.^[4]
FY26 order inflow split: 63% domestic / 37% international; unexecuted order book split: 61% domestic / 39% international as of March 2026.^[5]
Cooling tower EPC (NDCT and IDCT) was added as a capability in Q1FY27 via the acquisition of Gactel Turnkey Projects, targeting nuclear/thermal power and data centres.^[6]

Products and track record

Conductor range includes AAAC, ACAR, AAC, ACSR, ACSR/AW and HTLS conductors (FY25).^[2]
Self-manufactured products contributed 65-70% of contract value as of FY25.^[2]
Cumulatively supplied more than 1,350,000 MT of towers and more than 474,000 poles, as of FY25.^[2]
More than 2,800 km of HTLS conductor was supplied to clients in FY25.^[2]
Entered solar EPC in FY25 with a first order for an 80MW DC ground-mounted solar PV project in Jamaica.^[2]

Manufacturing and facilities

Plants per FY25 annual report: towers at Deoli (Wardha) and Vadodara; conductors and poles at Silvassa.^[2]
Tower manufacturing capacity stood at 184,400 MTPA as of September 2026, up from 172,400 MTPA in FY26 (itself doubled from 84,000 MTPA) following a 12,000 MTPA addition.^[7]
Greenfield tower factory at Butibori, Nagpur commenced commercial production on 24 April 2026, alongside brownfield expansions at the Deoli facility.^[6]
Tower and conductor units ran at 95-100% capacity in FY25, supplying 96% of project needs internally.^[2]
In-house tower testing facility has tested more than 500 towers and can test towers up to 85 metres tall (FY25); testing up to 1200 KV.^[2]
POWERGRID awarded the Deoli tower plant an 'A Grade' (FY25 annual report).^[2]

Order book and inflows

Unexecuted order book (ex-L1) was ₹15,635 cr at June 2026; including L1 orders of ₹400 cr the total stood at ₹16,035 cr, with a book-to-bill ratio of >2.3x in Q1FY27.^[6]
FY26 full-year order inflows were ₹8,520 cr, with an unexecuted order book of ₹16,361 cr (including L1 of ₹48 cr) at March 2026.^[5]
Cumulative FY27 order intake (year-to-date October 2026) reached ₹2,021 cr, including ₹412 cr of HTLS reconductoring orders, with L1 of ₹409 cr.^[8]
Management guided FY27 order inflow at ₹10,000+ cr, with >₹20,000 cr of tenders bid in Q1FY27 pending, and a closing order book target of ₹17,000-18,000 cr.^[6]
Working capital days: 85 days in Q1FY27, against 81 days for FY26 (down from 91 days in FY25); target is sub-81 days for FY27.^[6]
Aluminium exposure in FY25 was about ₹509.05 crore (21,000 MT), of which 89.88% was hedged.^[2]

Customers and geographic reach

Power Grid Corporation of India is a key client; Transrail was running 20+ concurrent jobs with Power Grid as of Q3FY26, when Power Grid raised its FY27 capex estimate to ₹32,000 cr.^[4]
Active projects in 20+ countries across 63 countries of historical footprint; presence extended to 6 continents in Q1FY27 with first monopole supply to Australia.^[6]
New geographies entered in FY26: Abu Dhabi, Tunisia, Djibouti and Botswana. GCC footprint covers Abu Dhabi, Oman and Jordan with an identified bid pipeline of ₹10,000-15,000 cr.^[5]
Continued T&D EPC order wins recorded across the MENA region in Q1FY27.^[6]
Poles and lighting landmark projects include the Mumbai Trans Harbour Link, M. Chinnaswamy stadium and Samruddhi Highway (FY25 annual report).^[2]

Expansion and capex

Tower Phase-2 brownfield expansion targeted to take tower capacity to 196,000 MTPA by Q2FY27, with a stated aim to exceed 200,000 MTPA.^[5][7]
Conductor plant Phase-1 brownfield expansion was delayed to commence in Q2FY27 (from Q1FY27); Phase-2 brownfield targeted for Q3FY27.^[6]
Board approved ₹203 cr additional capex on 26 May 2026 for site construction equipment, with ~70% (~₹142 cr) in FY27 and ~30% (~₹61 cr) in FY28.^[5]
Seed marketing underway for data centre EPC and BESS EPC as new growth verticals, with no revenue targets yet stated.^[6]

Recent developments

October 2026: Secured orders worth ₹412 cr for transmission line reconductoring using HTLS conductors, bringing year-to-date FY27 order intake to ₹2,021 cr.^[8]
September 2026: Secured orders worth ₹574 cr, bringing year-to-date order intake to ₹1,609 cr with additional ₹694 cr in L1 positions at that date.^[9]
Post-Q1FY27: Board approved a QIP of up to ₹600 cr (subject to approvals) primarily for long-term working capital, with no firm timeline stated.^[6]
Q1FY27: Acquired Gactel Turnkey Projects, adding induced draft cooling tower (IDCT) EPC capability alongside existing NDCT expertise.^[6]
Post-Q1FY27: Board approved 1,89,000 ESOPs under the Transrail ESOP Plan 2023.^[6]

Market Cap

₹5,748 Cr

High / Low

₹759 / 401

Stock P/E

14.2

Price / Book

2.5

Book Value

₹170

EPS

₹30.1

No. of Shares

13.43 Cr

ROCE

28.6%

ROE

19.4%

OPM

11.6%

Debt / Equity

0.29

Sales

₹6,880 Cr

Net Profit

₹404 Cr

Promoter holding

71.1%

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