Titagarh Rail Systems Ltd(TITAGARH)

NSE: TITAGARHBSE: 532966

₹ 662.85-4.61%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 8,927 crNext results: 29 Oct 2026Website: www.titagarh.inUpdated: 24 Oct 2026

About

Titagarh Rail Systems Limited (TRSL) is an integrated rail mobility and engineering company manufacturing freight wagons, metro coaches, Vande Bharat trainsets, propulsion systems, bridges, and naval vessels. In FY26 it reported consolidated revenue of ₹3,185.82 crore, with a total order book of approximately ₹27,540 crore including proportionate JV shares as of 31 March 2026. The company holds roughly 25% of the Indian freight wagon market and operates India's only integrated facility capable of producing both stainless-steel and aluminium metro coaches.^[1][2][3][4]

Business segments

In Q1 FY27, PRS share of revenue rose to 31% from 11.5% a year earlier, with PRS posting its highest-ever quarterly revenue of ₹229.75 crore, up 197% YoY.^[5]
The company's activities span Rail Rolling Stock, Defence, Shipbuilding, Heavy Engineering, and Infrastructure.^[2]

Products and capabilities

TRSL's portfolio covers freight rolling stock, metro coaches (stainless steel and aluminium), Vande Bharat trainsets, propulsion systems, signalling and safety systems, wheelsets, heavy engineering, bridges, and shipbuilding.^[2]
The Uttarpara plant is India's only integrated manufacturing facility capable of producing both stainless-steel and aluminium metro coaches.^[2]
TRSL has technology transfer agreements with ABB covering propulsion systems (EMU/MEMU), 25kV driverless metro TCMS, and manufacturing of traction converters and traction motors under Make-in-India.^[6]
The first aluminium metro train for Pune Metro was delivered in July 2022; the company has since secured metro orders for Ahmedabad, Surat, Bengaluru, and Mumbai Metro systems.^[2]

Manufacturing operations

TRSL operates 3 manufacturing facilities in West Bengal and one in Rajasthan, with an upcoming brownfield shipbuilding facility at Falta, West Bengal.^[2]
Freight wagon installed capacity is 1,000 wagons per month; production was deliberately scaled to 600 - 650 wagons per month in Q1 FY27 pending new Indian Railways tenders.^[5]
The Ahmedabad Metro first indigenously built stainless-steel driverless trainset was flagged off at the Uttarpara plant in Q3 FY26; series production has commenced.^[6]

Key operating numbers

Total order book stood at ~₹26,635 crore including proportionate JV shares as of Q1 FY27 (standalone including WOS: ~₹13,335 crore); PRS constitutes 80.8% of the standalone book.^[5]
PRS order book as of 30 June 2026: 491 metro coaches + 1,280 Vande Bharat coaches + 74 propulsion sets + 72 traction motors (excluding options).^[5]
FRS wagon dispatches: 1,284 in Q1 FY27 vs 1,628 in Q1 FY26; full-year FY26 dispatches were 7,019 wagons, impacted by wheelset shortages.^[5][3]
PRS coach dispatches: 30 coaches in Q1 FY27 (+400% YoY); FY26 full-year dispatches were 64 coaches vs 12 in FY25.^[5][3]
Wagon market share is approximately 25% as of Q2 FY26.^[4]

Customers and distribution

Key passenger customers include Indian Railways (Vande Bharat Sleeper trainsets via TRSL-BHEL JV), Pune Metro, Ahmedabad Metro, Surat Metro, Bengaluru Metro, and Mumbai Metro Lines 5 and 6.^[2]
TRSL-BHEL consortium is responsible for manufacturing and 35-year maintenance of 80 Vande Bharat Sleeper trainsets.^[3]
The shipbuilding subsidiary TNSL holds a ₹470 crore order from the Indian Navy, with first ship delivery over 30 months.^[5]
First wagon leasing order was received from Balmer Lawrie for 2 rakes on a 10-year operating lease following receipt of the Wagon Leasing Company licence in FY26.^[3]

Expansion and capex

TNSL's brownfield shipyard at Falta is under construction with total planned capex of ~₹600 crore; TNSL received ₹169 crore under the Shipbuilding Financial Assistance Scheme. Full operations targeted Q1 - Q2 FY28.^[3][5]
RTRWL forged wheel JV (Chennai): trial production to commence Q2 FY27; invoicing to begin within FY27. Annual capacity 2,20,000 - 2,28,000 wheels; guaranteed off-take of 80,000 wheels/year from Indian Railways for 20 years.^[5]
Pune Metro aluminium coach manufacturing line to be fully commissioned by Q1 FY28; 12 trains delivery targeted in Q3/Q4 FY28.^[5]
PRS production capacity target: 45 - 50 coaches per quarter in FY27, scaling to 850+ coaches per year by FY2029 - 30.^[5]
Total capex in FY26 was ₹368 crore vs ₹236 crore in FY25.^[3]

Recent developments

TRSL exited its loss-making Italy business (Firema Trasporti) in FY26, providing for the entire investments and liabilities; no further losses or liabilities are expected.^[3]
Shipbuilding and maritime business was hived off to wholly-owned subsidiary Titagarh Naval Systems Limited effective 1 January 2026, via slump sale for ₹114.88 crore.^[6]
TNSL appointed Commodore Hemant Khatri (former CMD, Hindustan Shipyard) as MD/CEO; groundwork at Falta shipyard has commenced as of Q1 FY27.^[5]
Promoter warrants of ₹200 crore were allotted at ₹947/share in FY26 with 25% (₹50 crore) received; balance due within 18 months. Post-conversion, promoter holding will rise from 40.46% to 41.44%.^[3][5]
RDSO approved the Combined System Test of TRSL's EMU propulsion system on 30 January 2026; 2 EMU rakes of propulsion equipment have since been supplied, with MEMU sets planned for Q2/Q3 FY27.^[6][5]
Mumbai Metro Line 5 order (₹2,481 crore, LOA dated 31 October 2025) was received in Q2 FY26; first Vande Bharat Sleeper train delivery is targeted for end of Q3 FY27 or beginning of Q4 FY27.^[4][5]

Market Cap

₹8,927 Cr

High / Low

₹970 / 569

Stock P/E

52.8

Price / Book

4.1

Book Value

₹182

EPS

₹9.1

No. of Shares

13.47 Cr

ROCE

10.4%

ROE

5.0%

OPM

10.7%

Debt / Equity

0.21

Sales

₹3,186 Cr

Net Profit

₹122 Cr

Promoter holding

40.5%

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Titagarh Rail Systems Ltd(TITAGARH)

About

Business segments

Products and capabilities

Manufacturing operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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