Railway Wagons industry

3 companies · ₹22,080 cr · 2 with AI deep dives · Q1FY27 report

Volume-led domestic surge is real but margin-thin; component inflation and IR tender void split outcomes

Mid cyclemargin range-bound near 11.5%

Revenue YoY: +25.1%
EBITDA margin: 11.5%; -40bps YoY
Price, 1 year: -16.8%; 33% of names up
P/E vs own 5y: -

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	1,573 cr	1,809 cr	-13.0%	1,257 cr	+25.1%	2,252 cr	-30.2%
EBITDA margin	11.5%	11.3%	+20bps	11.9%	-40bps	12.9%	-140bps

Revenue

Jun 26: 1,573 cr
Mar 26: 1,809 cr
QoQ: -13.0%
Jun 25: 1,257 cr
YoY: +25.1%
Peak: 2,252 cr
vs peak: -30.2%

EBITDA margin

Jun 26: 11.5%
Mar 26: 11.3%
QoQ: +20bps
Jun 25: 11.9%
YoY: -40bps
Peak: 12.9%
vs peak: -140bps

Breadth: 100% of 3 companies grew revenue year on year (was 33% a quarter earlier) and 67% expanded margin (was 67%).

Exhibit 3Structure

₹22,080 cr

Titagarh Rail Systems Ltd is 50.5% of this industry by market cap. The top 5 are 100% and the top 10 are 100%.

mid 2micro 13 above ₹500 cr

Exhibit 5Coverage (3 of 3)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Titagarh Rail Systems Ltd	₹11,892 cr	62.2x	37.4x	9.9%	12.4%	+12.6%	Unlock
Jupiter Wagons Ltd	₹10,364 cr	62.3x	28.9x	9.6%	12.2%	+46.0%	Unlock
Oriental Rail Infrastructure Ltd	₹706 cr	18.9x	11.0x	18.2%	15.8%	+16.7%	Unlock

Titagarh Rail Systems Ltd

Mcap: ₹11,892 cr
P/E: 62.2x
EV/EBITDA: 37.4x
ROCE: 9.9%
Margin: 12.4%
Rev YoY: +12.6%

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Jupiter Wagons Ltd

Mcap: ₹10,364 cr
P/E: 62.3x
EV/EBITDA: 28.9x
ROCE: 9.6%
Margin: 12.2%
Rev YoY: +46.0%

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Oriental Rail Infrastructure Ltd

Mcap: ₹706 cr
P/E: 18.9x
EV/EBITDA: 11.0x
ROCE: 18.2%
Margin: 15.8%
Rev YoY: +16.7%

Unlock

Exhibit 6What managements said

from Industrial Manufacturing earnings calls · as of 2026-06-30

tailwindDomestic demand acceleration is broad-based but driven by volume, not pricing12 managements

Double-digit-to-triple-digit YoY revenue growth was reported across EMS (Syrma +67%, Kaynes +40%, Cyient DLM +34%), defence electronics (Centum +25% FY26), machine tools (Jyoti…

SYRMA (Q1FY27): “Revenue From Operations 9,531 14,650 15,886 8.4% 66.7%”

headwind9 managements headwind4 managements headwind3 managements tailwind6 managements headwind4 managements tailwind3 managements headwind2 managements

7 more themes from this quarter's earnings calls are locked. A free account opens 3 full reports a quarter: every theme with verbatim management quotes, the demand picture, companies running against the tide, and the regulatory & disruption watch. Sign up free →

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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