TITAGARH RAIL SYSTEMS LIMITED

About

Titagarh Rail Systems Limited engages in the manufacture and sale of freight and passenger rail systems in India and internationally. The company offers forged wheel set, loco shells, couplers, draft gears, cast bogies, and cast manganese steel crossing products; automobile-carrying, flat, hopper, tank, box, covered, and special purpose wagons; and brake vans. It also provides passenger rolling stock products, including high speed electric loco, electric multiple unit train sets, metros, semi high-speed trains, light rail transport, diesel electric multiple units, body shells, and bogies; and propulsion and electrical equipment, such as traction converters and power electronics, propulsion systems, auxiliary power supply products, electronic equipment, traction motors, train control and monitoring systems, and hardware and software products. In addition, the company offers maintenance, assistance and global, repair, inspection and refurbishing, systems and electrical equipment upgrade, exteriors and interiors face-lift, and power upgrading services. Further, it engages in the shipbuilding business comprising coastal research vessels, naval vessels, passenger ships, tugs, and inland water transport vessels. Additionally, the company manufactures modular panel bridges, bailey bridges, unibridges, and matière X bridges; and defense products, such as shelters, specialized wagons, EMI/EMS containers, CBRNe equipment, mine ploughs, pressure vessels, and specialized canopies. Titagarh Rail Systems Limited has a strategic collaboration with TuTr Hyperloop Private Limited to develop hyperloop technology enabled freight transportation solutions. The company was formerly known as Titagarh Wagons Limited and changed its name to Titagarh Rail Systems Limited in May 2023. Titagarh Rail Systems Limited was incorporated in 1997 and is based in Kolkata, India.

Key Metrics

as of Sep 2026

Market Cap11,730 Cr

P/E60.40

Div Yield0.11 %

Book Value₹182.00

52w High₹971.00

52w Low₹569.00

Face Value₹2.00

Quarterly Results

Rs. Crores · hover row for definition

Metric	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023	Jun 2023
Sales	735.00	859.00	823.00	788.00	674.00	998.00	902.00	1,049.00	903.00	1,052.00	955.00	935.00	911.00
Expenses	641.00	755.00	724.00	700.00	597.00	883.00	802.00	914.00	801.00	932.00	844.00	820.00	805.00
Operating Profit	94.00	104.00	99.00	89.00	77.00	116.00	100.00	134.00	102.00	120.00	111.00	115.00	106.00
OPM %	13.00	12.00	12.00	11.00	11.00	12.00	11.00	13.00	11.00	11.00	12.00	12.00	12.00
Other Income	6.00	18.00	-7.00	10.00	10.00	-249.00	22.00	6.00	12.00	15.00	14.00	7.00	10.00
Depreciation	15.00	14.00	12.00	12.00	12.00	8.00	6.00	7.00	7.00	7.00	7.00	7.00	7.00
Interest	15.00	17.00	17.00	18.00	18.00	22.00	21.00	17.00	13.00	16.00	18.00	20.00	19.00
Profit before tax	70.00	90.00	63.00	68.00	57.00	-163.00	95.00	115.00	94.00	112.00	100.00	95.00	90.00
Tax %	26.00	25.00	26.00	31.00	25.00	-9.00	28.00	26.00	25.00	26.00	25.00	25.00	25.00
Net Profit	52.00	68.00	47.00	47.00	43.00	-148.00	69.00	85.00	71.00	83.00	75.00	71.00	68.00
EPS in Rs	3.86	5.05	3.46	3.51	3.17	-10.99	5.12	6.32	5.30	6.19	5.57	5.57	5.65

Profit & Loss

Annual · Rs. Crores

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Sales	3,144.00	3,866.00	3,853.00	2,781.00	1,496.00	1,026.00	1,484.00	1,060.00	314.00	349.00	311.00	376.00
Expenses	2,775.00	3,427.00	3,401.00	2,516.00	1,327.00	906.00	1,355.00	999.00	316.00	331.00	315.00	346.00
Operating Profit	369.00	439.00	452.00	264.00	168.00	119.00	129.00	62.00	-2.00	18.00	-4.00	30.00
OPM %	12.00	11.00	12.00	10.00	11.00	12.00	9.00	6.00	-0.80	5.00	-1.20	8.00
Other Income	-24.00	75.00	46.00	-2.00	-30.00	16.00	-144.00	-93.00	23.00	24.00	7.00	1.00
Interest	70.00	73.00	73.00	81.00	57.00	55.00	65.00	39.00	9.00	4.00	5.00	6.00
Depreciation	50.00	30.00	27.00	22.00	18.00	16.00	18.00	16.00	13.00	12.00	12.00	9.00
Profit before tax	224.00	412.00	397.00	159.00	63.00	64.00	-98.00	-87.00	-1.00	26.00	-14.00	15.00
Tax %	33.00	26.00	25.00	35.00	47.00	22.00	-19.00	-36.00	-468.00	27.00	-35.00	34.00
Net Profit	151.00	303.00	297.00	103.00	33.00	50.00	-80.00	-55.00	3.00	19.00	-9.00	10.00
EPS in Rs	11.19	22.53	22.05	8.65	2.80	4.21	-6.91	-4.79	0.25	1.67	-0.78	0.98
Dividend Payout %	9.00	4.00	4.00	6.00	0.00	0.00	0.00	-6.00	119.00	48.00	-103.00	16.00

Balance Sheet

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Equity Capital	27.00	27.00	27.00	24.00	24.00	24.00	23.00	23.00	23.00	23.00	23.00	20.00
Reserves	2,456.00	2,493.00	2,201.00	939.00	846.00	848.00	793.00	873.00	867.00	872.00	852.00	610.00
Borrowings	612.00	627.00	166.00	353.00	198.00	104.00	212.00	299.00	99.00	43.00	13.00	15.00
Other Liabilities	949.00	650.00	832.00	710.00	617.00	442.00	409.00	448.00	194.00	140.00	121.00	117.00
Total Liabilities	4,044.00	3,797.00	3,226.00	2,026.00	1,685.00	1,418.00	1,437.00	1,643.00	1,183.00	1,078.00	1,009.00	762.00
Fixed Assets	1,351.00	991.00	748.00	732.00	678.00	575.00	586.00	590.00	302.00	307.00	299.00	113.00
CWIP	70.00	123.00	175.00	12.00	0.00	16.00	0.00	19.00	16.00	5.00	2.00	2.00
Investments	422.00	343.00	213.00	45.00	60.00	133.00	104.00	158.00	384.00	363.00	233.00	216.00
Other Assets	2,202.00	2,339.00	2,090.00	1,238.00	947.00	693.00	747.00	877.00	481.00	403.00	475.00	430.00
Total Assets	4,044.00	3,797.00	3,226.00	2,026.00	1,685.00	1,418.00	1,437.00	1,643.00	1,183.00	1,078.00	1,009.00	762.00

Cash Flows

Annual · Rs. Crores — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Cash from Operating Activity	311.00	-101.00	93.00	62.00	35.00	226.00	296.00	-94.00	28.00	-28.00	-44.00	91.00
Cash from Investing Activity	-126.00	-581.00	-531.00	-77.00	-59.00	-39.00	-143.00	22.00	-67.00	3.00	-75.00	-45.00
Cash from Financing Activity	-51.00	373.00	724.00	50.00	-22.00	-147.00	-145.00	70.00	37.00	28.00	115.00	-63.00
Net Cash Flow	134.00	-310.00	286.00	34.00	-46.00	40.00	8.00	-1.00	-2.00	3.00	-4.00	-18.00
Free Cash Flow	-56.00	-331.00	-71.00	25.00	-37.00	206.00	298.00	-122.00	16.00	-54.00	-47.00	82.00
CFO/OP %	103.00	-1.00	43.00	48.00	27.00	188.00	236.00	-149.00	-1,176.00	-146.00	1,007.00	334.00

Ratios

Annual · Days / % — latest first

Metric	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020	Mar 2019	Mar 2018	Mar 2017	Mar 2016	Mar 2015
Debtor Days	72.00	63.00	50.00	37.00	48.00	46.00	39.00	64.00	122.00	115.00	84.00	73.00
Inventory Days	90.00	65.00	64.00	78.00	106.00	99.00	70.00	152.00	272.00	278.00	258.00	222.00
Days Payable	51.00	29.00	39.00	55.00	78.00	67.00	72.00	162.00	76.00	68.00	67.00	65.00
Cash Conversion Cycle	111.00	99.00	75.00	60.00	77.00	79.00	37.00	54.00	318.00	325.00	274.00	230.00
Working Capital Days	70.00	58.00	61.00	20.00	28.00	89.00	72.00	62.00	212.00	214.00	223.00	157.00
ROCE %	12.00	17.00	25.00	24.00	16.00	11.00	11.00	7.00	0.00	3.00	1.00	6.00

Shareholding Pattern

% holding — latest first

Holder	Jun 2026	Mar 2026	Dec 2025	Sep 2025	Jun 2025	Mar 2025	Dec 2024	Sep 2024	Jun 2024	Mar 2024	Dec 2023	Sep 2023
Promoters	40.46	40.46	40.46	40.46	40.46	40.46	40.46	40.46	40.46	42.46	42.47	44.97
FIIs	10.87	10.67	10.66	9.56	9.49	11.63	13.67	16.32	19.56	17.27	20.04	16.85
DIIs	15.38	12.46	12.60	12.77	11.67	13.40	15.01	13.94	14.13	13.72	12.27	10.45
Public	33.28	36.42	36.28	37.19	38.35	34.49	30.86	29.25	25.83	26.53	25.22	27.73
No. of Shareholders	524,155	559,860	571,503	591,488	617,505	587,422	515,638	461,442	362,203	292,395	224,205	191,910

Corporate Actions

20 records

Action	Ex Date	Record Date	Ratio	Amount (₹)	Notes
Dividend	08 Sep 2025	09 Sep 2025	—	1.00
Dividend	20 Aug 2024	—	—	0.80
Dividend	22 Sep 2023	—	—	0.50
Other	07 Sep 2022	—	—	—	Annual General Meeting
Other	17 Sep 2021	—	—	—	Annual General Meeting
Other	22 Dec 2020	—	—	—	Annual General Meeting
Dividend	11 Sep 2019	—	—	0.30
Dividend	19 Sep 2018	—	—	0.30
Dividend	20 Jul 2017	—	—	0.80
Other	22 Sep 2016	—	—	—	Annual General Meeting
Dividend	28 Mar 2016	29 Mar 2016	—	0.80
Dividend	16 Sep 2015	—	—	0.80
Split	23 Apr 2015	24 Apr 2015	10:2	—
Dividend	04 Sep 2014	—	—	4.00
Dividend	14 Aug 2013	—	—	4.00
Dividend	06 Sep 2012	—	—	8.00
Dividend	21 Jul 2011	—	—	8.00
Dividend	18 Aug 2010	—	—	5.00
Dividend	03 Sep 2009	—	—	5.00
Dividend	17 Jul 2008	—	—	5.00

Announcements

5 filings

Announcement under Regulation 30 (LODR)-Change in Management
05 Sep 2026 5 Sep - Bhavesh Jethwa becomes PRS Head of Operations; Vijay Subramanian ceases as CEO from 2 Sept 2026.
General Update - Signing Of Memorandum Of Undertaking
26 Aug 2026 26 Aug - Titagarh signed non-binding MoU with Siemens to explore global metro rolling stock opportunities.
Announcement under Regulation 30 (LODR)-Press Release / Media Release
21 Aug 2026 21 Aug - Titagarh inaugurated a new Design and Operations Centre at Uttarpara, West Bengal, on 21 August 2026.
Announcement Under Regulation 30 (LODR) - General Update
19 Aug 2026 19 Aug - Indian Railways approved Titagarh as vendor for 3-phase traction motors, capacity 1,200 annually from 19 Aug 2026.
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
19 Aug 2026 19 Aug - We enclose transcript of Q1 & FY27 Earnings Call held on Friday, 14th August, 2026.