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Titagarh Rail Systems (TITAGARH) investor relations material
Titagarh Rail Systems Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary18 Nov, 2025
Executive summary
Strategic plan presented to transition from freight wagons to passenger trains, metro coaches, and high-value manufacturing, supported by joint ventures and technology transfer.
Net debt negative position maintained, with a strong and diversified order book across wagons, coaches, and shipbuilding, including major new orders in Q2 FY26.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, and strategic investment of up to Rs. 50 crore in Titagarh Naval Systems Limited.
Initiated wagon leasing business and restructured Design and Engineering into a separate business unit to drive innovation.
Shipbuilding business ramping up, targeting specialized vessels with a capacity of 15-18 vessels per year and a current order book of INR 500 crore.
Financial highlights
Q2 FY26 standalone revenue at ₹1,048.6 Cr, down 24.8% year-over-year; H1 FY26 revenue at ₹1,877.2 Cr, down 22.1% year-over-year.
Q2 FY26 standalone net profit was Rs. 47.29 crore, compared to Rs. 42.75 crore in Q1 FY26 and Rs. 85.12 crore in Q2 FY25.
Q2 FY26 EBITDA at ₹134.5 Cr, down 34% year-over-year; H1 FY26 EBITDA at ₹236.3 Cr, down 29.8% year-over-year.
Q2 FY26 PAT at ₹90.2 Cr, down 42.5% year-over-year; H1 FY26 PAT at ₹162.3 Cr, down 40.4% year-over-year.
EPS for Q2 FY26 at ₹3.85, H1 FY26 at ₹7.18.
Outlook and guidance
Freight wagon production to continue at 800-850 units per month until new tenders are finalized.
Metro coach deliveries for Gujarat and Bangalore to reach 100-120 cars this year, with further doubling next year.
Vande Bharat sleeper train deliveries to begin in Q3 next year; ramp-up planned across all passenger orders.
Board approved investment in TNSL and wagon leasing business to diversify and expand revenue streams.
Strategic plan and business outlook presentation available, indicating continued focus on order execution and growth.
Firema impairment: What's the financial exposure?
Wagon leasing business: What's the revenue outlook?
SMS business transfer: What's the strategic rationale?
Wagon capacity utilization post new tender
When will passenger rail margins hit 11-12%?
Rationale for shipbuilding business spin-off
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Next Titagarh Rail Systems earnings date
Q3 25/2613 Feb, 2026
Next Titagarh Rail Systems earnings date
Q3 25/2613 Feb, 2026
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