Titagarh Rail Systems (TITAGARH) Q1 25/26 earnings summary

Executive summary

• Booked new orders worth nearly INR 2,500 crore in Q1 FY26 across passenger and freight rail segments, maintaining a robust order book of ~₹12,695 crore (standalone) and ₹13,326 crore (JV share) as of June 30, 2025.

• Acquired 40 acres of land contiguous to the existing passenger rail factory, enabling capacity expansion and backward integration.

• Promoters committed to infuse INR 200 crore via preferential issue/warrants convertible to equity shares.

• Board approved demerger/transfer of shipbuilding business into a wholly-owned subsidiary (TNSPL) to focus on core railway operations.

• Net debt negative position maintained, with strong operational and business updates in Q1 FY26.

Financial highlights

• Standalone revenue from operations for Q1 FY26 was ₹679.3 crore, down 24.8% year-over-year and 32.3% sequentially.

• Standalone net profit for Q1 FY26 was ₹42.75 crore, compared to ₹71.31 crore in Q1 FY25.

• EBITDA at ₹75.25 crore, down 26.1% year-over-year; EBITDA margin at 11.08%.

• Production dropped to around 1,600 wagons in Q1 due to wheel set supply issues, but situation normalized by end of quarter.

• EPS (Basic) at ₹3.17 for Q1 FY26.

Outlook and guidance

• Confident of recovering Q1 production loss in subsequent quarters to match FY25 wagon deliveries.

• Metro car deliveries targeted to grow from 12 last year to 120 in FY26.

• Passenger coach plant capacity to reach 50 cars/month by end of next year, scaling to 100 cars/month in 3-4 years.

• Wagon production expected at 900-1,000 units/month.

• Vande Bharat regular production to begin Q4 FY27, ramping up to 20-25 cars/month.