Titagarh Rail Systems (TITAGARH) Q2 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue and profitability in Q2 FY25, with strong year-over-year and sequential growth in key financials.

• Freight wagon production averaged 900 units/month, targeting 1,000/month next quarter, supported by a robust order book and significant new orders in both freight and passenger segments.

• Passenger rail segment production ramping up, with Bangalore Metro deliveries starting this quarter and Ahmedabad Metro by Q1 FY26.

• Vande Bharat sleeper train project delayed due to configuration changes, with first delivery now expected by Dec 2025/Jan 2026.

• Financial statements for Q2 FY25 reviewed by independent auditors, with no material misstatements identified.

Financial highlights

• Q2 FY25 standalone revenue from operations rose 12.99% year-over-year to ₹1,056.95 crore; EBITDA increased 12.45% to ₹129.41 crore; PAT grew 20.07% to ₹85.12 crore.

• EPS for Q2 FY25 at ₹6.32, up from ₹5.60 in Q2 FY24.

• Net debt-free/negative position, with cash and bank deposits offsetting outstanding debt.

• Standalone equity as of September 30, 2024, was ₹2,372.73 crore, with total assets at ₹3,579.79 crore.

Outlook and guidance

• Confident of sustaining 1,000 wagons/month run rate, with healthy order pipeline for next several quarters.

• Passenger rail segment revenue contribution expected to grow from Q4 FY25 as metro and Vande Bharat projects ramp up.

• Full impact of PRS segment expected in FY26-27 as major projects stabilize.

• Ongoing capacity expansion and modernization to support future growth in both freight and passenger segments.