Titagarh Rail Systems (TITAGARH) Q2 25/26 earnings summary

Executive summary

• Strategic plan presented to shift focus from freight wagons to passenger trains, metro coaches, and high-value manufacturing, supported by robust order books and joint ventures.

• Net revenue for H1 FY26 was ₹1,462.3 Cr, down 22.1% year-over-year; Q2 FY26 revenue was ₹788.3 Cr, a 24.8% decline from Q2 FY25.

• EBITDA for H1 FY26 was ₹165.8 Cr, down 29.8% year-over-year; Q2 FY26 EBITDA margin was 11.25%.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025.

• Significant new orders in the passenger rail segment, including Mumbai Metro Lines 5 and 6, extending order visibility to FY 2028.

Financial highlights

• Q2 FY26 wagon dispatches totaled 1,872 units, with normalized monthly production now at 800-850 wagons.

• H1 FY26 EPS was ₹6.68, compared to ₹11.62 in H1 FY25.

• Standalone revenue from operations for Q2 FY26 was Rs. 788.32 crore, up from Rs. 674.00 crore in Q1 FY26 and Rs. 991.66 crore in Q2 FY25.

• Consolidated net profit for Q2 FY26 was Rs. 37.00 crore, compared to Rs. 30.94 crore in Q1 FY26.

• Net cash from operating activities was ₹190.59 Cr in H1 FY26, with cash and cash equivalents at ₹31.2 Cr as of Sep 2025.

Outlook and guidance

• Freight wagon production to continue at 800-850 units/month until new tenders are finalized, with capacity for 1,000/month.

• Passenger coach deliveries guided at 100-120 cars for FY26, with ramp-up plans for higher volumes in subsequent years.

• Board approved investment in TNSL and wagon leasing business to diversify and expand revenue streams.

• Focus on core business by transferring Shipbuilding & Maritime Systems to subsidiary.

• Strategic plan and business outlook indicate ongoing focus on growth and operational efficiency.