Titagarh Rail Systems (TITAGARH) Q2 26/27 earnings summary

Executive summary

• Passenger Rail Systems posted record Q2 revenue of ₹300.18 Cr, with 51 metro cars invoiced; the segment contributed 38.84% of standalone revenue.

• Total order book, including prorated JV share, was ~₹28,695 Cr; standalone including wholly owned subsidiary was ~₹15,369 Cr.

• Q2 FY27 consolidated revenue was ₹792.56 Cr and profit was ₹63.20 Cr; H1 revenue was ₹1,557.63 Cr and profit ₹115.78 Cr.

• Prior-period comparatives were restated for Firema-related errors; joint auditors issued unmodified limited-review conclusions.

Financial highlights

• Standalone Q2 FY27 revenue was ₹772.81 Cr; EBITDA before exceptional items was ₹107 Cr, with a 13.81% margin; PBT was ₹82 Cr and PAT ₹63 Cr.

• Standalone Q2 profit was ₹63.44 Cr; H1 revenue was ₹1,507.87 Cr and profit ₹115.43 Cr.

• Consolidated Q2 PBT was ₹82.01 Cr; H1 PBT was ₹152.89 Cr, including a ₹1.24 Cr share of JV losses.

• H1 FY27 consolidated net cash from operating activities was ₹152.96 Cr, vs ₹185.46 Cr in H1 FY26.

Segment performance

• Passenger Rail Systems Q2 revenue was ₹300.18 Cr, up 146% YoY and 31% QoQ; segment EBIT was ₹50.29 Cr and EBIT margin 16.75%.

• Freight Rail Systems Q2 revenue was ₹472.63 Cr, 61.16% of standalone revenue; segment EBIT was ₹51.95 Cr and EBIT margin 10.99%.

• Consolidated Q2 revenue included ₹19.75 Cr from Shipbuilding & Maritime Systems; H1 segment revenue was ₹977.94 Cr freight, ₹529.93 Cr passenger and ₹49.76 Cr shipbuilding.

• Freight Rail Systems dispatched 1,155 wagons vs 1,872 YoY and 1,284 QoQ; order book stood at 9,144 wagons.

• Sep. 30, 2026 segment order book: Passenger Rail Systems ~₹10,801 Cr; Freight Rail Systems ~₹4,119 Cr; shipbuilding and maritime systems ~₹449 Cr.