Titagarh Rail Systems Ltd.

•

titagarh.inBSE: 532966NSE: TITAGARH

Market Cap₹ 11,569 Cr.

Current Price

High / Low₹ 971 / 569

Stock P/E60.4

Book Value₹ 182

Price to Book3.22

Dividend Yield0.12 %

ROCE9.1 %

ROE5.2 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Freight Rolling Stock: 81.7% • Passenger Rolling Stock: 16.9% • Shipbuilding: 1.3%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Latest quarter profit grew 69.9% YoY, showing strong momentum
Company has delivered good sales growth of 15.9% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 5.1pp
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 63.8% versus prior year
Company has a low return on equity of 9.0% over last 3 years
A large part of profit comes from other income (25.1% of PBT)
Equity base is being diluted - shares outstanding up 12.6%
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesRailways Wagons/Coaches

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	TITAGARH	859.05	60.42	11569.15	0.12	52.58	69.94	765.07	12.63	9.08	12.33
2.	JWL	241.50	61.94	10320.99	0.41	26.19	-15.73	670.74	46.02	8.79	9.79
3.	TEXRAIL	117.75	22.26	4790.83	0.64	50.07	70.69	756.68	-16.90	11.60	8.11

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	911	935	955	1,052	903	1,057	902	1,006	679	799	832	875	765
	805	820	844	932	801	928	802	904	604	715	740	778	700
Operating Profit	106	115	111	120	102	129	100	102	75	84	92	97	65
OPM %	11.65%	12.30%	11.59%	11.41%	11.28%	12.24%	11.09%	10.12%	11.06%	10.47%	11.06%	11.11%	8.47%
	4	7	14	15	12	11	22	-128	12	14	11	12	7
Interest	19	20	18	16	13	17	21	22	18	18	18	17	15
Depreciation	7	7	7	7	7	8	6	8	12	12	13	14	15
Profit before Tax	84	95	100	112	94	115	95	-56	57	67	72	78	71
Tax %	26.67%	25.28%	25.05%	25.54%	24.51%	25.99%	27.51%	28.90%	25.39%	30.08%	23.32%	27.24%	25.79%
Net Profit	0	0	0	0	67	81	63	644	31	37	48	54	53
	5.17	5.56	5.84	6.37	4.97	6.01	4.63	-9.17	2.34	2.73	3.58	3.83	3.91

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,714	1,268	1,559	1,766	1,521	1,468	2,780	3,853	3,868	3,186	3,272
	1,655	1,380	1,489	1,666	1,459	1,311	2,516	3,405	3,435	2,838	2,934
Operating Profit	59	-111	70	101	62	157	263	448	433	348	338
OPM %	3.44%	-8.78%	4.51%	5.70%	4.06%	10.68%	9.47%	11.64%	11.18%	10.92%	10.32%
	74	39	38	54	44	26	43	43	-82	-16	43
Interest	31	44	65	88	81	57	81	73	73	71	68
Depreciation	52	51	24	29	30	18	23	27	30	51	54
Profit before Tax	50	-167	19	37	-6	107	190	389	150	193	288
Tax %	44.80%	11.93%	-174.29%	-54.74%	-236.86%	27.29%	29.18%	25.77%	42.03%	36.91%	26.56%
Net Profit	27	-147	52	58	-19	78	135	288	87	122	212
EPS	2.32	-12.44	-2.47	-2.96	-1.28	-0.03	10.89	21.25	6.54	9.13	—
Dividend Payout %	34.32%	-2.41%	-12.15%	0.00%	0.00%	0.00%	4.59%	3.76%	15.29%	10.95%	—

COMPOUNDED SALES GROWTH

10 Years:: 13%
5 Years:: 16%
3 Years:: 5%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -2%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 3%
1 Year:: -7%

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 10%
3 Years:: 9%
Last Year:: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	23	23	23	23	24	24	24	27	27	27
Minority Interest	79	64	73	79	0	0	0	0	1	1
	943	829	789	741	815	818	940	2,191	2,268	2,377
	397	656	901	874	1,022	912	377	270	647	721
Trade Payables	442	306	535	351	398	439	323	319	235	330
	811	1,028	526	372	387	669	647	787	994	1,101
Total Liabilities	2,695	2,906	2,848	2,440	2,646	2,862	2,311	3,595	4,172	4,557
	925	949	927	863	863	958	724	740	984	1,270
Capital Work in Progress	12	23	33	0	16	15	12	108	40	72
	82	83	87	29	31	30	32	198	225	279
	537	442	521	376	385	504	461	524	523	588
	0	0	0	0	0	0	0	533	671	630
Cash & Bank	46	74	119	56	124	42	100	609	467	317
	1,092	1,335	1,160	1,116	1,226	1,313	982	884	1,263	1,401
Total Assets	2,695	2,906	2,848	2,440	2,646	2,862	2,311	3,595	4,172	4,557

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-167	-101	-103	164	66	66	107	86	-97	322
Cash from Investing	68	-26	-48	-10	-72	-69	-61	-537	-579	-133
Cash from Financing	111	191	214	-227	43	-53	67	724	372	-52
	3	44	41	-83	39	-68	46	273	-304	137

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
40.46	40.46	40.46	40.46	40.46	40.46	40.46	40.46	40.46
19.56	16.32	13.67	11.63	9.49	9.56	10.66	10.67	10.87
14.13	13.94	15.01	13.40	11.67	12.77	12.60	12.46	15.38
0.01	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.01
25.84	29.26	30.87	34.49	38.36	37.19	36.28	36.41	33.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Copy of Newspaper Publication

2026-09-09 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about Copy of Newspaper Publication

2026-09-08

General Updates

2026-09-08 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about letters sent to shareholders in pursuant to Regulation 36(1)(b) and 30 of SEBI (LODR) Regulations, 2015

2026-09-08

General Updates

2026-09-08 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about Communication to Shareholders w.r.t. Tax Deduction at Source on Dividend Payout

2026-09-08

Record Date

2026-09-08 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange that Record date for the purpose of Dividend is 23-Sep-2026.

2026-09-08

Shareholders meeting

2026-09-08 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding Notice of Annual General Meeting to be held on September 30, 2026

2026-09-07

Outcome of Board Meeting

2026-09-07 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding Outcome of Board Meeting held on September 07, 2026.

2026-09-05

Change in Management

2026-09-05 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about restructuring in Management

2026-08-26

General Updates

2026-08-26 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about General Updates - Signing of Memorandum of Undertaking

2026-08-21

Press Release

2026-08-21 - TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding a press release dated August 21, 2026, titled "TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding a press release dated August 21, 2026, titled "Titagarh Rail Systems Inaugurates New Design and Operations Centre at Uttarpara, WB, Advancing the Vision of Hon ble Chief Minister Shri Suvendu Adhikari Ji, in the Presence of Shri Tapas Roy, Hon ble Minister of Industry & Commerce, and Shri Arjun Singh, Hon ble Minister of Labour & Transport, Government of West Bengal, Strengthening the Revival of Bengal"".

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Recent coverage and analyst commentary for TITAGARH

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