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Titagarh Rail Systems Ltd.

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titagarh.inBSE: 532966NSE: TITAGARH
Market Cap₹ 11,810 Cr.
Current Price
High / Low₹ 971 / 569
Stock P/E50.4
Book Value₹ 184
Price to Book3.18
Dividend Yield0.11 %
ROCE10.6 %
ROE6.9 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Freight Rolling Stock: 82.8% • Passenger Rolling Stock: 17.2%

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%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 26.7% CAGR over last 5 years
  • Company has delivered good sales growth of 25.1% CAGR over last 5 years
  • Institutional investors have been accumulating - FII+DII up 5.1pp
  • Company maintains a comfortable, low leverage position

CONS

  • Company has a low return on equity of 9.9% over last 3 years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.55x)
  • Equity base is being diluted - shares outstanding up 12.6%
  • Recurring exceptional / one-off items are inflating headline profit
  • Though reporting repeated profits, the company pays out little dividend (8.2%)
  • Growth is decelerating - 3Y profit CAGR (16.6%) trails the 5Y trend (26.7%)

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

Peer comparison

Capital GoodsAutomobile & AncillariesRailways Wagons/Coaches
Part ofNIFTY SMLCAP 250NIFTY 500NIFTY TOTAL MKT
S.No.Name
1.TITAGARH876.9561.6811810.220.1152.5869.94765.0712.639.0812.33
2.JWL240.9561.8010297.490.4126.19-15.73670.7446.028.799.79
3.TEXRAIL115.2521.794689.110.6550.0770.69756.68-16.9011.608.11
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
9119359551,0529031,049872998679788823859735
805820844932801914772883604700724755671
Operating Profit10611511112010213410011675899910464
OPM %11.65%12.30%11.59%11.41%11.28%12.82%11.44%11.59%11.08%11.25%12.04%12.09%8.72%
1071415121122-240121411186
Interest19201816131721221818171715
Depreciation777777681212121415
Profit before Tax90951001129412095-1555773809070
Tax %24.96%25.28%25.05%25.52%24.51%25.02%28.05%9.77%25.18%28.65%22.22%24.84%26.13%
Net Profit68717583719068-1404352626852
5.655.605.836.555.306.695.06-10.383.173.854.625.053.86

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
3493141,0601,4841,0261,4962,7813,8533,7473,1443,205
3373221,0021,3579071,3352,5163,4053,2962,7752,849
Operating Profit12-858127119160264449451369356
OPM %3.38%-2.50%5.51%8.56%11.62%10.71%9.50%11.64%12.04%11.73%11.10%
3029-90-14216-22-249-195-1049
Interest49396555578173737068
Depreciation1213161816182327295053
Profit before Tax26-1-87-986463159397155238314
Tax %26.72%470.02%36.11%18.86%22.04%46.62%34.90%25.22%41.43%31.03%25.34%
Net Profit193-55-80503310329791164234
EPS1.660.25-4.67-6.714.212.808.6422.056.7312.17—
Dividend Payout %47.88%118.86%-6.27%0.00%0.00%0.00%5.78%3.63%14.87%8.21%—

COMPOUNDED SALES GROWTH

10 Years:
26%
5 Years:
25%
3 Years:
4%

COMPOUNDED PROFIT GROWTH

10 Years:
—
5 Years:
25%
3 Years:
13%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:
4%
5 Years:
9%
3 Years:
10%
Last Year:
7%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Sep 23

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

2025

Sep 8

₹ 0.50

Rs.1.0000 per share(50%)Dividend

2024

Aug 20

₹ 0.40

Rs.0.8000 per share(40%)Dividend

2023

Sep 22

₹ 0.25

Rs.0.5000 per share(25%)Final Dividend

2018

Sep 19

₹ 0.15

Rs.0.3000 per share(15%)Dividend

2017

Jul 20

₹ 0.40

Rs.0.8000 per share(40%)Dividend

2016

Mar 28

₹ 0.40

Interim Dividend

2015

Sep 16

₹ 0.40

Rs.0.8000 per share(40%)Dividend (Post Stock Split)

2026

Sep 8

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital23232323242424272727
8718648697918468469392,2012,2662,404
4499299356280195377270647711
Trade Payables3737335212134230323319227320
2393762822603456116477871,0021,102
Total Liabilities1,2121,3991,8091,6421,6281,9062,3103,6054,1694,565
3073025815785676707247409711,225
Capital Work in Progress212160160121084070
3633841581041336045213230422
150133316206199312461524496563
0000000533671621
Cash & Bank16152337923985607459295
3745547157176218249838811,3021,368
Total Assets1,2121,3991,8091,6421,6281,9062,3103,6054,1694,565

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-2629-923042254512893-101311
Cash from Investing3-6722-143-39-59-77-531-581-126
Cash from Financing283770-145-147-2250724373-51
3-2-1840-4634286-310134

Ratios

Standalone Figures in Rs. Crores / View Consolidated

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
40.4640.4640.4640.4640.4640.4640.4640.4640.46
19.5616.3213.6711.639.499.5610.6610.6710.87
14.1313.9415.0113.4011.6712.7712.6012.4615.38
0.010.010.010.010.010.020.010.010.01
25.8429.2630.8734.4938.3637.1936.2836.4133.28

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"".

News

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