TITAGARH
Large CapTITAGARH RAIL SYSTEMS LIMITED
Industrials
Titagarh Rail Systems Limited (TRSL) is an Indian manufacturer of freight and passenger rail systems, including wagons, metro coaches, and Vande Bharat trains. The company also has strategic joint ventures in forged wheel manufacturing and shipbuilding, aiming for integrated rail solutions and diversified industrial presence.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 5/100Rev -13% YoY · margin expansion · +5% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹875 Cr | -13.0% | +5.2% |
| EBITDA | ₹92 Cr | +411.1% | +1.1% |
| Operating margin | 11.0% | +900 bps | +0 bps |
| PAT | ₹54 Cr | NDF | +20.0% |
| PAT margin | 6.2% | +1850 bps | +76 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue impacted by FRS supply constraints, but PRS segment achieved highest-ever revenue (+111% YoY) and EBIT margin. Strong total order book of ~27,540 Cr provides significant revenue visibility, supported by positive operating cash flow and strategic capacity expansions.
The thesis remains intact due to a robust order book and strong growth in the high-margin Passenger Rail Systems segment. Strategic investments in capacity and JVs position the company for future growth. However, FRS segment's supply chain issues and increased working capital days warrant close monitoring for execution and efficiency.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Passenger Rail Systems (PRS) Ramp-up
FY26 dispatches of 64 coaches (vs 12 last year) and a targeted ramp-up to at least 200 coaches in FY27, with PRS revenue highest ever at Rs 539 Cr (+111% YoY).
Vande Bharat Sleeper Train Project
JV with BHEL for manufacturing and 35-year maintenance of 80 trainsets, contributing ~7,000 Crores to the total order book share.
Forged Wheel Manufacturing JV
JV with Ramkrishna Forgings to establish Asia's 2nd largest plant producing 228,000 forged wheels per annum, with an order book share of ~6,300 Crores.
Wagon Leasing Business
Obtained Wagon Leasing license from Indian Railways and secured first orders for 2 rakes on a 10-year operating lease.
PRS Manufacturing Expansion
Acquired ~40 acres at Uttarpara to expand manufacturing capacity and build a fully integrated facility, including a 1.6 km test track.
Foundry Capacity Upgrade
Foundry upgraded with resin-based moulding, capacity expanded to 50,000 MT per annum, enabling 100% backward integration for full wagon output.
Forged Wheel Plant Commissioning (JV)
Cold commissioning of the Forging Line completed; hot trials expected in Q1 FY27 and commercial operations by Q2 FY27 for the 228,000 wheels/annum plant.
Falta Shipyard Brownfield Expansion
Setting up a brownfield shipyard at Falta with a total capex of ~Rs 600 Crores; project-ready with launch planned for June 2026.
Robust Demand for Passenger Rolling Stock
The company is augmenting production capacity to meet robust demand for passenger rolling stock and preparing to enter the high-speed train segment.
Government Support for Shipbuilding
Titagarh Naval Systems Limited (WOS) secured Rs 169 Crores under the Shipbuilding Financial Assistance Scheme for its Falta Shipyard expansion.
Aatmanirbhar Bharat Vision
The proposed Vande Bharat JV with BHEL contributes to the Government of India's vision of Aatmanirbhar Bharat.
FRS Supply Chain Constraints
FY26 Freight Rail Systems (FRS) revenue was impacted by wheelset and West Asia related supply chain constraints during the year.
Increased Working Capital Days
Net Working capital days increased to ~107 days from ~84 days in the previous year, driven by mismatched inventory.
Execution Risk for New Projects
Timely commissioning and ramp-up of new facilities like the Uttarpara PRS plant, Falta shipyard, and the forged wheel plant JV are critical for realizing growth.
Working Capital Management
The increase in working capital days due to inventory mismatch could strain liquidity and impact operational efficiency if not effectively managed.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation provides annual financial results for FY26 compared to FY25 and FY24, and explicitly highlights YoY growth for key operational metrics like PRS revenue and coach dispatches, making YoY the primary comparison basis.
Total Order Book (incl. JVs)
Total order book including prorate share of JVs stands at ~27,540 Crores as of March 31, 2026.
Revenue Cover
Total order book of ~27,540 Crores against FY26 revenue of 3,143.58 Crores implies a revenue cover of approximately 8.7x.
FRS Wagon Dispatches (FY26)
FY26 dispatches for Freight Rail Systems (FRS) were 7,019 wagons, impacted by wheelset and West Asia related supply chain constraints.
PRS Coach Dispatches (FY26)
FY26 dispatches for Passenger Rail Systems (PRS) stood at 64 coaches, a significant increase from 12 coaches in the previous year.
FY27 FRS Production Target
Management targets 650-700 wagons per month for FY27, with potential to upscale to 1,000/month once new tenders are awarded by Railways.
FY27 PRS Production Target
Management targets a ramp-up to at least 200 coaches in FY27 for the Passenger Rail Systems segment.
Entry into High-Speed Train Segment
The company is preparing to enter the high-speed train segment in a few years.
Falta Shipyard Launch
The launch of the brownfield Falta Shipyard expansion is planned for June 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PRS Coach Dispatches | 64 coaches (FY26) | Ramp-up to at least 200 coaches in FY27. |
| FRS Wagon Monthly Run Rate | 7,019 wagons (FY26 annual) | Achievement of 650-700 wagons per month, with potential to 1,000/month. |
| Forged Wheel JV Commercial Operations | Cold commissioning completed | Hot trials in Q1 FY27 and commencement of commercial operations by Q2 FY27. |
| Net Working Capital Days | ~107 days (FY26) | Improvement in working capital management and reduction in days from current levels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +16.2% / mo
Technical chart
TITAGARHdaily · 6M+12.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 59.
- SMA20 rising (~3.5% over last month) — short-term momentum positive.
- RSI(14) at 59 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 49% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 5/10 to the score.
- Growth contributes 12/25 to the score.
Main drags
- Fair-value margin of safety is negative at -105.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 34th percentile of the scored universe and 30th percentile within Industrials. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 4 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 30th pctile, median 68 · Large: 19th pctile, median 74
123 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.7%.
- ▸4 years of positive FCF.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.5%.
- ▸ROCE trend is -7.1%.
- ▸0/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 70.60
- P/B
- 4.60
- EV/EBITDA
- 31.18
- Market Cap
- 11288.00Cr
Profitability
- ROE
- 6.47%
- ROCE
- 10.60%
- ROA
- 3.05%
- Dividend Y
- 0.12%
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 65.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 4.66×
- Altman Z
- 6.40
- Book Value
- 182.00
Cash Flow
- FCF Yield
- 1.67%
- FCF Positive Y
- 4/5
- OCF
- 322.00 Cr
- EPS TTM
- 9.13
Shareholding
- Promoter Hold
- 40.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.