TRANSRAILL
Micro CapTransrail Lighting Limited
Industrials
Transrail Lighting Limited is an Indian EPC company specializing in power transmission and distribution, civil construction, railways, poles & lighting, and solar EPC. It operates globally across 63 countries with integrated manufacturing facilities for towers, conductors, and poles, offering end-to-end solutions.
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.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
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 · 0/100Rev -4% YoY · PAT -24% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,863 Cr | -4.3% | +3.7% |
| EBITDA | ₹207 Cr | -12.3% | -8.8% |
| Operating margin | 11.0% | -100 bps | -200 bps |
| PAT | ₹96 Cr | -24.4% | -12.7% |
| PAT margin | 5.2% | -138 bps | -97 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
TRANSRAILL reported highest-ever revenue of ₹6,880 Cr (up 30% YoY), EBITDA up 21%, and PAT up 28% for FY26, exceeding revenue growth guidance. The order book strengthened to ₹16,361 Cr+ including L1, driven by strong domestic and international momentum.
TRANSRAILL delivered robust FY26 results, exceeding revenue guidance and significantly improving its balance sheet. The strong order book and strategic capacity additions support future growth. However, the YoY decline in Q4 revenue and profitability warrants close monitoring for any signs of execution challenges or margin pressure.
Un-executed Order Book by Segment (as on Mar'26)
Latest issuer-disclosed distribution across 4 reported categories.
Energy Transition Push
India's 500 GW non-fossil capacity target by 2030 demands massive grid expansion and renewable energy evacuation lines.
Manufacturing & Urbanisation
Industrial corridors, data centers, EVs, and green hydrogen are driving higher baseload energy demand.
Africa's Electrification Drive
Initiatives like Mission 300 aim to connect 300 million people in Sub-Saharan Africa to electricity by 2030.
Cross Border Power Connectivity
Regional grid interconnections are gaining momentum to improve energy access, reliability, and power exchange.
Tower Manufacturing Capacity
Doubled to 172,400 MTPA in FY26 through greenfield and brownfield expansions. New factory at Butibori, Nagpur started.
Conductor Plant Expansion
Brownfield expansion of existing conductor plant is on schedule, expected by Q1 FY27.
Planned Future Capacity
Post-CAPEX (Phase 1 + Phase 2) targets 196,000 MTPA for towers and 49,500 KM for conductors.
New Capex Approval
Board approved an additional ₹203 Cr capex on May 26, 2026, mainly for procuring equipment for site construction.
National Electricity Plan
₹9.15 lakh crore transmission investments planned by 2032, providing strong long-term project visibility.
Government Policy Support
Government is working for integrating 1150 kV UHV lines to boost India’s grid.
Global Climate Goals & Funding
Global climate goals (EU Green Deal) and funding support T&D investments worldwide.
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.
Full-year FY26 results show strong YoY growth in revenue, EBITDA, and PAT, exceeding guidance. However, Q4 FY26 saw a YoY decline in revenue, EBITDA, and PAT, indicating a potential slowdown in sequential momentum or project execution towards the year-end.
Revenue from Operations
₹6,880 Cr in FY26, a 30% YoY growth (against guidance of 25%). Q4 FY26 revenue was ₹1,863 Cr, a -4% YoY change.
EBITDA
₹820 Cr in FY26, a 21% YoY growth. EBITDA margin was 11.9% in FY26 (vs 12.7% in FY25). Q4 FY26 EBITDA was ₹207 Cr, a -13% YoY change.
PAT
₹421 Cr in FY26, a 28% YoY growth. PAT margin was 6.1% in FY26 (vs 6.1% in FY25). Q4 FY26 PAT was ₹97 Cr, a -24% YoY change.
Order Inflow
₹8,520 Cr in FY26.
Strategic Focus
Management is focused on building scale, creating value, and expanding globally, with increased focus across GCC/Africa/SAARC.
Order Book Strategy
Focus on margin-led qualitative order book and maintaining a balanced domestic and international mix to reduce concentration risk.
Financial Discipline
Strong cash flow management and disciplined working capital management underpin financial flexibility.
Geographic Expansion
Entry into new international markets in FY26, including Abu Dhabi, Tunisia, Djibouti, and Botswana.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | ₹8,520 Cr (FY26) | Sustained growth in order inflow and maintenance of a qualitative, margin-led order book. |
| EBITDA Margin | 11.9% (FY26) | Stability or improvement in margins, especially after the Q4 FY26 dip, indicating effective cost management and project execution. |
| Net Debt to EBITDA | 0.33x (FY26) | Continued deleveraging and strong cash generation to support ongoing capex and working capital needs. |
| Capacity Utilization | Not explicitly stated, but significant additions made. | Ramp-up and efficient utilization of newly commissioned tower and expanded conductor manufacturing capacities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -4.9% / mo · near 52W low
Technical chart
TRANSRAILLweekly · 5Y-12.7%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 41.
- SMA20 falling (~5.1% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 40% off 52W high · 7% 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
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.7%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.2%.
Main drags
- Valuation is weaker at 18/30; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
- Quality is weaker at 13/20; 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.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 87th percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 71.1%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 87th pctile, median 68 · Micro: 80th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy 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 holding is 71.1%.
- ▸Promoter pledge is zero.
- ▸ROCE is 35.2%.
- ▸5/5 recent quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 15.50
- P/B
- 2.83
- EV/EBITDA
- 8.05
- Market Cap
- 6451.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 29.20%
- ROA
- 5.49%
- Dividend Y
- 0.17%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 56.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 3.74×
- Altman Z
- 2.61
- Book Value
- 170.00
Cash Flow
- FCF Yield
- 6.73%
- FCF Positive Y
- 4/5
- OCF
- 643.00 Cr
- EPS TTM
- 30.06
Shareholding
- Promoter Hold
- 71.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 8%
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.