Transrail Lighting Limited — PPTs, 05-08-2025: Investor Presentation

**1. Financial Highlights:**

Transrail Lighting reported robust Q1 FY26 financial results. Revenue from operations surged 81% year-on-year to ₹1,660 Cr. EBITDA grew 66% to ₹200 Cr, maintaining a 12% margin, while Profit After Tax (PAT) jumped 105% to ₹106 Cr, achieving a 6% margin. The un-executed order book stands strong at ₹14,654 Cr as of June’25, marking a 44% year-on-year increase. Net Debt to EBITDA improved significantly to 0.37x with IPO funds, and Return on Capital Employed (ROCE) reached 27.47%.

**2. Strategic Initiatives & Growth Drivers:**

The company is undertaking brownfield CAPEX for its Tower, Conductor, and Pole manufacturing plants, aiming to significantly boost capacity. Tower capacity is set to increase to 196,000 MT PA and Conductor capacity to 49,500 KM, with expansions planned through Q2 FY27. Key strategies include expanding core T&D competencies, diversifying into allied infrastructure EPC, and growing international business, with a focus on new-age HTLS conductors.

**3. Business Developments:**

During Q1 FY26, Transrail successfully commissioned major transmission line projects, including 765 kV DC lines for Adani (Khavda) and Powergrid (Khetri Narela), and a 400kV TL in Solapur for Renew. The company also completed a 132kV TL project in Eswatini (Africa). Notably, CRISIL upgraded Transrail’s credit rating to AA-/Stable (Long term) and A1+ (Short Term), and its Tower Manufacturing Plant at Deoli received an 'A Grade' from POWERGRID.

**4. Market Position & Competitive Advantage:**

Transrail maintains a strong market position as an end-to-end T&D solutions provider, leveraging its in-house design, manufacturing (65-70% self-manufactured value), and testing capabilities. Its diversified business portfolio spans T&D, Civil Construction, Poles & Lighting, Railways, and Solar EPC, with an established global footprint across 59 countries and a healthy, growing order book that balances domestic and international projects.

**5. Investor Implications:**

The strong Q1 FY26 financial performance, coupled with a robust order book and strategic capacity expansions, signals positive growth potential. The improved credit rating and debt metrics further underscore the company’s strengthening financial health, which may be viewed favorably by investors.