TITAGARH RAIL SYSTEMS LIMITED — PPTs, 12-08-2025: Investor Presentation

Here is the financial summary:

**Financial Highlights:**

Q1 FY26 results show revenue at ₹679.30 Cr and profit after tax at ₹42.75 Cr. The dip was primarily due to temporary wheelset supply issues, now normalized. EBITDA margin was 11.08%. The company holds a robust order book of ~₹12,695 Cr, plus ~₹13,326 Cr from JVs, offering strong revenue visibility.

**Strategic Initiatives & Growth Drivers:**

TRSL is focusing on rail systems by transferring its shipbuilding business to a subsidiary and defining strategy for defense/bridge segments. A significant land acquisition will boost production. Prototype production for Ahmedabad Metro has begun (first dispatch Q3 FY26), targeting ~120 coach dispatches in FY26, a major increase. Vande Bharat coach body production has also commenced, alongside ramping up traction motor output.

**Business Developments:**

New orders include ~₹396 Cr for wagons, ~₹431 Cr for Pune Metro, and ~₹1599 Cr for Mumbai Metro coaches. The company-built Bangalore Metro train was inaugurated. Strategic partnerships with BHEL, RKFL, ABB, and Sidwal enhance capabilities across the value chain.

**Market Position & Competitive Advantage:**

TRSL leads wagon manufacturing (~25% market share) and is the only Indian company producing both wagons and coaches. Its vertical integration, expanding casting capacity, and advanced engineering centers provide a strong competitive edge.

**Investor Implications:**

Despite Q1 challenges, a strong order book, strategic expansions, and significant tailwinds from Indian Railways' capex (Vande Bharat, Metro) point to substantial positive growth potential. Key for investors is monitoring successful execution and production ramp-up.