India · Delayed Price · Currency is INR Titagarh Rail Systems Earnings Call Transcripts
Fiscal Year 2026
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Exited Firema, eliminating future liabilities, and launched shipbuilding as a separate subsidiary with production starting FY 2027. Passenger rail margins and order book surged, with strong ramp-up plans for coaches and Vande Bharat trains, while freight and leasing businesses remain stable.
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Passenger rail systems delivered strong revenue and EBITDA growth, while freight rail was impacted by wheel set shortages but is expected to recover as supply normalizes. The order book remains robust, with significant CapEx underway and industry tailwinds supporting future growth.
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Strategic plan targets a shift to high-value passenger and metro segments, with normalized wagon production and robust order books across business lines. Margins are set to improve with backward integration and service contracts, while shipbuilding and leasing offer new growth avenues.
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Order book surged with INR 2,500 crore in new bookings and robust passenger rail pipeline. Production normalized after wheel set supply issues, with metro and propulsion segments set for significant growth. CapEx and land acquisition support capacity expansion and backward integration.
Fiscal Year 2025
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Record wagon and foundry production achieved despite wheelset shortages, with normalization expected from June. Passenger and propulsion segments are ramping up, and new business areas in signaling and shipbuilding are being developed. FY 2026-27 are set to be transformative years.
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Q3 performance was steady despite wheelset supply issues, with recovery in production and continued leadership in wagon output. Metro and Vande Bharat projects are progressing, with new business verticals in signaling and shipbuilding set to drive future growth.
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Record quarterly revenue and EBITDA achieved, with freight wagon production set to reach 1,000/month and metro deliveries ramping up. Passenger rail segment to contribute more from FY26, supported by a strong order book and ongoing capacity expansions.
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Revenue grew 12% year-over-year in Q1 FY25, with freight segment up and passenger segment down due to project transitions. Production ramp-up for Bangalore Metro and export of traction converters mark key milestones, while robust order book and capacity expansion support strong outlook.