India · Delayed Price · Currency is INR Titagarh Rail Systems Earnings Call Transcripts
Fiscal Year 2026
-
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.
-
Production normalized after wheelset issues, with strong order books in both freight and passenger segments. Shipbuilding and service contracts are set for significant growth, with margins expected to improve through backward integration and strategic focus on high-value segments.
-
Order book surged with INR 2,500 crore in new bookings and major land acquisition for capacity expansion. Passenger rail business is set for rapid growth, with metro car output targeted to rise tenfold and new manufacturing lines operational. Margins and production volumes are expected to improve as supply chain issues resolve.
Fiscal Year 2025
-
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.
-
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.
-
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.
-
Q1 FY25 saw 12% revenue growth year-over-year, with freight segment improving and passenger segment transitioning to new projects. Production ramp-up for Metro and Vande Bharat is on track, margins remain stable, and significant investments are being made in technology and capacity expansion.