Texmaco Rail & Engineering Limited — Investor Presentation 2024

Feb 16, 2024

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16[th] February, 2024

National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex Bandra (E), Mumbai - 400051 Symbol - TEXRAIL

BSE Limited P. J. Towers, Dalal Street, Mumbai - 400001 Scrip Code - 533326

Dear Sirs,

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith a copy of the corporate presentation incorporating the financial results for the quarter & nine months ended 31[st] December, 2023 for your records.

The said presentation is also uploaded on the website of the Company https://www.texmaco.in/investors-relation/shareholders-information/ .

This is for your information and record.

Thanking you,

Yours faithfully,

For Texmaco Rail & Engineering Limited

KISHOR Digitally signed by KISHOR KUMAR KUMAR RAJGARIA Date: 2024.02.16 RAJGARIA 18:02:54 +05'30'

K. K. Rajgaria Company Secretary & Compliance Officer

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Investor presentation February 2023

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Embracing Sustainable Transformation
1
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Table of contents

Company Overview Key Business Highlights

Growth outlook

Key financials Annexure

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Adventz Group: USD 4bn conglomerate

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Saroj Kumar Poddar, Executive Chairman

Akshay Poddar, Non-executive Director

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Agri-Business

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• Zuari Agro Chemicals Ltd.

• Paradeep Phosphates Ltd.

• Mangalore Chemicals & Fertilizers Ltd.

• Gobind Sugar Mills Ltd.

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Engg. & Infrastructure

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• Texmaco Rail & Engineering Ltd.

• Touax Texmaco Rail Car Leasing Pvt. Ltd.

• Wabtec Texmaco Rail Pvt. Ltd.

• Texmaco Infrastructure & Holdings Ltd.

Emerging Lifestyles

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• Zuari Infraworld India Ltd.

• Indian Furniture Products Ltd.

• Hettich India Pvt. Ltd.

• Zuari Global Ltd.

• Style Spa Furniture Ltd.

Services

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• Zuari Finserv Ltd.

• Adventz Zuari Insurance Brokers Ltd.

• Zuari Management Services Ltd.

• Lionel India Ltd.

Listed company

Adventz has presence across diverse sectors in India

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Texmaco: Snapshot of key business verticals

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Freight cars

Steel Foundry

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• Diverse range of rail freight solutions

• Largest internationally accredited foundry in India

• Indian Railway freight cars

• Largest foundry for IR castings

• Commodity specific special freight cars

• Largest exporter of railway castings in India

• Freight cars for export

  • Manufactures parts of freight cars, like bogies and castings, for global clients

• Special purpose freight cars

• Only company working with •

• mild-steel, stainless-steel and Also caters to MoD, Marine, composite materials for and mining industries •

• manufacturing of rolling stock Crossings and turnouts for solutions high-speed railway

  • Also caters to MoD, Marine, and mining industries

Component systems & solutions

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• Global sourcing partner for precision fabricated parts, machined systems and solutions

• Caters to global parties for sourcing bogie, passenger rolling stock and metro rail parts

• Working with global majors

• Development of components for interiors of passenger rolling stock

Rail Infra & Others

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• Over-Head Electrification

• Sub station

Note: Ministry of Defense (MoD); Indian Railways (IR)

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Table of contents

Company Overview Key Business Highlights Growth outlook Key financials Annexure

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New Texmaco

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01	04
Well-positioned to capitalize on	Access to world class technology
the highest ever capital outlay by	from global partnerships
Indian Railways
02	05
Full-suite wagon building	De-risked business model -
and component	focused on manufacturing and
manufacturing facilities, with	export prowess
export capabilities and
credentials
03	06
Largest and the only AAR	Change management led by
(American Association of	professionals and enablers
Railroad) approved steel
foundry in India

Note: Association of American Railroad (AAR)

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The Great Rail Infra push

National Rail Plan[[1]]

Capital outlay[[2]]

National Rail Plan[[1]] Capital outlay[[2]] Key projects Increase modal share of IR Rolling stock INR 1.5 lakh cr in freight from 26% to INR 4.8 lakh cr Dedicated Freight Corridor (DFC)[1] 45% by 2030 (Wagons 0.9 lakh cr) INR 2.4 lakh cr Target freight volumes Terminals from 1.5bn tones in FY’23 Budgetary outlay for railways in INR 0.8 lakh cr to 3.6bn tones by FY’31E Union budget’24 Track & Infrastructure: INR 5.0 lakh cr 457m tones CO2 savings from DFC in 30 years INR 9.3 lakh cr High Speed Rail corridor[1] 126 critical and super critical Invest in infra to cater to Total: INR 15.0 lakh cr projects of total cost 1.2 lakh cr for growing demand till 2050 completion by 2024

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Note: Indian Railways (IR)

1. Source: CARE report 2. National Rail plan, capital outlay 2021-2031

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Delivering freight cars, for the needs of many sectors

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20+ types of freight cars - supplied to core sectors of the nation …
Agri / Food Auto Steel Cement Alumina / Oil Fly Ash
Powders
Container
Iron ore LPG
Coal Milk Defense
… and many more
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✓

Over 50,000+ freight cars supplied over past c.20 years

✓

Technically equipped to cater to markets across all gauges

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Near-term revenue visibility from order-book position

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Strong trend of ramp-up production Strong order-book of freight cars (Dec’23)
1,847 Private
1,637 18%
1,413 1
1,331
1,077
INR 57
bn
482
82% Indian
127 Railways
Q1 23-24 Q2 23-24 Q3 23-24 Q4 23-24 Q1 24-25 Q2 24-25 Q3 24-25
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✓

Strategic alliance with Hindalco for Aluminum freight cars

Won its largest ever order of ✓ 20,000+ freight cars from IR

Note: Indian Railways (IR) 1. Minor decline due to change in specifications from IR

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One of the largest supplier of freight cars

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✓ 12,000+ VUs sold to Indian Railways in over 10 years

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✓ 7,000+ VUs sold to private parties in 10 years

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550+ VUs exported to ✓ foreign markets over the past 10 years

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Gondola Wagon for Iron Ore (Liberia) Tank Wagon (Sri Lanka) Oil Tank Wagon (Bangladesh) Mineral Wagon (Ghana) Tank car for Phosphoric acid (Senegal) Container flat Wagon (Mali) Cars with sliding doors (Uganda) Side discharge cars (Vietnam) Low sided flat cars (Hungary)

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Note: Vehicle Units (VUs)

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Full-suite manufacturing facilities, and infrastructure

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Six 2 wagon manufacturing Strategic location manufacturing facilities facilities 5 located at Connectivity to 12 Bays for Agarpara, Belgharia, major highways and production of freight Sodepur and ports cars/Loco shells Panihati in Kolkata, Facilities in Kolkata Large yard to hold WB situated within a 200+ freight cars 1 facility located at radius of 5km Raipur, CG Internal network of 15 rail lines

Total ~200-acre Effective facilities expansion ~114 acres at Expansion of Belgharia & capabilities by Agarpara & ~42 acres at Panihati & facilities Sodepur ~30 acres at Raipur, mfg. facilities CG

Expansion of capabilities by enhancing existing facilities Establishing new mfg. facilities

Note: West Bengal (WB); Chhattisgarh (CG)

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Largest and internationally approved steel foundry in India Capacity of 42,000 tones p.a., currently running at near 100% utilization

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Versatile process with demonstrated quality & capability

Industry leading Infrastructure base

✓ Two Class A Foundries in Kolkata & Raipur with Railway Bogie, Coupler & Crossing mfg. facilities

✓ Proven capability of Railway & Mining Castings for domestic and export

Strong trend of ramp-up in utilization

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10,788
10,461 10,445
1
9,338
8,871
6,889
3,271
Q1 23-24 Q2 23-24 Q3 23-24 Q4 23-24 Q1 24-25 Q2 24-25 Q3 24-25
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Production (Tones)

Note: Computer-Aided Design (CAD); Computer-Aided Engineering (CAE); Computer-aided Manufacturing (CAM); National Accreditation Board for Testing and Calibration Laboratories (NABL); Indian Railways (IR) 1. Minor decline due to change in specifications from IR

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High Pressure Molding lines

Automated Sand Plant

FAST LOOP No Bake moulding

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Inhouse CAD / CAM / CAE
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Electric Arc Melting Furnace
Induction Melting Furnace
Modern heat treatment facilities
Automatic Induction Hardening
NABL certified testing Lab
Flash Butt Welding Machine
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Sole exporter of railway castings from India

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Export Turnover (INR in cr)

Strong moat of technical capabilities and certifications

✓ Only Indian company certified by Association of American Railroad (AAR)

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140
114 112
95
92
77
FY18 FY19 FY20 FY21 FY22 FY23
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Exports to niche markets – USA, Australia, and Eurasia, etc.

✓

Manufacturer and Exporter of Critical Earth ✓ Moving, Defense and Industrial Castings

Significant enquiries from fortune 500 companies for Industrial castings

✓

In-house R&D team recognized by Department of Science and Industrial Research, Govt. of India

✓

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Wabtec Texmaco

Touax Texmaco

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Partnerships with Global leaders

Hi-tech products

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• TMX® Bogie mounted brake systems - durable, lightweight materials, freely suspended systems

• Low & High Friction Brake blocks for Freight, Loco & Coach applications

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• Draft Gear and Friction Wedges

Leasing solutions

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• Serves a diverse customer-base made of private companies or operators of industrial clients

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Freight cars & components

Texmaco Nymwag[1]

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• Manufacturing of freight cars for domestic and international markets

• Manufacturing of Railway components for domestic and international markets

Note 1. JV agreement signed; construction of facility underway

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Component systems & Solutions

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Australia
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Mozambique Kazakhstan

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✓ Spreading wings in international markets

✓ Large equipment base, enabling automation and precision

Hi-tech components turnover (INR cr)

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27
22
19
FY' 21 FY' 22 FY' 23
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Surge in global demand for high standard components; supplychain disruptions create new and large opportunities

One of the few manufacturers with capabilities, client relationships and certifications to tap the global market

Expected to be qualified supplier to the European region soon

Texmaco JV with WABTEC to mfg. world class braking systems and other components for supply to domestic and US market

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TexERM

• TexERM* is our Brand for Enterprise Risk Management across the Corporation

• Policy & Documentation are ready to launch

• Core group and Departmental Champions identified

• Project approach on Risk areas initiated under Chief Risk Officer (CRO).

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Environment, Social & Governance @ Texmaco

• World Bank approved ESG framework launched

• Impact assessment & Severity Audited with Materiality under process

• 5-year horizon plan to create positive impact on Environment, Social factors

• and overall Governance

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A De-risked business model

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Key risks Risk mitigation Focus on areas of core-competence with Operational risks Full-spectrum vs. specialized experience of 70+ years Full-suite facilities; Management bandwidth; Execution risks Manufacturing and vendor ecosystem Gradual shift towards in-house manufacturing and assembly Market risks Limited market risks National Rail Plan / Growth of nation Health / Safety / Air pollutants out of Foundry, safety in heavy Undertaking actions on material risks Environment engineering mitigation; Adopting new ESG initiatives

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Enablers to change management as we restructure

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02 03 04 Focus areas Management Efficiency Monitoring Identify Strategic Infusion of experienced Rationalization of Equip management Business Units (SBUs) talent from within & product and process with tools to monitor outside the industry and execute Focused cost reduction

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Professionals leading change management

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50+ 25+ 16+ 35+
yrs exp yrs exp yrs exp yrs exp
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Indrajit Mookerjee

Executive Director and Vice

Sudipta Mukherjee

Dy. Managing Director

Hemant Bhuwania

Chief Financial Officer

Avijit Mitra

Chief Executive Officer (Steel Foundry)

Chairman

• B.Tech in Chemical Engineering from IIT, KGP

• Masters Degree in Chemical Engineering from Georgia Institute of Technology, USA

• Held senior management positions with various multinationals

• Postgraduate from IISWBM, Production Management from AOTS Japan

• Ex. Management Certification from Tepper School of Business, USA & Fulbright Fellowship in Leadership & Management from Carnegie Mellon University, USA

• Chartered Accountant, and B.Com (Hons.)

• Rich experience in Corporate Finance, Treasury, Budgeting, Costing, Banking, Finance & Accounts

• Diploma in Mechanical Engineering

• Advanced Diploma in Foundry Technology from NIFFT

• Held senior management roles across the leading auto manufacturing, foundry and metallics industries

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Table of contents

Company Overview Key Business Highlights

Growth outlook Key financials Annexure

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Future ready company, in a comprehensive revamp

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01
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Streamlining operations

Re-engineer existing product lines

Market focused approach Create centers of excellence Cost reduction

Conscious and selective backward integration

02 03 Optimizing Enabling revenue mix transformation Increase share of Re-organized key exports and sales to management private parties across Embracing new all segments responsibilities Journey to Access to global manufacture 1,000 technology freight cars per month Debt-free in 3 years

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04
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Demerging noncore businesses Kalindee

(Track laying, Signaling, Telecommunications, Auto Fare collection, etc.)

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Strong growth visibility - existing and future

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IR plans to procure 1,50,000 freight cars by 2025

Texmaco augmenting existing human capital and expand on technology and infrastructure

Strong infra spend by Govt. flowing down to rolling stock , where wagon manufacturers have received orders exceeding the total of last 10 years

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Won its largest ever order of 20,000+ freight cars from Indian Railways, execution underway

3-5x growth in export of components and railway castings; Qualified supplier to foreign players; also benefitting from geo-political shift in supply-chains

Company expanding its global reach by capitalizing on existing moats – accreditations, partnerships, and R&D

Note: Indian Railways (IR)

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Cost reduction drive

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Project costs Standardization Sourcing Inventory Reorganization management Process Creation of Renegotiation of Inventory Reorganization engineering by standard existing supplier reduction with and having identifying definitions and contracts based tie ups and specific Job role Non-value standardization on assured backward aligned with added & of all activities offtake integration targets complement vs. Defining SOPs Various other In-house value added in hand holdings to component the whole life improve process developments cycle

Note: Standard Operating Procedure (SOP)

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Table of contents

Company Overview Key Business Highlights

Growth outlook

Key financials Annexure

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Snapshot of recent financial performance (9m FY’24) Demonstrated growth across revenue and profitability

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Revenue (INR Crs) Status of order-book (as of Dec’23)
Freight Cars (67%)
2,358
Infra - Rail & Green Energy (13%)
1,408 68% YoY ~INR
Infra - Electrical (10%)
8,517
growth Steel Foundry (4%)
Crs
Components (1%)
9m FY'23 9m FY'24
Others (5%)
EBITDA (INR Crs) PBT (INR Crs)
230 95
PBT
108 EBITDA
Margin
Recovery
Recovery
-3
9m FY'23 9m FY'24
9m FY'23 9m FY'24
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Overview of key financial metrics

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Total Revenue (INR Crs)

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2,408
2,270
1,853
1,714 1,644
FY 20 FY 21 FY 22 FY 23 9m FY 24
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Split of Revenue (in %, for FY’23)
Freight cars (45%)
INR Rail Infra & Others (33%)
2,600 cr [1]
Steel foundry (21%)
Component systems & solutions (1%)
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EBIDTA (INR Crs)
230
181
172
163
144
FY 20 FY 21 FY 22 FY 23 9m FY 24
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PBT (INR Crs)
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95
26 20
3
-102
FY 20 FY 21 FY 22 FY 23 9m FY 24
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Note 1. Gross revenue, excludes inter-segment eliminations.

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Table of contents

Company Overview Key Business Highlights

Growth outlook

Key financials Annexure

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Awards and accolades

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• ISO 9001: 2015. ISO:14001, ISO:45001 certfied by Berue Veritus

• AAR M 1003, M201, M210 & M215 by Association of American Railroads.

• Product and Facility Certified by Ukrain Railroad.

• DSIR, Govt. Of India recognised In house R&D Unit.

• Certified Export House recognised by Ministry of Commerce, Govt. Of India

• Best Foundry of the Year – 2009 by Institute of Indian Foundrymen.

• Casting of the year – 2012 by Institute of Indian Foundrymen.

• Star Performer of the Year (Export) -2015-16, 2016-17, 2017-18.

• Certified with ISO 17025:2017, General requirements for the competence of testing and calibration laboratories

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Only NABL Accredited Lab
amongst the Railway castings
suppliers
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Certified manufacturing process and facilities

Quality management system ISO 9001 : 2015 Environmental Management System ISO 14001: 2015 Certified Facilities and manufacturing end-product Occupational health & processes Safety management system ISO 45001: 2018 Welding of railway components EN 15085-2 Level CL1

Infrastructure & Process AAR M-1003

Research Designs & Standards RDSO certification

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Product certification
M201, M210 & M215
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Freight cars for export market

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Gondola Wagon Tank Wagon (Sri Lanka) Oil Tank Wagon
(Liberia) For Iron Ore (Bangladesh)
Mineral Wagon (Ghana) Tank car for transport of MG Container flat
Phosphoric Acid (Senegal) wagon for Mali
Covered cars with sliding Open side discharge cars for
doors for Zambian railways Vietnam railways
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Freight cars for export market (cont’d)

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Open hopper side discharge cars for Bangladesh railway

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Covered cars with sliding doors for Vietnam railways

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Covered side discharge hopper car

for Bangladesh railway

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Low sided flat cars for Hungarian railways

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Covered cars with sliding doors for Uganda railways

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Covered car with sliding doors for Yugoslav railways

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Loco shell & fabricated bogies

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Loco Shells to Indian Railways

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Flexi Curve Loco Bogie- Mozambique

Loco Bogie Frame- Queensland Railways

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Loco Bogie Frame- Queensland Railways

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LHB Bogies - Indian Rlys.

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Flexi Curve Loco Bogie- Mozambique

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LBogies for Bangalore Metro, through BEML

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Steel Foundry

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Kolkata & Raipur units

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Railway components

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The products

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The plant

Component business (Hi-tech unit)

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Export – Hi-tech engineering products

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Kazakhstan
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Australia
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Mozambique
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Thank You

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Disclaimer

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This investor presentation has been prepared by Texmaco Rail & Engineering Limited and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof), delivered or supplied, should not be deemed to constitute an offer. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness, or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be ‘forward-looking statements’, including those relating to the general business plans and strategy of Texmaco Rail & Engineering Limited, its future financial condition and growth prospects, future developments in its industry, and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, among many others, or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties, and other factors that could cause actual results, opportunities, and growth potential to differ materially from those suggested by the ‘forward-looking statements’. Texmaco Rail & Engineering Limited may alter, modify, or otherwise change, in any manner, the content of this presentation without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner.