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TITAGARH RAIL SYSTEMS LIMITED Investor Presentation 2026
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Investor Presentation
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TITAGARH
RAIL SYSTEMS LIMITED
2nd June, 2026
BSE Limited (BSE)
The Department of Corporate Services
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai – 400 001
Scrip Code: 532966
National Stock Exchange of India Limited (NSE)
The Listing Compliance Department
Exchange Plaza Bandra-Kurla Complex
Bandra (E), Mumbai – 400 051
Symbol: TITAGARH
Dear Sir/Madam,
Sub: Announcement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations)
Pursuant to Regulation 30 of Listing Regulations, we enclose herewith the copy of Q4 & FY26 Investor Presentation of the Company for the quarter and year ended 31st March, 2026.
The above is for your information and record.
Thanking you,
yours faithfully,
For Titagarh Rail Systems Limited
Aditya Purohit
Digitally signed by Aditya Purohit
Date: 2026.06.02 00:19:25
+05'30'
Aditya Purohit
Company Secretary & Compliance Officer
ACS 27825
Encl. as above
CIN: L27320WB1997PLC084819
Registered Office: Poddar Point, 10th Floor, 113 Park Street, Kolkata 700016, India
Corporate Office: Titagarh Towers, 756 Anandapur, E.M Bypass, Kolkata 700107, India
Phone: +91 33 40190800 Fax: +91 33 40190823 Email: [email protected] Web: www.titagarh.in
TITAGARH
RAIL SYSTEMS LIMITED
INVESTOR
PRESENTATION
Q4 & 12M FY26
Safe Harbor
TITAGARH RAIL SYSTEMS LIMITED
This presentation and the accompanying slides (the "Presentation"), which have been prepared by Titagarh Rail Systems Limited (TRSL, the "Company"), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.
All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
Pioneering Innovation & Precision Engineering for Unparalleled Rail Systems
TITAGARH
RAIL SYSTEMS LIMITED
01
Titagarh Rail Systems Limited: About the Company
02
Order Book Position
03
Major Business Update
04
Q4 & 12M FY26 Operational
05
Subsidiaries & Joint Ventures - Key Updates
06
Shareholding Pattern
About the Company
Manufacturing Facilities & Engineering Center
TITAGARH
RAIL SYSTEMS LIMITED
8 Delfi (India)
Regional Office North
10 Mumbai (India)
Regional Office West
11 Chennai (India)
Regional Office South
12 Pune (India)
Depot
13 Surat (India)
Depot
14 Ahmedabad (India)
Depot
1 FRS Manufacturing facility
2 PRS Manufacturing facility
3 Engineering Centre
4 Wheel Manufacturing Facility
5 Regional Office & Depot
6 Shipyard
1 Kolkata (India)
Passenger Rail Systems Unit
2 Kolkata (India)
Wagon Plant
Foundry Unit 1
Foundry Unit 2
3 Bharatpur (India)
Wagon and Defence
4 Hyderabad (India)
Engineering Centre
5 Bangalore (India)
Engineering Centre
6 Kolkata (India)
Engineering Centre
7 Kolkata (India)
Titagarh Naval Systems Limited
Falta Shipyard
8 Chennai (India)
Ramkrishna Titagarh Rail Wheels Ltd
(JV with Ramkrishna Forgings Ltd.)
Order Book Position
Strong Order Book Position
TITAGARH
NAIL SYSTEMS LIMITED
~14,240 ₹ Cr
TRSL Order Book (STANDALONE Incl. WOS)
~27,540 ₹ Cr
Total Order Book incl prorate share of JVs
| Sr. No. | Business Unit | Contribution to Orderbook (Amount) | Contribution to Orderbook (%) |
|---|---|---|---|
| 1 | Freight Rail Systems | ~3,115 Crores | 22.67% |
| 2 | Passenger Rail Systems | ~10,625 Crores | 77.33% |
| A | TOTAL | ~13,740 Crores | 100.00% |
| 3 | Shipbuilding and Maritime Systems (Through Titagarh Naval Systems Limited, wholly owned subsidiary) | ~500 Crores | |
| B | TRSL (incl WOS) Orderbook | ~14,240 Crores | |
| 4 | Forged Wheel manufacturing JV with RKFL | ~6,300 Crores | |
| 5 | Vande Bharat AMC JV with BHEL | ~7,000 Crores | |
| C | TRSL's Orderbook Share in JVs | ~13,300 Crores | |
| D | Total (A+B+C) | ~27,540 Crores |
Major Business Update
Major Corporate Actions
TITAGARH NAIL SYSTEMS LIMITED
1) Exited the loss-making business in Italy and provided for the ENTIRE investments and liabilities with respect to the same. No further losses or liabilities expected from this venture.
2) Ship building and maritime business has been hived off to wholly owned subsidiary Titagarh Naval Systems Limited effective Jan 1, 2026
3) ₹200 crore promoter warrant issue allotted at ₹947/share; 25% (INR 50 Crores) already received, balance due within 18 months.
4) 8.75 lakh employee stock options granted in Dec 2025 at ₹750/option under the expanded TRSL ESOP Scheme 2023
5) Obtained Wagon Leasing license from the Indian Railways and booked its first orders for the same
6) Board recommends ₹1/share dividend (50%) for FY26, subject to shareholders' approval
TITAGARH
RAIL WYSTEMS LIMITED
Update on Freight Rail Systems (FRS)
1) Pending order book as at March 31, 2026 comprises ~6500 wagons for Indian Railways and private customers — entire order book scheduled for delivery in FY27.
2) Received first wagon leasing order from Balmer Lawrie for 2 rakes on 10-year operating lease
3) Successfully supplied 25 BRNA Flat Wagons and 100 Hopper Wagons to DFCCIL — featuring solar-powered systems and a first-of-its-kind hydraulically operated four-door ballast discharge mechanism, showcasing indigenous engineering excellence
4) Secured first-ever order for design, manufacture, supply, testing & commissioning of Rail Borne Maintenance Vehicles (RBMV) including O&M from Indian Railways — worth Rs 273.24 crores (including GST)
5) Foundry upgrade with state of the art resin based moulding and capacity expanded to 50,000 MT per annum capable of achieving 100% backward integration for full wagon output.
6) FY26 dispatches at 7,019 wagons due to wheelset and west Asia related supply chain constraints during the year
7) Based on current orders in hand and pipeline, FY27 target set at 650-700 wagons per month which can be upscaled to 1,000/month once new tenders are awarded by Railways.
SPECIALISED WAGONS
TITAGARH
RAIL SYSTEMS LIMITED
Update on Passenger Rail Systems (PRS)
1) Total order book as March 31, 2026 includes 519 metro coaches, 1280 coaches of vande bharat, 71 propulsion sets and 571 traction motors (excluding option)
2) Acquired ~40 acres at Uttarpara to expand manufacturing capacity and build a fully integrated facility including 1.6 km test track capable of testing all types of trains.
3) Signed milestone agreement with ABB for TCMS (25 kV driverless metro) and localisation of Converters & Traction Motors — completing TCMS portfolio for all Indian metro traction systems
4) Delivered first indigenously manufactured stainless steel metro coach to Gujarat Metro (Ahmedabad)
5) Indigenously developed Propulsion System for EMU trains approved by RDSO via Combined System Test
6) FY26 dispatches stood at 64 coaches vs. 12 in the last year; targeted ramp-up to at least 200 coaches in FY27
7) All 34 trainsets of Pune Metro have been delivered and out of which 25 trainsets DLP has been completed establishing product proneness and received order for additional 12 trainsets as part of option quantity for Pune Metro
 |
||
|---|---|---|
Opportunity in Pipeline – Passenger Rail Segment
TITAGARH
RAIL SYSTEMS LIMITED
Western India
(RS ~8000 cr)
Mumbai Line 12
Pune Ph 2
Nagpur Ph 2
Thane
South India
(~Rs 4000 cr)
Chennai Ph 2
Bangalore Metro
Kochi Extension
Central & North
(~Rs 8865 cr)
Delhi Line 1 & Line 8 Extns
Lucknow Ph 1B
Patna
Jaipur Ph 2
Gurugram
Namo Bharat RRTS
MRVC floated tender for 2,856 Vande Metro Cars with 35-year maintenance.
The Company is progressing in line with its strategic plan and augmenting its production capacity to meet the robust demand for passenger rolling stock and preparing to enter the HIGH-SPEED TRAIN segment in a few years.
14
Q4 & 12M FY26 Operational
Key Financial Highlights
TITAGARH
NAIL SYSTEMS LIMITED
+111% YOY
PRS Revenue ₹539 Cr — highest ever
63 coaches
PRS coaches supplied vs 12 last year
14.27%
PRS EBIT margin vs 8.27% / 3.02%
Amount in Crores
| Segment Breakup | FY 26 | % | FY 25 | % | FY 24 | % |
|---|---|---|---|---|---|---|
| Freight Rail Segment | 2,604.25 | 82.84% | 3,491.83 | 93.18% | 3,417.57 | 88.69% |
| Passenger Rail Segment | 539.33 | 17.16% | 255.55 | 6.82% | 435.73 | 11.31% |
| Revenue | 3,143.58 | 3,747.38 | 3,853.30 | |||
| Freight Rail Segment | 317.93 | 12.21% | 450.96 | 12.91% | 443.24 | 12.97% |
| Passenger Rail Segment | 76.95 | 14.27% | 21.14 | 8.27% | 13.15 | 3.02% |
| EBIT | 394.88 | 12.56% | 472.10 | 12.60% | 456.39 | 11.84% |
FY 26 execution vs FY 27 Outlook
FRS Segment
FY26 revenue impacted by wheelset and west Asia related supply constraints
PRS segment
Ramp up to continue with target of minimum 200 cars in FY27
Vande Bharat train to be delivered in FY27
TITAGARH
PATI, SYSTEMS LIMITED
Standalone—Revenue (₹ Cr)
Standalone—EBIDTA (₹ Cr)
Standalone—PBT (₹ Cr)
Standalone—PAT (₹ Cr)
EBIDTA and PBT is before exceptional items, and PAT is for continuing operations
TITAGARH
PATI, SYSTEMS LIMITED
FY26 Key Financial Numbers – Last 5 quarters (consolidated)
Consolidated—EBIDTA (₹ Cr)
Consolidated—PBT (₹ Cr)
Consolidated—PAT (₹ Cr)
EBIDTA and PBT is before exceptional items, and PAT is for continuing operations
FY26 Cash Flow Statement
TITAGARH
HALL of it HONG KONG
| Particulars (Rs in Cr) | Mar-26 | Mar-25 |
|---|---|---|
| Operating profit before working capital changes | 392.16 | 457.22 |
| Changes in working capital | -11.74 | -462.67 |
| Cash generated from operations | 380.42 | -5.44 |
| Direct taxes paid (net of refund) | -69.14 | -95.71 |
| Net Cash from Operating Activities (A) | 311.28 | -101.15 |
| Net Cash from Investing Activities (B) | -125.88 | -580.89 |
| Net Cash from Financing Activities (C) | -50.98 | 372.51 |
| Net increase/ decrease in Cash & Cash equivalents | 134.42 | -309.53 |
| Cash and cash equivalents at the beginning of the year | 17.36 | 326.89 |
| Cash and cash equivalents at the end of the year | 151.78 | 17.36 |
Major Highlights
1) Cash flow from operations was Rs 311 crores positive as against negative cash flow operations in the previous year.
2) Net debt stood at Rs 93 crores
3) Net Working capital days stood at ~107 days as against ~84 days in the previous year driven by mismatched inventory owing to supply chain constraints
4) Overall capex done in the current year stood at Rs 368 crores as against Rs 236 crores in the previous year.
TITAGARH
RAIL SYSTEMS LIMITED
Subsidiaries & Joint Ventures – Key Updates
Titagarh Naval Systems Limited – Wholly Owned Subsidiary (WOS)
Ramkrishna Titagarh Rail Wheels Limited – Joint Venture with Ramkrishna Forgings Limited (RKFL)
Proposed Joint Venture with BHEL – AMC for Vande Bharat
TITAGARH
RAIL SYSTEMS LIMITED
Update on Titagarh Naval Systems Limited
- Setting up Brownfield Shipyard at Falta with a total Capex planned at ~ Rs 600 crores
- TNSL became one of the first Indian shipyards to secure Rs 169 crores under the Shipbuilding Financial Assistance Scheme for the brownfield expansion of its Falta Shipyard.
- Project-ready with DPR, approvals, and site preparation completed; launch planned for June 2026.
- Advanced discussions underway for a major export order with an overseas client, supported by strategic engagement with a leading global design house for access to proven vessel designs.
- Exploring technology partnerships and potential joint ventures with shipyards to expand opportunities in small vessels, passenger ferries, and craft.
- Working with leading international partners for the development and construction of hovercraft for the Indian Coast Guard.
- Applying for being Upgraded from Category-D to Category-C shipyard status for upcoming Indian Navy opportunities, including FIC, FAC, and NGMV.
- Establishing an integrated platform for 60T BP E-Tugs with standardized designs, streamlined assembly, and Robust supply-chain partnerships.
- Modernizing capabilities for small craft and vessels up to 120 m, targeting opportunities with ONGC, IWAI, Indian Navy, Coast Guard, and Sagarmala
- Expected support from the Government of West Bengal and the Centre for strategic development initiatives at the Falta Shipyard.
Update on Rail Wheel Project (JV with RKFL)
TITAGARH
RAIL SYSTEMS LIMITED
- Titagarh Rail Systems & Ramkrishna Forgings Consortium received an LOA for Manufacturing and Supplying of Forged Wheels for the Indian Railways.
- The Company holds 49 % stake in the Joint Venture.
- The JV will establish Asia's 2nd largest manufacturing plant in India to produce 228,000 forged wheels per annum.
- The total project cost is estimated around ₹2,000 crores, which is being funded through a mix of debt and equity.
- As on March 31, 2026, a total of ₹500 crores equity has been infused in the JV by both parties
- Project at Chennai, Tamil Nadu and construction work at site is progressing as per schedule.
- Cold commissioning of the Forging Line has been completed, and hot trials are expected to commence and Product samples are expected to be submitted in Q1 FY27
- Commercial operations are expected to commence by the Q2 FY27
TITAGARH
RAIL SYSTEMS LIMITED
Update on Vande Bharat JV with BHEL
- Titagarh Rail Systems Limited ("TRSL"), pursuant to the Joint Venture Agreement entered into with Bharat Heavy Electricals Limited ("BHEL"), proposes to incorporate a new private limited company with its registered office in New Delhi for Manufacturing cum Maintenance of the Vande Bharat Sleeper Train project.
- TRSL-BHEL consortium is responsible for maintenance of 80 trainsets for 35 years
- Depots allotted by the Railways in Shakur Basti (Delhi) and Jogeshwari (Mumbai)
- TRSL and BHEL shall each hold 50% of the paid-up equity share capital of the joint venture company, resulting in equal ownership and governance rights in the special purpose vehicle (SPV).
- The proposed joint venture represents a strategic collaboration between TRSL and BHEL, bringing together the manufacturing, engineering and rail systems expertise of two leading Indian companies and contributing towards the Government of India's vision of Aatmanirbhar Bharat.
TITAGARH
RAIL SYSTEMS LIMITED
Shareholding Pattern
TITAGARH
RAIL SYSTEMS LIMITED
Shareholding Pattern as on 31st March, 2026
| Category | No. of Shares | % of Holding |
|---|---|---|
| Promoters | 54486861 | 40.46%* |
| Mutual Funds | 12561329 | 9.33% |
| Resident Individuals | 42669878 | 31.68% |
| Foreign Portfolio Investors | 14361964 | 10.66% |
| Others | 10383915 | 7.87% |
*Promoter holding to increase to 41.44% post-conversion of Warrants issued to Promoters
Percentage of Holding
- Promoter
- Mutual Funds
- Resident Individuals
- FPI
- Others
MOBILITYFORBILLIONS
TITAGARH RAIL SYSTEMS LIMITED
Additional information is available in the Strategic Plan and Business Outlook presentation uploaded on the exchange.
Access the full presentation: Click Here
Thank you
Name: Aditya Purohit
Email Id: [email protected]
Website: www.titagarh.in
TITAGARH
RAIL SYSTEMS LIMITED
Registered & Corporate Office, Kolkata
Titagarh Towers, 756, Anandapur, E.M. Bypass, Kolkata – 700107, West Bengal, India
T: +91 33 4019 0800 | F: +91 33 4019 0823 | E: [email protected]