Transrail Lighting Limited — Interim / Quarterly Report 2025

Feb 10, 2025

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10[th] February, 2025

To To Sr. General Manager Sr. General Manager Department of Corporate Services Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai - 400001 Bandra (E), Mumbai - 400 051 Scrip Code: 544317 Scrip Symbol: TRANSRAILL

Sub: Presentation on the Earnings Call for Un-audited Financial Results for quarter and nine months ended 31[st] December, 2024

Ref: Regulation 30 read with Scheule III of SEBI LODR

Dear Sir/Madam,

Pursuant to Regulation 30 read with Scheule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (‘Listing Regulation’), please find enclosed presentation for the Earnings Call which is scheduled on Tuesday, 11[th] February, 2025, on Un-audited Financial Results along with the Limited Review Report for quarter and nine months ended 31[st] December, 2024.

You are requested to take the aforementioned on your records.

For Transrail Lighting Limited

Gandhali Digitally signed by Gandhali Anant Anant Upadhye Date: 2025.02.10 Upadhye 18:07:27 +05'30' Gandhali Upadhye Company Secretary and Compliance Officer

Encl: As above

TRANSRAIL LIGHTING LIMITED

Corporate & Registered Office:

501 A, B, C, E, Fortune 2000, Block-G, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India Tel: +91 22 61979600 | Web: www.transrail.in | CIN: U31506MH2008PLC179012

TRANSRAIL LIGHTING LTD EARNINGS PRESENTATION

Q3 & 9MFY25

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DISCLAIMER

This presentation is for information purposes only and does not constitute or form part of any offer, solicitation, recommendation, or invitation to sell or purchase any securities of Transrail Lighting Limited (the "Company"). This document does not purport to contain all the information necessary to evaluate the Company and should not be relied upon for making investment or other decisions. Any person intending to invest in the securities or business of the Company should conduct their own independent investigations, seek professional advice, and base their decisions on the final offering documents filed with the appropriate regulatory authorities.

The information provided in this presentation has not been independently verified and is subject to change without notice. Neither the Company, its directors, employees, advisors, nor any of its affiliates assume responsibility for the accuracy, completeness, or reliability of the information or opinions contained herein.

This presentation may include forward-looking statements that reflect the Company's current expectations, assumptions, and projections about future events. These statements may include, but are not limited to, expectations regarding growth strategy, business development, market position, expenditures, and financial performance .Forwardlooking statements involve inherent risks, uncertainties, and other factors, both known and unknown, that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements. The Company does not guarantee the accuracy, completeness, or realization of these assumptions and expectations. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The information contained in this document is current as of the date stated and will not be updated to reflect subsequent events or developments. The Company undertakes no obligation to revise or update forward-looking statements. Reliance on this presentation for any purpose is at your own risk.

This document is strictly confidential and is intended solely for the recipient's personal use. Unauthorized distribution, reproduction, or dissemination of its contents is strictly prohibited and may constitute a violation of applicable securities laws. By attending or receiving this presentation, you agree to be bound by the foregoing limitations and conditions.

2

Corporate Overview

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Transrail at a Glance

Track record of four decades in providing comprehensive solutions on a turnkey basis

Four integrated manufacturing facilities including one tower testing facility, across India. Transrail has steadily invested into backward integration by adding manufacturing units for towers, conductors and poles supporting stronger operating margins

Constructed 34,700+ CKM transmission lines , including more than 22,900+ CKM of transmission lines which are above 220 kV and 30,000+ CKM distribution lines and supplied more than 1.32 MMT[^] of towers, 195,000+ KM of conductors and more than 4,72,645 poles

One of the leading Indian engineering, procurement and construction (“EPC”) companies with primary focus on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors & monopoles

Comprehensive range of service offerings in the EPC space for a diversified portfolio of businesses like power transmission and distribution including substation projects, specialized civil projects, poles and lighting, and railway projects

Strong and diversified orderbook of INR 11,499.29 Cr* (additional L1 of ₹ 4,144 cr.) with healthy balance of international and domestic clients.

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Strong and Consistent Financial Performance Revenue mix (%)
(In INR Cr)
4,077
3,152 3,362 47% 41% 46%
62%
2,350
53% 59% 54%
206 65 294 108 478 233 438 200 38%
FY22 FY23 FY24 9MFY25 FY22 FY23 FY24 9MFY25
Revenue EBITDA PAT International Domestic
4
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Global Presence

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58 Countries
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Ongoing
Completed
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At Transrail LightingLimited, we have expandedour presence and reach across thelengthsand breadthsof theglobe.

We have emerged as a global player witha footprintin 58 Countries across the world. On the domestic front, we are pan-India Company, having executed projects in all corners of India.

5

Board of Directors

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Digambar Bagde
Executive Chairman
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• A well-known name in the EPC industry with more than 4 decades of leadership experience.

• Started Transrail in 1984 and remains at the helm of affairs throughout its journey.

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Shrikant Chaturvedi
Non-Executive Director
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• A practicing Chartered Accountant with over 42 years of experience.

• He has advised many large corporates on accounting, Finance and Banking.

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Randeep Narang
Managing Director & CEO
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• He has over 36 years of experience in various leadership roles across diversified Industries including manufacturing, marketing and EPC.

• Previously, held leadership positions with Bharti Airtel Limited, CEAT Kilani Holdings and KEC International Limited.

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Vita Jalaj Dani
Additional Non-Executive Director
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• She holds a bachelor degree in arts from St. Xavier’s College, Mumbai University

• With a vast leadership experience, she currently is associated with inter alia Asian Paints Limited, Chennaiyin F.C. Sports Private Limited, and Hitech Corporation Limited

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Sanjay Kumar Verma
Non-Executive Director
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• He holds a Diploma of master in computer systems and networks from Khaikov State Polytechnical University, Ukraine

• He has several years of experience in business administration and consulting, commodity trading and specialized technology.

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Vinod Dasari
Independent Director
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• He holds a master degree in engineering management from Robert R. McCormick School of Engineering and Applied Science, North-western University, U.S.A.

• Previously he has held vital roles as CEO of Royal Enfield Motors Limited, MD of Ashok Leyland Limited and Jt. MD of Cummins India Limited.

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Ashish Gupta
Independent Director
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• He has over 30 years of experience in operations

• Previously, he held Managerial posts at GECPL, Vensar Construction Company Limited and Hindustan Construction Company Limited.

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Ravita Nirmal Punwani Independent Director

• She has several years of experience, with a corporate exposure of ten years in microbiology and public relations

• Previously, she was associated with ATV Projects India Limited, Britannia Industries Limited and Hotel Corporation of India Limited.

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Ranjit Jatar Independent Director

• A Chartered accountant, he holds a bachelor degree in commerce from SRCC University of Delhi.

• Previously, he held managerial positions with Eicher Motors Limited and Pepsi Co India Holdings Private Limited

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Maj. Gen. Dr. Dilawar Singh (Retd.) Independent Director

• An Army Veteran. He holds a doctorate in philosophy from G.H. Patel Institute, Sardar Patel University, Gujarat

• Previously, he was associated with Ministry of Youth Affairs & Sports in his capacity as Director General, Nehru Yuva Kendra Sangathan

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Leadership Team

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Digambar Bagde, Randeep Narang, Ajit Pratap Singh,
Executive Chairman Managing Director & CEO Chief Financial Officer
Raman Rajagopalan, Rajesh Neelakantan,
D Suryanarayana,
COO COO – Civil Division
COO – Domestic Business
International Business &
Chief of Supply Chain
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Chandrakant
Ashok Rawat
Sr. VP - Pole and Majgaonkar
President -
Lightning Business
Engineering
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Gandhali Major Sukriti
Upadhye Shukla (Retd)
GM Legal, CS & Chief Human
Compliance Officer Resources Officer
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7

Key Milestone Listing on NSE and BSE

Glimpse of the listing ceremony of Transrail Lighting on NSE

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8

KEY FINANCIAL HIGHLIGHTS Q3 & 9MFY25

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Q3 & 9MFY25 Consolidated Key Financial Highlights

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REVENUE from Operations (₹ cr.) EBITDA (₹ cr.) and EBITDA Margins (%) PAT (₹ cr.) and PAT Margins (%)
62.13% YoY 79.97% YoY 91.89% YoY
24.73% QoQ 29.74% QoQ 69.19% QoQ
1,357.56 200 179.81 80.00% 100 93.24 25.00%
1,088.40 180 70.00%
160 138.58
60.00% 80 20.00%
837.31 140
120 99.91 50.00% 55.11
60 48.59 15.00%
100 40.00%
80 30.00% 40 6.82% 10.00%
604020 11.93% 12.73% 13.24% 20.00%10.00% 20 5.70% 5.03% 5.00%
0 0.00% 0 0.00%
Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25 Q3FY24 Q2FY25 Q3FY25
25.25% YoY 41.96% YoY 49.90% YoY
3,361.74 500 438.48 30.00% 220210 200.08 20.00%
450 200 18.00%
2,684.11 400 25.00% 190180170 16.00%
350300250 11.51%308.89 13.04% 20.00%15.00% 160150140130120110 133.48 14.00%12.00%10.00%
200150 10.00% 10090807060 4.92% 5.90% 8.00%6.00%
10050 5.00% 50403020 4.00%2.00%
10
0 0.00% 0 0.00%
9MFY24 9MFY25
9MFY24 9MFY25 9MFY24 9MFY25
Quarterly
Nine Month
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10

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Business and Other Achievements

Business Achievements:

• ❖ Awarded a package as part of the 800kV HVDC KPS2 – Nagpur Transmission Line.

• ❖ Secured first Solar EPC order in international market for an 80MW DC ground-mounted Solar PV Project, including an associated substation, in Q3FY25.

• ❖ Received EPC contract 400kV DC Transmission Line in Nepal .

• ❖ Received orders for supply of Railway Mast and Metal Fencing for India’s first bullet train project.

• ❖ Successfully commissioned one of the highest Natural Draft Cooling Tower NDCT in India (199 meters at Yadadri, Telangana).

• ❖ Successfully commissioned 400kV AIS Bay Extension and 220kV GIS Bays at PGCIL Banka Substation.

• ❖ Received upgrade from CRISIL for our ratings on the long-term bank facilities to ‘CRISIL A+/Stable’.

Other Achievements:

• ❖ Received Special Appreciation Awards from PGCIL for our role in commissioning two Double Circuit Transmission Line projects of 400 kV and 765 kV

• ❖ Won the Maharashtra Safety Award 2023 for “Lowest Accident Frequency Rate” & “Longest Accident-Free Period” in the Heavy Engineering Group, presented by the National Safety Council – Maharashtra Chapter.

11

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Results Summary Q3 & 9MFY25 - Standalone

Particulars in INR cr.	Q3FY25	Q2FY25	% Change QoQ	Q3FY24	% Change YoY	9MFY25	9MFY24	% Change YoY
Revenue from Operations	1,357.45	1,088.40	24.72%	837.32	62.12%	3,361.63	2,684.11	25.24%
EBITDA	183.40	140.61	30.44%	98.39	86.40%	446.79	297.50	50.18%
EBITDA margin (%)	13.51%	12.92%		11.75%		13.29%	11.08%
Less: Depreciation & Amortisation	14.12	13.34	5.84%	12.18	15.91%	40.10	37.59	6.68%
Add: Other Income	9.87	8.20	20.46%	14.79	-33.26%	31.98	29.96	6.74%
Less: Interest Expenses	48.58	46.17	5.22%	42.21	15.10%	138.63	121.61	13.99%
PBT	130.57	89.29	46.24%	58.79	122.10%	300.04	168.26	78.32%
PBT margin (%)	9.55%	8.14%		6.90%		8.84%	6.20%
Taxes	33.00	31.57	4.53%	11.97	175.77%	90.32	45.15	100.05%
Profit After Tax	97.57	57.72	69.05%	46.82	108.38%	209.72	123.11	70.35%
Profit After Tax margin (%)	7.14%	5.26%		5.50%		6.18%	4.54%
EPS	7.83	4.65		3.99		16.83	10.48

12

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Results Summary Q3 & 9MFY25 - Consolidated

Particulars in INR cr.	Q3FY25	Q2FY25	% Change QoQ	Q3FY24	% Change YoY	9MFY25	9MFY24	% Change YoY
Revenue from Operations	1,357.56	1,088.40	24.73%	837.31	62.13%	3,361.74	2,684.11	25.25%
EBITDA	179.80	138.58	29.74%	99.91	79.97%	438.48	308.89	41.96%
EBITDA margin (%)	13.24%	12.73%		11.93%		13.04%	11.51%
Less: Depreciation & Amortisation	14.19	13.40	5.95%	12.23	16.06%	40.26	37.71	6.75%
Add: Other Income	9.21	7.66	20.23%	15.09	38.95%	30.80	29.06	5.98%
Less: Interest Expenses	48.59	46.17	5.22%	42.21	15.11%	138.63	121.61	13.99%
Profit Before Tax	126.24	86.68	45.64%	60.56	108.45%	290.40	178.63	62.57%
PBT margin (%)	9.24%	7.91%		7.10%		8.56%	6.58%
Taxes	33.00	31.57	4.53%	11.97	175.77%	90.32	45.15	100.05%
Profit After Tax	93.24	55.11	69.19%	48.59	91.87%	200.08	133.48	49.90%
Profit After Tax margin (%)	6.82%	5.03%		5.70%		5.90%	4.92%
EPS	7.48	4.44		4.26		16.05	11.37

13

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9MFY25 Order Inflow and Un-executed Orderbook

Order Inflow

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Domestic - 68%
International - 32%
4.97% 4.97%
2.47%
₹ 4,715 cr.
YTD
(Growth of 50%)
87.58%
Power T&D Civil Railway Pole & Lighting
(Incl Substation)
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Un-executed Order Book

Domestic - 49% International - 51%

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2.44% 1.53%
5.51%
₹ 11,499 cr.
as on Dec’24
90.52%
Power T&D Civil Railways Pole & Lighting
(Incl Substation)
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Un-executed Orderbook + L1 of ₹15,643 crores as on 31[st] December, 2024

14

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Strong and Consistent Financial Performance

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Revenue from Operations [(1)] EBITDA [(2)] Profit After Tax
14.00%
11.71% 13.04% 400.00 5.90% 7.00%
4,077 9.32% 12.00% 350.00 5.65% 6.00%
3,362 8.75% 10.00% 300.00 5.00%
3,152 233
478 438 8.00% 250.00 3.39% 200 4.00%
2,350 200.00 2.75%
6.00% 3.00%
294 150.00
206 4.00% 108 2.00%
100.00 65
2.00% 50.00 1.00%
0.00% 0.00 0.00%
FY22 FY23 FY24 9MFY25 FY22 FY23 FY24 9MFY25
FY22 FY23 FY24 9MFY25
EBITDA EBITDA Margin % PAT PAT Margin %
^Return on Capital Employed [(3)] Working capital days ^Net Debt & Net Debt to EBITDA [ (4)]
24.33% 96 800.00700.00 2.00 1.63 1.12 1.56 3.0
18.27% 600.00 1.0
16.11% 73 500.00 -1.0
61 53 400.00 -3.0
14.94% 300.00200.00 412 480 533 683 -5.0-7.0
100.00 -9.0
0.00 -11.0
FY22 FY23 FY24 9MFY25
FY22 FY23 FY24 9MFY25
FY22 FY23 FY24 9MFY25 Net Debt Net Debt to EBITDA
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(1)Includes other operating revenue ^ Ratios not Annualized *Includes IPO Funds INR 393 cr.

(2)EBITDA: Profit for the year plus tax expenses plus finance cost plus depreciation and amortization expense less other income

(3)Return on Capital Employed: Earning before interest and tax/ Capital Employed

(4) Net Debt is excluding IPO Funds of INR 393 cr.

15

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Borrowing, Working Capital & Credit rating

Borrowings		Particulars	**31-12-2024 **	31-12-2023	Inc/(Dec)		30-09-2024	Inc/(Dec)		31-03-2024	Inc/(Dec)
		LT Borrowings	43.69	91.63	-47.94		63.65	-19.96		80.67	-36.98
		ST Borrowings*	699.02	554.22	144.8		620.32	78.7		562.52	136.50
	Less:	Cash and cash equivalents	59.8	78.39	-18.62		57.10	2.67		109.85	-50.08
		Net Debt (ex-IPO Funds)	682.94	567.46	115.48		626.87	56.07		533.34	149.60
	Less:	IPO Funds	393.0	0.00	393.00		17.02	375.98		0.00	393.00
		Net Debt with IPO Funds	289.94	567.46	-277.52		609.85	-317.24		533.34	-293.48

*- Including Current maturity of long-term borrowing

Credit Ratings

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CRISIL A+/Stable
Long Term
Credit Rating []
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IND A+/ Stable
Long Term
Credit Rating
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CRISIL A1
Short Term
Credit Rating []
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IND A1+
Short Term
Credit Rating
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16

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Key Milestone Glimpse of our Projects

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Tower erection work

India’s 2[nd] Largest Cooling Tower (Yadadri) – 199 mtr

Lighting - Mumbai Trans Harbour Link

Bangladesh – River crossing Project

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India's longest river bridge at Bihar Kosi - 10.2 km

Railway Electrification

17

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Key Milestone Glimpse of our Plants

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Tower Factory - Deoli

Conductor Factory - Silvassa

Pole Factory - Silvassa

Tower Factory - Vadodara

18

Our CSR Highlights

We firmly believe in giving back to society and we are actively contributing to the well-being of the communities we serve through two flagship programs of a CSR initiative called “Transrail Aarogya” and “Transrail Saksharta”.

• 2359 cataract surgeries

• 4800 Eye screening

• 77 Cancer treatments

• 3918 general medical treatment

• Initiation of free eye care screening in Jharkhand

• Awarded with “PM SHRI School award” and “Model school award”

• Skill education classes are ongoing on Retail & BPO and BFSI

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• 226 Specially abled children & adults supported

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• Supportive classes for students

• Distribution on educational Material in 20 Govt rural schools at Deoli

19

Thank You

Corporate & Registered Office: Transrail Lighting Limited 501 A,B, C, E Fortune 2000, Bandra Kurla Complex, Bandra East, Mumbai – 400051, India

Investor Relations: Chintan Sudhir Kotak Email: investor.relations@transraillighting.com Website: www.transrail.in

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CIN: U31506MH2008PLC179012 NSE : TRANSRAILL BSE : 544317

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