Titagarh Rail Systems Limited’s Board of Directors convened on February 13, 2026, approving the Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2025. Key personnel change approved was the resignation of Shri Saket Kandoi as Director & CEO (Shipbuilding & Maritime Systems), effective the same day. This follows the transfer of the SMS business to subsidiary TNSL, allowing Mr. Kandoi to focus full-time on the business under the new structure.
Board Meeting Outcome on February 13, 2026
The Board of Directors of Titagarh Rail Systems Limited held a meeting on February 13, 2026, to approve significant operational and corporate actions. The meeting commenced at 6.00 P.M. and concluded at 8.30 P.M. The primary outcomes included the approval of the financial performance and a key leadership transition.
Unaudited Financial Results Approved
The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended December 31, 2025, along with the Limited Review Report from the Auditors. Across key segments:
- Standalone Revenue from Operations (Q3 FY26): Total Income stood at Rs. 833.43 Crores, compared to Rs. 802.77 Crores in the previous quarter (Sep 30, 2025).
- Standalone Profit Before Tax (Q3 FY26): Reported at Rs. 80.05 Crores.
- Standalone Profit for the Period/Year (Q3 FY26): Consolidated profit stood at Rs. 55.72 Crores.
- Standalone Profit for Nine Months Ended Dec 31, 2025: The Profit for the Period/Year was Rs. 145.76 Crores.
Key Personnel Resignation
The Board accepted the resignation of Shri Saket Kandoi (DIN: 02308252) from the office of Director & CEO (Shipbuilding & Maritime Systems), effective the close of business hours on February 13, 2026. This cessation is directly related to the Business Transfer Agreement executed for the transfer of the Shipbuilding & Maritime Systems (SMS) business to the wholly owned subsidiary, Titagarh Naval Systems Limited (TNSL). The decision enables Mr. Kandoi to devote full attention to the SMS business operations under TNSL.
Discontinued Operations Note
The financial statements reflect the SMS business as discontinued operations, following its transfer to TNSL effective January 1, 2026. For the quarter ended December 31, 2025, the loss from discontinued operations was (Rs. 6.54 Crores) on a standalone basis.
Auditor’s Review Observation on Firema Exposure
The Joint Review Report highlights attention on Note 3 (Standalone) and Note 4 (Consolidated) concerning the significant exposure in Titagarh Firema SpA (“Firema”), an associate company in Italy undergoing restructuring proceedings (CNC). As of December 31, 2025, the aggregate carrying value of investments and receivables from Firema and SML was Rs. 179.17 Crores (Rs. 112.73 Cr investment + Rs. 66.44 Cr receivables on standalone basis). Due to pending final outcomes of the Italian restructuring process, the possible impact on profits and net worth as of December 31, 2025, remains not determinable.
Consolidated Performance Summary
The consolidated results, which exclude the SMS business from January 1, 2026, show the Group’s share of loss from one joint venture was (Rs. 1.10 Crores) (net loss after tax) for the quarter ended December 31, 2025.
Source: BSE
