Titagarh Rail Systems Limited announced the approval of its Unaudited Financial Results for the quarter and nine months ended December 31, 2025. Key developments include the resignation of Shri Saket Kandoi as Director & CEO (Shipbuilding & Maritime Systems) effective February 13, 2026. This cessation follows the transfer of the SMS business to its subsidiary, Titagarh Naval Systems Limited (TNSL), allowing Mr. Kandoi to focus exclusively on the SMS operations under TNSL. The financial statements include the SMS business as discontinued operations.
Board Meeting Outcomes on February 13, 2026
The Board of Directors of Titagarh Rail Systems Limited convened on February 13, 2026, and approved key corporate actions, primarily concerning the finalization of recent business restructuring. The meeting was held from 6:00 P.M. to 8:30 P.M.
Approval of Financial Results
The Board approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter ended December 31, 2025, and for the nine months ended the same date. These results are accompanied by the Limited Review Report from the Auditors.
Executive Leadership Change Following Business Transfer
The Board accepted the resignation of Shri Saket Kandoi (DIN: 02308252) from the office of Director & CEO (Shipbuilding & Maritime Systems). This resignation is effective from the close of business hours on February 13, 2026, pursuant to the execution of the Business Transfer Agreement (BTA) transferring the Shipbuilding & Maritime Systems (SMS) business to Titagarh Naval Systems Limited (TNSL), a wholly-owned subsidiary.
This strategic move is intended to enable Mr. Kandoi to devote his full attention to the SMS business under TNSL. The Board recorded its appreciation for Mr. Kandoi’s services.
Standalone Financial Performance Highlights (Q3 FY2026 vs Q3 FY2025)
Focusing on continuing operations:
- Revenue from Operations stood at Rs. 822.72 Crores for the quarter ended December 31, 2025, compared to Rs. 871.73 Crores in the corresponding quarter of the previous year.
- Profit Before Tax (PBT) from continuing operations for the quarter was Rs. 80.05 Crores, against Rs. 94.69 Crores previously.
- Profit for the Period/Year from continuing operations reached Rs. 62.26 Crores for the quarter.
For the nine months ended December 31, 2025:
- Revenue from Operations was Rs. 2,285.04 Crores, up from Rs. 2,748.94 Crores in the prior comparable period (Note: Comparison may be affected by classification changes).
- Profit for the Period/Year from continuing operations was Rs. 158.97 Crores.
Impact of Discontinued Operations (SMS Business)
In line with the BTA effective January 1, 2026, the SMS business has been treated as discontinued operations:
- Profit/(Loss) for the Quarter from discontinued operations was a Loss of Rs. 6.54 Crores.
- For the nine months, the Loss from discontinued operations amounted to Rs. 13.21 Crores.
Consolidated Financial Performance Context
The Consolidated Statement notes significant external factors affecting the results, particularly concerning the associate company, Titagarh Firema S.p.A (Firema), which is undergoing protective proceedings under the Italian Crisis Code (CNC). The potential impact of this Italian situation on the Group’s investment (carrying value of Rs 58.27 Crores) and collateral exposures remains not determinable as of December 31, 2025.
Furthermore, the consolidation includes the results of the joint venture, Shivaliks Mercantile Limited (SML), based on unreviewed interim data, whose share of loss contributed to the Group’s results.
Source: BSE
