Titagarh Rail Systems Limited announced the approval of its Unaudited Financial Results for the quarter and nine months ended December 31, 2025. The Board also accepted the resignation of Shri Saket Kandoi as Director & CEO (Shipbuilding & Maritime Systems) effective the close of business hours on February 13, 2026. This change facilitates his full-time focus on the SMS business now transferred to TNSL, the company’s subsidiary.
Board Meeting Outcomes: February 13, 2026
The Board of Directors of Titagarh Rail Systems Limited convened on February 13, 2026, and approved key resolutions concerning financial reporting and senior management transition. The meeting commenced at 6.00 P.M. and concluded at 8.30 P.M.
Unaudited Financial Results Approval
The Board formally approved the Unaudited Financial Results (Standalone and Consolidated) for the quarter and the nine months ended December 31, 2025. These results were submitted alongside the Limited Review Report from the Auditors.
Standalone Performance Snapshot (Q3 FY2026 vs Q3 FY2025)
- Revenue from Operations stood at Rs 822.72 Crores for the quarter ended December 31, 2025, compared to Rs 871.73 Crores in the previous corresponding quarter.
- Profit Before Tax (PBT) for the quarter was Rs 80.05 Crores, down from Rs 94.69 Crores year-over-year.
- Total Comprehensive Income for the quarter reached Rs 57.20 Crores.
- Earnings Per Share (EPS) for Continuing Operations (Basic) was Rs 4.62 for the quarter.
Consolidated Performance Snapshot (Q3 FY2026 vs Q3 FY2025)
- Consolidated Revenue from Operations for the quarter was Rs 832.06 Crores, compared to Rs 902.18 Crores in the corresponding period last year.
- Consolidated Profit Before Tax (PBT) was Rs 65.15 Crores, against Rs 88.52 Crores year-on-year.
- Consolidated Total Comprehensive Income was Rs 48.15 Crores for the quarter.
Leadership Transition: Resignation of Director & CEO
The Board noted and accepted the resignation of Shri Saket Kandoi (DIN: 02308252) from his role as Director & CEO (Shipbuilding & Maritime Systems). The cessation is effective from the close of business hours on February 13, 2026.
The reason cited for the resignation, detailed in his letter dated February 5, 2026, is the transfer of the Shipbuilding & Maritime Systems (SMS) business to Titagarh Naval Systems Limited (TNSL), a wholly owned subsidiary. This move is intended to allow Mr. Kandoi to dedicate his full attention to the SMS business operations under TNSL.
The Board formally expressed its appreciation for Mr. Kandoi’s service during his tenure.
Segment and Business Treatment
The financial disclosures treat the Shipbuilding & Maritime Systems (SMS) business, which was transferred to TNSL via a Business Transfer Agreement effective January 01, 2026, as discontinued operations in the standalone results.
Standalone Segment Results Highlights (9M Ended Dec 31, 2025)
The Freight Rail Systems segment contributed significantly to operating results, reporting a segment profit before tax and interest of Rs 229.36 Crores for the nine months ended December 31, 2025.
Auditor’s Review Report Observations
The joint review report from Price Waterhouse & Co Chartered Accountants LLP and Salarpuria & Partners highlighted a significant matter concerning investments in the Italian associate, Firema S.p.A.
Attention was drawn to the potential financial impact relating to investments and receivables in Firema, which is undergoing restructuring proceedings under the Italian Crisis Code (CNC). The company has not recognized any provision for potential loss pending the outcome of the restructuring process and the receipt of a binding offer from FS Group, Italy’s state-owned railway operator.
The auditors noted that the possible impact on profits and net worth as of December 31, 2025, is currently not determinable.
Consolidated Specifics
In the consolidated results, the auditors noted that interim financial information for three subsidiaries and one trust, which were not subject to a review, were included. Furthermore, the consolidated results incorporate the Group’s share of loss from the joint venture SML, based on unaudited interim data.
Source: BSE
