Titagarh Rail Systems has announced its Q2 and H1 FY26 results, showcasing a mixed performance. The company reported revenue from operations at ₹788.32 Cr for Q2 and ₹1462.32 Cr for H1. While Freight Rail Systems saw a decrease, Passenger Rail Systems showed substantial growth. The company’s order book remains strong, with significant contributions from both company-specific projects and joint ventures. Earnings per share stood at ₹3.51 for Q2.
Financial Performance Overview
Titagarh Rail Systems reported a revenue from operations of ₹788.32 Cr in Q2 FY26, compared to ₹1048.58 Cr in Q2 FY25, representing a -24.82% change. For H1 FY26, the revenue was ₹1462.32 Cr, a -22.10% decrease from ₹1877.20 Cr in H1 FY25.
Segmental Performance
Freight Rail Systems: Revenue for Q2 FY26 was ₹666.11 Cr, a decrease from ₹991.66 Cr in Q2 FY25. H1 FY26 revenue stood at ₹1262.68 Cr, down from ₹1759.42 Cr in H1 FY25.
Passenger Rail Systems: A significant increase was observed, with Q2 FY26 revenue at ₹122.21 Cr compared to ₹56.92 Cr in Q2 FY25. H1 FY26 revenue was ₹199.64 Cr, a notable increase from ₹117.78 Cr in H1 FY25.
Key Operational Updates
The company received new orders worth ₹2700 crores during the quarter across both business segments. A Letter of Intent (LOI) was secured from Garden Reach Shipbuilders & Engineers Ltd. for ship construction, valued at ₹445 crore (excluding GST). Additionally, a Letter of Acceptance (LOA) from MMRDA was received for the Mumbai Metro Line 5 project, valued at ₹2,481 Crores (excluding GST).
Order Book Position
As of September 30, 2025, the company’s order book stood at approximately ₹15,077 Cr, with an additional ₹13,326 Cr from joint ventures. This includes freight rolling stock, passenger rolling stock, and shipbuilding projects.
Financial Ratios
EBITDA for Q2 FY26 was reported as ₹88.71 Cr, with a margin of 11.25%. The Profit Before Tax (PBT) for Q2 FY26 was ₹72.67 Cr, representing a margin of 9.22%. Earnings Per Share (EPS) stood at ₹3.51.
Source: BSE
