Titagarh Rail Systems Limited reported key financial results for Q3 FY26, with Revenue from Operations reaching ₹822.72 Crore, up 4.36% QoQ. The company noted the Passenger Rail Systems (PRS) segment as the primary growth engine, achieving its highest ever turnover and showing a 364% YoY growth in segment profit (PBIT). Strategic milestones include securing Wagon Leasing Company approval and advancing in major metro and Vande Bharat opportunities.
Q3 & 9M FY26 Financial Performance Summary
Titagarh Rail Systems Limited (TRSL) announced its operational and financial update for the quarter and nine months ended December 31, 2025. The standalone financial highlights show robust sequential performance:
- Revenue for Operation in Q3 FY26 stood at ₹822.72 Crore, marking a 4.36% Quarter-on-Quarter (QoQ) increase.
- EBITDA for Q3 FY26 was ₹99.02 Crore, an improvement of 11.62% QoQ, pushing the EBITDA Margin to 12.04% (up from 11.25% in Q2 FY26).
- Profit After Tax (PAT) for the quarter was ₹55.72 Crore, reflecting an 17.83% QoQ rise.
- For the 9M FY26 period, Revenue from Operations was ₹2,285.04 Crore, though the Year-over-Year (YoY) comparison showed a decline of -16.88%, consistent with industry trends mentioned in the freight segment.
Segmental Growth: Passenger Rail Leads the Way
The presentation highlights a significant strategic pivot toward the Passenger Rail Systems (PRS) segment, which now constitutes approximately 77.33% of the total order book value (~₹10,791 Crore).
Passenger Rolling Stock Surge
The PRS segment demonstrated exceptional momentum:
- Revenue in Q3 FY26 jumped by 236.83% YoY to ₹166.36 Crore.
- Segment PBIT growth was outstanding at 363.52% YoY, reaching ₹21.60 Crore, with the margin improving to 12.98%.
- Metro Coach dispatches for 9M FY26 reached 628 units, significantly up from 460 units in 9M FY25.
Freight Rolling Stock
The Freight Rolling Stock segment saw a revenue decline of 20.18% YoY in Q3 FY26, settling at ₹656.36 Crore, while wagons sold during the quarter stood at 1,770 units.
Strong Order Book Position
The total order book remains substantial, providing significant revenue visibility:
- TRSL Orderbook (A+B): Totals approximately ₹14,455 Crore.
- Share in JVs (C): Adds approximately ₹13,300 Crore.
- The combined total order book (A+B+C) stands at approximately ₹27,755 Crore.
Key Strategic Updates and Milestones
Several recent developments underscore the company’s alignment with national infrastructure goals:
- The company received approval on February 10, 2026, to register as a Wagon Leasing Company (WLC), marking entry into the wagon leasing segment.
- The shipbuilding & maritime systems business was transferred to Titagarh Naval Systems Limited via a slump sale consideration of ₹114.88 crore, effective January 01, 2026, to sharpen focus on core rail business.
- TRSL signed an agreement with ABB to develop TCMS for 25 kV Driverless metro systems, furthering its ‘Make in India’ commitment.
- The Propulsion System for EMU trains received final approval (CST) from RDSO on January 30, 2026.
- The company celebrated the unveiling of its first indigenously built stainless steel driverless trainset for Ahmedabad Metro in the presence of the Chief Minister of Gujarat.
Outlook and Future Opportunities
The outlook remains positive, driven by government focus on:
- High-Speed Corridors: Projects like Delhi-Varanasi (target 3h 50m) and Mumbai-Pune (target 48m) will sustain demand for high-specification rolling stock.
- Urban Mobility: 23 cities currently have operational metro systems, targeting 50 cities soon, with major projects like Mumbai Line 7A & 11 and Chennai Metro Phase 2 in the pipeline.
- MRVC Tender: TRSL is preparing for the landmark tender for the Procurement-cum-Maintenance of 2,856 Vande Metro Cars for the Mumbai suburban network, with bids due by April 16, 2026.
- Rail Wheel JV: The joint venture with Ramkrishna Forgings is progressing, with trial run production expected to commence by March 2026 at the new Chennai facility.
Source: BSE
