TEXRAIL
Texmaco Rail & Engineering share price & financials
- Price
- ₹115.28
- Market cap
- ₹4.4k Cr
- Sector
- Capital Goods
- Calls analysed
- 7
Texmaco Rail & Engineering Limited Q1 FY27
What went well
- Electrical Infra (Bright Power) revenue grew 76.8% YoY to INR 175 crores, reflecting sustained execution.
- EBITDA margin improved to 10.8% (INR 81 crores), driven by cost optimization and margin improvement.
- PAT increased 85.9% YoY to INR 52 crores, with PAT margin improving 381 bps to 6.9%.
What to watch
- Revenue from operations was impacted by lower execution in Freight Car divisions and Infra, totaling INR 753 crores.
- Supply chain issues, including high oil/gas prices and critical component availability, created stress during Q1 FY27.
What Texmaco Rail & Engineering Limited does
Texmaco Rail & Engineering manufactures railway rolling stock (freight wagons and locomotives), hydro-mechanical equipment, steel castings through its Foundry division, and bridges and other steel structures, and it executes Rail EPC projects including railway electrification works, serving Indian Railways, private wagon owners and international rail operators. It has been diversifying beyond its core wagon business into new verticals including defense manufacturing, a real estate development arm to monetize legacy land holdings, and an AI-services platform (Invariz.ai) built through a global capability center. The company operates a joint venture, Texmaco Rail Private Ltd, with Wabtec (Westinghouse) of the USA for rail-systems technology, and is part of the Adventz Group. Its manufacturing lineage traces to the erstwhile Texmaco Limited's plants, operational since 1939, which were demerged into the present company on its incorporation in 1998.
Segments
- Rolling Stock
- Hydro-Mechanical Equipment
- Steel Castings (Foundry)
- Bridges & Steel Structures
- Rail EPC / Infra (Electrification)
- Market position
- Among India's leading railway wagon manufacturers
- International footprint
- Rolling-stock and EPC/electrification contracts in African markets including South Africa and Cameroon
- Technology joint venture
- Texmaco Rail Private Ltd — JV with Wabtec (Westinghouse), USA
- AI/digital vertical
- Invariz.ai AI-services platform built on ServiceNow via a global capability center, with a U.S. NVIDIA-partner firm
- New diversification verticals
- Defense manufacturing and real estate development, alongside the core rail business
- Manufacturing heritage
- Traces to erstwhile Texmaco Limited plants operational since 1939; demerged into the present company in 1998
Guidance record · Q1 FY27
what the last two calls moved 19 tracked 2 delivered 8 missed 9 open- Texmaco West Rail Merger Completion delivered said Q3 FY25 Promised: 6-8 months (from Feb 2025) Q1 FY27: Promise remains achieved. No new updates.
- Overall Revenue Growth missed said Q4 FY25 Promised: 35% to 40% CAGR for the next 2 to 3 years Q1 FY27: Promise remains missed. No new updates specific to this original target.
- FY27 Revenue Growth at risk said Q4 FY26 Promised: growth in top line for FY27 Q1 FY27: Q1 FY27 revenue was INR 753 crores. The executive summary noted 'a dip in overall revenue' and 'lower execution', suggesting a YoY decline for the quarter, placing the full-year target at risk.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 16.9%, net profit up 72.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,346 | 1,326 | 1,346 | 911 | 1,258 −7% | 1,042 −21% | 1,167 −13% | 757 −17% |
| EBITDA | 132 | 131 | 98 | 71 | 124 −6% | 89 −32% | 106 +8% | 57 −20% |
| Net profit | 74 | 76 | 39 | 29 | 64 −14% | 42 −45% | 58 +49% | 50 +72% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −16.6% 1Y
1Y: ₹141.22 on 10 Sept 2025 → ₹117.81. High ₹150.13 (15 Sept 2025), low ₹78.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.7%
- 4 Aug
- Q4 FY26
- +13.7%
- 13 May
- Q3 FY26
- +2.0%
- 9 Feb
- Q2 FY26
- −0.6%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 25.0% a year over 3 years, FY23 to FY26. Operating margin widened to 8.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.2k Cr | ₹3.5k Cr | ₹5.1k Cr | ₹4.4k Cr |
| Operating profit | ₹145 Cr | ₹263 Cr | ₹468 Cr | ₹390 Cr |
| Operating margin | 6.5% | 7.5% | 9.2% | 8.9% |
| Interest | ₹115 Cr | ₹134 Cr | ₹137 Cr | ₹122 Cr |
| Depreciation | ₹36 Cr | ₹39 Cr | ₹44 Cr | ₹47 Cr |
| Net profit | ₹25 Cr | ₹113 Cr | ₹248 Cr | ₹193 Cr |
| Net margin | 1.1% | 3.2% | 4.9% | 4.4% |
| Cash from operations | ₹-103 Cr | ₹96 Cr | ₹-47 Cr | ₹363 Cr |
| Free cash flow | ₹-156 Cr | ₹14 Cr | ₹-579 Cr | ₹196 Cr |
| ROCE | 6.0% | 11.0% | 14.0% | 11.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹25 Cr | ₹32 Cr | ₹32 Cr | ₹40 Cr | ₹40 Cr | ₹41 Cr |
| Reserves | ₹1.1k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹2.3k Cr |
| Borrowings | ₹779 Cr | ₹710 Cr | ₹984 Cr | ₹631 Cr | ₹906 Cr | ₹895 Cr |
| Other liabilities | ₹721 Cr | ₹624 Cr | ₹1.0k Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.8k Cr |
| Total liabilities | ₹2.6k Cr | ₹2.7k Cr | ₹3.4k Cr | ₹4.2k Cr | ₹4.9k Cr | ₹5.1k Cr |
| Fixed assets | ₹406 Cr | ₹389 Cr | ₹431 Cr | ₹460 Cr | ₹993 Cr | ₹1.0k Cr |
| Capital work in progress | ₹4 Cr | ₹2 Cr | ₹9 Cr | ₹22 Cr | ₹119 Cr | ₹165 Cr |
| Investments | ₹131 Cr | ₹77 Cr | ₹104 Cr | ₹425 Cr | ₹277 Cr | ₹373 Cr |
| Other assets | ₹2.1k Cr | ₹2.2k Cr | ₹2.8k Cr | ₹3.3k Cr | ₹3.5k Cr | ₹3.5k Cr |
| Total assets | ₹2.6k Cr | ₹2.7k Cr | ₹3.4k Cr | ₹4.2k Cr | ₹4.9k Cr | ₹5.1k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +5.30 pp while FIIs trimmed −3.13 pp. The shareholder count shrank 2% to 3,83,307.
- Promoters
- 48.3%
- FIIs
- 5.0%
- DIIs
- 5.1%
- Public
- 41.5%
Since Jun 2025
- Public +5.30 pp
- FIIs −3.13 pp
- DIIs −2.25 pp
How it drifted, 12 quarters
Over this window promoters fell from 58.7% to 48.3% — −10.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.7%, FIIs 2.3%, DIIs 6.1%, Public 32.9%.Dec '23: Promoters 50.2%, FIIs 9.6%, DIIs 8.8%, Public 31.5%.Mar '24: Promoters 48.1%, FIIs 11.0%, DIIs 8.3%, Public 32.5%.Jun '24: Promoters 48.1%, FIIs 9.1%, DIIs 8.9%, Public 33.8%.Sep '24: Promoters 48.1%, FIIs 7.9%, DIIs 8.7%, Public 35.3%.Dec '24: Promoters 48.1%, FIIs 8.1%, DIIs 8.5%, Public 35.3%.Mar '25: Promoters 48.3%, FIIs 8.1%, DIIs 7.9%, Public 35.7%.Jun '25: Promoters 48.3%, FIIs 8.1%, DIIs 7.4%, Public 36.2%.Sep '25: Promoters 48.3%, FIIs 7.0%, DIIs 7.2%, Public 37.5%.Dec '25: Promoters 48.3%, FIIs 7.1%, DIIs 6.3%, Public 38.3%.Mar '26: Promoters 48.3%, FIIs 7.2%, DIIs 5.8%, Public 38.6%.Jun '26: Promoters 48.3%, FIIs 5.0%, DIIs 5.1%, Public 41.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund newly disclosed 2.80% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Texmaco Rail & Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Zuari International Limited | 15.67% | unchanged |
| Texmaco Infrastructure & Holdings Limited | 14.50% | unchanged |
| Adventz Finance Private Limited | 7.78% | unchanged |
| SAROJ KUMAR PODDAR (as an Individual) | 6.04% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Sma Mutual fund | 2.80% | newly disclosed |
| Duke Commerce Limited | 1.85% | unchanged |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 1.80% | unchanged |
| Samena Special Situations Mauritius Iii FPI fund | 1.21% | unchanged |
| Adventz Securities Enterprises Limited | 0.94% | unchanged |
| SAROJ KUMAR PODDAR (as a Trustee - SAROJ AND JYOTI PODDAR HOLDINGS PRIVATE TRUST) | 0.93% | unchanged |
| Zuari Industries Limited | 0.19% | unchanged |
| New Eros Tradecom Limited | 0.18% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TEXRAIL
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹206 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹124 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹124 Cr | held | Jul '17 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹81 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +41%
- vs est. average cost
- Held by funds
- ₹206 Cr
- 2 schemes · ≈ 4.9% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹124 Cr · 0.1% of that fund
Shares held by these funds −9%
Aug '23 1.87 cr shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹118, this stock must grow earnings at 17% every year for 7 years. Our analysis caps realistic growth at ~98%. At that growth it is worth ₹3591 — upside of 2948%.
- Growth the price implies
- 17.5% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 97.6% a year
- net profit, FY23–FY26
- The gap
- -0.8 pp
- 2948% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Texmaco Rail & Engineering Limited
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