TITAGARH
Titagarh Rail Systems share price & financials
- Price
- ₹859.85
- Market cap
- ₹11.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 5
Titagarh Rail Q4 FY26
What went well
- Complete exit from Firema, with all past and potential liabilities provided for, ensuring no further losses or cash outflow.
- Titagarh Naval Systems Limited established, acquired land in Falta, and sanctioned 25% capital subsidy for its INR 610 crores investment.
- Passenger rail system business recorded its highest ever turnover and profitability in FY26, growing from 12 cars in FY25 to 63 cars in FY26.
What to watch
- Overall company turnover decreased by 16.54% from INR 3,822 crores in FY25 to INR 3,190 crores in FY26.
- Experienced past supply chain constraints for gas, LDO, and steel, though the situation has improved.
What Titagarh Rail Systems Limited does
Titagarh Rail Systems designs and manufactures rolling stock for Indian and export rail networks, split into Freight Rail Systems (wagons, castings and components) and Passenger Rail Systems (metro coaches, EMU/MEMU trains, Vande Bharat trainsets, and propulsion/traction electronics such as converters, motors and TCMS). It entered wagon-making in 1997 as a forward integration of its steel-casting foundry, and has since added metro coach manufacturing, propulsion equipment, forged wheels (via a JV) and shipbuilding/naval systems (via a wholly-owned subsidiary), earning revenue from Indian Railways, metro corporations, private wagon customers, the Indian Navy/Coast Guard and select export customers.
Segments
- Freight Rail Systems
- Passenger Rail Systems
- Shipbuilding and Maritime Systems
- Market position
- Largest wagon manufacturer in India by market share
- Wagon manufacturing capacity
- 12,000 wagons per year
- Foundry/steel-casting capacity
- Two foundries, 30,000 MT melting capacity per year (foundry upgraded and expanded to 50,000 MT per annum)
- Passenger Rail Systems manufacturing capacity
- 300 coaches per year
- Manufacturing and engineering facilities
- 9 locations across India: Kolkata (PRS unit, wagon plant, 2 foundries, engineering centre), Bharatpur (wagon and defence), Hyderabad and Bangalore (engineering centres), Chennai (wheel manufacturing JV, regional office), plus depots at Pune, Surat and Ahmedabad and regional offices in Delhi and Mumbai
- Engineering headcount
- 200+ engineers across Kolkata, Hyderabad and Bangalore engineering centres
Guidance record · Q4 FY26
what the last two calls moved 10 tracked 2 delivered 3 missed 5 open- Firema Financial Impact delivered said Q1 FY26 Promised: there is no cash loss or potential cash loss. Q4 FY26: Company confirmed complete exit and that all past and potential liabilities have been provided for, with no further losses expected.
- Passenger Car Deliveries (FY26) missed said Q1 FY26 Promised: expecting this year to grow that 12 cars to 120 cars Q4 FY26: Final delivered number for FY26 was 63 cars, significantly below the original and revised targets.
- Vande Bharat Prototype Delivery delayed said Q2 FY26 Promised: intending to deliver the first train in Q3 of the next Financial Year [FY27]. Q4 FY26: Timeline shifted to 'end of Q3 or beginning of Q4' FY27.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 12.7%, net profit up 71.0% 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 | 1,057 | 902 | 1,006 | 679 | 799 −24% | 832 −8% | 875 −13% | 765 +13% |
| EBITDA | 125 | 94 | 18 | 64 | 74 −41% | 91 −3% | 92 +411% | 94 +47% |
| Net profit | 81 | 63 | -124 | 31 | 37 −54% | 45 −29% | 54 +144% | 53 +71% |
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 −7.3% 1Y
1Y: ₹908.85 on 10 Sept 2025 → ₹842.15. High ₹955.35 (19 Sept 2025), low ₹574.85 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −3.0%
- 1 Jun
- Q3 FY26
- −1.6%
- 16 Feb
- Q2 FY26
- −1.2%
- 18 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 4.7% a year over 3 years, FY23 to FY26. Operating margin widened to 10.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.8k Cr | ₹3.9k Cr | ₹3.9k Cr | ₹3.2k Cr |
| Operating profit | ₹250 Cr | ₹450 Cr | ₹334 Cr | ₹321 Cr |
| Operating margin | 9.0% | 11.7% | 8.6% | 10.1% |
| Interest | ₹81 Cr | ₹73 Cr | ₹73 Cr | ₹71 Cr |
| Depreciation | ₹21 Cr | ₹28 Cr | ₹29 Cr | ₹51 Cr |
| Net profit | ₹126 Cr | ₹287 Cr | ₹87 Cr | ₹167 Cr |
| Net margin | 4.5% | 7.4% | 2.2% | 5.2% |
| Cash from operations | ₹41 Cr | ₹86 Cr | ₹-97 Cr | ₹322 Cr |
| Free cash flow | ₹4 Cr | ₹-78 Cr | ₹-328 Cr | ₹-45 Cr |
| ROCE | 18.0% | 25.0% | 17.0% | 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 | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹27 Cr | ₹27 Cr | ₹27 Cr |
| Reserves | ₹817 Cr | ₹818 Cr | ₹940 Cr | ₹2.2k Cr | ₹2.5k Cr | ₹2.4k Cr |
| Borrowings | ₹847 Cr | ₹920 Cr | ₹353 Cr | ₹166 Cr | ₹637 Cr | ₹623 Cr |
| Other liabilities | ₹775 Cr | ₹903 Cr | ₹931 Cr | ₹832 Cr | ₹625 Cr | ₹960 Cr |
| Total liabilities | ₹2.5k Cr | ₹2.7k Cr | ₹2.2k Cr | ₹3.2k Cr | ₹3.8k Cr | ₹4.0k Cr |
| Fixed assets | ₹871 Cr | ₹966 Cr | ₹732 Cr | ₹748 Cr | ₹1.2k Cr | ₹1.4k Cr |
| Capital work in progress | ₹41 Cr | ₹61 Cr | ₹12 Cr | ₹174 Cr | ₹128 Cr | ₹72 Cr |
| Investments | ₹31 Cr | ₹30 Cr | ₹32 Cr | ₹198 Cr | ₹310 Cr | ₹279 Cr |
| Other assets | ₹1.5k Cr | ₹1.6k Cr | ₹1.5k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.3k Cr |
| Total assets | ₹2.5k Cr | ₹2.7k Cr | ₹2.2k Cr | ₹3.2k Cr | ₹3.8k Cr | ₹4.0k 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 trimmed −5.07 pp while DIIs added +3.71 pp. The shareholder count shrank 15% to 5,24,155.
- Promoters
- 40.5%
- FIIs
- 10.9%
- DIIs
- 15.4%
- Government
- 0.0%
- Public
- 33.3%
Since Jun 2025
- Public −5.07 pp
- DIIs +3.71 pp
- FIIs +1.38 pp
How it drifted, 12 quarters
Over this window FIIs fell from 16.9% to 10.9% — −6.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 45.0%, FIIs 16.9%, DIIs 10.4%, Government 0.0%, Public 27.7%.Dec '23: Promoters 42.5%, FIIs 20.0%, DIIs 12.3%, Government 0.0%, Public 25.2%.Mar '24: Promoters 42.5%, FIIs 17.3%, DIIs 13.7%, Government 0.0%, Public 26.5%.Jun '24: Promoters 40.5%, FIIs 19.6%, DIIs 14.1%, Government 0.0%, Public 25.8%.Sep '24: Promoters 40.5%, FIIs 16.3%, DIIs 13.9%, Government 0.0%, Public 29.3%.Dec '24: Promoters 40.5%, FIIs 13.7%, DIIs 15.0%, Government 0.0%, Public 30.9%.Mar '25: Promoters 40.5%, FIIs 11.6%, DIIs 13.4%, Government 0.0%, Public 34.5%.Jun '25: Promoters 40.5%, FIIs 9.5%, DIIs 11.7%, Government 0.0%, Public 38.4%.Sep '25: Promoters 40.5%, FIIs 9.6%, DIIs 12.8%, Government 0.0%, Public 37.2%.Dec '25: Promoters 40.5%, FIIs 10.7%, DIIs 12.6%, Government 0.0%, Public 36.3%.Mar '26: Promoters 40.5%, FIIs 10.7%, DIIs 12.5%, Government 0.0%, Public 36.4%.Jun '26: Promoters 40.5%, FIIs 10.9%, DIIs 15.4%, Government 0.0%, Public 33.3%.
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.
- HSBC Mutual Fund - HSBC Aggressive Hybrid Fund Mutual fund +0.89 pp 2.77% held
- Mirae Asset Infrastructure Fund Mutual fund +0.22 pp 1.31% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Titagarh Rail Systems Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Titagarh Capital Management Services Private Limited | 17.87% | unchanged |
| Jagdish Prasad Chowdhary(Trustee of Chowdhury foundation) | 13.52% | unchanged |
| Rashmi Chowdhary | 7.52% | unchanged |
| HDFC Large And Mid Cap Fund Mutual fund | 3.84% | unchanged |
| HSBC Mutual Fund - HSBC Aggressive Hybrid Fund Mutual fund | 2.77% | +0.89 pp |
| Titagarh Logistics Infrastructures Private Limited | 1.42% | unchanged |
| Mirae Asset Infrastructure Fund Mutual fund | 1.31% | +0.22 pp |
| The Master Trust Bank Of Japan, Ltd. As Trustee Of HSBC India Infrastructure Equ Sovereign | 1.08% | −0.11 pp |
| Umesh Chowdhary | 0.06% | unchanged |
| Jagdish Prasad Chowdhary | 0.05% | unchanged |
| Vinita Bajoria | 0.02% | unchanged |
| Prithish Chowdhary Family Trust | 0.00% | 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 TITAGARH
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.0%).
- Held by funds
- ₹434 Cr
- 8 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹347 Cr · 0.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹347 Cr | held | Dec '22 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹47 Cr | held | Dec '22 |
| HDFC Infrastructure Fund HDFC Mutual Fund | ₹23 Cr | held | Oct '24 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.02 L | Mar '24 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Mar '24 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
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
4 added, 1 trimmed — net +2,292 shares (+0.0%)
- Funds are sitting on
- +184%
- vs est. average cost
- Held by funds
- ₹434 Cr
- 8 schemes · ≈ 4.0% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹347 Cr · 0.3% of that fund
Shares held by these funds −26%
Aug '23 52.56 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹842, this stock must grow earnings at 36% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹226 — downside of 73%.
- Growth the price implies
- 35.8% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 9.8% a year
- net profit, FY23–FY26
- The gap
- 0.3 pp
- -73% downside if it only repeats history
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Titagarh Rail Systems Limited
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