TRANSRAILL

Transrail Lighting share price & financials

Price
₹501.3
Market cap
₹6.3k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q1 FY27 · call held 07 Aug 2026

Transrail Lighting Limited Q1 FY27

Revenue from Operations ₹1,736 cr +5%EBITDA ₹203 cr EBITDA Margin 11.7% Profit After Tax ₹108 cr +3%

What went well

  • Revenue from operations grew by 5% YoY to INR 1,736 crores.
  • EBITDA margin stood at 11.7%, exceeding the 11% guidance.
  • Profit after tax increased 3% YoY to INR 108 crores.

What to watch

  • Net debt increased due to delayed collections and working capital deployment, though expected to normalize in Q2.
  • Q1 execution was slightly lower than expectations due to supply chain disruptions, but management expects to catch up in Q2.
Read the full call →

What Transrail Lighting Limited does

Transrail Lighting is an engineering, procurement and construction (EPC) company focused primarily on power transmission and distribution, offering turnkey design, engineering, supply, manufacturing, construction, testing and commissioning services. It also executes projects in substations, civil construction, railways, poles & lighting, and has recently entered solar EPC. The company runs backward-integrated manufacturing of its own transmission towers, conductors and poles, which it uses both to supply its own EPC projects and to sell as an engineered-product supplier globally.

Segments

  • Power Transmission Lines
  • Substations
  • Civil Construction
  • Railways
  • Poles and Lighting
  • Solar EPC
Countries with footprint
63
Integrated manufacturing facilities
5
Employees
2,700+
Transmission lines constructed (cumulative)
36,900+ CKM
Conductors supplied (cumulative)
226,000+ KM
Towers supplied (cumulative)
1.50 Mn MT
Founded 1984Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 6 delivered 1 missed 8 open
  • New Factory Operational delivered said Q4 FY25 Promised: December 2025 Q1 FY27: Commenced commercial production at the new Butibori tower facility on April 24, 2026, ahead of the revised Q2 FY27 timeline.
  • Brownfield Capex Operational delayed said Q4 FY25 Promised: June-July 2025 Q1 FY27: Conductor brownfield capex delayed, awaiting approvals. Confident to start in Q2 FY27.
  • FY26 Order Intake missed said Q2 FY26 Promised: INR 9,000 crore to INR 10,000 crore Q4 FY26: Order inflows for FY26 were healthy at INR 8,520 crores. Some orders... gotten postponed to quarter one.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 4.6%, net profit up 1.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,088 1,358 1,946 1,660 1,561 +43%1,796 +32%1,863 −4%1,736 +5%
EBITDA138 179 236 199 184 +33%227 +27%207 −12%202 +2%
Net profit55 93 127 106 91 +65%110 +18%96 −24%108 +2%
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 −48.0% 1Y

₹400₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 3 Feb 2026Q4 FY26 — 27 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹788.85 on 10 Sept 2025 → ₹410.35. High ₹799.4 (15 Sept 2025), low ₹410.35 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
−3.6%
7 Aug
Q4 FY26
−5.3%
27 May
Q3 FY26
+9.4%
3 Feb
Q2 FY26
−0.2%
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 29.6% a year over 1 year, FY25 to FY26. Operating margin narrowed to 11.9%.

Year endingFY25FY26
Revenue₹5.3k Cr₹6.9k Cr
Operating profit₹673 Cr₹817 Cr
Operating margin12.7%11.9%
Interest₹198 Cr₹219 Cr
Depreciation₹56 Cr₹67 Cr
Net profit₹327 Cr₹403 Cr
Net margin6.2%5.9%
Cash from operations₹287 Cr₹643 Cr
Free cash flow₹150 Cr₹532 Cr
ROCE35.0%29.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹8 Cr₹23 Cr₹23 Cr₹25 Cr₹27 Cr₹27 Cr
Reserves₹560 Cr₹640 Cr₹749 Cr₹1.1k Cr₹2.0k Cr₹2.3k Cr
Borrowings₹429 Cr₹469 Cr₹621 Cr₹667 Cr₹810 Cr₹678 Cr
Other liabilities₹1.2k Cr₹1.7k Cr₹2.1k Cr₹2.8k Cr₹3.9k Cr₹4.4k Cr
Total liabilities₹2.2k Cr₹2.8k Cr₹3.4k Cr₹4.6k Cr₹6.8k Cr₹7.4k Cr
Fixed assets₹317 Cr₹334 Cr₹379 Cr₹374 Cr₹492 Cr₹600 Cr
Capital work in progress₹4 Cr₹17 Cr₹4 Cr₹6 Cr₹47 Cr₹65 Cr
Investments₹3 Cr₹3 Cr₹3 Cr₹5 Cr₹1 Cr₹1 Cr
Other assets₹1.9k Cr₹2.5k Cr₹3.1k Cr₹4.2k Cr₹6.2k Cr₹6.7k Cr
Total assets₹2.2k Cr₹2.8k Cr₹3.4k Cr₹4.6k Cr₹6.8k Cr₹7.4k 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, DIIs trimmed −5.93 pp while the public added +4.86 pp. The shareholder count grew 22% to 1,55,661.

Promoters
71.1%
FIIs
2.5%
DIIs
6.5%
Public
19.9%

Since Jun 2025

  • DIIs −5.93 pp
  • Public +4.86 pp
  • FIIs +1.06 pp

How it drifted, 7 quarters

Over this window DIIs fell from 15.2% to 6.5% — −8.6 pp.

Dec '24Sep '25Jun '26

Ownership split by quarter, oldest first. Dec '24: Promoters 71.1%, FIIs 1.0%, DIIs 15.2%, Public 12.7%.Mar '25: Promoters 71.1%, FIIs 0.6%, DIIs 14.1%, Public 14.2%.Jun '25: Promoters 71.1%, FIIs 1.4%, DIIs 12.4%, Public 15.0%.Sep '25: Promoters 71.1%, FIIs 1.2%, DIIs 8.4%, Public 19.3%.Dec '25: Promoters 71.1%, FIIs 1.1%, DIIs 8.2%, Public 19.5%.Mar '26: Promoters 71.1%, FIIs 2.2%, DIIs 8.1%, Public 18.6%.Jun '26: Promoters 71.1%, FIIs 2.5%, DIIs 6.5%, Public 19.9%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Transrail Lighting Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ajanma Holdings Private Limited 69.91%unchanged
Asiana Fund I AIF3.37%unchanged
Canara Bank-Mumbai Bank1.50%unchanged
Digambar Chunilal Bagde 0.67%unchanged
Sandhya Digambar Bagde 0.50%unchanged
Sanjay Kumar Verma 0.04%unchanged
The FresyssinetPrestressed Concrete Company Limited 0.00%unchanged
Burberry InfraPrivate Limited 0.00%unchanged
RMH Ventures Private Limited 0.00%unchanged
Digambar Bagde Ventures LLP 0.00%unchanged
Skat Vyom Private Limited 0.00%unchanged
Vyom Vahini Private Limited 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.

What the price assumes

Attractive

To justify its price of ₹410, this stock must grow earnings at 6% every year for 7 years. Our analysis caps realistic growth at ~20%. At that growth it is worth ₹881 — upside of 115%.

Growth the price implies
5.9% a year
for 7 years, fading to 4%
It has actually compounded at
23.2% a year
net profit, FY25–FY26 · EPS 20.3%
The gap
-0.1 pp
115% downside if it only repeats history
Price today ₹410.35 Value at the reference growth ₹880.88

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Transrail Lighting Limited

Guides on how to read this kind of business and the numbers that matter.