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Revenue
₹1,167 Cr
verified against source
Revenue YoY
-13.3%
reported change
EBITDA
₹116 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Texmaco Rail reported Q4 FY26 revenue of ₹1,167 crore, down 13.3% YoY due to supply chain disruptions and US tariffs, but EBITDA margin expanded 120 bps to 10% and PAT margin rose 206 bps to 5%, driven by cost controls and a 66% surge in the electrification (Bright Power) division. The full-year revenue fell 14% to ₹4,377 crore, while PAT stood at ₹194 crore. Management highlighted a ₹4,000 crore South African order (2,200 wagons, 30 locomotives, 15-year maintenance) to be delivered by FY28, and outlined Vision 2030 (Texmaco 2.0) targeting 2x revenue and margin improvement through core strengthening, rail electrification, signaling, defense, and AI. A ₹700 crore contingency provision was created from reserves (non-cash) to de-risk large contracts. Risks include delayed Indian Railways wagon orders and execution challenges on the large export contract.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects top-line and bottom-line growth in FY27 compared to FY26, driven by export orders and core business recovery.
- The ₹4,000 crore order for 2,200 wagons and 30 locomotives with 15-year maintenance is to be completed by FY28, with bulk revenue likely in FY28.
- Board approved ₹200 crore for defense; total capex envelope of ₹1,500-2,000 crore over the next few years for diversification.
- Management aims to sustainably improve EBITDA margins from current ~10% towards mid-teens, supported by value-added products and cost optimization.
Risks flagged
- No new large wagon tender from Indian Railways has been announced; management expects orders by Q3 FY27 but uncertainty remains.
- The large export contract involves complex delivery (wagons, locomotives, maintenance) and raw material cost pass-through is not fully disclosed.
- Continued reliance on Indian Railways for wheel sets; any supply disruption could impact production schedules.
- A ₹700 crore provision (non-cash) against free reserves signals potential project risks; auditors qualified the report on this treatment.
Key quotes
- We are not only strengthening our core business but also investing in the development of future ready growth engines.
- Volume to value is the journey. That's what is the one of the fundamental theme of Texmaco 2.0.
- We have taken the services of the top management gurus of the world... to see whether we are making any mistakes or not.
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