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Revenue
₹832 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Where this quarter sits.
Quarter read
What the record says.
Titagarh Rail Systems reported a mixed Q3 FY26. Freight rail revenue declined to ~600 cr from 800 cr YoY due to wheel set supply disruptions, though normalization is underway. Passenger rail revenue surged from ~40 cr to ~160 cr YoY, with EBITDA jumping to ~22 cr, reflecting successful ramp-up. The company flagged off the first Ahmedabad Metro train and secured a wagon leasing license to boost private sector presence. Management guided for metro car production to reach 20 per month in coming months and expects passenger rail to dominate revenue in 2-3 years. The aluminium metro line and ABB TCMS technology transfer strengthen backward integration. Risks include continued wheel set volatility and potential delays in new wagon orders. Overall, the passenger business turnaround is encouraging, but freight headwinds persist.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets achieving a run rate of 20 metro cars per month within the next few months, up from current levels.
- Ultimate target of 15% EBITDA margin for passenger rail, expected in 2-3 financial years, aided by backward integration.
- The aluminium metro coach production line will be completed by Q2 FY27, enabling end-to-end manufacturing.
- The newly obtained wagon leasing license will enable offering wagons on lease, expanding private sector presence.
Risks flagged
- Recurring wheel set shortages from the rail wheel factory have impacted freight production; normalization is uncertain.
- The Italian subsidiary FMA has incurred losses; worst-case provisions are already booked, but cash impact remains.
- Current wagon orders cover only H1 FY27; any delay in new tenders could lead to underutilization of capacity.
- Ramping metro production to 20 cars/month involves teething troubles; any delays could affect revenue visibility.
Key quotes
- The passenger rail system which constitutes on a standalone basis at almost 75% plus of our order book has shown a huge jump.
- Our target is to get to 20 cars per month which is what we will get within the next few months.
- The ultimate target on the passenger side is to be able to get to about 15% EBITDA levels which will take us maybe another couple of financial years.
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