Texmaco Rail & Engineering Ltd — Q4 FY26

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.