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Wheel set supply disruptions
View Risks →Titagarh Rail Systems Ltd — Q3 FY26
Titagarh Rail Systems reported a mixed Q3 FY26.
bullish
medium
✓ Verified against BSE filing
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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.
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Metro cars produced in Q3
18
+15 cars YoY
Q3 FY26 produced 18 metro cars vs 3 in Q3 FY25, a significant ramp-up.
Passenger rail order book
₹11,000 Cr
+₹4,000 Cr in last 6 months
Includes direct orders and ₹7,000 Cr via JV with BHEL.
Wagon production capacity
1,000 wagons/month
Flat
Capacity remains at 1,000 wagons/month, constrained by wheel set availability.
Propulsion order book
₹500 Cr
New
First EMU propulsion set approved by RDSO; revenue from FY27.
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Guidance and risk preview
Management targets achieving a run rate of 20 metro cars per month within the next few months, up from current levels.
Recurring wheel set shortages from the rail wheel factory have impacted freight production; normalization is uncertain.
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