Metro cars produced in Q3
18
+15 cars YoY
Q3 FY26 produced 18 metro cars vs 3 in Q3 FY25, a significant ramp-up.
TITAGARHRAILSYSTEMS
Information Technology
15 Feb 2026
Titagarh Rail Systems Ltd — Q3 FY26
Titagarh Rail Systems reported a mixed Q3 FY26.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
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.
Management Guidance
Metro car production target of 20 cars per month
Management targets achieving a run rate of 20 metro cars per month within the next few months, up from current levels.
growthPassenger rail EBITDA margin target of 15%
Ultimate target of 15% EBITDA margin for passenger rail, expected in 2-3 financial years, aided by backward integration.
marginsAluminium metro line completion by Q2 FY27
The aluminium metro coach production line will be completed by Q2 FY27, enabling end-to-end manufacturing.
capexWagon leasing license to boost private market share
The newly obtained wagon leasing license will enable offering wagons on lease, expanding private sector presence.
expansionKey Risks
Wheel set supply disruptions
Recurring wheel set shortages from the rail wheel factory have impacted freight production; normalization is uncertain.
high · management_commentaryFMA joint venture losses
The Italian subsidiary FMA has incurred losses; worst-case provisions are already booked, but cash impact remains.
medium · analyst_questionDependence on new wagon tenders
Current wagon orders cover only H1 FY27; any delay in new tenders could lead to underutilization of capacity.
high · data_observationExecution risk in metro ramp-up
Ramping metro production to 20 cars/month involves teething troubles; any delays could affect revenue visibility.
medium · management_commentaryNotable 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.