Texmaco Rail & Engineering Limited (TEXRAIL)
Micro CapIndustrials stocks · Micro cap · NSE
Texmaco Rail & Engineering manufactures freight cars, railway castings, and provides rail infrastructure solutions. It has diversified into rail EPC, maintenance, and green energy. Key segments include Freight Car Division, Infra - Rail & Green Energy, and Infra - Electrical. It serves Indian Railways, private markets, and exports.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 17/100Rev -17% YoY · margin compression · PAT +72% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹757 Cr | -16.9% | -35.1% |
| EBITDA | ₹57 Cr | -19.7% | -46.2% |
| Operating margin | 8.0% | +0 bps | -100 bps |
| PAT | ₹50 Cr | +72.4% | -13.8% |
| PAT margin | 6.6% | +343 bps | +164 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 Revenue from Operations declined 14.3% YoY to Rs 4,377 Cr, with EBITDA margin at 10.3% and PAT margin at 4.4%. Q4 FY26 saw Revenue at Rs 1,167 Cr, EBITDA margin 10.0%, and PAT margin 5.0%, with Q4 PAT up 45.1% YoY.
Texmaco's FY26 revenue declined significantly due to supply chain issues and lower Infra-Rail/Green Energy revenues. However, Infra-Electrical grew strongly. The company is strategically positioning for future growth through a JV with RVNL, new business areas like signaling and Kavach, and a strong order book. Balance sheet management shows improvement.
Revenue from Operations by Business (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
JV with Rail Vikas Nigam Limited (RVNL)
Expected to increase participation across rolling stock, rail EPC, maintenance, and integrated rail infrastructure opportunities.
Infra – Electrical (Bright Power) business
Grew by 66.1% to Revenues of Rs 610 Cr in FY26, with an EBIT Margin of 10.8%.
New Growth Areas
Scaling opportunities in railway signaling, safety systems (Kavach), power electronics, and propulsion technologies.
Export of Components and Railway Castings
Expected 3x+ growth in export of components and railway castings over the next 2-3 years.
Sustained Investments in Railways
Supported by sustained investments towards rolling stock modernization, railway electrification, and network expansion.
Broad Sector Demand
Developments are expected to support demand across Wagons, wheelsets, rail EPC, and systems integration.
Geopolitical Shift in Supply Chains
Supplies to global markets are benefitting from geopolitical shifts in supply chains.
Supply Chain Issues
Performance impacted by lower wagon production arising from continued global supply chain disruptions.
Lower Revenues in Infra – Rail and Green Energy
Performance during the year was impacted by lower revenues in Infra – Rail and Green Energy (Kalindee).
US Tariff Impositions
Performance was impacted by US Tariff impositions.
Supply Chain Volatility
Continued global supply chain disruptions could further impact wagon production and overall performance.
Revenue Concentration
Freight Car Division accounts for 78% of Q4 FY26 revenue, making overall performance susceptible to demand fluctuations in this segment.
Execution Risk for Order Book
A strong order book of Rs 5,408 Cr requires efficient execution to convert into revenue and maintain margins.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing the overall annual performance and the impact of macro factors like supply chain issues. QoQ is important for sequential momentum, especially in Q4, which showed strong PAT growth and improved net debt.
Order Book
Order book of Rs 5,408 Cr as of 31 March 2026.
Revenue from Operations
FY26: Rs 4,377 Cr (down 14.3% YoY); Q4 FY26: Rs 1,167 Cr (down 13.3% YoY).
EBITDA Margin
FY26: 10.3%; Q4 FY26: 10.0%.
PAT Margin
FY26: 4.4%; Q4 FY26: 5.0%.
Vision 2030 Roadmap
Strengthening core businesses while investing in emerging growth areas like railway signaling, Kavach, and power electronics.
Entry into Defence Manufacturing
Entering into Defence manufacturing and engineering value chain in collaboration with global technology providers.
Launch of 'Invariz' GCC Platform
Launched 'Invariz,' a Global Capability Centre (GCC) platform powered by ServiceNow and integrated with AI capabilities, for global digital services.
Confidence in Future Opportunities
Management remains confident in opportunities with a strong order book, improving execution capabilities, and a clear Vision 2030 roadmap.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | Rs 5,408 Cr order book. | Timely execution and revenue realization from the strong order book, especially the shift to 79% private sector wagons. |
| Infra-Electrical Growth & Margin | 66.1% revenue growth in FY26 with 10.8% EBIT margin. | Sustained high growth rates and consistent margin contribution from this segment. |
| Net Debt to Equity | 0.18x in FY26. | Continued improvement in balance sheet management and further debt reduction. |
| New Business Scale-up | Entry into signaling, Kavach, Defence, Invariz GCC. | Tangible revenue and profit contributions from these new initiatives and partnerships. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 -3.7% / mo · MACD +
Technical chart
TEXRAILdaily · 1Y · AUTO+20.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 65. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 65 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 49% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 51 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 45.0%.
- Growth contributes 22/25 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 11/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 52nd percentile within Industrials. Main check: results consistency is weak at 44/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROE is low at 7.3%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 52nd pctile, median 68 · Micro: 34th pctile, median 73
69 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.9%.
- ▸5 years of positive FCF.
- ▸OPM spread across recent quarters is 3%.
Trust risks
- ▸ROE is low at 7.3%.
- ▸0/4 latest quarters had positive YoY revenue growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.70
- P/B
- 1.99
- EV/EBITDA
- 13.21
- Market Cap
- 4719.00Cr
Profitability
- ROE
- 7.30%
- ROCE
- 11.20%
- ROA
- 4.23%
- Dividend Y
- 0.65%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 68.00%
- Revenue 3Y
- 25.00%
- EPS 3Y
- 94.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 3.21×
- Altman Z
- 2.95
- Book Value
- 58.40
Cash Flow
- FCF Yield
- 2.86%
- FCF Positive Y
- 5/5
- OCF
- 363.00 Cr
- EPS TTM
- 5.32
Shareholding
- Promoter Hold
- 48.34%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.