Industrials stocks · Large cap · NSE
Titagarh Rail Systems Limited (TRSL) is an Indian manufacturer of freight and passenger rail systems, including wagons, metro coaches, and Vande Bharat trains. The company also has strategic joint ventures in forged wheel manufacturing and shipbuilding, aiming for integrated rail solutions and diversified industrial presence.
SMA20 -5.5% / mo · RSI oversold · MACD −
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +12.7% · PAT +71.0% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +13% YoY · PAT +71% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹765 Cr | +12.7% | -12.6% |
| EBITDA | ₹94 Cr | +46.9% | +2.2% |
| Operating margin | 12.0% | +300 bps | +100 bps |
| PAT | ₹53 Cr | +71.0% | -1.9% |
| PAT margin | 6.9% | +236 bps | +76 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 20/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Signals are conflicting — long-term trend down. RSI 24. Wait for confirmation.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
12 stored score snapshots. Latest stored move: +0 points.
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.
Growth engines, risks, management commitments and evidence-backed delivery
FY26 revenue impacted by FRS supply constraints, but PRS segment achieved highest-ever revenue (+111% YoY) and EBIT margin. Strong total order book of ~27,540 Cr provides significant revenue visibility, supported by positive operating cash flow and strategic capacity expansions.
The thesis remains intact due to a robust order book and strong growth in the high-margin Passenger Rail Systems segment. Strategic investments in capacity and JVs position the company for future growth. However, FRS segment's supply chain issues and increased working capital days warrant close monitoring for execution and efficiency.
Latest issuer-disclosed distribution across 2 reported categories.
FY26 dispatches of 64 coaches (vs 12 last year) and a targeted ramp-up to at least 200 coaches in FY27, with PRS revenue highest ever at Rs 539 Cr (+111% YoY).
JV with BHEL for manufacturing and 35-year maintenance of 80 trainsets, contributing ~7,000 Crores to the total order book share.
JV with Ramkrishna Forgings to establish Asia's 2nd largest plant producing 228,000 forged wheels per annum, with an order book share of ~6,300 Crores.
Obtained Wagon Leasing license from Indian Railways and secured first orders for 2 rakes on a 10-year operating lease.
Acquired ~40 acres at Uttarpara to expand manufacturing capacity and build a fully integrated facility, including a 1.6 km test track.
Foundry upgraded with resin-based moulding, capacity expanded to 50,000 MT per annum, enabling 100% backward integration for full wagon output.
Cold commissioning of the Forging Line completed; hot trials expected in Q1 FY27 and commercial operations by Q2 FY27 for the 228,000 wheels/annum plant.
Setting up a brownfield shipyard at Falta with a total capex of ~Rs 600 Crores; project-ready with launch planned for June 2026.
The company is augmenting production capacity to meet robust demand for passenger rolling stock and preparing to enter the high-speed train segment.
Titagarh Naval Systems Limited (WOS) secured Rs 169 Crores under the Shipbuilding Financial Assistance Scheme for its Falta Shipyard expansion.
The proposed Vande Bharat JV with BHEL contributes to the Government of India's vision of Aatmanirbhar Bharat.
FY26 Freight Rail Systems (FRS) revenue was impacted by wheelset and West Asia related supply chain constraints during the year.
Net Working capital days increased to ~107 days from ~84 days in the previous year, driven by mismatched inventory.
Timely commissioning and ramp-up of new facilities like the Uttarpara PRS plant, Falta shipyard, and the forged wheel plant JV are critical for realizing growth.
The increase in working capital days due to inventory mismatch could strain liquidity and impact operational efficiency if not effectively managed.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation provides annual financial results for FY26 compared to FY25 and FY24, and explicitly highlights YoY growth for key operational metrics like PRS revenue and coach dispatches, making YoY the primary comparison basis.
Total order book including prorate share of JVs stands at ~27,540 Crores as of March 31, 2026.
Total order book of ~27,540 Crores against FY26 revenue of 3,143.58 Crores implies a revenue cover of approximately 8.7x.
FY26 dispatches for Freight Rail Systems (FRS) were 7,019 wagons, impacted by wheelset and West Asia related supply chain constraints.
FY26 dispatches for Passenger Rail Systems (PRS) stood at 64 coaches, a significant increase from 12 coaches in the previous year.
Management targets 650-700 wagons per month for FY27, with potential to upscale to 1,000/month once new tenders are awarded by Railways.
Management targets a ramp-up to at least 200 coaches in FY27 for the Passenger Rail Systems segment.
The company is preparing to enter the high-speed train segment in a few years.
The launch of the brownfield Falta Shipyard expansion is planned for June 2026.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PRS Coach Dispatches | 64 coaches (FY26) | Ramp-up to at least 200 coaches in FY27. |
| FRS Wagon Monthly Run Rate | 7,019 wagons (FY26 annual) | Achievement of 650-700 wagons per month, with potential to 1,000/month. |
| Forged Wheel JV Commercial Operations | Cold commissioning completed | Hot trials in Q1 FY27 and commencement of commercial operations by Q2 FY27. |
| Net Working Capital Days | ~107 days (FY26) | Improvement in working capital management and reduction in days from current levels. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 35th percentile within Industrials. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Industrials: 35th pctile, median 68 · Large: 19th pctile, median 73
119 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read 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.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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