Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Oct - Transrail Lighting won ₹408 crore orders, mainly a MENA GIS substation EPC project; YTD order intake reached ₹2,429 crore.
Source: Bse
Transrail Lighting Limited (TRANSRAILL)
Micro CapIndustrials stocks · Micro cap · NSE
Transrail Lighting Limited is an Indian EPC company with over 4 decades of expertise in Power T&D, Civil Construction, Railways, Poles & Lighting, and Solar EPC. It has integrated manufacturing facilities for towers, conductors, and monopoles, with a global footprint across 63 countries.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:33 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 +7.7% / mo · MACD − · near 52W low
Stock trend: 46
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TRANSRAILLD candles · FIT view-21.7%Latest close ₹450.75 on 2026-10-19
Bar
-3.1%
RSI
47
MACD hist
-1.15
52W pos
14%
2026-10-19O ₹465.05H ₹466.55L ₹449.35C ₹450.75Vol 3.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TRANSRAILLNifty India ManufacturingNifty 500
- TRANSRAILL
- -9.1%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -3.5 pp
Chart stats
19 Oct 2026- From 52W high
- -41.1%
- 52W range position
- 14%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.11x
- Avg traded value
- ₹128 Cr
- 20D price channel
- ₹407.4 - ₹498
₹764.9
₹400.7 - ₹764.9
₹18.1
Latest completed session
20-session average
67.8% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · DEEP VALUE76
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad12
Revenue +4.6% · PAT +1.9% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+62.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence83
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 12/100margin compression · Rev +5% YoY · PAT +2% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,736 Cr | +4.6% | -6.8% |
| EBITDA | ₹202 Cr | +1.5% | -2.4% |
| Operating margin | 12.0% | +0 bps | +100 bps |
| PAT | ₹108 Cr | +1.9% | +12.5% |
| PAT margin | 6.2% | -17 bps | +107 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 15.00
- P/B
- 2.74
- EV/EBITDA
- 7.80
- Market Cap
- 6275.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 33.60%
- ROA
- 5.51%
- Dividend Y
- 0.64%
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 33.00%
- Revenue 3Y
- 30.00%
- EPS 3Y
- 56.00%
Balance Sheet
- Debt/Equity
- 0.30
- Interest Coverage
- 3.64×
- Altman Z
- 2.60
- Book Value
- 170.00
Cash Flow
- FCF Yield
- 6.92%
- FCF Positive Y
- 4/5
- OCF
- 643.00 Cr
- EPS TTM
- 30.18
Shareholding
- Promoter Hold
- 71.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 6,880+29.6% vs prev
Net Profit
₹ CrLatest: 404+22.8% vs prev
Return on Equity
%Latest: 17.7+1.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 47. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~7.1% over last month) — short-term momentum positive.
- RSI(14) at 47 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 41% off 52W high · 13% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
17
RS percentile
Stage 4 Downtrend
1M return
+10.3%
3M return
-9.1%
6M return
-23.2%
1Y return
-38.5%
RS 1D
-2
RS 20D
+9
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 8.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 63.23-2.23%
RS vs Nifty 50063
Valuation & peers
U-Score 76 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 76 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation16/30
Growth25/25
Quality15/20
Balance Sheet7/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
76
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
76/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 6.9%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 62.0%.
Main drags
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Valuation is weaker at 16/30; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
15.0
PB
2.7
EV/EBITDA
7.8
ROE
20.0%
ROCE
33.6%
FCF Yield
6.9%
Debt/Equity
0.3
MoS
+62.0%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
76
Previous: 76
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+62.0%
Previous: +62.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
77
76
76
76
77
77
75
75
76
76
76
76
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹339.76
-32.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,186.07
+62.0% MoS
PEG
0.36
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TEXRAIL
Micro
Texmaco Rail & Engineering Limited
Capital Goods
match 89
51
21.9
7.3%
+48%
FAIR VALUE
KERNEX
Micro
Kernex Microsystems (India) Limited
Railway Equipment
match 88
69
14.6
43.5%
+61%
UNDERVALUED
JWL
Large
Jupiter Wagons Limited
Railway Equipment
match 80
29
48.5
6.4%
-28%
OVERVALUED
TITAGARH
Large
TITAGARH RAIL SYSTEMS LIMITED
Railway Equipment
match 78
30
51.9
6.8%
-35%
OVERVALUED
RAILTEL
Large
Railtel Corporation Of India Limited
Telecom
match 70
67
21.7
17.1%
+45%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-10T00:41:23.721Z
Management commentary snapshot
Transrail Lighting reported highest ever revenue of INR 6,880 Cr in FY26, up 30% YoY, exceeding guidance. EBITDA grew 21% and PAT 28%. Order book including L1 reached INR 16,361 Cr, with strong operating cash flow and reduced net debt.
The company delivered record FY26 performance, exceeding revenue growth guidance, driven by strong order inflows and execution. Robust order book, capacity expansions, and improved financial health (reduced net debt, higher operating cash flow) support continued growth, despite a slight margin dip.
Current business mix
Un-executed Order Book by Business Vertical (as on Mar'26)
Latest issuer-disclosed distribution across 4 reported categories.
Power T&D89.0%
Civil6.0%
Railways2.0%
Pole & Lighting3.0%
Growth engines
Power T&D Dominance
Power T&D continues to be the primary growth driver, with 89% of unexecuted order book and strong execution in 765kV projects.
International Expansion
Entry into new geographies (Abu Dhabi, Tunisia, Djibouti, Botswana) and increased focus across GCC/Africa/SAARC markets.
Diversification into New Segments
Bagged 3 new Civil projects and 3 new Railway projects in FY26, expanding beyond core T&D.
Enhanced Manufacturing Capabilities
Doubled tower manufacturing capacity to 172,400 MTPA; conductor plant brownfield expansion on schedule.
Capacity and execution
Tower Manufacturing Capacity
Doubled tower manufacturing capacity to 172,400 MTPA in FY26 through greenfield and brownfield expansions.
New Tower Plant Commissioned
New Tower manufacturing Plant commissioned in April 2026 at Butibori, Nagpur.
Conductor Plant Expansion
Conductor plant brownfield expansion on schedule, targeting 49,500 KM from 24,000 KM (by Q1 FY27 for Phase 1, Q2 FY27 for Phase 2).
Additional Capex Approval
Board approved additional INR 203 Cr capex on May 26, 2026, mainly for procuring equipment for site construction.
Tailwinds
Energy Transition Push in India
500 GW non-fossil capacity target by 2030 and 900 GW by 2036 demands massive grid expansion and renewable energy evacuation lines.
National Electricity Plan Investments
INR 9.15 lakh crore transmission investments planned by 2032 under the National Electricity Plan, adding 191,000 CKM of transmission lines.
Africa's Electrification & Connectivity Drive
Initiatives like Mission 300 aim to connect 300 million people in Sub-Saharan Africa to electricity by 2030, supported by global agencies.
Government Policy Support
Government is working for integrating 1150 kV UHV lines and the Hydro Evacuation Plan is a welcome step.
Risk radar
Margin Pressure
EBITDA margin declined to 11.91% in FY26 from 12.73% in FY25, and PAT margin to 6.11% from 6.18%.
Working Capital Management
Despite improvement, working capital days remain at 81, requiring continued discipline for cash flow optimization.
Complex Project Execution
Delivering large-scale, complex projects like 765 kV lines under challenging conditions requires robust execution capabilities and risk management.
Management accountability
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.
Analyst reading lens
Compare YOY
The presentation primarily compares FY26 results against FY25, highlighting annual growth rates for revenue, EBITDA, and PAT, which is typical for assessing overall business expansion and financial health over a full fiscal year.
Sector KPIs management disclosed
Revenue from Operations
FY26 Revenue from Operations: INR 6,880 Cr (30% YoY growth).
EBITDA & Margin
FY26 EBITDA: INR 820 Cr (21% YoY growth); EBITDA Margin: 11.91% (vs 12.73% in FY25).
PAT & Margin
FY26 PAT: INR 421 Cr (28% YoY growth); PAT Margin: 6.11% (vs 6.18% in FY25). Excludes INR 17 Cr Q3 FY26 provision towards new labour code.
Order Inflow
FY26 Order Intake: INR 8,520 Cr.
Management forward view
Sustained Growth Outlook
Healthy order pipeline and a robust order book position Transrail for sustained growth in FY27 and beyond.
Focus on Qualitative Order Book
Management emphasizes a focus on margin-led qualitative order book.
Diversified Growth Avenues
Multiple avenues for long-term growth through conventional business, new-age requirements (HVDC, HTLS), and diversification (Railways, Civil, Solar EPC).
Commitment to ESG Standards
Committed to building stronger communities through sustainable action and striving for Global ESG standards.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth & Execution | INR 16,361 Cr (including L1) as of April 1, 2026. | Monitor new order inflows and execution pace to maintain robust revenue cover and project pipeline. |
| EBITDA Margins | 11.91% in FY26. | Watch for stabilization or improvement in EBITDA margins, given the slight decline in FY26, indicating pricing power and cost control. |
| Working Capital Days | 81 days in FY26. | Track further reduction in working capital days to enhance cash conversion and balance sheet efficiency. |
| Capacity Utilization & Ramp-up | Tower capacity doubled to 172,400 MTPA; conductor expansion underway. | Monitor the ramp-up and utilization rates of new and expanded manufacturing capacities to ensure efficient capital deployment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
83Limited evidence · low confidenceTrust Lite
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 95th percentile of the scored universe and 96th percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
37 docs text-extracted · 12 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
95th percentile
overall median 67 · Industrials: 96th pctile, median 68 · Micro: 92nd pctile, median 73
Evidence depth
Financial-only
37 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
80
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 71.1%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 7.5%.
- ▸4 years of positive FCF.
Trust risks
- ▸ROCE trend is -3.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Transrail Lighting Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Oct - Allotment of Equity shares upon exercise of options issued under ESOP 2023 Scheme
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 Oct - Transrail Lighting secures ₹412 crore orders; yearly order intake rises to ₹2,021 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Silvassa tower capacity rises 12,000 MTPA to 184,400 MTPA; phase 2 may exceed 200,000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 30 Sep - Transrail Lighting secures ₹574 crore orders; year-to-date intake reaches ₹1,609 crore, with ₹694 crore L1 orders.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Transrail Lighting to meet investors at Anand Rathi Annual Flagship Conference in Mumbai on September 21, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep - Intimation regarding Investors/Analysts Meetings scheduled on September 18, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Submission of Copy of Newspaper Publication regarding information relating to e-voting instructions for 19th Annual General Meeting
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug - Copy of Newspaper Publication for Intimation of Annual General Meeting and record date for final dividend for financial year 2025-26.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - Copy of Newspaper Publication of Postal Ballot Notice 02/2026-27
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.