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.
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.
Strong fundamentals, management trust is supportive, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
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 · 12/100margin compression · Rev +5% YoY · PAT +2% YoY
| 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.
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
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.
Un-executed Order Book by Business Vertical (as on Mar'26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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
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.
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.
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.
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.
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.
Trend score and candlestick chart
32Bearishfull bear SMA stack · SMA20 -7.4% / mo · RSI oversold · MACD − · near 52W low
Technical chart
TRANSRAILLdaily · 1Y · AUTO-16.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 28.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.0% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
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 77 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 77 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 7.5%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 64.1%.
Main drags
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Quality is weaker at 14/20; 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: +1 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.
Healthy Trust: 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.
High Trust Lite: Promoter holding is 71.1%. Key concern: ROCE trend is -3.8%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 96th pctile, median 68 · Micro: 92nd pctile, median 73
37 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
Healthy 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 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.
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
- 13.80
- P/B
- 2.52
- EV/EBITDA
- 7.23
- Market Cap
- 5764.00Cr
Profitability
- ROE
- 20.00%
- ROCE
- 29.20%
- ROA
- 5.51%
- Dividend Y
- 0.70%
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
- 2.54
- Book Value
- 170.00
Cash Flow
- FCF Yield
- 7.53%
- FCF Positive Y
- 4/5
- OCF
- 643.00 Cr
- EPS TTM
- 30.18
Shareholding
- Promoter Hold
- 71.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
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.