Titagarh Rail Systems Ltd
NSE: TITAGARH · Industrial Manufacturing · sector
₹649.55NSE close 2026-10-26
Key numbers
Market cap₹8,746 cr
Price₹649.55
52w high / low₹971 / ₹569
P/E45.8xSector median 30.3x
P/B3.6xSector median 3.0x
Book value₹182.4
Dividend yield0.56%Sector median 0.65%
ROE7.7%Sector median 10.1%
ROCE12.0%Sector median 11.7%
OPM11.2%Sector median 11.2%
Debt / equity0.21xSector median 0.26x
EV/EBITDA24.3xSector median 23.2x
Interest cover5.2x
Current ratio1.81x
Sales growth 3y+18.2%Sector median +18.4%
Profit growth 3y–Sector median +32.6%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 8 companies in Industrial Manufacturing (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹317 cr vs borrowings ₹522 cr (FY26): borrowings are higher by ₹205 cr.
- Operating profit covered interest 5.2x in the last 12 months.
- 0.06% of the promoters' shares are pledged (0.0% of all shares).
- Operating cash flow was below net profit in 2 of the last 4 years (FY25, FY24).
- Revenue was higher than a year earlier in 1 of the last 4 quarters.
- Other income was 23% of net profit in the last 12 months.
- Debtor days went from 50 (FY24) to 72 (FY26).
- Dividend paid in 3 of the last 5 financial years.
- Price ₹649.55 on 2026-10-26: -33.1% from the 52-week high, +14.2% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹1,335.00 · low ₹595.00
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,057 | 902 | 1,006 | 679 | 799 | 832 | 875 | 765 |
| EBITDA | 129 | 100 | 102 | 75 | 84 | 92 | 97 | 95 |
| OPM % | 12.2% | 11.1% | 10.1% | 11.1% | 10.5% | 11.1% | 11.1% | 12.4% |
| Other income | 11 | 22 | 30 | 12 | 14 | 11 | 12 | 7 |
| Net profit | 81 | 63 | 64 | 31 | 37 | 48 | 54 | 53 |
| EPS (₹) | 5.99 | 4.66 | 4.79 | 2.30 | 2.73 | 3.58 | 3.97 | 3.91 |
| Revenue YoY | -24.4% | -7.8% | -12.9% | +12.6% | ||||
| Profit YoY | -54.1% | -23.3% | -17.0% | +69.9% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY21 | FY22 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 1,521 | 1,931 | 3,853 | 3,868 | 3,186 | 3,272 |
| EBITDA | 81 | 120 | 449 | 433 | 283 | 368 |
| Net profit | -15 | -0 | 286 | 275 | 123 | 191 |
| EPS (₹) | -1.28 | -0.03 | 22.46 | 20.41 | 9.12 | 14.19 |
| Revenue growth | +27.0% | +99.6% | +0.4% | -17.6% | -10.2% | |
| Profit growth | – | – | -3.9% | -55.3% | -19.9% | |
| Dividend / share (₹) | – | – | 0.50 | 0.80 | 1.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +18.2% | – | -10.2% |
| Net profit | – | – | -19.9% |
| EPS | – | – | – |
| Share price | – | -21.1% (2y) | -19.5% |
Balance sheet
| ₹ cr | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | – | 2,231 | 2,483 | 2,456 |
| Borrowings | – | 66 | 529 | 522 |
| Cash & equivalents | – | 609 | 467 | 317 |
| Total assets | – | 3,229 | 3,762 | 4,039 |
| Fixed assets | – | 648 | 831 | 1,084 |
| Capital work in progress | – | 108 | 40 | 72 |
| Investments | – | 50 | 52 | 55 |
| Receivables | – | 533 | 671 | 630 |
| Inventory | – | 524 | 523 | 588 |
| Payables | – | 319 | 235 | 330 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | 55 | 86 | -97 | 322 |
| Cash from investing | -69 | -537 | -579 | -133 |
| Cash from financing | -53 | 724 | 372 | -52 |
| Capex | 102 | 164 | 236 | 7 |
| Free cash flow | -48 | -78 | -333 | 315 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | – | 12.8% | 11.1% | 5.0% |
| ROCE % | – | 20.1% | 15.9% | 9.4% |
| Debtor days | – | 50 | 63 | 72 |
| Inventory days | – | 64 | 65 | 92 |
| Payable days | – | 39 | 29 | 52 |
| Cash conversion cycle (days) | – | 75 | 99 | 112 |
| Working capital days | – | 119 | 102 | 112 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 40.46% |
| FIIs | 11.38% |
| DIIs | 15.95% |
| of which Mutual funds | 12.98% |
| of which Insurance | 2.93% |
| Government | 0.01% |
| Public (non-institutions) | 32.20% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 40.46% | 40.46% | 40.46% | 40.46% | 40.46% | 40.46% | 40.46% | 40.46% |
| Promoter group | % |
|---|---|
| Titagarh Capital Management Services Private Limited | 17.87% |
| Jagdish Prasad Chowdhary(Trustee of Chowdhury foundation) | 13.52% |
| Rashmi Chowdhary | 7.52% |
| Titagarh Logistics Infrastructures Private Limited | 1.42% |
| Umesh Chowdhary | 0.06% |
| Jagdish Prasad Chowdhary | 0.05% |
| Vinita Bajoria | 0.02% |
| Bimla Devi Kajaria | 0.00% |
| Gaurav Kajaria | 0.00% |
| Savitri Devi Chowdhary | 0.00% |
| Sumita Kandoi | 0.00% |
| Prithish Chowdhary | 0.00% |
| Prithish Chowdhary Family Trust | 0.00% |
| Public holders above 1% | % |
|---|---|
| HDFC Large and MID CAP Fund | 3.85% |
| HSBC Mutual Fund - HSBC Aggressive Hybrid Fund | 2.77% |
| Mirae Asset Infrastructure Fund | 1.35% |
| The Master Trust Bank of Japan, Ltd. AS Trustee of HSBC India Infrastructure EQU | 1.08% |
| Goldman Sachs Funds - Goldman Sachs India Equity Portfolio | 1.06% |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Aggressive Hybrid | 1.01% |
5,03,947 shareholders. Pledged: 0.06% of promoter shares.
Peers in Industrial Manufacturing
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| MAZDOCK | ₹75,634 cr | 26.5x | 7.8x | 32.3% | 35.3% | 19.3% | +18.4% | 1.02% |
| COCHINSHIP | ₹29,831 cr | 43.9x | 5.1x | 11.9% | 15.2% | 15.1% | +28.5% | 0.86% |
| SWANDEF | ₹14,207 cr | 34.2x | 6.3x | 27.9% | -5.0% | -90.3% | – | – |
| TITAGARH | ₹8,746 cr | 45.8x | 3.6x | 7.7% | 12.0% | 11.2% | +18.2% | 0.56% |
| JWL | ₹7,462 cr | 46.4x | 2.5x | 5.8% | 8.1% | 11.2% | +12.1% | 0.56% |
| TEXRAIL | ₹4,022 cr | 18.5x | 1.7x | 8.3% | 11.5% | 8.8% | +25.0% | 0.74% |
| ORIRAIL | ₹762 cr | 14.7x | 1.7x | 12.3% | 12.6% | 15.5% | +62.1% | 0.09% |
| HRYNSHP | ₹56 cr | 2.4x | 0.4x | 2.8% | 0.5% | -351.7% | -59.9% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Freight Rail Systems | ₹2,604 cr | 81.7% | ₹318 cr | 12.2% |
| Passenger Rail Systems | ₹539 cr | 16.9% | ₹77 cr | 14.3% |
| Shipbuilding | ₹42 cr | 1.3% | ₹-21 cr | -48.9% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-09-23 | Dividend | Dividend - Re 1 Per Share |
| 2025-09-08 | Dividend | Dividend - Re 1 Per Share |
| 2024-08-20 | Dividend | Annual General Meeting/Dividend - Re 0.80 Per Share |
| 2023-09-22 | Dividend | Annual General Meeting/Dividend - Re 0.50 Per Share |
| 2022-09-07 | Other | Annual General Meeting |
| 2021-09-17 | Other | Annual General Meeting |
| 2020-12-22 | Other | Annual General Meeting |
| 2019-09-11 | Dividend | Annual General Meeting/Dividend - Rs 0.30 Per Share |
| 2018-09-19 | Dividend | Annual General Meeting/Dividend- Re 0.30 Per Share |
| 2017-07-20 | Dividend | Annual General Meeting/Dividend- Re 0.80 Per Share |
| 2016-09-22 | Other | Annual General Meeting |
| 2016-03-28 | Dividend | Interim Dividend -Re 0.80/- Per Share (Purpose Revised) |
| 2015-09-16 | Dividend | Annual General Meeting And Dividend Re.0.80 Per Share |
| 2015-04-23 | Split | Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share |
| 2014-09-04 | Dividend | Annual General Meeting / Dividend - Rs 4/- Per Share |
| 2013-08-14 | Dividend | Annual General Meeting / Dividend - Rs 4/- Per Share |
| 2012-09-06 | Dividend | Annual General Meeting And Dividend Rs.8/- Per Share |
| 2011-07-21 | Dividend | Dividend-Rs.8/- Per Share |
| 2010-08-18 | Dividend | Annual General Meeting And Dividend Rs.5/- Per Share |
| 2009-09-03 | Dividend | Dividend-Rs.5/- Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Freight Rail Systems: Consists of manufacturing of Wagons, Loco Shells, bogies, couplers, its components, designing and construction of Warships, Passenger Vessels, Tug and specialised equipment for Defence, Bridges Girders etc.
- Passenger Rail Systems: Consists of designing and manufacturing of Metro, Passenger Coaches, EMUs, Train Sets, Mono Rail, Propulsion equipment, Traction Motors and its components.
| Sector | Industrials |
| Industry | Industrial Manufacturing |
| Sub-industry | Railway Wagons |
| Symbol | TITAGARH |
| BSE code | 532966 |
| ISIN | INE615H01020 |
| Face value | ₹2.0 |
| Incorporated | 1997-07-03 |
| Website | www.titagarh.in |
| Plants (India / abroad) | 4 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.