Transrail Lighting
Book Building issueMainboardNSE₹839 Cr issue
+35.45%
Listing gain over issue price
Issue size
₹839 Cr
1 lot at cut-off
₹14,688
Lot size
34shares
Open
19 Dec 2024
Close
23 Dec 2024
Allotment
24 Dec 2024
Listing
27 Dec 2024
Listing performance
Issue price
₹432
Listed at
₹585.15
Listing-day close
₹553.55
Latest price
₹428.80
Close on 23 Oct 2026
Listing gain
+35.45%
Return since issue
-0.74%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Dec 2024 – 23 Dec 2024
- Listing date
- 27 Dec 2024
- Face value
- ₹2 per share
- Issue price
- ₹432 per share
- Lot size
- 34 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹839 Cr
- Market cap at offer price
- ₹5,800 Cr
- Promoter holding
- 84.51% → 71.11% pre-issue → post-issue
- ISIN
- INE454P01035
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Inga Ventures Pvt.Ltd.
- Registered office
- 501, A, B, C, E Fortune 2000, Block G Bandra, Kurla Complex, Bandra, East Mumbai, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 56,93,832 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 34 shares per lot, in multiples, at ₹432
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,688 |
| Retail (max) | 13 | 442 | ₹1,90,944 |
| S-HNI (min) | 14 | 476 | ₹2,05,632 |
| S-HNI (max) | 68 | 2,312 | ₹9,98,784 |
| B-HNI (min) | 69 | 2,346 | ₹10,13,472 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
56,93,832
Anchor portion
₹246 Cr
at ₹432 per share
Valuation and performance
Valuation at offer price
₹432 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 18.66 | 15.42 |
| P/E (×) | 23.15 | 28.02 |
| Price to book (×) | 4.70 | — |
| Market cap | — | ₹5,800 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.68%
- ROCE
- 24.33%
- Debt / equity
- 0.56
- PAT margin
- 5.65%
- NAV per share
- ₹92
- Price to book
- 4.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Transrail Lighting
Transrail Lighting Limited is an Indian EPC company with a track record of four decades in providing comprehensive solutions in the power transmission and distribution sector on a turnkey basis globally. The company has completed more than 200 projects in the power transmission and distribution vertical since inception. It operates through four business verticals: (i) power transmission and distribution (83.18% of revenue for Q1 FY2024-25), (ii) civil construction (11.60%), (iii) poles and lighting (3.05%), and (iv) railways (2.17%). The company has integrated manufacturing facilities for lattice structures, conductors, and monopoles, and possesses comprehensive project execution capabilities including manpower, material supply (including self-manufactured products), and world-class machinery both in India and internationally across Asia and Africa.
Company Analysis
from RHPTransrail Lighting Limited is an Indian engineering, procurement and construction (EPC) company focused on power transmission and distribution, civil construction, poles and lighting, and railways sectors.
Transrail Lighting Limited is an Indian EPC company with a track record of four decades in providing comprehensive solutions in the power transmission and distribution sector on a turnkey basis globally. The company has completed more than 200 projects in the power transmission and distribution vertical since inception. It operates through four business verticals: (i) power transmission and distribution (83.18% of revenue for Q1 FY2024-25), (ii) civil construction (11.60%), (iii) poles and lighting (3.05%), and (iv) railways (2.17%). The company has integrated manufacturing facilities for lattice structures, conductors, and monopoles, and possesses comprehensive project execution capabilities including manpower, material supply (including self-manufactured products), and world-class machinery both in India and internationally across Asia and Africa.
Power transmission and distributionCivil constructionPoles and lightingRailways
Objects of the Issue
- Funding incremental working capital requirements of our Company ₹2,500.00 million (from Net Proceeds and Pre-IPO Placement) p.20
- Funding capital expenditure of our Company ₹907.25 million (from Net Proceeds and Pre-IPO Placement) p.20
- General corporate purposes p.20
- Funding capex for manufacturing facilities and equipment ₹4,000.00 million (Fresh Issue) p.72
- Funding incremental working capital requirements of our Company ₹2,500.00 million p.105
- Funding capital expenditure of our Company ₹907.25 million p.105
- General corporate purposes [●] p.105
Issue Structure
- Total Issue
- Up to [●] Equity Shares aggregating up to ₹[●] million
- Fresh Issue
- Up to [●] Equity Shares of face value ₹2 each aggregating up to ₹4,000.00 million
- Offer for Sale
- Up to 10,160,000 Equity Shares of face value ₹2 each aggregating up to ₹[●] million by Ajanma Holdings Private Limited
- Price Band
- Price Band of a minimum price of ₹[●] per Equity Share (Floor Price) and the maximum price of ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
The company earns revenue through turnkey EPC contracts for power transmission and distribution projects awarded primarily through competitive bidding by government entities, public sector undertakings, and utilities (70% of revenue for Q1 FY2024-25). It also derives revenue from civil construction, poles and lighting, and railways projects. The company operates on a contract basis with long execution periods (typically 3-5 years), manages projects from design through completion, and provides comprehensive solutions including engineering, procurement, manufacturing of components, and construction services.
Business Segments
Power transmission and distribution projects including setting up of transmission towers, conductors, substations, and electrification
Civil construction projects
Railway electrification and earthwork projects
Poles and lighting products and high mast lighting installations
Manufacturing and installation of transmission towers, conductors, and related electrical infrastructure for power systems
Engineering, procurement and construction services for civil infrastructure projects
Manufacturing and supply of street light poles, high mast poles, and lighting solutions
Railway electrification masts, modernization works and related railway infrastructure projects
Engineering, testing, manufacturing, design and material supply for transmission lines and substations up to 765 kilovolts; EPC services for transmission lines and distribution lines; executed 34,654 circuit kilometers of transmission lines and 30,000 CKM distribution lines domestically and internationally
Design and construction of bridges, tunnels, and other infrastructure projects
Manufacturing and supply of poles and lighting solutions for infrastructure projects
Engineering and construction services for railway projects including earthwork, tunnelling, bridges, electrification, signaling and telecom
EPC services for transmission lines, distribution lines, and substations up to 765 kV, with presence in all power transmission and distribution segments and majorly in high voltage (HV) and extra high voltage (EHV) segments. Has undertaken EPC of 34,654 circuit kilometers transmission lines and 30,000 CKM distribution lines, domestically and internationally.
Construction of bridges, tunnels and civil infrastructure projects
Railway infrastructure projects including electrification, earthwork, tunnelling, bridges, signaling and telecom
Products and manufacturing of poles and lighting solutions
Design, engineering, procurement and construction of transmission lines and distribution lines; supply and erection of transmission towers, conductors, and substations; EPC services for air insulated and gas insulated substations
EPC services including design for bridges, tunnels, elevated roads and cooling towers
Manufacturing and supply of high masts, street poles, luminaries, power transmission and distribution monopoles, stadium lighting, derrick structures, road gantries, signages, flag masts, solar streetlights, decorative poles; supply, installation, testing and commissioning services
Overhead electrification, signaling and telecommunication services, earthwork, track linking and other composite works; supply of railway portals and overhead contact rods
Responsible for international order intake including sub-station and vendor development
Responsible for order intake including sub-station for the domestic business
Responsible for achieving revenue as per annual operation plan and order intake for road, bridges including tunnel
Senior Vice President responsible for design optimization
Manufacture and sale of poles, high masts, towers and conductors; includes bought-out sales
Provision of testing services
Engineering, procurement and construction of power transmission and distribution projects
SWOT Analysis
Strengths
- • Four decades of project execution track record in power transmission and distribution(p.19)
- • Comprehensive project execution capabilities including manufacturing and supply(p.19)
- • Diversified revenue streams across four business verticals(p.19)
- • Significant confirmed order book of ₹102,130.66 million(p.37)
- • Strong international revenue diversification with 49.89% of revenue from outside India as of Q1 FY2024-25(p.46)
- • High-capacity utilization across manufacturing facilities, with multiple facilities achieving 95%+ utilization(p.60)
- • Integrated in-house manufacturing model with four manufacturing facilities providing backward integration(p.59)
- • Significant order backlog with substantial unexecuted orders of ₹102,130.66 million(p.46)
- • Track record of established presence and growth in power transmission and distribution(p.120)
- • Established manufacturing facilities with significant capacity increases planned(p.111)
- • Strong and diversified order book across multiple verticals and geographies(p.120)
- • Experienced promoter and management team with specialized domain knowledge(p.120)
- • Strong and consistent financial performance with improving profitability metrics(p.120)
- • High return on capital employed demonstrating operational efficiency(p.123)
- • Extensive global footprint with operations across 58 countries(p.201)
- • Deep experience executing large transmission and distribution projects(p.201)
- • Vertical integration through owned manufacturing of key components(p.200)
- • Strong financial performance with high profitability margins(p.199)
- • Highest return on capital employed among peers(p.199)
- • Comprehensive service offering across multiple segments(p.190)
- • CRISIL credit rating upgrade reflecting growth outlook(p.200)
- • Extensive project execution experience with 200+ completed projects in power T&D sector(p.204)
- • Significant UHV transmission line expertise - 22,912+ CKM above 220 kV and India's first 1200 kV lines(p.204)
- • Four integrated manufacturing facilities with strong backward integration reducing third-party dependency(p.204)
- • Strong order book with healthy domestic-international mix and multilateral funding(p.205)
- • Global presence across 58 countries with pan-India project footprint(p.207)
- • Strong in-house design and engineering team with 114 specialists and 17,000+ cumulative man-months experience(p.209)
- • Promoter with 40+ years EPC industry experience and strong management team(p.209)
- • Strong financial performance with 32.37% revenue CAGR and 89.84% PAT CAGR (FY22-24)(p.209)
- • Integrated pole and T&D manufacturing with in-house tower design and testing capabilities(p.290)
- • Established track record with 38 years of T&D execution experience(p.290)
- • High tower manufacturing capacity with advanced testing facility(p.290)
- • Diversified revenue streams across multiple sectors(p.290)
- • Significant international revenue generation with 58.55% of total revenue from overseas projects(p.351)
Weaknesses
- • Order Book subject to cancellation, modification or delay(p.37)
- • History of project delays and cost overruns affecting profitability(p.38)
- • High capital expenditure and working capital requirements(p.42)
- • Significant unhedged foreign currency exposure(p.40)
- • Past regulatory non-compliances found by Ministry of Corporate Affairs(p.41)
- • Outstanding FIR by CBI relating to Gomti River Project(p.44)
- • Heavy dependence on few clients with top 1 client representing 17.71% of Q1 FY2024-25 revenue(p.54)
- • High concentration of international revenue in unstable regions (Bangladesh, Mali, Niger) representing 29.17% of international client revenue(p.46)
- • Substantial working capital requirements with trade receivables, contract assets and inventories forming 72.21% of total assets(p.48)
- • Declining cash flows from operating activities, reducing from ₹1,426.79 million in FY2023 to ₹354.85 million in FY2024(p.48)
- • Significant borrowing obligations with ₹6,034.28 million in total consolidated borrowings as of June 30, 2024(p.48)
- • Restrictive covenants in financing agreements limiting operational flexibility and requiring lender consent for major decisions(p.48)
- • Historical delays in statutory dues payment with instances of delayed Employee Provident Fund and Tax Deducted at Source payments(p.50)
- • Recurring corporate compliance issues including untraceable payment challans and delayed RoC filings(p.62)
- • High dependence on working capital financing from banks(p.107)
- • Significant net debt relative to EBITDA despite recent improvements(p.123)
- • Objects of the Fresh Issue have not been appraised by any bank or financial institution(p.119)
- • Company has been subjected to penalties for non-compliances in connection with Pre-IPO Placement(p.105)
- • Smaller revenue scale compared to major competitors(p.199)
- • Declining civil construction segment revenue(p.202)
- • Declining railways segment revenue(p.202)
- • High working capital requirements at 83 days, indicating significant cash flow management needs(p.210)
- • Debt-equity ratio of 0.50 and net debt to EBITDA of 4.29, indicating material leverage(p.210)
- • Limited diversification with power T&D contributing 83.18% of Q1 FY25 revenue(p.210)
- • Capacity utilization variation across facilities, with pole facility at only 79.33% in Q1 FY25(p.222)
- • High dependence on Key Managerial Personnel for business continuity(p.261)
- • Significant borrowing obligations with debt covenants(p.273)
- • Substantial concentration of assets in specific geographic locations(p.296)
- • Receivables concentration with significant amounts from related parties(p.310)
- • Operational uncertainties affecting project completion timelines and product delivery(p.350)
- • Fixed-price contracts expose company to cost escalation risks beyond its control(p.350)
- • Liability exposure for quality failures and liquidated damages(p.350)
- • High leverage with significant current borrowings compared to net cash flow from operations(p.367)
Opportunities
- • Expanding domestic transmission infrastructure requiring EPC services(p.19)
- • Large road infrastructure expansion creating high-mast lighting demand(p.19)
- • Business strategy for incremental working capital and capital expenditure funding(p.20)
- • Expansion into new high-growth product categories including HTLS conductors, solar EPC, and railway electrification(p.62)
- • Growing demand for power transmission infrastructure with international order intake reaching ₹7,943.57 million in Q1 FY2024-25(p.47)
- • Rising international market potential with revenue from outside India at 49.89% and order backlog of ₹65,839.84 million from international projects(p.46)
- • Backward integration opportunities through in-house manufacturing to improve margins and control supply chain(p.62)
- • Massive government infrastructure spending with Rs 111 lakh crore planned for FY2020-25(p.141)
- • Significant investment planned in power transmission at Rs 304,050 crore over FY20-25(p.142)
- • Renewable energy expansion with transmission system plan for 500+ GW RE capacity by 2030(p.145)
- • Strong growth trajectory in civil construction and infrastructure sectors(p.111)
- • Green hydrogen and energy storage creating new market opportunities(p.145)
- • Expansion into allied infrastructure sectors beyond current focus areas(p.111)
- • Massive transmission infrastructure investment planned in India(p.202)
- • Significant distribution segment growth opportunity(p.202)
- • Critical infrastructure gap in African markets(p.202)
- • Renewable energy integration infrastructure requirements(p.167)
- • Latin American and Caribbean power sector expansion(p.202)
- • Massive planned transmission capacity additions of 50,890 CKM till 2030 with 433,575 MVA substation capacity(p.211)
- • Indian power T&D EPC market estimated at USD 20.5-21 billion by 2029 with strong growth trajectory(p.211)
- • Growing market for HTLS conductors with global forecast reaching 6,234 CKM by 2029(p.212)
- • Expansion into allied infrastructure sectors including civil construction, hydro power, and solar EPC(p.212)
- • Strong international expansion potential across West Africa, East Africa, SAARC, Southeast Asia and Latin America(p.213)
- • Significant government focus on renewable energy integration with 537 GW RE capacity planned by 2030(p.211)
- • Growth in transmission and distribution infrastructure projects(p.290)
- • Expansion into rural electrification and railway electrification(p.290)
- • International market expansion through multiple branches(p.277)
- • Increase in contract assets indicating growing project pipeline(p.311)
- • Growing demand for power transmission and distribution infrastructure projects(p.363)
- • Expansion in international market with growing project execution capabilities(p.365)
Threats
- • Substantial dependence on government and PSU tenders for 70% of revenues(p.39)
- • Delays or cancellation of government tender issuances(p.38)
- • Vulnerability to government policy changes affecting contracts(p.39)
- • Exposure to foreign currency fluctuation impacting costs and receivables(p.40)
- • RBI FEMA non-compliance show cause notice and caution list risk(p.44)
- • Reputational risk from past association with stressed parent company Gammon India Limited(p.40)
- • Geopolitical instability in key international markets including Bangladesh, Mali and Niger affecting project execution and revenue(p.46)
- • Exposure to multiple international risks including political instability, adverse weather, labor unavailability and currency fluctuations(p.47)
- • Foreign exchange volatility impacting costs and competitiveness, with 8.61% of raw material costs in foreign currency(p.47)
- • Raw material price volatility and supply chain disruptions, particularly for steel, zinc and aluminum(p.57)
- • Intense competitive pressures from large domestic and international competitors with aggressive bidding practices(p.58)
- • Project execution risks including construction defects, delays and cost overruns not recoverable from clients(p.53)
- • Exposure to unfavorable EPC contract terms where cost and schedule adjustments are not available for unforeseen difficulties(p.50)
- • Regulatory compliance risks including environmental, safety and labor law violations subject to penalties and operational shutdowns(p.59)
- • Dependence on government contracts with favorable termination rights for government clients(p.50)
- • Labor-intensive operations vulnerable to strikes, wage demands and labor shortages(p.59)
- • Seasonal and climatic fluctuations affecting project execution, particularly during monsoon season(p.65)
- • Indian economic slowdown and sector-specific downturns affecting construction and power sectors(p.65)
- • Changes in Indian trade policies and tariffs affecting cost competitiveness and margins(p.66)
- • Regulatory risk from changes in power sector policies and competitive bidding(p.144)
- • Cyclicality and slowdown risk in infrastructure spending(p.107)
- • Dependence on government capital expenditure for infrastructure projects(p.111)
- • Intense competition from larger established EPC companies(p.121)
- • Exposure to international project execution risks across multiple geographies(p.126)
- • Intense competition from larger established EPC players(p.190)
- • Regulatory dependence on government transmission schemes(p.158)
- • Currency and commodity price volatility in international operations(p.192)
- • Technology obsolescence risk in transmission conductor market(p.169)
- • Intense competition in EPC industry with aggressive bidding affecting margins(p.226)
- • Raw material price volatility and supply chain dependencies on China and other countries(p.221)
- • International project exposure creating country and regulatory risks(p.204)
- • Execution risks on complex projects including civil construction with long gestation periods(p.216)
- • Insurance coverage may not be sufficient to cover all risks or losses(p.224)
- • Exposure to foreign exchange fluctuations across 22 international branches(p.301)
- • Concentration of trade receivables in specific customer segments(p.309)
- • Significant provisions for expected credit losses and impaired receivables(p.288)
- • Working capital intensity with substantial contract liabilities and inventory holdings(p.286)
- • Delays in project completion due to regulatory and external factors(p.350)
- • Foreign exchange volatility affecting profitability and cost structure(p.351)
- • Intensifying competition with larger competitors benefiting from economies of scale(p.351)
- • Commodity price volatility affecting material costs and profitability(p.370)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ajanma Holdings Private Limited | Promoter / Promoter Selling Shareholder | 83.22% | — |
| Digambar Chunnilal Bagde | Promoter | 1.24% | — |
| Sanjay Kumar Verma | Promoter | 0.04% | — |
| Ajanma Holdings Private Limited | Promoter | 83.22% | — |
| Digambar Chunnilal Bagde | Promoter | 1.24% | — |
| Sanjay Kumar Verma | Promoter | 0.04% | — |
| Ajanma Holdings Private Limited | Promoter Selling Shareholder | 83.22% | [●] |
| Digambar Chunnilal Bagde | Promoter | 1.24% | [●] |
| Sanjay Kumar Verma | Promoter | 0.04% | [●] |
| Digambar Chunnilal Bagde | Promoter | — | — |
| Digambar Chunnilal Bagde | Promoter | 1.24% | — |
| Sanjay Kumar Verma | Promoter | 0.04% | — |
| Ajanma Holdings Private Limited | Promoter Group | 75% | — |
| Ajanma Holdings Private Limited | Corporate Promoter | 83.22% | — |
| Digambar Chunnilal Bagde | Promoter | 1.24% | — |
| Sanjay Kumar Verma | Promoter | 0.04% | — |
| Ajanma Holdings Private Limited | Promoter Selling Shareholder | — | — |
| Ajanma Holdings Private Limited | Promoter Selling Shareholder | — | — |
Leadership
Digambar Chunnilal Bagde · Executive Chairman
Randeep Narang · Managing Director / CEO
Ajit Pratap Singh · CFO
Gandhali Upadhye · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Transrail Lighting IPO FAQs
What is the lot size of Transrail Lighting IPO?
The minimum lot size of Transrail Lighting IPO is 34 shares. One lot costs ₹14,688 at the cut-off price.
When does Transrail Lighting IPO open and close?
Transrail Lighting IPO opened for subscription on 19 Dec 2024 and closed on 23 Dec 2024.
What is the listing date of Transrail Lighting IPO?
Transrail Lighting IPO listed on 27 Dec 2024.