Titagarh Rail Systems Ltd logo

Titagarh Rail Systems Ltd

TITAGARH NSE

Titagarh Rail Systems Ltd (Formerly Titagarh Wagons Limited), incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc. The company caters to both domestic and export markets.[1]

AI Verdict: HOLD Confidence: 5%

Titagarh Rail Systems commands a premium valuation at 102.3x PE despite a sharp TTM profit decline of -42% and sales contraction of -18%. While the long-term growth story remains intact with 76% stock CAGR over 5 years and strong analyst consensus (86% buy), near-term earnings deterioration and rich multiples warrant caution.

Key Fundamentals

MicrocapRailway WagonsCapital Goods
Market Cap
₹12,399 Cr
Volatility
Moderate
P/E Ratio
71.71
EBITDA
₹266 Cr
Return on Equity
13%
Debt to Equity
0.17
Book Value
₹182.35
EPS
₹21.8
52W High
₹971
52W Low
₹568.7

Technical Indicators

Key Insights

Weaknesses

3
  • Company has a low return on equity of 11.3% over last 3 years.
  • Dividend payout has been low at 6.53% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -7.38%

Growth Rate

Revenue Growth
-19.21% ↘
Net Income Growth
-58.35% ↘
Cash Flow Change
-213.54% ↘
ROE
-14.85% ↘
ROCE
-8.13% ↘
EBITDA Margin (Avg.)
-36.23% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
HOLD
Risk high

Titagarh Rail Systems commands a premium valuation at 102.3x PE despite a sharp TTM profit decline of -42% and sales contraction of -18%. While the long-term growth story remains intact with 76% stock CAGR over 5 years and strong analyst consensus (86% buy), near-term earnings deterioration and rich multiples warrant caution.

Bull Case 8
  • Strong analyst consensus with 85.71% buy ratings (6 out of 7 analysts) and zero sell recommendations
  • Exceptional 5-year stock CAGR of 76% reflecting sustained market confidence in the rail infrastructure theme
  • Robust 10-year compounded sales growth of 13% indicating long-term revenue compounding ability
  • 5-year compounded profit growth of 65% demonstrating significant earnings scale-up over the medium term
  • 10-year compounded profit growth of 27% showing durable long-cycle earnings expansion
  • Market cap of Rs 12,640 crore provides adequate liquidity and institutional ownership eligibility
  • 3-year stock CAGR of 25% outperforming broader industrial sector returns
  • 5-year compounded sales growth of 16% reflects order book conversion and capacity utilization improvement
Bear Case 8
  • Extremely elevated PE ratio of 102.3x leaves no margin of safety and prices in near-perfect execution
  • TTM compounded profit has declined -42%, signaling sharp near-term earnings deterioration
  • TTM sales growth has contracted -18%, raising concerns about order execution and revenue visibility
  • Low return on equity of 11.3% over 3 years (and just 6% last year) indicates poor capital efficiency
  • Promoter holding has decreased by 7.38% over 3 years, signaling potential lack of insider confidence
  • Dividend payout of only 6.53% of profits over 3 years offers negligible income support at 0.11% yield
  • Price-to-book ratio of 5.11x is elevated for a capital goods company with sub-12% ROE
  • Last year ROE dropped to just 6% from 3-year average of 11%, showing deteriorating return profile

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 1
  • FY26 profit turnaround, dividend May 31

    Titagarh Rail Systems reported net profit of ₹150.70 crore for FY26, a turnaround from the previous year. Board recommended dividend of ₹1 per share.

Neutral 3
  • No new promoter share encumbrance Jun 6

    Company confirmed no new encumbrance on promoter shares for FY26. A prior pledge of 32,000 shares by Vinita Bajoria continues to subsist.

  • Morgan Stanley forum attendance May 28

    Titagarh Rail will attend the Morgan Stanley India Investment Forum 2026 in Mumbai on June 2 for group and one-on-one investor meetings.

  • Q4FY26 earnings call scheduled May 27

    Earnings conference call for Q4 and FY26 held on June 1, 2026 at 5:00 PM IST featuring Vice Chairman and CFO.

TL;DR: Titagarh Rail Systems delivered a meaningful profit turnaround in FY26 with ₹150.70 crore net profit and initiated a ₹1 dividend, signaling improved financial health. No new headwinds are visible, with clean promoter holdings and active investor engagement at forums like Morgan Stanley. The absence of negative catalysts and return to profitability suggest an improving trend, though sustainability of earnings growth in coming quarters will be key to watch.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
974
911
935
955
1,052
903
1,057
902
1,006
679
799
832
875
Expenses
882
805
821
844
935
806
932
809
987
615
725
741
783
Operating Profit
92
106
115
111
118
97
125
94
18
64
74
91
92
OPM %
9%
12%
12%
12%
11%
11%
12%
10%
2%
9%
9%
11%
11%
Other Income
7
4
7
14
12
12
10
23
-128
11
14
0
14
Interest
22
19
20
18
16
13
17
21
22
18
18
18
17
Depreciation
6
7
7
7
7
7
8
6
8
12
12
13
14
PBT
70
84
95
100
108
90
111
89
-140
45
57
60
75
Tax %
31%
27%
25%
25%
27%
26%
27%
29%
-12%
32%
35%
25%
28%
Net Profit
48
62
71
75
79
67
81
63
-124
31
37
45
54
EPS in Rs
4.03
5.17
5.55
5.56
5.86
4.98
5.99
4.66
-9.09
2.29
2.74
3.35
4.01
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
761
959
1,714
1,268
1,559
1,766
1,521
1,468
2,780
3,853
3,868
3,186
Expenses
721
929
1,605
1,365
1,550
1,645
1,440
1,303
2,529
3,404
3,459
2,855
Operating Profit
40
30
108
-97
9
121
81
165
251
449
409
331
OPM %
5%
3%
6%
-8%
1%
7%
5%
11%
9%
12%
11%
10%
Other Income
0
20
24
25
25
-60
25
-61
34
38
75
-15
Interest
18
17
31
44
65
88
81
57
81
73
73
71
Depreciation
26
46
52
51
24
29
30
18
22
27
30
51
PBT
-4
-13
50
-167
-56
-57
-6
29
181
386
382
194
Tax %
177%
52%
45%
-12%
-59%
-36%
237%
102%
31%
26%
28%
37%
Net Profit
-10
-20
27
-147
-23
-36
-19
-1
126
286
275
123
EPS in Rs
-0.33
-1.69
2.33
-12.43
-2.47
-2.96
-1.26
-0.03
10.89
21.25
20.52
9.13
Div. Payout %
-48%
-47%
34%
-2%
-12%
0%
0%
0%
5%
4%
5%
11%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
20
23
23
23
23
23
24
24
24
27
27
27
Reserves
669
930
944
832
793
743
817
818
940
2,191
2,456
2,429
Borrowings
125
233
372
624
896
730
847
920
353
166
627
623
Other Liabilities
246
1,493
1,356
1,210
975
775
775
903
931
832
651
960
Total Liabilities
1,060
2,678
2,695
2,689
2,687
2,272
2,462
2,664
2,248
3,216
3,761
4,039
Fixed Assets
416
977
933
958
935
872
871
966
732
748
992
1,394
CWIP
27
13
15
27
36
0
41
61
12
174
122
72
Investments
1
21
82
83
87
29
31
30
32
198
299
279
Other Assets
616
1,666
1,665
1,621
1,630
1,371
1,518
1,607
1,472
2,097
2,348
2,295
Total Assets
1,060
2,678
2,695
2,689
2,687
2,272
2,462
2,664
2,248
3,216
3,761
4,039
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
102
-154
-177
-121
-124
154
68
55
41
86
-97
322
Investing
-25
-50
44
-45
-49
4
-60
-73
-61
-537
-579
-133
Financing
-69
216
111
191
214
-227
43
-53
67
724
372
-52
Net Cash Flow
8
11
-22
25
40
-70
51
-71
46
274
-304
137
Free Cash Flow
61
-176
-199
-150
-188
129
9
-41
4
-78
-328
-45
CFO/OP
280
-501
-154
104
-1,161
136
82
40
43
41
0
118
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
54
87
50
79
81
52
136
58
37
50
63
72
Inventory Days
176
471
182
213
203
119
142
176
78
64
65
92
Days Payable
75
248
150
148
209
111
146
153
55
39
29
52
Cash Conversion Cycle
155
310
82
145
75
60
131
81
60
75
99
113
Working Capital Days
55
57
38
3
62
96
90
48
20
61
58
76
ROCE %
5%
2%
6%
-8%
1%
7%
5%
9%
18%
25%
17%
11%

Shareholding Pattern

As of Mar 2026
Promoters 40.46%
Public 31.80%
DIIs 12.45%
FIIs 10.67%
Others 4.62%
Government 0.01%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
44.27%
45.23%
45.77%
47.00%
47.05%
47.26%
47.26%
47.82%
47.83%
47.82%
44.97%
42.46%
42.46%
40.46%
40.46%
40.46%
40.46%
40.46%
40.46%
40.46%
40.46%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
16.84%
20.04%
17.27%
19.56%
16.33%
13.67%
11.63%
9.49%
9.56%
10.66%
10.67%
DIIs
9.14%
9.14%
9.34%
8.54%
7.73%
7.37%
7.00%
6.79%
6.60%
9.68%
10.46%
12.27%
13.72%
14.12%
13.94%
15.00%
13.41%
11.68%
12.78%
12.59%
12.45%
Government
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
0.01%
Public
38.05%
33.23%
30.62%
30.31%
29.97%
29.34%
28.16%
27.99%
28.24%
26.44%
23.28%
21.14%
22.49%
21.71%
25.23%
26.94%
30.09%
32.86%
32.04%
31.38%
31.80%
Others
8.53%
12.39%
14.26%
14.14%
15.24%
16.03%
17.57%
17.39%
17.32%
16.05%
4.44%
4.08%
4.05%
4.13%
4.03%
3.92%
4.41%
5.50%
5.15%
4.90%
4.62%
No. of Shareholders
1,19,105
1,14,212
1,14,945
1,11,739
1,09,773
1,08,839
1,04,831
1,04,900
1,07,845
1,41,561
1,91,910
2,24,205
2,92,395
3,62,203
4,61,442
5,15,638
5,87,422
6,17,505
5,91,488
5,71,503
5,59,860

Documents

Frequently Asked Questions about Titagarh Rail Systems Ltd

What does Titagarh Rail Systems Ltd do?
Titagarh Rail Systems Ltd (Formerly Titagarh Wagons Limited), incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc. The company caters to both do...
Where is Titagarh Rail Systems Ltd (TITAGARH) listed?
Titagarh Rail Systems Ltd is listed on the Indian stock exchanges. It is listed on NSE: TITAGARH and BSE: 532966. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Titagarh Rail Systems Ltd belong to?
Titagarh Rail Systems Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Titagarh Rail Systems Ltd?
Titagarh Rail Systems Ltd has a market capitalisation of approximately ₹12399.41 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Titagarh Rail Systems Ltd?
The Price-to-Earnings (PE) ratio of Titagarh Rail Systems Ltd is 71.71. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Titagarh Rail Systems Ltd?
Over the past 52 weeks, Titagarh Rail Systems Ltd has traded between a low of ₹568.7 and a high of ₹971. This range helps investors understand the stock's price volatility and recent trading levels.
Does Titagarh Rail Systems Ltd pay dividends?
Yes, Titagarh Rail Systems Ltd has a dividend yield of 0.11%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Titagarh Rail Systems Ltd?
Titagarh Rail Systems Ltd has a Return on Equity (ROE) of 13.00%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Titagarh Rail Systems Ltd on Tapetide?
On Tapetide, you can view Titagarh Rail Systems Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Titagarh Rail Systems Ltd (Formerly Titagarh Wagons Limited), incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, etc. The company caters to both domestic and export markets.[1]

Website titagarh.in
CEO Mr. Jagdish Prasad Chowdhary B.Com., MIMA
Employees 1,222
Listed 2008-04-21
Face Value ₹ 2
Issued Size 13,46,73,768

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