Transrail Lighting Ltd
TRANSRAILL NSE
Transrail Lighting Ltd
IndustrialsNSE: TRANSRAILL BSE: 544317 Electrical Equipment
Key Fundamentals
MicrocapElectrical EquipmentCapital GoodsMarket Cap
₹6,215 Cr
Volatility
Moderate
P/E Ratio
15.21
EBITDA
₹702 Cr
Return on Equity
17.36%
Debt to Equity
0.3
Book Value
₹169.92
52W High
₹823
52W Low
₹450.05
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Transrail Lighting Ltd insights
39 extracted metrics + investor summaries across FY20–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company has delivered good profit growth of 33.3% CAGR over last 5 years
Weaknesses
1- Company's cost of borrowing seems high
Growth Rate
Revenue Growth
26.65% ↗
Net Income Growth
23.57% ↗
Cash Flow Change
709.78% ↗
ROE
-15.19% ↘
ROCE
-10.11% ↘
EBITDA Margin (Avg.)
-23.45% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk medium
Transrail Lighting Ltd is a mid-cap industrials EPC company with a market cap of ₹6,611 crore, trading at a PE of 16.3x. The company has delivered strong compounded profit growth of 33% CAGR over 5 years and 30% sales CAGR over 3 years, supported by a large order book of ₹16,361 crore as of FY26. However, the stock has corrected 33% over the past year and faces concerns around high borrowing costs.
Bull Case 8
- Strong profit growth track record with 33% CAGR over 5 years and 56% CAGR over 3 years, indicating consistent earnings momentum
- Robust revenue growth at 30% CAGR over 3 years and 26% over 5 years, demonstrating scaling ability in the T&D EPC space
- Massive order book of ₹16,361 crore providing multi-year revenue visibility of approximately 2.4x FY26 revenue
- Operating cash flow nearly doubled in FY26 to ₹816.89 crore, a 96% surge indicating improved working capital management
- Net debt reduced by ₹80 crore (30% decline) in FY26 with net debt-to-equity ratio at just 0.01, reflecting minimal leverage
- Healthy ROE averaging 19-21% over the last 3 years, above the cost of equity for most industrial firms
- Reasonable valuation at PE of 16.3x given the growth profile of 28% TTM profit growth, implying a PEG ratio below 0.6x
- FY26 net profit grew 23% YoY to ₹403.59 crore on total income of ₹6,929 crore (up 29%), sustaining the growth trajectory
Bear Case 8
- Stock has declined 33% over the past 1 year, reflecting significant erosion of market confidence despite strong financials
- Company's cost of borrowing appears high relative to peers, which can compress net margins on large EPC projects
- Q1 FY27 net profit declined 23.76% YoY to ₹96.50 crore, signaling potential margin pressure or execution slowdown
- Operating margin at approximately 12.3% (TTM) is modest for the capital employed, leaving limited cushion if input costs rise
- EPC business model is inherently working-capital intensive with lumpy cash flows tied to project milestones and government payment cycles
- Price-to-book ratio of 2.89x is elevated for an EPC company where asset-light peers may command higher multiples
- Dividend yield of only 0.61% offers limited income support during periods of capital depreciation
- Concentration in T&D infrastructure exposes revenue to government capex cycles and policy changes in the power sector
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 15d ago Positives 4
- Record revenue up 30% in FY26 Jul 04
Transrail Lighting achieved its highest ever revenue of ₹6,880 crore in FY26 with PAT up 28%, while reducing net debt by 30% to ₹274.16 crore and doubling operating cash flow to ₹816.89 crore.
- Strong order book of ₹16,361 crore Jul 04
The company holds an order book of ₹16,361 crore and is expanding manufacturing capacity and entering new geographies for further growth.
- ₹600 crore QIP approved Jul 23
Board approved a ₹600 crore QIP fundraise and declared a ₹3 per share interim dividend for FY27 at the July 28 meeting.
- UAE subsidiary investment for expansion Aug 01
Completed ₹39.80 crore investment in Transrail Trading LLC (UAE), raising subsidiary capital to AED 28.3 million to support Middle East EPC operations.
Neutral 1
- Trading window closed for results Jul 23
Trading window remains closed until financial results are published, a routine compliance measure around board meetings.
TL;DR: Transrail Lighting is executing strongly with record FY26 revenue growth of 30%, significant deleveraging, and a robust ₹16,361 crore order book providing multi-year visibility. The company is funding international expansion via a UAE subsidiary investment and raising ₹600 crore through QIP to support growth. No material headwinds are visible in recent news. The trend is clearly improving with capacity expansion and geographic diversification pointing to continued momentum.
Quarterly Results
| Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 977 | 1,392 | 916 | 1,088 | 1,358 | 1,946 | 1,660 | 1,561 | 1,796 | 1,863 | 1,736 |
| Expenses | 860 | 1,224 | 796 | 950 | 1,178 | 1,710 | 1,461 | 1,377 | 1,569 | 1,657 | 1,534 |
| Operating Profit | 117 | 169 | 120 | 138 | 179 | 236 | 199 | 184 | 227 | 207 | 202 |
| OPM % | 12% | 12% | 13% | 13% | 13% | 12% | 12% | 12% | 13% | 11% | 12% |
| Other Income | 6 | 24 | 14 | 8 | 10 | 16 | 12 | 16 | -4 | 11 | 17 |
| Interest | 43 | 41 | 44 | 46 | 49 | 59 | 50 | 60 | 55 | 54 | 56 |
| Depreciation | 13 | 13 | 13 | 13 | 14 | 16 | 15 | 15 | 17 | 20 | 19 |
| PBT | 68 | 139 | 77 | 87 | 126 | 177 | 147 | 125 | 151 | 144 | 144 |
| Tax % | 32% | 29% | 33% | 36% | 26% | 28% | 28% | 27% | 27% | 33% | 25% |
| Net Profit | 46 | 100 | 52 | 55 | 93 | 127 | 106 | 91 | 110 | 96 | 108 |
| EPS in Rs | 18.67 | 8.04 | 4.17 | 4.41 | 6.94 | 9.43 | 7.88 | 6.78 | 8.17 | 7.19 | 8.04 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,881 | 2,172 | 2,338 | 3,152 | 4,077 | 5,308 | 6,880 | 6,956 |
| Expenses | 1,603 | 1,888 | 2,091 | 2,788 | 3,518 | 4,532 | 6,060 | 6,136 |
| Operating Profit | 278 | 284 | 247 | 364 | 559 | 776 | 820 | 820 |
| OPM % | 15% | 13% | 11% | 12% | 14% | 15% | 12% | 12% |
| Other Income | 22 | 19 | 20 | 19 | 56 | 48 | 32 | 40 |
| Interest | 146 | 138 | 139 | 189 | 246 | 300 | 219 | 225 |
| Depreciation | 32 | 34 | 37 | 46 | 50 | 56 | 66 | 71 |
| PBT | 121 | 132 | 91 | 148 | 318 | 467 | 567 | 564 |
| Tax % | 15% | 25% | 28% | 27% | 27% | 30% | 29% | — |
| Net Profit | 102 | 98 | 65 | 108 | 233 | 327 | 404 | 405 |
| EPS in Rs | 243 | 130 | 28.49 | 47.18 | 18.81 | 24.33 | 30.06 | 30.18 |
| Div. Payout % | 0% | 0% | 0% | 0% | 8% | 3% | 7% | — |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 8 | 23 | 23 | 25 | 27 | 27 |
| Reserves | 435 | 560 | 640 | 749 | 1,114 | 1,854 | 2,254 |
| Borrowings | 346 | 429 | 469 | 621 | 667 | 661 | 678 |
| Other Liabilities | 1,253 | 1,185 | 1,710 | 2,053 | 2,814 | 3,691 | 4,395 |
| Total Liabilities | 2,038 | 2,182 | 2,842 | 3,445 | 4,621 | 6,233 | 7,354 |
| Fixed Assets | 321 | 317 | 334 | 379 | 374 | 425 | 600 |
| CWIP | 11 | 4 | 17 | 4 | 6 | 12 | 65 |
| Investments | 0 | 3 | 3 | 3 | 5 | 0 | 1 |
| Other Assets | 1,705 | 1,858 | 2,487 | 3,059 | 4,236 | 5,795 | 6,688 |
| Total Assets | 2,038 | 2,182 | 2,842 | 3,445 | 4,621 | 6,233 | 7,354 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 188 | 65 | 46 | 143 | 35 | 287 | 643 |
| Investing | -50 | -3 | -81 | -105 | -78 | -498 | -209 |
| Financing | -146 | 5 | 3 | 29 | 28 | 242 | -190 |
| Net Cash Flow | -7 | 66 | -32 | 67 | -15 | 32 | 244 |
| Free Cash Flow | 176 | 40 | -29 | 91 | 8 | 150 | 532 |
| CFO/OP | 79 | 41 | 33 | 43 | 26 | 54 | 100 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 93 | 82 | 100 | 75 | 92 | 91 | 92 |
| Inventory Days | 107 | 80 | 86 | 63 | 62 | 77 | 91 |
| Days Payable | 316 | 292 | 329 | 263 | 274 | 332 | 330 |
| Cash Conversion Cycle | -116 | -129 | -144 | -126 | -120 | -165 | -147 |
| Working Capital Days | 28 | 33 | 45 | 30 | 52 | 48 | 41 |
| ROCE % | — | 30% | 22% | 27% | 35% | 35% | 29% |
Documents
1
Enhancement Of Tower Manufacturing Capacity
21 Apr - Butibori greenfield tower plant starts production; capacity rises from 84,000 to 1,72,400 MTPA. 21 Apr - Butibori greenfield tower plant starts production; capacity rises from 84,000 to 1,72,400 MTPA.
2
Enhancement Of Tower Manufacturing Capacity
1d - Butibori greenfield tower plant starts production; capacity rises from 84,000 to 1,72,400 MTPA. 1d - Butibori greenfield tower plant starts production; capacity rises from 84,000 to 1,72,400 MTPA.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Apr - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2026 8 Apr - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2026
4
Disclosure Of Warning Letters Received From Stock Exchanges
2 Apr - BSE and NSE issued warning letters on April 1, 2026 over inaccurate CHRO cessation disclosure. 2 Apr - BSE and NSE issued warning letters on April 1, 2026 over inaccurate CHRO cessation disclosure.
Frequently Asked Questions about Transrail Lighting Ltd
What does Transrail Lighting Ltd do?
Incorporated in 2008, Transrail Lighting Ltd
is an integrated transmission & distribution,
and pole manufacturing company[1]
Where is Transrail Lighting Ltd (TRANSRAILL) listed?
Transrail Lighting Ltd is listed on the Indian stock exchanges. It is listed on NSE: TRANSRAILL and BSE: 544317. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Transrail Lighting Ltd belong to?
Transrail Lighting Ltd operates in the Industrials sector within the Electrical Equipment industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Transrail Lighting Ltd?
Transrail Lighting Ltd has a market capitalisation of approximately ₹6215.38 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Transrail Lighting Ltd?
The Price-to-Earnings (PE) ratio of Transrail Lighting Ltd is 15.21. 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 Transrail Lighting Ltd?
Over the past 52 weeks, Transrail Lighting Ltd has traded between a low of ₹450.05 and a high of ₹823. This range helps investors understand the stock's price volatility and recent trading levels.
Does Transrail Lighting Ltd pay dividends?
Yes, Transrail Lighting Ltd has a dividend yield of 0.65%. 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 Transrail Lighting Ltd?
Transrail Lighting Ltd has a Return on Equity (ROE) of 17.36%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Transrail Lighting Ltd on Tapetide?
On Tapetide, you can view Transrail Lighting 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
Incorporated in 2008, Transrail Lighting Ltd is an integrated transmission & distribution, and pole manufacturing company[1]