TITAGARH

TITAGARH RAIL SYSTEMS LIMITED

Rail and metro rolling stock and defence platforms manufacturer

Industrials›Capital Goods›Industrial Manufacturing›Railway Wagons

titagarh.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹749.15
Market cap
10,074 Cr
Stock P/E
52.7
P/B
4.11
Dividend yield
0.5%
ROE (FY26)
5.0%
ROCE (FY26)
8.9%
Operating margin (FY26)
9.3%
Debt / equity (FY26)
0.21
OCF / EBITDA (FY26)
92.6%
OCF / EBITDA (3Y)
25.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Titagarh Rail Systems builds freight wagons and passenger rail equipment, such as metro and Vande Bharat coaches, propulsion systems and traction motors, for Indian Railways and metro operators.

Company snapshot

1stBy market cap

Ranked among 4 companies in Railway Wagons.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 94.2% of revenue

SegmentRevenue shareRevenuePBTAssets
Freight Rail Systemst
94.2%
2,695 Cr330 Cr—
Passenger Rail Systemst
5.8%
167 Cr12 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.21x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 25% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales935 Cr955 Cr1,052 Cr903 Cr1,057 Cr902 Cr1,006 Cr679 Cr799 Cr832 Cr875 Cr765 Cr
Operating expenses (approx.)820 Cr844 Cr932 Cr801 Cr928 Cr802 Cr904 Cr604 Cr715 Cr740 Cr778 Cr670 Cr
EBITDA115 Cr111 Cr120 Cr102 Cr129 Cr100 Cr102 Cr75 Cr84 Cr92 Cr97 Cr95 Cr
OPM %12.3%11.6%11.4%11.3%12.2%11.1%10.1%11.1%10.5%11.1%11.1%12.4%
Other income7 Cr14 Cr15 Cr12 Cr11 Cr22 Cr30 Cr12 Cr14 Cr11 Cr12 Cr7 Cr
Interest20 Cr18 Cr16 Cr13 Cr17 Cr21 Cr22 Cr18 Cr18 Cr18 Cr17 Cr15 Cr
Depreciation7 Cr7 Cr7 Cr7 Cr8 Cr6 Cr8 Cr12 Cr12 Cr13 Cr14 Cr15 Cr
Profit before tax95 Cr100 Cr108 Cr90 Cr111 Cr89 Cr92 Cr45 Cr57 Cr65 Cr75 Cr71 Cr
Tax %25.4%25.1%26.6%25.7%27.0%29.4%29.9%31.9%35.4%26.0%28.4%25.8%
Net profit71 Cr75 Cr79 Cr67 Cr81 Cr63 Cr64 Cr31 Cr37 Cr48 Cr54 Cr53 Cr
EPS (₹)₹5.58₹5.82₹6.20₹4.97₹5.99₹4.66₹4.79₹2.30₹2.73₹3.58₹3.97₹3.91

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,739 Cr1,271 Cr1,711 Cr1,766 Cr1,521 Cr1,931 Cr2,780 Cr3,853 Cr3,868 Cr3,186 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,631 Cr1,368 Cr1,677 Cr1,645 Cr1,440 Cr1,798 Cr2,516 Cr3,401 Cr3,435 Cr2,838 CrSign in free for the trailing twelve months
EBITDA108 Cr-97 Cr34 Cr121 Cr81 Cr133 Cr263 Cr452 Cr433 Cr348 CrSign in free for the trailing twelve months
OPM %6.2%-7.6%2.0%6.8%5.3%6.9%9.5%11.7%11.2%10.9%Sign in free for the trailing twelve months
Other income29 Cr30 Cr53 Cr34 Cr25 Cr36 Cr43 Cr40 Cr75 Cr48 CrSign in free for the trailing twelve months
Interest31 Cr44 Cr68 Cr88 Cr81 Cr93 Cr81 Cr73 Cr73 Cr71 CrSign in free for the trailing twelve months
Depreciation52 Cr51 Cr36 Cr29 Cr30 Cr33 Cr23 Cr27 Cr30 Cr51 CrSign in free for the trailing twelve months
Profit before tax50 Cr-167 Cr-55 Cr-57 Cr-6 Cr29 Cr181 Cr386 Cr382 Cr194 CrSign in free for the trailing twelve months
Tax %44.8%11.9%59.4%36.2%-236.9%102.4%30.6%25.9%28.0%36.7%Sign in free for the trailing twelve months
Net profit27 Cr-147 Cr-23 Cr-36 Cr-19 Cr-0.69 Cr126 Cr286 Cr275 Cr123 CrSign in free for the trailing twelve months
EPS (₹)₹2.33₹-12.44₹-2.47₹-2.96₹-1.28₹-0.03₹10.14₹22.46₹20.41₹9.12Sign in free for the trailing twelve months
Dividend payout %——————0.0%2.2%3.9%39.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital23 Cr23 Cr23 Cr23 Cr24 Cr24 Cr24 Cr27 Cr27 Cr27 Cr
Reserves944 Cr832 Cr793 Cr822 Cr817 Cr818 Cr940 Cr2,204 Cr2,456 Cr2,429 Cr
Borrowings342 Cr576 Cr870 Cr729 Cr846 Cr861 Cr249 Cr66 Cr529 Cr522 Cr
Other liabilities1,314 Cr1,225 Cr957 Cr697 Cr787 Cr976 Cr1,035 Cr932 Cr749 Cr1,061 Cr
Total liabilities2,702 Cr2,720 Cr2,716 Cr2,272 Cr2,474 Cr2,679 Cr2,248 Cr3,229 Cr3,762 Cr4,039 Cr
Fixed assets (net)881 Cr914 Cr885 Cr825 Cr833 Cr879 Cr620 Cr648 Cr831 Cr1,084 Cr
CWIP12 Cr23 Cr33 Cr0 Cr16 Cr15 Cr12 Cr108 Cr40 Cr72 Cr
Investments82 Cr83 Cr95 Cr37 Cr39 Cr38 Cr40 Cr219 Cr307 Cr282 Cr
Loans & advances——46 Cr50 Cr40 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Inventories537 Cr442 Cr521 Cr376 Cr385 Cr504 Cr461 Cr524 Cr523 Cr588 Cr
Trade receivables234 Cr276 Cr344 Cr252 Cr214 Cr659 Cr279 Cr533 Cr671 Cr630 Cr
Cash & bank34 Cr58 Cr99 Cr29 Cr80 Cr9 Cr55 Cr329 Cr25 Cr162 Cr
Other assets922 Cr923 Cr693 Cr702 Cr866 Cr574 Cr780 Cr870 Cr1,365 Cr1,222 Cr
Total assets2,702 Cr2,720 Cr2,716 Cr2,272 Cr2,474 Cr2,679 Cr2,248 Cr3,229 Cr3,762 Cr4,039 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-177 Cr-121 Cr-124 Cr154 Cr68 Cr55 Cr41 Cr86 Cr-97 Cr322 Cr
Cash from investing68 Cr-26 Cr-48 Cr-10 Cr-72 Cr-69 Cr-61 Cr-537 Cr-579 Cr-133 Cr
Cash from financing111 Cr191 Cr214 Cr-227 Cr43 Cr-53 Cr67 Cr724 Cr372 Cr-52 Cr
Net cash flow-22 Cr25 Cr40 Cr-70 Cr47 Cr-71 Cr46 Cr274 Cr-304 Cr137 Cr
Free cash flow (OCF − Capex)-199 Cr-158 Cr-188 Cr118 Cr8 Cr-48 Cr4 Cr-78 Cr-333 Cr322 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %5.8%-8.2%0.7%2.0%4.5%7.2%21.6%20.0%15.1%8.9%
ROE %2.6%-16.0%-3.2%-4.0%-1.8%-0.0%13.5%12.8%11.1%5.0%
Debtor days497973525112437506372
Inventory days21423217311513415078656491
Days payable17616117710713913054402951
Cash conversion cycle87150696047144607699112
OCF / EBITDA %-163.9%—n.m.127.1%83.9%41.1%15.5%19.0%-22.5%92.6%
OCF / EBITDA % (3 years)——n.m.n.m.41.2%82.5%34.2%21.4%2.6%25.2%
Debt / equity0.350.671.070.861.011.020.260.030.210.21
Current ratio1.161.061.321.721.551.191.232.721.991.81
Net debt / EBITDA2.85—22.675.799.506.410.74-0.581.161.03