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Swing Capital

Titagarh Rail Systems Ltd

NSE: TITAGARH BSE: 532966Metal

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]

₹753
52W: ₹569 — ₹974
PE 42.8 · Book ₹193 · +290% vs book
Market Cap₹10,138 Cr
Stock P/E42.8Price to Earnings
ROCE17.5%Return on Capital
ROE12.8%Return on Equity
Div. Yield0.13%Face Value ₹2

Strengths

  • +Company has delivered good profit growth of 30.9% CAGR over last 5 years
  • +Company's median sales growth is 25.3% of last 10 years

Weaknesses

  • −Debtor days have increased from 50.2 to 63.4 days.
  • −Promoter holding has decreased over last 3 years: -7.38%

Shareholding Pattern

Promoters40.46%
FIIs10.67%
DIIs12.46%
Public36.42%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters40.46%40.46%40.46%40.46%40.46%40.46%40.46%40.46%
FIIs19.56%16.32%▼3.213.67%▼2.711.63%▼2.09.49%▼2.19.56%▲0.110.66%▲1.110.67%▲0.0
DIIs14.13%13.94%▼0.215.01%▲1.113.4%▼1.611.67%▼1.712.77%▲1.112.6%▼0.212.46%▼0.1
Public25.83%29.25%▲3.430.86%▲1.634.49%▲3.638.35%▲3.937.19%▼1.236.28%▼0.936.42%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales9359551,0529031,0499021,004674788823
Expenses820844932801914802896597700724
Operating Profit115111120102134100108778999
OPM %12%12%11%11%13%11%11%11%11%12%
Net Profit71758371856978434756
EPS ₹5.575.576.195.36.325.125.83.173.514.14

AI Insights

Revenue Trend

TTM revenue at ₹3,289Cr, down 14.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹637Cr. Debt-to-equity ratio: 0.25x. Healthy balance sheet.

Capex Cycle

CWIP at ₹128Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.46% (+2.78pp change). FIIs: 10.67% (+3.62pp change). Promoters hold 40.46%.

Margin & Efficiency

ROCE improving from 2% (Mar 2014) to 17% (Mar 2025). Working capital days: 58.

Valuation

PE 42.8x with 17.5% ROCE. Price is 290% above book value of ₹193. Dividend yield: 0.13%.

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