Titagarh Rail Systems
- P/E
- 49.34
Key Fundamentals
MicrocapIndustrial ManufacturingCapital GoodsPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 10.90%
- Debt to Equity
- 0.25
- EPS (TTM)
- ₹14.00
- Book Value
- ₹178.64
- Market Cap
- —
- P/E (TTM)
- 49.34
- P/B
- 3.87
- ROE
- 6.78%
- Dividend Yield
- 0.15%
- EBITDA
- ₹396 Cr
- 52W High
- ₹971.00
- 52W Low
- ₹568.70
- Day Range
- ₹675.75 – ₹695.00
- Volume
- 6,38,047
Peer Comparison
Industrials › Capital Goods › Railway Wagons
| Titagarh Rail Systems (this company) | ₹690.70 | 49.34 | ₹9,333 Cr | 3.87 | 0.15% | 6.78% | 10.90% | ₹3,272 Cr | ₹189 Cr |
|---|---|---|---|---|---|---|---|---|---|
| ₹197.04 | 50.52 | ₹8,277 Cr | 2.83 | 0.52% | 6.37% | 9.14% | ₹3,127 Cr | ₹160 Cr | |
| ₹107.89 | 20.28 | ₹4,286 Cr | 1.88 | 0.73% | 7.30% | 11.20% | ₹4,223 Cr | ₹214 Cr | |
| Median 3 companies | ₹197.04 | 49.34 | ₹8,277 Cr | 2.83 | 0.52% | 6.78% | 10.90% | ₹3,272 Cr | ₹189 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 51
- Average
- Returns, margins, earnings quality 22% weight
- Valuation
- 39
- Weak
- Cheap vs sector & own history 24% weight
- Growth
- 9
- Poor
- Sales & profit trajectory 9% weight
- Financial Health
- 39
- Weak
- Solvency, leverage, coverage 9% weight
- Momentum
- 21
- Poor
- Trend strength, vol-adjusted 12% weight
- Ownership
- 68
- Strong
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
No strengths listed
Weaknesses
3- Company has a low return on equity of 9.56% over last 3 years.
- Dividend payout has been low at 10.0% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -4.51%
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 10 | 5 | 4 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 8 | 0 | 2 |
Oscillators
Neutral
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 40.00
- Neutral
- MACD (12,26,9)
- −34.60
- Bullish
- SMA (50)
- 787.40
- Bearish
- SMA (200)
- 784.99
- Bearish
As of
Analyst Rating
8 of 8 analysts rate Buy, 0 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 10Y | +12.76% |
|---|---|
| 5Y | +15.94% |
| 3Y | +4.65% |
| 1Y | −17.63% |
| TTM | −10.24% |
Net profit
| 10Y | Turned to profit |
|---|---|
| 5Y | Turned to profit |
| 3Y | −0.80% |
| 1Y | +41.38% |
| TTM | +270.59% |
Operating cash flow
| 10Y | Turned positive |
|---|---|
| 5Y | +36.48% |
| 3Y | +98.77% |
| 1Y | Turned positive |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | +7.26 pp |
|---|---|
| 5Y | +5.06 pp |
| 3Y | +1.36 pp |
| 1Y | +1.73 pp |
| TTM | +2.47 pp |
Revenue by year
| Mar 2017 | ₹1,714 Cr |
|---|---|
| Mar 2018 | ₹1,268 Cr |
| Mar 2019 | ₹1,559 Cr |
| Mar 2020 | ₹1,766 Cr |
| Mar 2021 | ₹1,521 Cr |
| Mar 2022 | ₹1,468 Cr |
| Mar 2023 | ₹2,780 Cr |
| Mar 2024 | ₹3,853 Cr |
| Mar 2025 | ₹3,868 Cr |
| Mar 2026 | ₹3,186 Cr |
Net profit by year
| Mar 2017 | ₹27.00 Cr |
|---|---|
| Mar 2018 | −₹147 Cr |
| Mar 2019 | −₹23.00 Cr |
| Mar 2020 | −₹36.00 Cr |
| Mar 2021 | −₹19.00 Cr |
| Mar 2022 | −₹1.00 Cr |
| Mar 2023 | ₹126 Cr |
| Mar 2024 | ₹286 Cr |
| Mar 2025 | ₹87.00 Cr |
| Mar 2026 | ₹123 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Titagarh Rail Systems Ltd is a mid-cap industrials company with a market cap of ₹11,176 Cr trading at a PE of 90.5x. The company delivered strong long-term profit growth (27% CAGR over 10 years) but has seen a sharp TTM profit decline of -42% and sales contraction of -18%, raising questions about near-term earnings trajectory.
- Strong long-term profit compounding at 27% CAGR over 10 years demonstrates sustained earnings power over cycles
- 5-year compounded profit growth of 65% CAGR reflects a significant earnings ramp-up in recent years
- 5-year stock CAGR of 60% indicates substantial wealth creation and market re-rating of the business
- 10-year compounded sales growth of 13% CAGR shows consistent top-line expansion over a long period
- 5-year compounded sales growth of 16% CAGR indicates improving revenue scale in the medium term
- 10-year stock CAGR of 24% demonstrates long-term value creation for shareholders
- Price-to-book ratio of 4.53x reflects market confidence in the asset base and future earnings potential of the rail systems business
- 3-year ROE of 11% shows the company has been generating reasonable returns on equity in recent years
- TTM compounded profit has declined -42%, signalling a sharp deterioration in recent earnings
- TTM sales have contracted -18%, indicating significant revenue headwinds in the current period
- PE ratio of 90.5x is extremely elevated, leaving little room for execution missteps
- Promoter holding has decreased by -7.37% over the last 3 years, raising governance and confidence concerns
- Last year ROE of only 6% represents a deterioration from the 3-year average of 11%, suggesting declining capital efficiency
- Dividend payout has been low at 6.53% of profits over the last 3 years with a yield of just 0.12%, offering minimal income to shareholders
- 1-year stock CAGR of -4% shows the market has already begun to price in the earnings slowdown
- 3-year sales CAGR of only 5% is modest relative to the high valuation multiple of 90.5x PE
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Limited news flow this period with a single neutral update on the defence subsidiary completing a Navy vessel series. The ₹500 crore shipyard order book and new Falta facility signal steady diversification beyond rail, but no direct catalysts or risks emerged for the core rail business.
- Fifth DSC A24 launched for Navy Aug 1
Titagarh Naval Systems launched the fifth and final Diving Support Craft A24 for the Indian Navy on Aug 1, 2026, completing the series with ~70% indigenous content. Subsidiary TNSL is also developing a 50-acre shipyard at Falta with an order book of ₹500 crore.
Quarterly Results
₹ Cr| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 911 | 935 | 955 | 1,052 | 903 | 1,057 | 902 | 1,006 | 679 | 799 | 832 | 875 | 765 |
| Expenses | 805 | 821 | 844 | 935 | 806 | 932 | 809 | 987 | 615 | 725 | 741 | 783 | 671 |
| Operating Profit | 106 | 115 | 111 | 118 | 97 | 125 | 94 | 18 | 64 | 74 | 91 | 92 | 94 |
| OPM % | 12% | 12% | 12% | 11% | 11% | 12% | 10% | 1.8% | 9% | 9% | 11% | 11% | 12% |
| Other Income | 4 | 7 | 14 | 14.67 | 12 | 10.72 | 22.48 | −128 | 11 | 14 | 0 | 14 | 7 |
| Interest | 19 | 20 | 18 | 16 | 13 | 17 | 21 | 22 | 18 | 18 | 18 | 17 | 15 |
| Depreciation | 7 | 7 | 7 | 7 | 7 | 8 | 6 | 8 | 12 | 12 | 13 | 14 | 15 |
| PBT | 84 | 95 | 100 | 108 | 90 | 111 | 89 | −140 | 45 | 57 | 60 | 75 | 71 |
| Tax % | 27% | 25% | 25% | 27% | 26% | 27% | 29% | −12% | 32% | 35% | 25% | 28% | 26% |
| Net Profit | 62 | 71 | 75 | 79 | 67 | 81 | 63 | −124 | 31 | 37 | 45 | 54 | 53 |
| EPS (₹) | 5.17 | 5.55 | 5.56 | 5.86 | 4.98 | 5.99 | 4.66 | −9.09 | 2.29 | 2.74 | 3.35 | 4.01 | 3.9 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 761 | 959 | 1,714 | 1,268 | 1,559 | 1,766 | 1,521 | 1,468 | 2,780 | 3,853 | 3,868 | 3,186 | 3,272 |
| Expenses | 721 | 929 | 1,605 | 1,365 | 1,550 | 1,645 | 1,440 | 1,303 | 2,529 | 3,404 | 3,533 | 2,855 | 2,921 |
| Operating Profit | 40 | 30 | 108 | −97 | 9 | 121 | 81 | 165 | 251 | 449 | 335 | 331 | 351 |
| OPM % | 5% | 3.2% | 6% | −8% | 0.6% | 7% | 5% | 11% | 9% | 12% | 9% | 10% | 11% |
| Other Income | 0 | 20 | 24 | 25 | 25 | −60 | 25 | −61 | 34 | 38 | −82 | −15 | 34 |
| Interest | 18 | 17 | 31 | 44 | 65 | 88 | 81 | 57 | 81 | 73 | 73 | 71 | 68 |
| Depreciation | 26 | 46 | 52 | 51 | 24 | 29 | 30 | 18 | 22 | 27 | 30 | 51 | 54 |
| PBT | −4 | −13 | 50 | −167 | −56 | −57 | −6 | 29 | 181 | 386 | 150 | 194 | 263 |
| Tax % | 177% | 52% | 45% | −12% | −59% | −36% | 237% | 102% | 31% | 26% | 42% | 37% | — |
| Net Profit | −10 | −20 | 27 | −147 | −23 | −36 | −19 | −1 | 126 | 286 | 87 | 123 | 188 |
| EPS (₹) | −0.33 | −1.69 | 2.33 | −12.43 | −2.47 | −2.96 | −1.26 | −0.03 | 10.89 | 21.25 | 6.54 | 9.13 | 14 |
| Div. Payout % | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | 34% | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | 0% | 0% | 0% | 5% | 4% | 15% | 11% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 2,268 | 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 | 791 | 960 |
| Total Liabilities | 1,060 | 2,678 | 2,695 | 2,689 | 2,687 | 2,272 | 2,462 | 2,664 | 2,248 | 3,216 | 3,713 | 4,039 |
| Fixed Assets | 416 | 977 | 933 | 958 | 935 | 872 | 871 | 966 | 732 | 748 | 992 | 1,274 |
| CWIP | 27 | 13 | 15 | 27 | 36 | 0 | 41 | 61 | 12 | 174 | 122 | 192 |
| Investments | 1 | 21 | 82 | 83 | 87 | 29 | 31 | 30 | 32 | 198 | 225 | 279 |
| Other Assets | 616 | 1,666 | 1,665 | 1,621 | 1,630 | 1,371 | 1,518 | 1,607 | 1,472 | 2,097 | 2,374 | 2,295 |
| Total Assets | 1,060 | 2,678 | 2,695 | 2,689 | 2,687 | 2,272 | 2,462 | 2,664 | 2,248 | 3,216 | 3,713 | 4,039 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | −134 |
| 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/EBITDA | 280 | −501 | −154 | 104 | −1,161 | 136 | 82 | 40 | 43 | 41 | 0 | 118 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | 43 | 76 |
| ROCE % | 5% | 2% | 6% | −8% | 1% | 7% | 5% | 9% | 18% | 25% | 14% | 11% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Titagarh Rail Systems insights
65 extracted metrics across FY11–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · Jun 2026Transcript PPT Recording
- Q3 FY26 concall · Feb 2026Transcript PPT Recording
- Q2 FY26 concall · Nov 2025Transcript PPT Recording
- Q1 FY26 concall · Aug 2025Transcript PPT Recording
- 12 Aug 2026
- 31 May 2026
- 13 Feb 2026
- 13 Nov 2025
- 11 Aug 2025
- 30 Mar 2026
- 10 Jan 2025
- 25 Jun 2024
- 8 Jan 2024
- 28 Sep 2023
- Bagging/receiving of order(s) or contract(s) 28 Oct 2026
- General announcements 6 Oct 2026
Frequently Asked Questions about Titagarh Rail Systems
What does Titagarh Rail Systems Ltd do?
Where is Titagarh Rail Systems Ltd (TITAGARH) listed?
Which sector does Titagarh Rail Systems Ltd belong to?
What is the PE ratio of Titagarh Rail Systems Ltd?
What is the 52-week high and low of Titagarh Rail Systems Ltd?
Does Titagarh Rail Systems Ltd pay dividends?
What is the Return on Equity (ROE) of Titagarh Rail Systems Ltd?
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.
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