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Transrail Lighting

TRANSRAILL NSE
₹454.20 +12.15 (+2.75%)
P/E
15.05
View as Markdown
MCP
Close 4 Nov 2026 ₹454.20 −241.10 −34.7% 1Y
Start ₹695.30

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
33.60%
Debt to Equity
0.30
EPS (TTM)
₹30.18
Book Value
₹169.28
Market Cap
—
P/E (TTM)
15.05
P/B
2.68
ROE
20.00%
Dividend Yield
0.68%
EBITDA
₹868 Cr
52W High
₹714.05
52W Low
₹400.65
Day Range
₹436.90 – ₹463.70
Volume
9,54,626

Peer Comparison

Industrials › Capital Goods › Electrical Equipment › Heavy Electrical Equipment

Transrail Lighting peer comparison
Bharat Heavy Electricals
₹423.8551.25₹1,46,351 Cr5.520.35%6.23%9.14%₹37,782 Cr₹2,878 Cr
ABB
₹6,750.0047.87₹1,40,908 Cr15.321.36%22.40%29.90%₹13,477 Cr₹2,988 Cr
CG Power & Industrial Solutions
₹841.4596.28₹1,27,312 Cr15.170.16%20.50%26.70%₹13,699 Cr₹1,364 Cr
Hitachi Energy
₹29,100.00112.75₹1,24,045 Cr25.060.03%21.90%29.40%₹9,162 Cr₹1,149 Cr
Siemens
₹3,509.00—₹1,22,035 Cr9.030.53%19.20%21.40%₹18,062 Cr₹3,276 Cr
GE Vernova T&D
₹4,265.0083.66₹1,04,523 Cr33.150.25%57.40%77.40%₹6,712 Cr₹1,305 Cr
Siemens Energy
₹2,963.0070.90₹1,01,562 Cr21.930.14%50.50%67.80%₹9,436 Cr₹1,489 Cr
Transrail Lighting (this company)
₹454.2015.05₹5,954 Cr2.680.68%20.00%33.60%₹6,956 Cr₹405 Cr
Median 8 companies₹3,236.0070.90₹1,23,040 Cr15.250.30%21.20%29.65%₹11,457 Cr₹1,427 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

51 Average

Data confidence 100/100

Category scores

Quality
70
Strong
Returns, margins, earnings quality 22% weight
Valuation
82
Strong
Cheap vs sector & own history 24% weight
Growth
46
Average
Sales & profit trajectory 9% weight
Financial Health
29
Poor
Solvency, leverage, coverage 9% weight
Momentum
22
Poor
Trend strength, vol-adjusted 12% weight
Ownership
27
Poor
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

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

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBearish360
Moving AveragesStrong Bullish406

Key readings

RSI (14)
52.41
Neutral
MACD (12,26,9)
−4.87
Bearish
SMA (50)
446.78
Bullish
SMA (200)
497.56
Bearish

As of

Analyst Rating

Based on 1 analysts
BUY100%

1 of 1 analyst rates Buy, 0 Hold, 0 Sell.

As of

BUY
1
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 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

Revenue growth by window
5Y+25.93%
3Y+29.72%
1Y+29.62%
TTM+14.94%

Net profit

Net profit growth by window
5Y+32.75%
3Y+55.23%
1Y+22.80%
TTM+6.30%

Operating cash flow

Operating cash flow growth by window
5Y+58.15%
3Y+65.05%
1Y+124.04%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
5Y+0.60 pp
3Y+2.13 pp
1Y−0.94 pp
TTM−0.64 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2020₹1,881 Cr
Mar 2021₹2,172 Cr
Mar 2022₹2,338 Cr
Mar 2023₹3,152 Cr
Mar 2024₹4,077 Cr
Mar 2025₹5,308 Cr
Mar 2026₹6,880 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2020₹102 Cr
Mar 2021₹98.00 Cr
Mar 2022₹65.00 Cr
Mar 2023₹108 Cr
Mar 2024₹233 Cr
Mar 2025₹329 Cr
Mar 2026₹404 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,012 Cr +16.5% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI 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

94d ago

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.

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.

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.

Quarterly Results

₹ Cr
TRANSRAILL quarterly results, ₹ crore
Particulars Sep 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
14.65
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
175
147
125
150
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 (₹)
18.67
8.04
4.17
4.41
6.94
9.43
7.88
6.78
8.17
7.19
8.04

Profit & Loss

₹ Cr
TRANSRAILL profit and loss, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
5,940
6,136
Operating Profit
278
284
247
364
559
776
941
820
OPM %
15%
13%
11%
12%
14%
15%
14%
12%
Other Income
22
19
20
19
56
45.45
32
40
Interest
146
138
139
189
246
300
339
225
Depreciation
32
34
37
46
50
56
66
71
PBT
121
132
91
148
318
465
567
564
Tax %
15%
25%
28%
27%
27%
30%
29%
—
Net Profit
102
98
65
108
233
327
404
405
EPS (₹)
243
130
28.49
47.18
18.81
24.48
30.06
30.18
Div. Payout %
0%
0%
0%
0%
8%
3%
7%
—

Balance Sheet

₹ Cr
TRANSRAILL balance sheet, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
TRANSRAILL cash flow, annual, ₹ crore
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
395
CFO/OP
79
41
33
43
26
54
87

Ratios

TRANSRAILL financial ratios, annual
Particulars Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%
34%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Transrail Lighting insights

59 extracted metrics across FY20–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 71.12%
  • Public 17.69%
  • DIIs 5.95%
  • Others 3.39%
  • FIIs 1.85%

5.97% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Transrail Lighting

What does Transrail Lighting Ltd do?
Incorporated in 2008, Transrail Lighting Ltd is an integrated transmission & distribution, and pole manufacturing company
Where is Transrail Lighting Ltd (TRANSRAILL) listed?
Transrail Lighting Ltd trades as TRANSRAILL on the NSE and under code 544317 on the BSE.
Which sector does Transrail Lighting Ltd belong to?
Transrail Lighting Ltd is classified under the Capital Goods sector, in the Electrical Equipment industry.
What is the PE ratio of Transrail Lighting Ltd?
Transrail Lighting Ltd trades at a PE ratio of 15.05 as of 4 Nov 2026, on earnings per share of ₹30.18, against a book value of ₹169.28 per share.
What is the 52-week high and low of Transrail Lighting Ltd?
Over the last 52 weeks Transrail Lighting Ltd has traded between ₹400.65 and ₹714.05 as of 4 Nov 2026.
Does Transrail Lighting Ltd pay dividends?
Transrail Lighting Ltd has a dividend yield of 0.68%.
What is the Return on Equity (ROE) of Transrail Lighting Ltd?
Transrail Lighting Ltd reported a return on equity of 20.00%. Its debt-to-equity ratio is 0.30.

Company Information

Incorporated in 2008, Transrail Lighting Ltd is an integrated transmission & distribution, and pole manufacturing company

Website transrail.in
Listed 27 Dec 2024
Face Value ₹2

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