Transrail Lighting logo

Transrail Lighting

TRANSRAILL NSE

Key Fundamentals

MicrocapElectrical EquipmentCapital Goods
Market Cap
₹5,547 Cr
Volatility
Low Risk
P/E Ratio
13.6
EBITDA
₹868 Cr
Return on Equity
17.69%
Debt to Equity
0.3
Book Value
₹169.6
52W High
₹823
52W Low
₹416.05

Tapetide Score

Data-driven rating, 0–100. How it works →

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
29.43% lower than 3Y
Net Income Growth
22.79% lower than 3Y
Cash Flow Change
124%
ROE
1.26% lower than 3Y
ROCE
-3.94% higher than 3Y
EBITDA Margin (Avg.)
-6.7% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
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

Anthropic anthropic claude-opus-4.6 42d 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

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
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
Figures in ₹ Crores

Profit & Loss

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
48
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
467
567
564
Tax %
15%
25%
28%
27%
27%
30%
29%
—
Net Profit
102
98
65
108
233
329
404
405
EPS in Rs
243
130
28.49
47.18
18.81
24.48
30.06
30.18
Div. Payout %
0%
0%
0%
0%
8%
3%
7%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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39 extracted metrics + investor summaries across FY20–FY26.

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Shareholding Pattern

FIIs2.49%Promot.71.12%Others3.08%DIIs6.52%Public16.80%As ofJun 2026

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[1]
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 Industrials sector, in the Electrical Equipment industry.
What is the market capitalisation of Transrail Lighting Ltd?
Transrail Lighting Ltd has a market capitalisation of ₹5,547 Cr, which places it in the Mid Cap band.
What is the PE ratio of Transrail Lighting Ltd?
Transrail Lighting Ltd trades at a PE ratio of 13.60, against a book value of ₹169.6 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 ₹416.05 and ₹823.
Does Transrail Lighting Ltd pay dividends?
Transrail Lighting Ltd has a dividend yield of 0.72%.
What is the Return on Equity (ROE) of Transrail Lighting Ltd?
Transrail Lighting Ltd reported a return on equity of 17.69%. 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[1]

Website transrail.in
Listed 2024-12-27
Face Value ₹ 2
Issued Size 13,42,56,025

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