TITAGARH RAIL SYSTEMS LIMITED
₹653.60-₹12.15 (-1.8%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹10,666 Cr
- P/E
- 43.8x
- EV / EBITDA
- 20.9x
- Revenue
- ₹3,866 Cr
- Net margin
- 7.7%
- ROCE
- 18.9%
Price chart
Technical chartScreen technicals →-27.3% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -20.2%
- 3M
- -20.8%
- 6M
- -15.0%
- 1Y
- -27.3%
- 5Y
- +586.2%
52-week range
Day change -₹12.15 (-1.8%) from ₹666 to ₹654 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in TITAGARH, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 21.0%
Concerns1
- Negative free cash flow (₹682 Cr)
Rule-based from financial data. Not advice.
About the company
Titagarh Rail Systems Limited engages in the manufacture and sale of freight and passenger rail systems in India and internationally. The company offers forged wheel set, loco shells, couplers, draft gears, cast bogies, and cast manganese steel crossing products; automobile-carrying, flat, hopper, tank, box, covered, and special purpose wagons; and brake vans.
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Titagarh Rail Systems Limited engages in the manufacture and sale of freight and passenger rail systems in India and internationally. The company offers forged wheel set, loco shells, couplers, draft gears, cast bogies, and cast manganese steel crossing products; automobile-carrying, flat, hopper, tank, box, covered, and special purpose wagons; and brake vans. It also provides passenger rolling stock products, including high speed electric loco, electric multiple unit train sets, metros, semi high-speed trains, light rail transport, diesel electric multiple units, body shells, and bogies; and propulsion and electrical equipment, such as traction converters and power electronics, propulsion systems, auxiliary power supply products, electronic equipment, traction motors, train control and monitoring systems, and hardware and software products. In addition, the company offers maintenance, assistance and global, repair, inspection and refurbishing, systems and electrical equipment upgrade, exteriors and interiors face-lift, and power upgrading services. Further, it engages in the shipbuilding business comprising coastal research vessels, naval vessels, passenger ships, tugs, and inland water transport vessels. Additionally, the company manufactures modular panel bridges, bailey bridges, unibridges, and matière X bridges; and defense products, such as shelters, specialized wagons, EMI/EMS containers, CBRNe equipment, mine ploughs, pressure vessels, and specialized canopies. The company was formerly known as Titagarh Wagons Limited and changed its name to Titagarh Rail Systems Limited in May 2023. Titagarh Rail Systems Limited was incorporated in 1997 and is based in Kolkata, India.
- Sector
- Automobiles & Components
- Shares outstanding
- 13.5 Cr shares
- ISIN
- INE615H01020
- BSE code
- 532966
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹10,666 Cr
- P/E
- 43.8x
- P/B
- 4.1x
- EV / EBITDA
- 20.9x
- EV / Sales
- 2.7x
- P/S
- 2.8x
- Earnings yield
- 2.3%
- 52-week high
- ₹932.70
- 52-week low
- ₹574.05
Profitability
- Operating margin
- 11.7%
- Net margin
- 7.7%
- EBITDA margin
- 12.9%
- ROE
- 13.3%
- ROCE
- 18.9%
- ROA
- 9.2%
- Dividend payout
- 4.0%
- Tax rate
- 25.0%
- Other income, % of PBT
- 11.6%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹3,866 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 0.3%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 21.0%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹498 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 90.1%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 2.0%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹93.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 50.0%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹310 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 59.2%
Solvency and efficiency
- Current ratio
- 2.77
- Debt / Equity
- 0.07
- Debt / Assets
- 0.05
- Debt / EBITDA
- 0.33
- Interest coverage
- 6.19
- Financial leverage
- 1.45
- CFO / Net profit
- 0.31
- Cash / Market cap
- 19.6%
- Cash per share
- ₹155.19
- Asset turnover
- 1.19
- Fixed asset turnover
- 5.15
- Capital intensity
- 0.19
- Debtor days
- 50 days
- Inventory turnover
- 5.70
- Cash conversion cycle
- 75 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹8 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹3,427 Cr |
| Sales | Operating profit | ₹439 Cr |
| Operating profit | Interest | ₹73 Cr |
| Operating profit | Depreciation | ₹30 Cr |
| Operating profit | Profit before tax | ₹336 Cr |
| Other income | Profit before tax | ₹75 Cr |
| Profit before tax | Tax and other | ₹109 Cr |
| Profit before tax | Net profit | ₹303 Cr |
Revenue and net profit
Revenue grew 0.3% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹1,026 Cr | ₹50 Cr |
| FY2022 | ₹1,496 Cr | ₹33 Cr |
| FY2023 | ₹2,781 Cr | ₹103 Cr |
| FY2024 | ₹3,853 Cr | ₹297 Cr |
| FY2025 | ₹3,866 Cr | ₹303 Cr |
Cash flows
FY2025: -₹101 Cr from operations, -₹682 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹226 Cr | ₹187 Cr |
| FY2022 | ₹35 Cr | -₹24 Cr |
| FY2023 | ₹62 Cr | -₹15 Cr |
| FY2024 | ₹93 Cr | -₹438 Cr |
| FY2025 | -₹101 Cr | -₹682 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹3,866 Cr+0.3%1Y
- Net profit
- ₹303 Cr+2.0%1Y
- Cash from operations
- -₹101 Cr
- Free cash flow
- -₹682 Cr
- Revenue CAGR, 5Y
- 21.0%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹3,866 Cr | ₹439 Cr | — | ₹303 Cr | -₹101 Cr | -₹682 Cr | 12.0% | +0.3% | +2.0% |
Monthly returns
Month-by-month returns of TITAGARH across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹3,797 Cr |
| Equity capital | ₹27 Cr |
| Reserves | ₹2,493 Cr |
| Borrowings | ₹627 Cr |
| Other liabilities | ₹650 Cr |
| Assets | ₹3,797 Cr |
| Fixed assets | ₹991 Cr |
| Capital work in progress | ₹123 Cr |
| Investments | ₹343 Cr |
| Other assets | ₹2,339 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
TITAGARH trades at 43.8x earnings against a peer median of 34.8x (a 26% premium).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| TITAGARH RAIL SYSTEMS LIMITEDTITAGARHthis companyP/E ↑ premium | ₹10,666 Cr | 43.8x | 4.1x | 13.3% | 20.9x |
| Minda Corporation LimitedMINDACORP | ₹13,749 Cr | 76.2x | 6.6x | 10.8% | 31.0x |
| Gabriel India Ltd.GABRIEL | ₹13,705 Cr | 61.1x | 11.1x | 18.4% | 43.3x |
| SHRIRAM PISTONS & RINGS LTDSHRIPISTON | ₹13,415 Cr | 25.7x | 5.1x | 22.9% | 18.9x |
| RailTel Corporation of India LimitedRAILTEL | ₹10,909 Cr | 33.7x | 5.2x | 13.5% | 21.1x |
| Shipping Corporation Of India LtdSCI | ₹9,874 Cr | 13.1x | 1.2x | 8.8% | 7.3x |
| Banco Products (India) Ltd.BANCOINDIA | ₹9,277 Cr | 24.0x | 9.0x | 34.4% | 28.4x |
| ASK Automotive LimitedASKAUTOLTD | ₹9,175 Cr | 44.0x | 8.1x | 20.3% | 29.6x |
| Varroc Engineering LimitedVARROC | ₹8,622 Cr | 26.8x | 4.5x | 34.7% | 13.2x |
| Peer median | — | 34.8x | 5.2x | 16.1% | 21.0x |
Year-to-date ROI
TITAGARH since 1 January, against earlier years.
Historical volatility
TITAGARH's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 12.0% |
| FY2022 | 11.0% |
| FY2023 | 10.0% |
| FY2024 | 12.0% |
| FY2025 | 11.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹3,866 Cr |
| Costs | |
| Interest | ₹73 Cr |
| Expenses | ₹3,427 Cr |
| Operating profitOperating Profit | ₹439 Cr |
| Other income and charges | |
| Profit before tax | ₹412 Cr |
| Tax | |
| Net profitNet Profit | ₹303 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹3,797 Cr |
| Equity capitalEquity Capital | ₹27 Cr |
| Reserves | ₹2,493 Cr |
| Borrowings | ₹627 Cr |
| Other liabilitiesOther Liabilities | ₹650 Cr |
| AssetsTotal Assets | ₹3,797 Cr |
| Fixed assetsFixed Assets | ₹991 Cr |
| Capital work in progressCWIP | ₹123 Cr |
| Investments | ₹343 Cr |
| Other assetsOther Assets | ₹2,339 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹101 Cr |
| Investing cash flowCash from Investing Activity | -₹581 Cr |
| Financing cash flowCash from Financing Activity | ₹373 Cr |
| Change in cashNet Cash Flow | -₹310 Cr |
Learn while you research
Academy chapters picked for TITAGARH RAIL SYSTEMS LIMITED and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 43.8, learn when high multiples are justified.6 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Sectors & IndustriesHow to classify and compare companies across sectors.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read