TITAGARH RAIL SYSTEMS LIMITED

BSE: TITAGARH532966ISIN INE615H01020

Industrials
Railway Wagons
BSE 500

Share price

₹691.35+8.05 (+1.18%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹970.05
52W low: ₹568.65
Off 52W high: -28.73%
1M return: -14.53%
3M return: -18.77%
6M return: -18.30%
1Y return: -21.36%
20D avg volume: 58,374
50 DMA: ₹787.50
200 DMA: ₹785.00

Key ratios Consolidated

Market cap: ₹9,311 Cr
Current price: ₹691.35
52W high / low: ₹970.05 / ₹568.65
Face value: ₹2.00
P/E: 48.69
P/B: 3.79
EPS (TTM): ₹14.20
Book value / share: ₹182.38
ROE: —
ROCE: 9.90%
Operating margin: —
Net margin: —
Debt / equity: 0.21
Net debt: ₹360.00 Cr
Interest cover: 3.96
Dividend yield: 0.14%
Dividend / share (TTM): ₹1.00
Payout: 7.04%
Cash conversion cycle: 101.8 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	765.07	875.43	832.06	799.03	679.30	1,006	902.18	1,057	903.05	1,052	954.68	935.45
	6.64	11.57	10.78	14.44	11.65	29.86	22.48	10.72	12.29	14.67	14.47	6.77
	771.71	887.00	842.84	813.47	690.95	1,035	924.66	1,068	915.34	1,067	969.15	942.22
	700.25	809.28	770.34	746.08	633.96	934.34	829.56	952.66	820.88	955.16	869.04	847.34
	572.06	639.84	643.33	565.41	500.33	769.58	697.99	807.83	689.51	806.68	738.69	679.64
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	28.53	27.84	30.61	25.54	26.32	28.02	21.80	19.78	17.29	18.14	15.07	17.28
	15.10	16.88	17.79	18.26	17.84	22.06	21.10	17.47	12.52	15.83	18.23	20.28
	14.96	14.20	12.53	12.42	11.92	8.43	6.36	7.65	7.14	6.99	6.79	6.69
	78.97	108.99	101.70	99.88	95.91	130.00	92.92	108.88	87.17	106.72	81.84	81.63
	71.46	77.72	72.50	67.39	56.99	101.09	95.10	115.01	94.46	111.93	100.11	94.89
	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.21	0.00	0.00
	71.46	77.73	72.50	67.39	56.99	101.09	95.10	115.01	94.46	109.72	100.11	94.89
	18.28	21.17	16.91	20.27	14.47	27.48	26.16	29.89	23.15	28.58	25.09	23.99
	52.58	53.50	48.15	37.00	30.94	64.45	62.77	80.69	67.01	78.95	74.82	70.59
	3.91	3.97	3.58	2.73	2.34	4.81	4.63	6.01	4.97	6.37	5.84	5.56
Key metrics
	101.52	108.81	102.82	98.07	86.75	131.58	122.56	140.13	114.12	132.54	125.13	121.86
	13.30%	12.40%	12.40%	12.30%	12.80%	13.10%	13.60%	13.30%	12.60%	12.60%	13.10%	13.00%
	6.90%	6.10%	5.80%	4.60%	4.60%	6.40%	7.00%	7.60%	7.40%	7.50%	7.80%	7.50%
	—	3.30%	—	3.20%	—	4.60%	—	—	—	—	—	—
	12.60%	-12.90%	-7.80%	-24.40%	-24.80%	-4.50%	-5.50%	13.00%	—	—	—	—
	69.90%	-17.00%	-23.30%	-54.10%	-53.80%	-18.40%	-16.10%	14.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	3,272	3,186	3,868	3,853	2,780	1,931
	43.43	48.44	75.35	39.81	42.58	35.84
	3,315	3,234	3,943	3,893	2,822	1,967
	3,026	2,960	3,537	3,502	2,619	1,925
	2,421	2,349	2,965	2,952	2,165	1,226
	0.00	0.00	0.00	—	—	—
	112.52	110.31	86.89	66.29	56.53	223.51
	68.03	70.77	73.15	73.45	80.75	93.39
	54.11	51.07	29.58	27.10	22.50	33.27
	389.54	406.47	418.97	347.00	309.63	366.08
	289.07	274.61	405.66	391.18	202.82	42.09
	0.01	-64.79	0.00	-2.61	0.00	-13.13
	289.08	209.82	405.66	388.57	202.82	28.95
	76.63	71.12	106.68	100.14	55.46	29.64
	191.23	122.82	274.92	286.14	125.72	-0.69
	14.19	9.12	20.42	22.64	10.89	-0.03
Key metrics
	411.22	331.66	508.39	489.12	306.07	155.61
	12.57%	10.40%	13.10%	12.70%	11.00%	8.10%
	5.85%	3.90%	7.10%	7.40%	4.50%	0.00%
	—	9.90%	18.00%	—	—	—
	-10.22%	-17.60%	0.40%	38.60%	44.00%	—
	-19.94%	-55.30%	-3.90%	127.60%	18,320.30%	—
	—	315.12	-316.94	—	—	—
	—	2.63	-0.35	—	—	—
	—	0.21	0.21	—	—	—
	—	360.00	504.07	—	—	—
	—	101.8	90.5	—	—	—
Balance sheet
	—	4,039	3,762	—	—	—
	—	2,183	2,179	—	—	—
	—	161.86	25.27	—	—	—
	—	629.75	670.85	—	—	—
	—	588.16	523.33	—	—	—
	—	—	375.14	—	—	—
	—	1,084	830.82	—	—	—
	—	330.03	235.01	—	—	—
	—	1,205	1,098	—	—	—
	—	521.86	529.34	—	—	—
	—	351.91	504.41	—	—	—
	—	169.95	24.93	—	—	—
	—	2,457	2,484	—	—	—
Cash flow
	—	322.43	-97.41	—	—	—
	—	-133.44	-578.80	—	—	—
	—	-51.68	372.35	—	—	—
	—	-7.31	219.53	—	—	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	735.06	858.54	822.72	788.32	679.30	1,004	902.18	1,057	903.05	1,052	954.68	935.45
	6.31	10.37	10.71	14.45	11.64	29.76	22.48	10.72	12.29	14.74	14.47	6.77
	741.37	868.91	833.43	802.77	690.94	1,033	924.66	1,068	915.34	1,067	969.15	942.22
	670.99	785.61	753.38	730.10	633.80	926.41	829.56	952.66	820.88	955.16	869.04	847.34
	548.31	624.01	635.11	559.47	500.33	769.58	697.99	807.83	689.51	806.68	738.69	679.64
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	26.82	26.53	27.74	23.56	26.17	27.02	21.80	19.78	17.29	18.14	15.07	17.28
	15.09	16.78	17.49	18.27	17.83	22.05	21.10	17.47	12.52	15.83	18.23	20.28
	14.86	14.10	12.19	12.22	11.92	8.35	6.36	7.65	7.14	6.99	6.79	6.69
	75.28	102.66	96.47	92.01	95.91	123.16	92.92	108.88	87.17	106.72	81.84	81.63
	70.38	83.30	80.05	72.67	57.14	106.99	95.10	115.01	94.46	112.00	100.11	94.89
	0.00	7.20	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	70.38	90.50	80.05	72.67	57.14	106.99	95.10	115.01	94.46	112.00	100.11	94.89
	18.39	22.48	17.79	20.82	14.39	28.93	26.16	29.89	23.15	28.58	25.09	23.99
	51.99	68.02	55.72	47.29	42.75	78.06	68.94	85.12	71.31	83.42	75.03	70.89
	3.86	5.05	4.62	3.85	3.17	5.80	5.12	6.32	5.30	6.55	5.83	5.60
Key metrics
	100.33	121.38	109.73	103.16	86.89	137.39	122.56	140.13	114.12	134.82	125.13	121.86
	13.60%	14.10%	13.30%	13.10%	12.80%	13.70%	13.60%	13.30%	12.60%	12.80%	13.10%	13.00%
	7.10%	7.90%	6.80%	6.00%	6.30%	7.80%	7.60%	8.10%	7.90%	7.90%	7.90%	7.60%
	—	3.80%	—	3.30%	—	4.80%	—	—	—	—	—	—
	8.20%	-14.50%	-8.80%	-25.40%	-24.80%	-4.60%	-5.50%	13.00%	—	—	—	—
	21.60%	-12.90%	-19.20%	-44.40%	-40.10%	-6.40%	-8.10%	20.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22
Income statement
	3,205	3,144	3,866	3,853	2,781	1,475
	41.84	47.17	75.25	45.67	43.98	22.88
	3,246	3,191	3,941	3,899	2,825	1,498
	2,940	2,896	3,530	3,502	2,619	1,390
	2,367	2,318	2,965	2,952	2,165	1,055
	0.00	0.00	0.00	—	—	—
	104.65	101.84	85.89	66.29	56.53	44.67
	67.63	70.37	73.14	73.45	80.75	55.82
	53.37	50.22	29.50	27.10	22.50	18.38
	366.42	382.77	412.13	347.00	309.64	206.00
	306.40	295.22	411.56	397.05	205.05	107.48
	7.20	-57.58	0.00	—	-46.28	—
	313.60	237.64	411.56	397.05	158.77	107.48
	79.48	73.73	108.13	100.14	55.41	28.07
	223.02	150.70	303.43	296.91	103.37	79.41
	17.38	12.17	22.53	23.30	8.64	6.65
Key metrics
	434.60	358.23	514.20	497.60	262.02	181.68
	13.56%	11.40%	13.30%	12.90%	9.40%	12.30%
	6.96%	4.80%	7.80%	7.70%	3.70%	5.40%
	—	10.80%	18.00%	—	—	—
	-12.01%	-18.70%	0.30%	38.60%	88.50%	—
	-18.86%	-50.30%	2.20%	187.20%	30.20%	—
	—	11.66	-320.78	—	—	—
	—	2.07	-0.33	—	—	—
	—	0.21	0.21	—	—	—
	—	370.08	511.98	—	—	—
	—	100.3	90.7	—	—	—
Balance sheet
	—	4,044	3,797	—	—	—
	—	2,064	2,171	—	—	—
	—	151.78	17.36	—	—	—
	—	620.93	671.09	—	—	—
	—	563.33	523.33	—	—	—
	—	420.97	374.58	—	—	—
	—	1,072	830.52	—	—	—
	—	320.30	234.34	—	—	—
	—	1,195	1,097	—	—	—
	—	521.86	529.34	—	—	—
	—	351.91	504.41	—	—	—
	—	169.95	24.93	—	—	—
	—	2,483	2,520	—	—	—
Cash flow
	—	311.28	-101.19	—	—	—
	—	-125.88	-580.86	—	—	—
	—	-50.98	371.00	—	—	—
	—	299.62	219.59	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +4.18%
Sales CAGR 5Y: —
Profit CAGR 3Y: +13.39%
Profit CAGR 5Y: —
Sales YoY (TTM): -12.01%
Profit YoY (TTM): -18.86%

Consolidated

Sales CAGR 3Y: +4.65%
Sales CAGR 5Y: —
Profit CAGR 3Y: -0.77%
Profit CAGR 5Y: —
Sales YoY (TTM): -10.22%
Profit YoY (TTM): -19.94%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 40.46%

Quarter	September 2026	June 2026
Promoter %	40.46%	40.46%

Holder	Type	Holding	Previous	Change
Titagarh Capital Management Services Private Limited	Promoter	17.87%	17.87%	0.00%
Jagdish Prasad Chowdhary(Trustee of Chowdhury foundation)	Promoter	13.52%	13.52%	0.00%
RASHMI CHOWDHARY	Promoter Group	7.52%	7.52%	0.00%
HDFC LARGE AND MID CAP FUND	Public	3.85%	3.84%	+0.01%
HSBC MUTUAL FUND - HSBC AGGRESSIVE HYBRID FUND	Public	2.77%	2.77%	0.00%
Titagarh Logistics Infrastructures Private Limited	Promoter Group	1.42%	1.42%	0.00%
MIRAE ASSET INFRASTRUCTURE FUND	Public	1.35%	1.31%	+0.04%
THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE OF HSBC INDIA INFRASTRUCTURE EQU	Public	1.08%	1.08%	0.00%
GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO	Public	1.06%	—	—
AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS AGGRESSIVE HYBRID	Public	1.01%	—	—
UMESH CHOWDHARY	Promoter	0.06%	0.06%	0.00%
JAGDISH PRASAD CHOWDHARY	Promoter	0.05%	0.05%	0.00%
VINITA BAJORIA	Promoter Group	0.02%	0.02%	0.00%
SAVITRI DEVI CHOWDHARY	Promoter	0.00%	0.00%	0.00%
Prithish Chowdhary Family Trust	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
TITAGARH RAIL SYSTEMS LIMITED	9,311	691.35	48.69	9.90%	-10.22% TTM	-19.94% TTM	-21.36%
JUPITER WAGONS LIMITED	8,426	197.15	52.31	9.60%	-11.73% TTM	-49.58% TTM	-38.87%
Texmaco Rail & Engineering Limited	4,384	107.76	20.46	13.40%	-14.32% TTM	-2.15% TTM	-19.85%
ORIENTAL RAIL INFRASTRUCTURE LIMITED	789	117.65	15.24	18.20%	+16.13% TTM	+75.82% TTM	-30.45%

Filings & corporate actions

Recent announcements

We enclose herewith disclosure under Regulation 30 of SEBI(LODR) Regulations, 201528 Oct 2026 · Others
The Board Meeting to be held on 29/10/2026 Stands Cancelled.26 Oct 2026 · Company Update / Board Meeting Cancelled
Titagarh Rail Systems Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve Un-audited Financial ....23 Oct 2026 · Board Meeting / Board Meeting
Pursuant to Regulation 74(5) of SEBI (DP) Regulations 2018, please find enclosed certificate from RTA of the Company for quarter ended 30th September 20266 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Please find enclosed the Scrutinizer''s Report and Voting Results for the Annual General Meeting held on 30th September, 20261 Oct 2026 · AGM/EGM / AGM
We enclose herewith the Summary of Proceedings of the 29th Annual General Meeting of the Company held on 30th September, 202630 Sep 2026 · AGM/EGM / AGM
Intimation of Closure of Trading Window26 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Please find enclosed herewith Press Release dated 15th September, 202615 Sep 2026 · Company Update / Press Release / Media Release
Signing of Joint Venture Agreement with Bharat Heavy Electricals Ltd15 Sep 2026 · Company Update / Memorandum of Understanding /Agreements
We hereby enclose copies of Newspaper Advertisement published on 9th September, 2026, regarding the completion of dispatch of notice of the 29th Annual General Meeting.9 Sep 2026 · Company Update / Newspaper Publication
We enclose herewith letters sent to shareholders in pursuance to Regulation 36(1)(b) and 30 of SEBI (LODR) Regulation, 20158 Sep 2026 · Company Update / General
A communication was sent to the shareholders w.r.t. Tax Deduction at Source along with dispatch of Notice of Annual General Meeting.8 Sep 2026 · Company Update / General
The board at its meeting held on 7th September, 2026 has fixed 23rd September, 2026 as record date for dividend (payment of which will be subject to approval of shareholders at the AGM)8 Sep 2026 · Corp. Action / Dividend
Please find enclosed Business Responsibility and Sustainability Report along with reasonable assurance certificate for FYE 31st March, 20268 Sep 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
This is to inform that the 29th Annual General Meeting of the Company will be held on 30th September, 2026 at 01:30 P.M. through video conferencing/ other audio-visual means8 Sep 2026 · AGM/EGM / AGM
Annual Report of Titagarh Rail Systems Limited for the financial year 2025-268 Sep 2026 · Others / Reg. 34 (1) Annual Report
Outcome of the Board Meeting held today i.e. 7th September, 20267 Sep 2026 · Others / Outcome without intimation
This is to inform you regarding restructuring in Senior Management Personnel.5 Sep 2026 · Company Update / Change in Management
Please find enclosed herewith non-binding Memorandum of Undertaking between Titagarh Rail Systems Limited and Siemens26 Aug 2026 · Company Update / General
Please find enclosed herewith Press Release dated 21st August, 2026.21 Aug 2026 · Company Update / Press Release / Media Release
Upgradation of Vendor status for 3-Phase Locomotive Traction Motor (6FRA-6068)19 Aug 2026 · Company Update / General
We enclose transcript of Q1 & FY27 Earnings Call held on Friday, 14th August, 2026.19 Aug 2026 · Company Update / Earnings Call Transcript
We enclose Audio Link for Q1 FY27 Earnings Conference Call with Analyst/Investors14 Aug 2026 · Company Update / Analyst / Investor Meet
Please find enclosed Investor Presentation for Q1 FY2714 Aug 2026 · Company Update / Investor Presentation
We enclose newspaper publication for Unaudited Financials Results for quarter ended 30th June, 202614 Aug 2026 · Company Update / Newspaper Publication
Reappointment of Executive Chairman of the Company w.e.f. 8th January, 2027 subject to shareholders approval13 Aug 2026 · Company Update / Change in Directorate
Reappointment of Executive Chairman12 Aug 2026 · Company Update / Change in Directorate
Statement of Deviation12 Aug 2026 · Company Update / Reg. 32 (1), (3) - Statement of Deviation & Variation
Monitoring Agency Report for the quarter ended 30.06.202612 Aug 2026 · Company Update / Monitoring Agency Report
Unaudited Financial Results for quarter ended 30 June 202612 Aug 2026 · Result / Financial Results
Outcome Of Board Meeting - Unaudited Financial Results (Standalone and Consolidated) for the quarter ended 30 June, 202612 Aug 2026 · Board Meeting / Outcome of Board Meeting
Please find enclosed intimation of Earnings Call for Q1 & FY277 Aug 2026 · Company Update / Analyst / Investor Meet
Titagarh Rail Systems Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 12/08/2026 ,inter alia, to consider and approve Unaudited Financial Results ....6 Aug 2026 · Board Meeting / Board Meeting
Please find enclosed herewith Press Release dated 1st August, 20261 Aug 2026 · Company Update / Press Release / Media Release
Pursuant to Regulation 74(5) of SEBI (DP) Regulations 2018, please find enclosed certificate from RTA of the Company for quarter ended 30th June 2026.4 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Please find enclosed herewith Press Release dated 2nd July, 20262 Jul 2026 · Company Update / Press Release / Media Release
Schedule for Non-deal Roadshow to Meet Investors in Mumbai, and Singapore orgainsed by Jefferies India Private Limited on 30th June 2026 and 1st July, 202625 Jun 2026 · Company Update / Analyst / Investor Meet
Intimation of Closure of Trading Window25 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Newspaper Publication of the Notice issued to the shareholders of the Company pursuant to provisions of IEPF for transfer of shares, published today i.e., 23rd June, 202623 Jun 2026 · Company Update / Newspaper Publication
We enclose transcript of Q4 & FY26 Earnings Call held on Monday, 1st June, 20263 Jun 2026 · Company Update / Earnings Call Transcript

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 1.0000	23 Sep 2026	23 Sep 2026	—
Dividend - Rs. - 1.0000	8 Sep 2025	9 Sep 2025	—
Dividend - Rs. - 0.8000	20 Aug 2024	—	—

Board meetings

29 Oct 2026 Board Meeting - Financial Results
12 Aug 2026 Board Meeting - Financial Results