Titagarh Rail Systems announces strong order book despite Q2 revenue dip

Titagarh Rail Systems Limited (TRSL) announced a substantial order book position, with new orders totaling INR 2700 crores received during the quarter. This includes a letter of intent valued at INR 445 crore (excluding GST) for the construction of two vessels for the Geological Survey of India, and a letter of acceptance for INR 2,481 Crores (excluding GST) from MMRDA for Mumbai Metro Line 5. The latter covers design, manufacturing, supply, installation, and maintenance of rolling stock and various systems. The company's total order book stands at approximately INR 15,077 Cr, with an additional INR 13,326 Cr share from joint ventures.

For Q2 FY26, TRSL reported standalone revenue from operations of INR 788.32 Crs, a decrease from INR 1048.58 Crs in Q2 FY25. Net profit after tax for Q2 FY26 was INR 51.85 Crs, down from INR 90.16 Crs in the prior year. For H1 FY26, revenue from operations was INR 1462.32 Crs, compared to INR 1877.20 Crs in H1 FY25, with net profit at INR 96.71 Crs versus INR 162.27 Crs. Despite the dip in financial metrics, the company remains a net debt negative entity and reported 3,500 wagons sold during H1 FY26 and 263 metro coaches dispatched in the same period.