Titagarh Rail Systems Ltd.

NSE: TITAGARH · Capital Goods

₹677.85-1.16%06 Nov 2026

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Instant answers about Titagarh Rail Systems Ltd. — computed from its filings, no language model

Market cap₹9,127 cr

Current price₹677.85

High / Low₹933 / ₹575

P/E47.7

P/B3.72

Book value₹182.4

ROE7.8%

ROCE12.0%

Debt / equity0.21

Dividend yield0.54%

EPS (TTM)₹14.20

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 7 periods

	FY18	FY20	FY21	FY22	FY24	FY25	FY26
Revenue	1,271	1,766	1,521	1,931	3,853	3,868	3,186
EBITDA	-97	121	81	133	452	433	348
Operating margin	-7.6%	6.8%	5.3%	6.9%	11.7%	11.2%	10.9%
Interest	44	88	81	93	73	73	71
Depreciation	51	29	30	33	27	30	51
Profit before tax	-167	38	-6	29	389	406	210
Tax	-20	-21	13	30	100	107	71
Net profit	0	0	-15	-0	286	275	123
EPS ₹	24.88	-2.96	-1.28	-0.03	22.46	20.41	9.12
Operating cash flow	—	—	—	55	86	-97	322
Capex	—	—	—	102	164	236	-7
Dividend paid	—	—	—	0	6	11	49
Total assets	2,720	2,272	2,474	2,679	3,229	3,762	4,039
Equity	855	767	841	842	2,231	2,483	2,456

Quarterly performance

last 28 quarters · ₹ crore

showing latest 8 of 28 periods

	MAR '18	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
Revenue	301	484	416	454	412	218	423	449	430	507	460	483	481	529	607	911	935	955	1,052	903	1,057	902	1,006	679	799	832	875	765
Operating profit	-106	26	30	34	31	3	30	28	20	44	35	38	15	29	53	106	115	111	120	102	129	100	102	75	84	92	97	95
Operating margin	-35.1%	5.5%	7.1%	7.5%	7.5%	1.2%	7.1%	6.2%	4.7%	8.8%	7.7%	7.9%	3.1%	5.4%	8.8%	11.7%	12.3%	11.6%	11.4%	11.3%	12.2%	11.1%	10.1%	11.1%	10.5%	11.1%	11.1%	12.4%
Other income	14	13	9	7	5	2	3	6	14	9	7	2	18	10	16	4	7	14	15	12	11	22	30	12	14	11	12	7
Interest	14	20	19	22	27	20	20	19	22	20	23	22	28	24	20	19	20	18	16	13	17	21	22	18	18	18	17	15
Depreciation	13	6	7	6	10	9	4	8	8	8	8	9	9	9	5	7	7	7	7	7	8	6	8	12	12	13	14	15
Profit before tax	-124	13	12	12	-1	-24	8	6	4	25	12	9	-18	6	44	84	95	100	110	94	115	95	101	57	67	72	78	71
Tax	-24	4	5	4	-33	-2	5	7	3	8	7	7	8	6	12	22	24	25	29	23	30	26	27	14	20	17	21	18
Net profit	0	-41	8	8	0	-19	5	-1	1	0	6	1	-25	1	48	62	70	0	79	0	81	63	64	31	37	48	54	53
EPS ₹	-16.86	0.00	0.68	0.68	-0.77	-1.76	0.41	-0.04	0.07	1.46	0.48	0.12	-2.09	0.10	4.04	5.17	5.58	5.82	6.20	4.97	5.99	4.66	4.79	2.30	2.73	3.58	3.97	3.91
Revenue YoY	—	—	—	—	—	-54.9%	1.7%	-1.1%	4.3%	132.3%	8.7%	7.4%	11.9%	4.2%	32.0%	72.3%	54.1%	—	—	-0.8%	13.0%	-5.5%	-4.5%	-24.8%	-24.4%	-7.8%	-12.9%	12.6%
Profit YoY	—	—	—	—	—	—	-39.8%	-110.4%	—	—	21.1%	—	-3382.9%	—	738.4%	5048.3%	45.3%	—	—	-100.0%	15.2%	—	-18.4%	—	-54.1%	-23.3%	-17.0%	69.9%

Earlier results (standalone, Jun '08 – Dec '17)

₹ crore · from BSE, before the NSE XBRL filings begin

Titagarh Rail Systems Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†
Revenue	557	672	656	526	264	378	311	366
Operating profit	93	119	113	56	-4	31	0	18
Operating margin	16.7%	17.7%	17.2%	10.6%	-1.3%	8.3%	0.1%	4.9%
Other income	—	0	1	—	22	16	26	24
Interest	11	10	16	15	6	6	5	7
Depreciation	4	6	6	7	7	9	10	9
Profit before tax	98	123	115	37	6	15	11	26
Tax	33	41	38	13	2	5	5	7
Net profit	64	81	77	24	4	10	6	19

Quarters

showing latest 8 of 38 periods

	JUN '08†	SEP '08†	DEC '08†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†
Revenue	230	195	131	107	128	137	184	152	163	128	229	219	178	129	130	93	118	162	153	94	64	32	74	71	86	103	118	58	82	96	75	70	104	86	107	82	80	87
Operating profit	37	26	17	16	17	20	40	29	25	24	41	38	27	22	26	14	15	19	8	2	0	-6	-0	3	1	15	12	1	0	-5	4	4	6	4	4	3	0	7
Operating margin	16.1%	13.4%	13.0%	14.6%	13.1%	14.7%	21.9%	19.3%	15.5%	18.4%	17.8%	17.5%	14.9%	16.8%	20.0%	15.4%	12.4%	12.0%	4.9%	2.0%	0.6%	-18.0%	-0.2%	4.4%	1.7%	14.5%	10.1%	1.0%	0.2%	-4.9%	5.4%	6.4%	5.4%	4.1%	4.1%	4.1%	0.1%	8.3%
Other income	1	2	1	0	0	—	1	0	0	0	0	0	1	0	0	—	—	—	3	7	6	3	6	4	4	3	5	7	6	6	7	5	5	5	10	5	7	4
Interest	2	1	2	3	3	3	1	2	3	4	0	4	4	3	5	5	5	4	1	1	1	1	2	2	2	2	1	1	1	1	2	1	1	1	4	1	2	2
Depreciation	1	1	1	1	1	1	1	1	1	2	1	1	1	1	1	2	2	2	2	2	2	2	2	2	2	2	2	3	2	2	3	2	2	2	2	3	3	3
Profit before tax	36	26	19	18	19	22	40	30	27	25	40	41	31	23	20	8	8	14	8	6	4	-6	2	3	-15	14	13	4	0	-1	7	6	8	4	8	4	2	6
Tax	12	8	7	6	7	6	14	10	9	9	13	14	10	8	7	3	3	5	3	2	2	-2	1	1	-5	5	5	2	0	-0	3	2	2	1	1	1	1	2
Net profit	24	18	13	11	12	15	26	21	18	16	27	27	21	16	13	5	5	9	5	4	2	-4	2	2	-10	9	9	3	0	-1	4	4	5	3	7	3	1	4
EPS ₹	13.18	9.65	6.89	6.06	6.42	8.38	13.79	10.94	9.38	8.45	14.51	14.44	11.15	8.27	6.88	2.39	2.71	4.47	2.34	1.97	0.88	-1.86	0.88	1.07	-5.11	4.57	4.38	0.26	0.01	-0.06	0.36	0.32	0.45	0.28	0.61	0.28	0.09	0.34
Revenue YoY	—	—	—	-53.6%	-34.3%	5.1%	—	42.6%	26.6%	-6.8%	24.4%	44.1%	9.8%	0.8%	-43.3%	-57.3%	-34.1%	25.2%	17.5%	1.1%	-45.9%	-80.4%	-51.4%	-25.2%	34.8%	226.2%	59.6%	-18.0%	-4.0%	-7.1%	-36.3%	20.2%	26.1%	-10.5%	41.6%	17.9%	-23.0%	1.7%
Profit YoY	—	—	—	-53.6%	-33.7%	23.4%	—	84.1%	49.1%	2.7%	5.2%	32.0%	18.9%	-2.0%	-52.6%	-82.4%	-74.1%	-42.4%	-63.8%	-17.3%	-67.4%	-141.7%	-62.5%	-45.7%	-679.1%	—	398.9%	19.1%	—	-108.4%	-50.7%	46.1%	2663.2%	—	61.9%	-12.6%	-80.0%	19.5%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 21 periods

	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	JUN '22	SEP '22	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26
ROE	-3.3%	-0.4%	-0.8%	-1.9%	-1.6%	0.6%	0.7%	0.9%	-2.1%	-2.0%	2.9%	9.4%	6.7%	6.8%	9.4%	8.4%	9.6%	7.7%	7.1%	6.9%	7.8%
ROCE	8.4%	5.9%	5.7%	5.1%	4.5%	7.5%	7.8%	8.2%	7.2%	6.3%	11.6%	20.1%	20.3%	17.6%	17.5%	15.9%	14.8%	13.0%	12.1%	11.6%	12.0%
Net margin	-1.4%	-0.2%	-0.4%	-1.0%	-0.9%	0.3%	0.3%	0.4%	-0.9%	-0.8%	1.2%	5.5%	3.9%	4.0%	5.7%	5.4%	6.6%	5.8%	5.4%	5.3%	5.8%
EBITDA margin	6.8%	6.5%	6.5%	6.1%	5.3%	6.8%	6.9%	7.4%	6.9%	6.0%	6.4%	11.7%	11.6%	11.6%	11.5%	11.2%	11.2%	10.6%	10.6%	10.9%	11.2%
Debt / equity	0.95	0.95	0.95	0.95	1.01	1.01	1.01	1.01	1.02	1.02	0.32	0.03	0.03	0.17	0.17	0.21	0.21	0.21	0.21	0.21	0.21
Interest coverage	1.42	1.00	0.96	0.88	0.93	1.53	1.57	1.58	1.31	1.10	1.44	6.30	6.97	7.55	7.19	6.55	5.69	5.04	4.92	4.88	5.25
Asset turnover	0.78	0.66	0.66	0.66	0.61	0.73	0.75	0.76	0.72	0.73	1.03	1.19	1.19	1.11	1.10	1.03	0.97	0.89	0.87	0.79	0.81

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 15 periods

	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	SEP '22	SEP '23	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26
Share capital	20	23	23	23	23	23	24	24	24	25	27	27	27	27	27
Other equity / reserves	633	736	944	832	793	743	817	818	859	1,359	2,204	2,327	2,456	2,511	2,429
Total equity	653	759	968	855	816	767	841	842	883	1,385	2,231	2,354	2,483	2,538	2,456
Borrowings	96	221	342	576	870	729	845	861	283	260	66	397	529	544	522
Current liabilities	284	1,260	1,387	1,502	1,202	725	904	1,267	1,057	1,046	730	957	1,098	1,098	1,205
Non-current liabilities	51	324	269	300	626	701	729	570	93	297	268	250	181	163	378
Total assets	1,061	2,426	2,702	2,720	2,716	2,272	2,474	2,679	2,033	2,728	3,229	3,561	3,762	3,801	4,039
Property, plant & equipment	351	614	881	914	885	825	833	879	610	614	648	643	831	956	1,084
Capital work-in-progress	13	15	12	23	33	0	16	15	5	58	108	156	40	128	72
Investments	1	1	82	83	87	29	31	30	41	32	210	241	299	310	279
Inventories	224	717	537	442	521	376	385	504	440	403	524	579	523	649	588
Receivables	118	236	237	278	347	254	567	659	356	620	533	735	671	517	630
Cash & equivalents	147	204	34	58	99	29	80	9	128	97	329	73	25	41	162

Cash flow

annual · ₹ crore · line = free cash flow

	FY19‡	FY22	FY24	FY25	FY26
Cash from operations	-124	55	86	-97	322
Cash from investing	-48	-69	-537	-579	-133
Cash from financing	214	-53	724	372	-52
Capex	63	102	164	236	-7
Free cash flow	-188	-48	-78	-333	330
Dividends paid	4	0	6	11	49

Where the assets sit

Mar '26 · ₹ crore

Fixed assets (PPE)

₹1,084 cr27%

CWIP

₹72 cr2%

Investments

₹279 cr7%

Inventories

₹588 cr15%

Receivables

₹630 cr16%

Cash & equivalents

₹162 cr4%

Other assets

₹1,225 cr30%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Titagarh Rail Systems Ltd.	9,127	677.85	47.7	3.72	7.8%

StoxGud checklist: Bearish setup · 2/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-15.2%

6 months-19.7%

1 year-25.3%

3Y CAGR-5.0%

5Y CAGR+48.5%

10Y CAGR+19.8%

50-day avg₹781.20

200-day avg₹783.93

RSI (14)36

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FAQs

What is the share price of Titagarh Rail Systems Ltd.?

Titagarh Rail Systems Ltd. (TITAGARH) closed at ₹677.85 on NSE on 06 Nov 2026.

What is the market cap of Titagarh Rail Systems Ltd.?

₹9,127 crore at the latest close.

What is the P/E ratio of Titagarh Rail Systems Ltd.?

47.7, on trailing-twelve-month earnings from its filings.

How fast is Titagarh Rail Systems Ltd. growing?

Titagarh Rail Systems Ltd.: revenue has compounded at 18.2% a year over three years. Latest-quarter revenue is up 12.6% year on year, profit up 69.9%.

How profitable is Titagarh Rail Systems Ltd.?

On a trailing-twelve-month basis return on equity is 7.8%, return on capital employed 12.0%, operating margin 11.2%, net margin 5.8%.

How much debt does Titagarh Rail Systems Ltd. have?

Titagarh Rail Systems Ltd. is lightly geared: debt to equity is 0.21 with borrowings of ₹522 cr against cash of ₹162 cr (balance sheet of 2026-03-31). Operating profit covers interest 5.2 times.

Financials parsed from Titagarh Rail Systems Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '18, annual from FY18, balance sheet from Mar '15. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.