TITAGARH · Capital Goods
Titagarh Rail Systems Ltd. reported revenue of ₹875 cr for January to March 2026, −13.0% on the year and +5.2% on the quarter. Over the last four quarters revenue comes to ₹3,185 cr, −17.7% on the four before.
Operating profit (EBITDA) was ₹92.0 cr, a margin of 10.5%, +873 bps on the year and −42 bps on the quarter. Over the last 8 quarters the margin has ranged from 1.8% to 11.8%, averaging 9.4%. Operating costs grew −20.7% against revenue growth of −13.0%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹54.0 cr from a loss of ₹124 cr a year earlier, with earnings per share of ₹4.01. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹167 cr, +92.0% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹12.39 over the last four quarters, the stock at ₹702.45 trades at 56.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Turned profitable from a loss a year ago.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹935 cr | ₹955 cr | ₹1,052 cr | ₹903 cr | ₹1,057 cr | ₹902 cr | ₹1,006 cr | ₹679 cr | ₹799 cr | ₹832 cr | ₹875 cr | ₹765 cr |
| YoY | — | — | — | −1% | +13% | −6% | −4% | −25% | −24% | −8% | −13% | +13% |
| EBITDA margin | 12.3% | 11.6% | 11.2% | 10.7% | 11.8% | 10.4% | 1.8% | 9.4% | 9.3% | 10.9% | 10.5% | 12.3% |
| Other income, % of PBT | 7% | 14% | 11% | 13% | 9% | 26% | — | 24% | 25% | 0% | 19% | 10% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 27% | 26% | 27% | 29% | — | 32% | 35% | 25% | 28% | 26% |
| Net profit | ₹71.0 cr | ₹75.0 cr | ₹79.0 cr | ₹67.0 cr | ₹81.0 cr | ₹63.0 cr | −₹124 cr | ₹31.0 cr | ₹37.0 cr | ₹45.0 cr | ₹54.0 cr | ₹53.0 cr |
| YoY | — | — | — | +8% | +14% | −16% | −257% | −54% | −54% | −29% | — | +71% |
| Core profit YoY | — | — | — | −3% | +15% | −23% | −113% | −56% | −57% | −9% | — | +88% |
| EPS | ₹5.55 | ₹5.56 | ₹5.86 | ₹4.98 | ₹5.99 | ₹4.66 | −₹9.09 | ₹2.29 | ₹2.74 | ₹3.35 | ₹4.01 | ₹3.90 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Titagarh Rail Systems Ltd. reported revenue of ₹875 cr (−13.0% on the year) and net profit of ₹54.0 cr (— on the year) for January to March 2026.
None of the 6 checks that could run raised a question.
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