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Analyst Note 
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Titagarh Rail Systems Ltd (TITAGARH)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532966 NSE: TITAGARH Railways Wagons/Coaches | Small Cap | Titagarh Railsystems Share Price
₹835.40 -5.25 (-0.62%)
As on 22-Sep'26 14:47
Titagarh Rail Systems Ltd (TITAGARH)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532966 NSE: TITAGARH Railways Wagons/Coaches | Small Cap | Titagarh Railsystems Share Price
₹835.40 -5.25 (-0.62%)
As on 22-Sep'26 14:47
Key Metrics
Valuation Multiples
Market Cap
₹11,321 Cr.
Current Price
₹835.4
52-Week Low / High
₹569 / 970
TTM EPS
₹14.2
TTM Sales
₹3,272 Cr.
Book Value per Share
₹182.5
P/E Ratio
59.13
Higher than its 5-year historical median
Industry PE
40.7
Price to Book (P/B)
4.61
In line with its 5-year historical median
Price to Sales (P/S)
3.46
Higher than its 5-year historical median
EV/EBITDA
28.03
Higher than its 5-year historical median
Dividend Yield
0.12%
Profitability Efficiency
Return on Equity (ROE)
5.17%
Underperforms industry median
Return on Capital Employed (ROCE)
9.08%
Underperforms industry median
Return on Assets (ROA)
2.79%
Operating Profit Margin
11.1%
Net Profit Margin
3.82%
Gross Profit Margin
10.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-16.11%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-19.55%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
40.12%
Asset Quality
Promoter Holding
40.46%
Pledged shares (%) of Promoter's holding (%)
0.06%
Reserves
₹2,430 Cr.
Equity
₹26.9 Cr.
Face Value
₹2
All Time Low / High
₹13.97 / 1896.50
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Titagarh Rail Systems Ltd a good quality company?
Titagarh Rail Systems Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Titagarh Rail Systems Ltd performance compare with that of its Peers?
Revenue growth of Titagarh Rail Systems Ltd vs industry peers?
Titagarh Rail Systems Ltd revenue CAGR is 15.94%, compared to the industry median CAGR of 20.98%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Titagarh Rail Systems Ltd?
Promoters hold 40.46% of the Titagarh Rail Systems Ltd, with 0.06% of their stake pledged, indicating low pledge risk.
Stock return of Titagarh Rail Systems Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 21.5% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Titagarh Rail Systems Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 3.4% | 0.8% | -4.3% | -3% | 11.9% | 12.1% | 21.6% | 26.8% | 8.9% | 10.6% | - |
| Value Creation Index ⓘ | -0.8 | -0.9 | -1.3 | -1.2 | -0.2 | -0.1 | 0.5 | 1.0 | -0.3 | -0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 349 | 314 | 1,060 | 1,484 | 1,026 | 1,496 | 2,781 | 3,853 | 3,747 | 3,144 | 3,205 |
| Sales YoY Gr. | - | -10.1% | 237.8% | 40% | -30.9% | 45.8% | 85.9% | 38.6% | -2.8% | -16.1% | - |
| Adj EPS ⓘ | 1.4 | -0.1 | 1.6 | 1.1 | 4 | 2.4 | 9.7 | 21.5 | 20.6 | 15.2 | 17.4 |
| YoY Gr. | - | -103.5% | NA | -33.5% | 281.9% | -39.7% | 301.7% | 121.6% | -4.4% | -26.2% | - |
| BVPS (₹) ⓘ | 77.4 | 76.8 | 77.2 | 70.4 | 72.9 | 72.7 | 80.5 | 165.5 | 170.3 | 180.6 | 184.4 |
| Adj Net Profit ⓘ | 16.5 | -0.5 | 18.2 | 12.1 | 47.8 | 29 | 116 | 290 | 277 | 205 | 234 |
| Cash Flow from Ops. ⓘ | -27.7 | 28.4 | -93.7 | 296 | 226 | 34.9 | 62 | 92.8 | -101 | 311 | - |
| Debt/CF from Ops. ⓘ | -1.6 | 3.5 | -3.2 | 0.7 | 0.5 | 4 | 4 | 0.7 | -5.2 | 1.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 27.7% | 25.1% | 4.2% | -16.1% | ||||
| Adj EPS ⓘ | 30% | 30.5% | 16.1% | -26.2% | ||||
| BVPSⓘ | 9.9% | 19.9% | 30.9% | 6% | ||||
| Share Price | 21.3% | 55.4% | 2.6% | -10.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 1.9 | -0.1 | 2 | 1.4 | 5.7 | 3.3 | 12.7 | 18.2 | 12.3 | 8.6 | 9.5 |
| Op. Profit Mgn % ⓘ | 3.4 | -2.5 | 5.5 | 8.6 | 11.8 | 11 | 9.5 | 11.6 | 12 | 11.9 | 12 |
| Net Profit Mgn % ⓘ | 4.7 | -0.2 | 1.7 | 0.8 | 4.7 | 1.9 | 4.2 | 7.5 | 7.4 | 6.5 | 7.3 |
| Debt to Equity ⓘ | 0.1 | 0.1 | 0.3 | 0.3 | 0.1 | 0.2 | 0.3 | 0 | 0.2 | 0.2 | - |
| Working Cap Days ⓘ | 418 | 694 | 293 | 238 | 307 | 237 | 168 | 156 | 200 | 270 | 108 |
| Cash Conv. Cycle ⓘ | 190 | 240 | 58 | 32 | 54 | 52 | 41 | 50 | 78 | 100 | 46 |
Valuation of Titagarh Railsystems - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,714 | 1,268 | 1,559 | 1,766 | 1,521 | 1,468 | 2,780 | 3,853 | 3,868 | 3,186 |
| Operating Expenses ⓘ + | 1,655 | 1,380 | 1,489 | 1,666 | 1,459 | 1,311 | 2,516 | 3,405 | 3,435 | 2,838 |
| Operating Profit ⓘ | 59 | -111 | 70 | 101 | 62 | 157 | 263 | 448 | 433 | 348 |
| Operating Profit Margin (%) | 3.4% | -8.8% | 4.5% | 5.7% | 4.1% | 10.7% | 9.5% | 11.6% | 11.2% | 10.9% |
| Other Income ⓘ + | 78 | 45 | 46 | 54 | 44 | 26 | 43 | 43 | 76 | 48 |
| Interest ⓘ | 31 | 44 | 65 | 88 | 81 | 57 | 81 | 73 | 73 | 71 |
| Depreciation ⓘ | 52 | 51 | 24 | 29 | 30 | 18 | 23 | 27 | 30 | 51 |
| Profit Before Tax ⓘ | 50 | -167 | 19 | 37 | -6 | 107 | 190 | 389 | 150 | 193 |
| Tax ⓘ | 22 | -20 | -33 | -21 | 13 | 29 | 55 | 100 | 63 | 71 |
| Profit After Tax | 27 | -147 | 52 | 58 | -19 | 78 | 135 | 288 | 87 | 122 |
| PAT Margin (%) | 1.6% | -11.6% | 3.3% | 3.3% | -1.2% | 5.3% | 4.8% | 7.5% | 2.2% | 3.8% |
| Adjusted EPS (₹) | 2.3 | -12.4 | -2.5 | -3.0 | -1.3 | -0.0 | 10.9 | 21.3 | 6.5 | 9.1 |
| Dividend Payout Ratio (%) | 34.30% | -2.40% | -12.20% | 0% | 0% | 0% | 4.60% | 3.80% | 15.30% | 11% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 966 | 852 | 812 | 764 | 839 | 842 | 964 | 2,218 | 2,294 | 2,404 | |
| Debt + | 342 | 576 | 870 | 729 | 754 | 808 | 216 | 54 | 517 | 522 | |
| Minority Interest | 79 | 64 | 73 | 79 | 0 | 0 | 0 | 0 | 1 | 1 | |
| Trade Payables | 442 | 306 | 535 | 351 | 398 | 439 | 323 | 319 | 235 | 330 | |
| Others Liabilities ⓘ | 865 | 1,107 | 558 | 517 | 655 | 773 | 807 | 1,003 | 1,125 | 1,300 | |
| Total Liabilities ⓘ | 2,695 | 2,906 | 2,848 | 2,440 | 2,646 | 2,862 | 2,311 | 3,595 | 4,172 | 4,557 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 925 | 954 | 957 | 868 | 868 | 963 | 729 | 745 | 989 | 1,275 | |
| CWIP ⓘ | 15 | 27 | 36 | 0 | 41 | 61 | 12 | 174 | 122 | 192 | |
| Investments ⓘ | 82 | 83 | 87 | 29 | 31 | 30 | 32 | 198 | 225 | 279 | |
| Inventories | 537 | 442 | 521 | 376 | 385 | 504 | 461 | 524 | 523 | 588 | |
| Trade Receivables | 234 | 276 | 344 | 252 | 567 | 233 | 279 | 533 | 671 | 630 | |
| Cash Equivalents | 46 | 74 | 119 | 56 | 124 | 42 | 100 | 609 | 467 | 317 | |
| Others Assets ⓘ | 855 | 1,050 | 783 | 858 | 629 | 1,029 | 697 | 813 | 1,175 | 1,275 | |
| Total Assets ⓘ | 2,695 | 2,906 | 2,848 | 2,440 | 2,646 | 2,862 | 2,311 | 3,595 | 4,172 | 4,557 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -177 | -121 | -124 | 154 | 68 | 55 | 41 | 86 | -97 | 322 |
| Cash Flow From Investing Activity ⓘ + | 68 | -26 | -48 | -10 | -72 | -69 | -61 | -537 | -579 | -133 |
| Cash Flow From Financing Activity ⓘ + | 111 | 191 | 214 | -227 | 43 | -53 | 67 | 724 | 372 | -52 |
| Net Cash Flow ⓘ | 3 | 44 | 41 | -83 | 39 | -68 | 46 | 273 | -304 | 137 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 2.86 | -16.19 | 6.24 | 7.35 | -2.34 | 9.26 | 14.91 | 18.13 | 3.84 | 5.17 |
| ROCE (%) | 6.42 | -8.74 | 5.27 | 7.84 | 4.75 | 9.69 | 18.58 | 26.42 | 8.72 | 9.08 |
| Asset Turnover Ratio | 0.65 | 0.45 | 0.54 | 0.67 | 0.6 | 0.53 | 1.07 | 1.3 | 1 | 0.73 |
| PAT to CFO Conversion(x) | -6.56 | N/A | -2.38 | 2.66 | N/A | 0.71 | 0.3 | 0.3 | -1.11 | 2.64 |
| Working Capital Days | ||||||||||
| Receivable Days | 48.70 | 73.20 | 72.60 | 61.60 | 98.40 | 99.50 | 33.60 | 38.40 | 56.80 | 74.50 |
| Inventory Days | 131.50 | 140.50 | 112.70 | 92.70 | 91.40 | 110.60 | 63.40 | 46.70 | 49.40 | 63.70 |
| Payable Days | 133.80 | 173.60 | 164.10 | 140.50 | 137.60 | 145.80 | 64.70 | 39.20 | 34.60 | 44.40 |
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The current trading price of Titagarh Railsystems on 22-Sep-2026 14:47 is ₹835.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of Titagarh Railsystems stood at ₹11,321.4 Cr
The latest P/E ratio of Titagarh Railsystems as of 21-Sep-2026 is 48.36.
The latest P/B ratio of Titagarh Railsystems as of 21-Sep-2026 is 4.56.
The 52-week high of Titagarh Railsystems is ₹970.0 and the 52-week low is ₹568.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Titagarh Railsystems is ₹3,205 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Titagarh Rail Systems Ltd is a below average quality company.
The key valuation ratios of Titagarh Rail Systems Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Titagarh Rail Systems Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Titagarh Rail Systems Ltd
Titagarh Wagons, incorporated in 1997, is primarily engaged in the manufacturing of railway wagons. It is one of the leading private sector wagon manufacturers in India. The company has received certifications for its quality management such as ISO 9001: 2000 and BS EN ISO 9001:2000. The rating agency CRISIL has upgraded the rating of TWL from 'A 1' to 'A 1+' i.e. 'Positive'.
Currently, the company is engaged in manufacturing of railway wagons, bailey bridges, heavy earth moving and mining equipment, steel and SG iron castings of moderate to complex configuration. The company also manufactures products for the Indian defence establishment, such as special wagons, shelters and other engineering equipments.
In its initial year, the company started the development of the prototype of BOXN Wagon. Immediately next year the company was awarded an order from Indian Railway to manufacture BOXN and BCNA type wagons. In 2000 there was addition of new type of wagon i.e. BOBYN.
In the year 2001, Titagarh Wagons started its Bailey bridge division. The company started manufacturing of BOBRN type wagon. In 2002 the company despatched its first set of components of Bailey bridges.
Products
Wagon- The company manufactures range of wagons such as hopper wagon, covered wagon, open top wagon, container flat wagon, tank wagon, flat wagon and special purpose wagon.
Heavy Earth Moving and Mining Equipment- Under this the company manufactures hydraulic excavator and crawler mounted crane.
Foundry- Under this company manufactures bogies and couplers.
Rail Coach- Titagarh Wagons manufactures rail coaches for metro systems. It is planning to develop coaches for metro systems setting up at Mumbai, Hyderabad and Bangalore.
The company is also engaged in undertaking special projects such as developing Bailey bridges, other modular steel bridges and equipments for nuclear power and defence sector.
Milestones
- 1997 - Year of Incorporation : Development of the Proto Type of BOXN Wagon
- 1998 - 1st Order from the Indian Railways [For BOXN & BCNA Type Wagons
- 2000 - ISO:9002 Certification from Lloyds UK
- 2000 - Addition of new type of wagon (BOBYN) in the order book
- 2001 - Bailey Bridge Division : Only Pvt. Sector Unit Registered with the Ministry of Defence, Government of India.
- 2001 - Commencement of Manufacturing BOBRN Type Wagon
- 2002 - Recognition from the Minstry of Defence, Government of India as an ‘Industry Partner’ for wagons and Bridges
- 2002 - First order for manufacture and supply of Bailey Bridge
- 2002 - Upgradation of Quality Certification to ISO: 9001-1994 from Lloyd’s Register Quality Assurance, United Kingdom
- 2002 - Despatch of the first set of components for Bailey Bridge
- 2003 - Commencement of two new types of wagons BOST and BFNS in the order book
- 2003 - First order received for supply of Container Flat wagons from CONCOR
- 2003 - First order for supply of Special Purpose Wagons for the Ministry of Defence
- 2003 - Upgradation of Quality Certification to ISO: 9001-2000 from Lloyd’s Register Quality Assurance, United Kingdom
- 2003 - Recognition of In-House R&D unit by the by the Department of Scientific & Industrial Research, Ministry of Science & Technology, Govt. Of India
- 2003 - Registered Supplier for United Nations Procurement Division for the manufacture and supply of fabricated engineering items
- 2004 - Received registration from the Ministry Of Defence, Government Of India to be a licensed manufacture of Integrated Field Shelter (NBC Shelter)
- 2004 - 1st Export Order from Africa
- 2005 - Order for the MGR Type Wagon from NTPC
- 2005 - Commencement of Manufacturing BRNAHS Type Wagon
- 2005 - 1st Private Sector Order of BOXN-HS wagon under OYWS
- 2005 - Execution of BTA with Hyderabad Industries Limited for Acquisition of Heavy Engineering Division
- 2005 - Investment in Equity Share of the Company by Strategic Venture (Mauritius) Limited
- 2006 - Investment in Equity Share of the company by 2i Capital PCC
- 2006 - Investment in Equity Share of the company by Goya Limited
- 2006 - Received Quality Certification from ISO: 9001-2000 from Indian Register Quality System (Indian Register of Shipping) for the Heavy Engineering Division
- 2006 - Roll out first ever wagon manufacture under WIS
- 2006 - First order from Private Sector for supply of Food Grain Wagon
- 2006 - First order under Privatisation of Container Freight Traffic for Supply Container Flat Wagon
- 2006 - Addition of new type of wagon (BOXN-LW) in the order book
- 2006 - First order for supply of tank wagons (BTPN)
- 2006 - Entered into a memorandum of understanding with M/s Kawada, Inc, Japan, for development of double lane modular bridges, called Kawada System Truss Bridges
- 2007- Entered into a Share Subscription Agreement with GE. Received first order for EMU Coaches from Indian Railway Entered into an agreement for revival of Cimmco
- 2008- Initial Public Offering of shares. Listing at BSE and NSE, Joint venture for Air Brake Systems & Slack AdjustersSet up a wholly owned subsidiary in Singapore
- 2009- Delivered 1st rake of EMUs to Indian Railways , Titagarh Biotec P Ltd. (wholly owned subsidiary) and Titagarh Steels Limited were merged with the Company
- 2010- Set up a subsidiary (Titagarh Wagons AFR (TWA)) in France and acquired assets and business of a Wagon/Rolling Stock manufacturing unit in France with capacity to manufacture 5000 wagons. TWA has strong design, research & development competencies
- 2012- Titagarh Marine Ltd (TML) has become a subsidiary of Titagarh Wagons Ltd.
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