Transrail Lighting Ltd - Stock Valuation and Financial Performance

Transrail Lighting Limited was originally incorporated as ‘Transrail Lighting Limited’ at Mumbai, Maharashtra as a public limited company under the Companies Act, 1956, pursuant to the certificate of incorporation dated February 18, 2008, issued by RoC and commenced operations pursuant to a certificate of commencement of business dated March 14, 2008.

The company is an Indian engineering, procurement and construction (EPC) company. The company primarily focuses on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. It has a track record of four decades in providing comprehensive solutions in the power transmission and distribution sector, on a turnkey basis globally and have been a trusted and longstanding partner. It has completed many projects in power transmission and distribution vertical since its inception, along with comprehensive and extensive project execution capabilities in terms of manpower, supply of materials (including self-manufactured products) and availability of world class machinery, both in India and internationally (majorly across Asia and Africa).

Over a period of time, it has steadily invested into backward integration by adding manufacturing units for towers, conductors and poles to its business and have developed the ability to provide comprehensive solutions including designing, manufacturing, procuring, testing and supplying of conductors, towers etc. for its EPC projects and also towards direct supplies. Generally, these products and services cover a substantial part of the EPC value in a typical transmission line project, which reduces its dependency on third-party suppliers. 

The company caters to a wide client base in India including central public sector undertakings under the Ministry of Power of India, state government run and private power transmission and distribution companies. Further, it has actively diversified and expanded its business across the globe with its overall footprint of supply and service in 58 countries. It generally takes export orders which are either funded by multilateral funding agencies (which include organisations like World Bank, African Development Bank, Asian Development Bank etc) or backed by letters of credit.

Business area of the company

The company is an Indian engineering, procurement and construction (EPC) company. The company primarily focuses on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.

Awards, accreditations and recognitions

• 2014: Awarded the best construction performance special award by Power Grid Corporation of India Limited.
• 2014: Awarded the special category in construction for the year 2014-15 by Power Grid Corporation of India Limited.
• 2015: Awarded the best safety performance for the year 2015-16 by Power Grid Corporation of India Limited.
• 2015: Awarded the best construction performance (Division II Maximum Volume of Work) for the year 2015-16 by Power Grid Corporation of India Limited.
• 2016: Received appreciation for best performance in excise contribution and for extra ordinary contribution in excise by Chief Commissioner of Customs Central Excise and Service Tax, Nagpur Zone.
• 2016: Awarded the best performance safety award for pole and conductor plant by Silvassa Industries Association.
• 2017: Awarded the third position for its contribution in safety implementation for the year 2017-18 by Adani Energy Solutions Limited (formerly known as Adani Transmission Limited).
• 2019: Awarded with consolation certificate for excellent work in the field of Industrial Safety and Health by Labour Department, Directorate Industrial Safety and Health for its plant in Wardha, Maharashtra.
• 2019: Received appreciation for completion of 500 kV Transmission line from Aqina – Sheberghan (88 kms) and 220 kV Transmission line from Sheberghan-Mazar-E-Sharif (156 km) under DABS 011/ICB project from Da Afghanistan Breshna Sherkat in Afghanistan.
• 2024: Received appreciation for commissioning the power evacuation from Neemuch REZ 400Kv D/C and 765Kv D/C Khetri-Jhatikara line and the 400 kV D/C Khetri-Sikar (PG) line by Power Grid Corporation of India Limited.
• 2024: Deoli facility of the company received an award for achieving ‘Lowest accident frequency rate and Longest accident free period’ in the heavy engineering industry group at the Maharashtra Safety Awards, 2023.

History and milestones

• 2009: Established transmission tower testing facility in Deoli, Maharashtra.
• 2011: Received a license for a factory engaged in the manufacture of fabrication and galvanising of transmission tower, high mast lighting poles, crash barriers and others at Silvassa, Dadra and Nagar Haveli.
• 2012: Received a purchase order for manufacturing and supplying Derrick Structure Material and Fabrication and other fabrications.
• 2016: Transfer of T&D business from Gammon India Limited to the company that included: (i) amalgamation of tower manufacturing facility in Vadodara, Gujarat and Deoli, Maharashtra established in 1994 and 2010, respectively; (ii) division of conductor factory in Silvassa, Dadra and Nagar Haveli established in 2008; and (iii) transmission tower testing facility in Deoli, Maharashtra established in 2009.
• 2016: Received purchase order for supplies of Aluminium Conductor Steel Reinforced conductors and Aluminium Alloy Conductor Steel Reinforced conductors.
• 2017: Received letter of acceptance for construction of three 220/132/33 kV substations on turnkey basis in Dharsiwa, Kawardha and Dherdehi, Chhattisgarh. It also received letter of acceptance for construction of 400 kV, 220kV and 132kV substations and transmission lines on total turnkey basis under an inter-State transmission system project in India, Green Energy Corridor Phase I in Shajapur and Mandsaur, Madhya Pradesh.
• 2017: Received letter of award for construction of 220 KV D/C transmission line from 220 KV GSS Basni (Jodhpur) to 220 KV GSS NPH (Jodhpur) in Rajasthan, in existing row using 220 KV towers, 220 KV tubular monopoles, 220 KV underground cable.
• 2018: Entered into a supply agreement with consortium of companies in Poland to supply galvanized and painted steel structures.
• 2018: Entered into an agreement to manufacture luminary products including LED lighting fixtures, LED lighting installations, LED luminaries etc. under its trademark.
• 2019: Received a letter of acceptance to design, supply, installation, testing and commissioning of 25 kV, 50 Hz, AC single phase railway electrification work between Katni (excluding)-Bara (including) in Katni-Singrauli section of west central railway.
• 2019: Awarded with a tender by National Highway Authority of India to construct two lane bridge across river Kosi with approach road from Bheja to Bakaur section of NH-527A in Bihar under Backward Area / Religious / Tourist places scheme of Bharatmala Pariyojana Phase-I.
• 2022: Awarded contract under the Power Project Suriname - HV Cables for construction of Electricity System Upgrade and Expansion Project, 110 kV underground cable.
• 2022: Entered into two agreements to design, supply, installation, testing and commissioning of 400kV and 230kV River Crossing Transmission Lines on Turnkey Basis Lot-1 and Lot-2, both dated August 17, 2022, for a consideration of $304.97 million and USD 219.274 million, respectively.
• 2023: Entered into a memorandum of understanding to develop the composite High Temperature Low Sag conductors cable market in India and in other countries, including Bhutan, Nepal, Bangladesh, Sri Lanka, Africa, Middle East, Iraq and other nations.