New Risk • May 31
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.8% Last year net profit margin: 7.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Announcement • May 22
Titagarh Rail Systems Limited to Report Q4, 2026 Results on May 30, 2026 Titagarh Rail Systems Limited announced that they will report Q4, 2026 results at 12:08 PM, Indian Standard Time on May 30, 2026 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹695, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 28x in the Machinery industry in India. Total returns to shareholders of 142% over the past three years. Announcement • Feb 17
Jindal Power, Vedanta and Havells Reportedly Among 22 Bidders for Gupta Power Jindal Power Limited, Vedanta Limited (NSEI:VEDL) and Havells India Limited (NSEI:HAVELLS) are among 22 prospective bidders that have submitted expressions of interest (EoIs) to acquire debt-laden Gupta Power Infrastructure Limited, which has admitted debtor claims of INR 42,400 million and is undergoing insolvency proceedings, people aware of the development told ET. The company, which is a manufacturer of cables, wire rods, and conductors, is being resolved under the corporate insolvency resolution process (CIRP). Other interested bidders include UltraTech Cement Limited (NSEI:ULTRACEMCO), Waaree Energies Limited (NSEI:WAAREEENER), Torrent Electricals (TCL Cables Private Limited) and Himadri Speciality Chemical Limited (BSE:500184), Orissa Metaliks Private Limited and Abci Infrastructures Private Limited. The deadline for submission of resolution plans is February 20. Some bidders have come as consortium partners. Engineering and manufacturing companies including Karamtara Engineering Limited, Cabcon India Limited, Transrail Lighting Limited (NSEI:TRANSRAILL), Titagarh Rail Systems Limited (NSEI:TITAGARH) and Jsk Industries Private Limited have submitted EoIs. Non-banking finance company Authum Investment & Infrastructure Limited (BSE:539177) is also among the applicants. Two investors have filed bids in their individual capacities, the people added. The National Company Law Tribunal (NCLT), Kolkata Bench, admitted the insolvency petition filed by a consortium of banks led by Canara Bank on September 26, 2025, appointing Pradeep Kumar Kabra as the interim resolution professional (IRP). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: ₹3.59 (vs ₹4.63 in 3Q 2025) Third quarter 2026 results: EPS: ₹3.59 (down from ₹4.63 in 3Q 2025). Revenue: ₹8.43b (down 6.6% from 3Q 2025). Net income: ₹481.2m (down 23% from 3Q 2025). Profit margin: 5.7% (down from 6.9% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
Titagarh Rail Systems Limited Announces Resignation of Shri Saket Kandoi as Director & CEO (Shipbuilding & Maritime Systems), Effective 13 February, 2026 Titagarh Rail Systems Limited announced resignation of Shri Saket Kandoi (DIN: 02308252) from the office of Director & CEO (Shipbuilding & Maritime Systems) from the close of business hours on 13th February, 2026, vide his letter dated 5th February, 2026, pursuant to the transfer of the Shipbuilding & Maritime Systems (SMS) business by execution of Business Transfer Agreement, to Titagarh Naval Systems Limited, wholly owned subsidiary of the Company (TNSL), to enable him to devote full time and attention to the SMS business under TNSL. Reason for change viz. appointment/Resignation of Shri Saket Kandoi (DIN: 02308252) cessation from the office of Director & CEO (Shipbuilding & Maritime Systems) from the close of business hours on 13th February, 2026, vide his letter dated 5th February, 2026 pursuant to the transfer of the Shipbuilding & Maritime Systems (SMS) business by execution of Business Transfer Agreement, to Titagarh Naval Systems Limited, wholly owned subsidiary of the Company (TNSL) to enable him to devote full time and attention to the SMS business under TNSL. Date of appointment/re-appointment/cessation: Close of business hours on 13th February, 2026. Announcement • Feb 02
Titagarh Rail Systems Limited to Report Q3, 2026 Results on Feb 12, 2026 Titagarh Rail Systems Limited announced that they will report Q3, 2026 results on Feb 12, 2026 Announcement • Nov 05
Titagarh Rail Systems Limited to Report Q2, 2026 Results on Nov 13, 2025 Titagarh Rail Systems Limited announced that they will report Q2, 2026 results on Nov 13, 2025 Announcement • Nov 04
Titagarh Rail Systems Limited announced that it has received INR 499.999901 million in funding On November 4, 2025, Titagarh Rail Systems Limited closed the transaction. The company issued 21,11,932 convertible warrants at an issue price of INR 236.75 for gross proceeds of INR 499,999,901. The transaction includes participation from Rashmi Chowdhary for 15,83,951 warrants with a pre issue shareholding of 7.52% and post issue shareholding of 8.56%, Prithish Chowdhary for 5,27,981 with a post issue shareholding of 0.39%warrants. The warrants have an exercise price of INR 710.25. The Warrants entitle the allottees to apply for and be allotted equal number of equity shares of face value of INR 2 each, for every Warrant held by them on payment of balance consideration of 75% of the issue price within a maximum period of 18 months from the date of allotment of the Warrants. Further, these Warrants allotted on preferential basis shall be locked-in for specified period in accordance with the provisions of Chapter V of the SEBI ICDR Regulations and shall not be listed. Upcoming Dividend • Sep 01
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 4.9% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.9%). Price Target Changed • Aug 17
Price target decreased by 7.1% to ₹1,018 Down from ₹1,096, the current price target is an average from 5 analysts. New target price is 26% above last closing price of ₹810. Stock is down 43% over the past year. The company is forecast to post earnings per share of ₹24.03 for next year compared to ₹20.42 last year. Announcement • Aug 12
Titagarh Rail Systems Limited, Annual General Meeting, Sep 15, 2025 Titagarh Rail Systems Limited, Annual General Meeting, Sep 15, 2025, at 11:30 Indian Standard Time. Reported Earnings • Aug 12
First quarter 2026 earnings released: EPS: ₹2.34 (vs ₹4.98 in 1Q 2025) First quarter 2026 results: EPS: ₹2.34 (down from ₹4.98 in 1Q 2025). Revenue: ₹6.91b (down 24% from 1Q 2025). Net income: ₹314.1m (down 53% from 1Q 2025). Profit margin: 4.5% (down from 7.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: ₹20.42 (vs ₹22.64 in FY 2024) Full year 2025 results: EPS: ₹20.42 (down from ₹22.64 in FY 2024). Revenue: ₹38.7b (flat on FY 2024). Net income: ₹2.77b (down 4.1% from FY 2024). Profit margin: 7.1% (down from 7.5% in FY 2024). Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 27
Titagarh Rail Systems Limited to Report Q4, 2025 Results on May 30, 2025 Titagarh Rail Systems Limited announced that they will report Q4, 2025 results on May 30, 2025 Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹807, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 32x in the Machinery industry in India. Total returns to shareholders of 665% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹443 per share. Announcement • Apr 08
Titagarh Rail Systems Limited Announces Management Changes Titagarh Rail Systems Limited at its board meeting held on April 7, 2025 announced retirement of Shri Dinesh Arya, Company Secretary and Chief Compliance Officer w.e.f. the close of business hours on 31st May, 2025. The company also approved appointment of Shri Aditya Purohit (ICSI Membership No. ACS 27825) as Company Secretary and Compliance Officer w.e.f. 1st June, 2025. The company also approved appointment of Shri Vijay Subramanian as Chief Transformation Officer, Senior Management Personnel of the Company with effect from today, i.e., 7th April, 2025. As CTO, he will work with cross functional teams with the objective of greater efficiency in day to day operations, engineering and design processes, business development and other management functions under the guidance and supervision of Vice Chairman & Managing Director. Mr. Purohit at 41 years of age, is a qualified Company Secretary and associate member of the Institute of Company Secretaries of India since 2010. He has 19 years of experience of which 15 years post professional qualification. He was General Manager- Secretarial and Legal in Birla Group before joining the Company. Vijay Subramanian at 51 years has 29 years of rich experience in Rolling Stock/Automotive, Chemical, Float glass and Process Industries, of which 18 years at senior level including 5 years at Alstom Transport as Managing Director. He is BE in Chemical engineering and holds PG diploma in operations management. Prior to joining the Company, he was CEO of Titagarh Firema SpA, Italy, associate company. Announcement • Mar 29
Titagarh Rail Systems Limited Announces Executive Changes, Effective 6 April 2025 Titagarh Rail Systems Limited at its board meeting held on 29 March 2025, based on the recommendation of Nomination and Remuneration Committee approved the appointment of Shri Devendra Kumar Vyas as Chief Executive Officer (Freight Rail Systems) with effect from 6 April 2025. He will lead the Freight Rail Systems business vertical of the Company reporting to Shri Anil Kumar Agarwal, Deputy Managing Director and under overall supervision of Shri Umesh Chowdhary, Vice Chairman & Managing Director of the Company. As intimated on 3 February 2025 Shri Saket Kandoi, CEO (Shipbuilding & Maritime Systems) who was also ad interim CEO (FRS), after Shri Vyas joins duties, will continue to provide dedicated focus on Shipbuilding & Maritime Systems business of the Company. Shri Devendra Kumar Vyas is a qualified Chartered Accountant and has rich experience of over 28 years of which 17 years at a senior level including CEO and Managing Director of Srei Equipment Finance Limited during 2008 till 2020. He has been acting as Chief Business Officer of the said company since November, 2021. He is responsible for Business, Strategy Planning, Life Cycle Solution, OEM Collaborations, and possesses strong leadership skills. He has to his credit, several awards and recognitions including Best CEO, Golden Global Achiever's Award, CA Business Achiever's award etc. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹821, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 32x in the Machinery industry in India. Total returns to shareholders of 713% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹453 per share. Price Target Changed • Feb 17
Price target decreased by 14% to ₹1,324 Down from ₹1,538, the current price target is an average from 6 analysts. New target price is 65% above last closing price of ₹805. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₹23.65 for next year compared to ₹22.64 last year. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹4.63 (vs ₹5.84 in 3Q 2024) Third quarter 2025 results: EPS: ₹4.63 (down from ₹5.84 in 3Q 2024). Revenue: ₹9.25b (down 3.1% from 3Q 2024). Net income: ₹623.6m (down 17% from 3Q 2024). Profit margin: 6.7% (down from 7.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has increased by 103% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 08
Titagarh Rail Systems Limited to Report Q3, 2025 Results on Feb 13, 2025 Titagarh Rail Systems Limited announced that they will report Q3, 2025 results on Feb 13, 2025 Announcement • Feb 04
Titagarh Rail Systems Limited Announces Executive Changes Titagarh Rail Systems Limited at its Board of Directors meeting held on 3rd February, 2025, approved the designation of Shri Anil Kumar Agarwal, Deputy Managing Director and CEO of Freight Rail Systems vertical of the Company, has been changed to Deputy Managing Director (DMD) of the Company effective from 3rd February, 2025. In this expanded role, Shri Agarwal will now oversee the performance of both the Freight Rail Systems (FRS) and Passenger Rail Systems (PRS) verticals, under the overall supervision and guidance of the Vice Chairman and Managing Director, as well as the Board of Directors. He holds a bachelor`s degree in commerce from Calcutta University and is a qualified Chartered Accountant from The Institute of Chartered Accountants of India and a Cost Accountant from The Institute of Cost Accountants of India. He has rich experience of over twenty years in finance, accounts, and other corporate functions and been awarded the best CFO award by the then Finance Minister - Shri Pranab Mukherjee. He was appointed as a Wholetime Director of the Company on May 29, 2019 and designated as Director (Finance) & CFO. He has been instrumental in the growth of FRS vertical of the Company since he was given the charge as DMD & CEO (FRS). Shri Saket Kandoi, Director (Freight Rolling Stock) of the Company, has been given the responsibility of the Maritime business of the Company, designated as Director & CEO (Maritime) with effective from 3rd February, 2025 and additionally he will also be acting as ad interim CEO of FRS vertical. Shri Saket Kandoi, at 37 years of age, holds B.A. (Hons) in Business Management from University of Kent, UK and has about 16 years of experience starting his first job in the Company in 2007. Starting with marketing of Freight Rolling Stock he went on to play a key role in shipbuilding segment of the Company. With success in discharge of additional responsibilities over the years he has acquired hands on knowledge and experience and is now given the responsibility of development and growth of Maritime vertical while Acting as CEO of Freight Rail Systems Limited. He is a member of the Standing Committee (Transport, Logistics and Waterways) of Bharat Chamber of Commerce. Buy Or Sell Opportunity • Feb 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ₹956. The fair value is estimated to be ₹1,227, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 77%. Revenue is forecast to grow by 68% in 2 years. Earnings are forecast to grow by 81% in the next 2 years. Announcement • Jan 23
Titagarh Rail Systems Limited Announces Appointment of Shivendra Singh as Chief Executive Officer (Passenger Rail Systems) Titagarh Rail Systems Limited announced that the Board of Directors of the Company at its meeting held 23rd January, 2025, based on the recommendation of Nomination and Remuneration Committee has appointed Shri. Shivendra Singh as Chief Executive Officer (Passenger Rail Systems) of the Company with effect from 23rd January, 2025. He will be responsible for overseeing Passenger Rail Systems business vertical of the Company. Shri. Shivendra Singh, aged 50 years, is a Mechanical Engineering Graduate from Aligarh Muslim University, Aligarh, a Post Graduate Diploma in Management from Indian Institute of Management, Ahmedabad and achieved 1st position in Executive Program in Strategic Management (2023 batch), IIM, Lucknow. He has 24 years of extensive Managerial and Administrative experience in Infrastructure planning and Maintenance, Scrutiny and Safety Clearance of METROs Project, Rolling Stock Suspension Design, Quality Assurance, Resource Planning, Production, Rolling Stock Maintenance, Transport Operations. Starting as Head Services & Operations Management in Ministry of Railways in December 1998, he rose to the position of Executive Director at Urban Transport, RDSO, Lucknow in Indian Railways. Announcement • Jan 07
Titagarh Rail Systems Limited Delivers Driverless Made-In-India Trainset to Bengaluru Metro's Yellow Line Titagarh Rail Systems Limited officially handed over its first driverless Made in India trainset to the Bengaluru Metro Rail Corporation's (BMRCL) Yellow Line. The stainless steel, automated trainset is the first Made-in-India passenger rolling stock set to run on the key 18-km stretch, linking the Electronics City technology and business hub to the rest of the city. The official handover reinforces Titagarh's stature as a leading manufacturer of cutting-edge, world- class trains while spotlighting India's ascent as a global hub for railway manufacturing. It celebrated the rollout of the Bengaluru Metro Yellow Line and also again demonstrated the capability of Titagarh's Metro Manufacturing Facility in Uttarpara, West Bengal. These milestones underscore the Company's unwavering commitment to advancing urban mobility in India and showcase its growing manufacturing capabilities and innovative approach within the railway sector. Designed for performance, the trainset incorporates advanced automation that enables it to operate in driverless mode. It marks a significant milestone as the first Metro train completely manufactured in India for Bangalore Metro's Yellow Line and the first stainless steel trainset by Titagarh Rail Systems Ltd. It reflects India's strides in indigenization and its growing role as a global rail manufacturing hub, aligning with the Hon'ble Prime Minister's vision of a Viksit Bharat. These trainsets operate in Driverless (GOA4) mode, boosting efficiency with advanced automation. The sleek design combines modern interiors, reduced power consumption, enhanced sustainability, and world-class safety features for a seamless and secure passenger experience. Titagarh will deliver two more trainsets to the Yellow Line by April this year. The Company will then ramp up production, delivering two trains a month by September, 2025. Buy Or Sell Opportunity • Jan 04
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at ₹1,118. The fair value is estimated to be ₹930, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has grown by 77%. Revenue is forecast to grow by 68% in 2 years. Earnings are forecast to grow by 81% in the next 2 years. Price Target Changed • Nov 04
Price target decreased by 9.3% to ₹1,631 Down from ₹1,798, the current price target is an average from 6 analysts. New target price is 32% above last closing price of ₹1,231. Stock is up 55% over the past year. The company is forecast to post earnings per share of ₹28.07 for next year compared to ₹22.64 last year. Reported Earnings • Oct 29
Second quarter 2025 earnings released: EPS: ₹6.01 (vs ₹5.57 in 2Q 2024) Second quarter 2025 results: EPS: ₹6.01 (up from ₹5.57 in 2Q 2024). Revenue: ₹10.6b (up 13% from 2Q 2024). Net income: ₹809.7m (up 15% from 2Q 2024). Profit margin: 7.7% (up from 7.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has increased by 131% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 23
Titagarh Rail Systems Limited to Report Q2, 2025 Results on Oct 26, 2024 Titagarh Rail Systems Limited announced that they will report Q2, 2025 results at 4:00 PM, Indian Standard Time on Oct 26, 2024 Announcement • Aug 29
Titagarh Rail Systems Limited Approves Final Dividend for the Financial Year Ended March 31, 2024 Titagarh Rail Systems Limited at its 27th AGM held on August 27, 2024 approved declaration of final dividend of INR 0.80 (40%) per equity share of INR 2 per each for the financial year ended March 31, 2024. Upcoming Dividend • Aug 13
Upcoming dividend of ₹0.80 per share Eligible shareholders must have bought the stock before 20 August 2024. Payment date: 26 September 2024. Payout ratio is a comfortable 3.5% but the company is not cash flow positive. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.1%). Lower than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹1,379, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 43x in the Machinery industry in India. Total returns to shareholders of 1,556% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,173 per share. Price Target Changed • Aug 04
Price target increased by 13% to ₹1,798 Up from ₹1,598, the current price target is an average from 5 analysts. New target price is 20% above last closing price of ₹1,498. Stock is up 130% over the past year. The company is forecast to post earnings per share of ₹30.32 for next year compared to ₹22.64 last year. Announcement • Jul 31
Titagarh Rail Systems Limited, Annual General Meeting, Aug 27, 2024 Titagarh Rail Systems Limited, Annual General Meeting, Aug 27, 2024, at 11:00 Indian Standard Time. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: ₹4.98 (vs ₹5.17 in 1Q 2024) First quarter 2025 results: EPS: ₹4.98. Revenue: ₹9.15b (flat on 1Q 2024). Net income: ₹669.6m (up 8.4% from 1Q 2024). Profit margin: 7.3% (up from 6.8% in 1Q 2024). Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Machinery industry in India. Announcement • Jul 23
Titagarh Rail Systems Limited to Report Q1, 2025 Results on Jul 30, 2024 Titagarh Rail Systems Limited announced that they will report Q1, 2025 results at 4:00 PM, Indian Standard Time on Jul 30, 2024 Price Target Changed • Jul 08
Price target increased by 14% to ₹1,598 Up from ₹1,402, the current price target is an average from 5 analysts. New target price is 12% below last closing price of ₹1,823. Stock is up 266% over the past year. The company is forecast to post earnings per share of ₹29.79 for next year compared to ₹22.64 last year. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₹1,483, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 45x in the Machinery industry in India. Total returns to shareholders of 2,564% over the past three years. Recent Insider Transactions • Jun 08
Company Secretary & Compliance Officer recently sold ₹5.0m worth of stock On the 31st of May, Dinesh Arya sold around 4k shares on-market at roughly ₹1,349 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth ₹12m. Insiders have been net sellers, collectively disposing of ₹17m more than they bought in the last 12 months. Announcement • Jun 06
Titagarh Rail Systems Limited Inaugurates New Engineering Centre in Bangalore Titagarh Rail Systems Limited inaugurated new engineering centre in Bangalore, furthering its innovation and design journey. The state-of-the-art facility will be dedicated to new product development for Train Control & Monitoring Systems (TCMS) and advanced Propulsion Systems, revolutionizing the future of rail transportation in the country. The engineering Centre will also play a key role in executing TRSL's current and upcoming rolling stock & propulsion projects like Surat & Ahmedabad Metro, Vande Bharat, ICF EMU/MEMU etc. demonstrating Company's unwavering commitment to the `Make-in-India' and `Aatmanirbhar Bharat' initiative towards a Viksit Bharat. Outfitted with cutting-edge technology and infrastructure, the new Centre is designed to foster creativity and collaboration among TRSL's engineers and designers. The Company anticipates hiring a large number of experienced engineers in several rolling stock disciplines at this facility. The Centre will function as an innovation hub, where ideas are transformed into tangible solutions that tackle the complexities of modern rail transportation. New Risk • Jun 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.5% average weekly change). High level of non-cash earnings (26% accrual ratio). Minor Risk Shareholders have been diluted in the past year (13% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹1,416, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 43x in the Machinery industry in India. Total returns to shareholders of 2,443% over the past three years. Announcement • May 17
Titagarh Rail Systems Limited Recommends Dividend for the Financial Year 2023-2024 Titagarh Rail Systems Limited Recommendation of dividend of 40% (i.e. Re. 0.80) per equity share of INR 2/- each for the financial year 2023-2024. The dividend as recommended by the Board is subject To Approve the shareholders at the up coming Annual General Meeting of the Company, date of which will be intimated in due course. Reported Earnings • May 17
Full year 2024 earnings released: EPS: ₹22.64 (vs ₹11.64 in FY 2023) Full year 2024 results: EPS: ₹22.64 (up from ₹11.64 in FY 2023). Revenue: ₹38.9b (up 40% from FY 2023). Net income: ₹2.88b (up 107% from FY 2023). Profit margin: 7.4% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has increased by 183% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
Titagarh Rail Systems Limited Approves Elevation of Shri. Prithish Chowdhary to the Position of Deputy Managing Director (Passenger rail systems) Titagarh Rail Systems Limited approved the Elevation of Shri. Prithish Chowdhary, Director (Marketing & Business Development) & Deputy CEO (Passenger Rail Systems) to the position of Deputy Managing Director of the Company with effect from May 15, 2024. He was appointed as Non-Executive Director of the Company since 1st January, 2021 and later appointed as whole-time Director of the Company, designated as Director (Marketing and Business Development), for a term of 5 (five) years with effect from 13th August, 2022. On 20th December, 2023, he was assigned additional role of Deputy CEO of the Passenger Rail Systems vertical of the Company. He has demonstrated excellent leadership skills and the Passenger Rail Systems vertical of the Company has received substantial boost owing to his innovative and youthful ideas implemented successfully. Further, he has been instrumental in building relationships across clientele (both government and non-government), business generation in all verticals. The Company will benefit by his elevation to the position of Deputy Managing Director. Shri. Prithish Chowdhary is related to Mr. J.P. Chowdhary, Executive Chairman, Mr. Umesh Chowdhary, Vice Chairman & Manging Director and Mrs. Rashmi Chowdhary, Non-Executive Director of the Company. Announcement • May 10
Titagarh Rail Systems Limited to Report Q4, 2024 Results on May 15, 2024 Titagarh Rail Systems Limited announced that they will report Q4, 2024 results on May 15, 2024 Reported Earnings • Feb 06
Third quarter 2024 earnings released: EPS: ₹5.84 (vs ₹2.72 in 3Q 2023) Third quarter 2024 results: EPS: ₹5.84 (up from ₹2.72 in 3Q 2023). Revenue: ₹9.55b (up 25% from 3Q 2023). Net income: ₹751.2m (up 131% from 3Q 2023). Profit margin: 7.9% (up from 4.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has increased by 172% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 28
Titagarh Rail Systems Limited to Report Q3, 2024 Results on Feb 02, 2024 Titagarh Rail Systems Limited announced that they will report Q3, 2024 results on Feb 02, 2024 Announcement • Dec 13
Titagarh Rail Systems Limited announced that it has received INR 6.999999507 billion in funding from Capital Research and Management Company, Norges Bank Investment Management, Templeton International, Inc., ICICI Prudential Life Insurance Company Limited, Troo Capital Ltd Titagarh Rail Systems Limited approved the issue and allotment of 75,02,679 Equity Shares to the eligible Qualified Institutional Buyers at the issue price of INR 933 per equity share i.e. at a premium of INR 931 per Equity Share for aggregate gross proceeds of INR 6,999,999,507 on December 13, 2023. The company has allotted Government Pension Fund Global 6,43,087 shares, Smallcap World Fund, Inc 6,43,087 shares, Canara Robeco Mutual Fund A/C Canara Robeco Elss Tax Saver 4,01,930 shares, Franklin India Smaller Companies Fund 4,93,034 shares, The Master Trust Bank Of Japan, Ltd. As Trustee Of HSBC India Infrastructure Equity Mother Fund 5,35,906 shares, ICICI Prudential Life Insurance Company Limited 4,28,725 shares and Troo Capital Ltd 4,28,725 shares. Reported Earnings • Dec 09
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ₹5.57 (up from ₹3.00 in 2Q 2023). Revenue: ₹9.35b (up 54% from 2Q 2023). Net income: ₹704.0m (up 96% from 2Q 2023). Profit margin: 7.5% (up from 5.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 169% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₹975, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 32x in the Machinery industry in India. Total returns to shareholders of 2,097% over the past three years. Reported Earnings • Oct 20
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: ₹5.57 (up from ₹3.00 in 2Q 2023). Revenue: ₹9.42b (up 55% from 2Q 2023). Net income: ₹704.0m (up 96% from 2Q 2023). Profit margin: 7.5% (up from 5.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has increased by 169% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 12
Titagarh Rail Systems Limited to Report Q2, 2024 Results on Oct 18, 2023 Titagarh Rail Systems Limited announced that they will report Q2, 2024 results on Oct 18, 2023 Price Target Changed • Oct 10
Price target increased by 12% to ₹881 Up from ₹785, the current price target is an average from 4 analysts. New target price is 19% above last closing price of ₹743. Stock is up 371% over the past year. The company is forecast to post earnings per share of ₹20.16 for next year compared to ₹11.63 last year. Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.50 per share at 0.1% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 29 October 2023. Payout ratio is a comfortable 4.3% and this is well supported by cash flows. Trailing yield: 0.1%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.7%). Announcement • Sep 08
Titagarh Rail Systems Limited, Annual General Meeting, Sep 29, 2023 Titagarh Rail Systems Limited, Annual General Meeting, Sep 29, 2023, at 11:00 Indian Standard Time. Agenda: To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2023, the Consolidated Financial Statements for the said financial year and the Reports of the Board of Directors and Auditors thereon; To declare final dividend of Re. 0.50 (25%) per equity share of Rs. 2/- (Rupees two only) each for the financial year ended March 31, 2023; To appoint M/s. Salarpuria & Partners, Chartered Accountants (Firm Registration Number 302113E) as Joint Statutory Auditors of the Company and fix their remuneration and pass with or without modification; To appoint Shri B. Prasada Rao as an Independent Director; To appoint Shri Debanjan Mandal as an Independent Director; To ratify the remuneration of Cost Auditor; To approve shifting of the registered office of the Company; To approve alteration of Articles of Association by deletion of certain clauses. Valuation Update With 7 Day Price Move • Aug 24
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹794, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 31x in the Machinery industry in India. Total returns to shareholders of 1,509% over the past three years. Reported Earnings • Jul 23
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: ₹5.17 (up from ₹0.10 in 1Q 2023). Revenue: ₹9.15b (up 73% from 1Q 2023). Net income: ₹617.8m (up ₹605.8m from 1Q 2023). Profit margin: 6.8% (up from 0.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) exceeded analyst estimates by 27%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 145% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹623, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 32x in the Machinery industry in India. Total returns to shareholders of 1,436% over the past three years. Announcement • Jul 16
Titagarh Rail Systems Limited to Report Q1, 2024 Results on Jul 22, 2023 Titagarh Rail Systems Limited announced that they will report Q1, 2024 results on Jul 22, 2023 
