MarketFriction

Titagarh Rail Systems Ltd

NSE TITAGARH · BSE 532966 · Railway Wagons
₹805.10 -1.60%
NSE close2026-10-01
52 week range568.70 - 971.00
Market cap₹11,034 Cr.
P/E56.8
Nifty 500Smallcap 250 Price band 20% Delivery 33.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9359551,0529031,0579021,006679799832875765
Expenses821844935806932809987615725741783671
Operating Profit1151111189712594186474919294
OPM %12%12%11%11%12%10%1.8%9%9%11%11%12%
Other Income71412121023-1281114-0147
Interest201816131721221818181715
Depreciation77778681212131415
Profit before tax951001089011189-1404557607571
Tax %25%25%27%26%27%29%-12%32%35%25%28%26%
Net Profit717579678163-1243137455453
EPS in Rs5.555.565.864.985.994.66-9.092.292.743.354.013.90
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales9591,7141,2681,5591,7661,5211,4682,7803,8533,8683,1863,272
Expenses9291,6051,3651,5501,6451,4401,3032,5293,4043,5332,8552,921
Operating Profit30108-97912181165251449335331351
OPM %3.2%6%-8%0.6%7%5%11%9%12%9%10%11%
Other Income20242525-6025-613438-82-1534
Interest173144658881578173737168
Depreciation465251242930182227305154
Profit before tax-1350-167-56-57-629181386150194263
Tax %52%45%-12%-59%-36%237%102%31%26%42%37%
Net Profit-2027-147-23-36-19-112628687123188
EPS in Rs-1.692.33-12.43-2.47-2.96-1.26-0.0310.8921.256.549.1314.00
Dividend Payout %-47%34%-2%-12%0%0%0%5%4%15%11%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth13%16%5%-10%
Compounded Profit Growth27%65%7%3%
Stock Price CAGR22%50%2%-6%
Return on Equity4%9%10%7%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital202323232323242424272727
Reserves6699309448327937438178189402,1912,2682,429
Borrowings125233372624896730847920353166627623
Other Liabilities2461,4931,3561,210975775775903931832791960
Total Liabilities1,0602,6782,6952,6892,6872,2722,4622,6642,2483,2163,7134,039
Fixed Assets4169779339589358728719667327489921,274
CWIP27131527360416112174122192
Investments12182838729313032198225279
Other Assets6161,6661,6651,6211,6301,3711,5181,6071,4722,0972,3742,295
Total Assets1,0602,6782,6952,6892,6872,2722,4622,6642,2483,2163,7134,039
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity102-154-177-121-12415468554186-97322
Cash from Investing Activity-25-5044-45-494-60-73-61-537-579-134
Cash from Financing Activity-69216111191214-22743-5367724372-52
Net Cash Flow811-222540-7051-7146274-304137
Free Cash Flow61-176-199-150-1881299-414-78-328-45
CFO/OP280%-501%-154%104%-1,161%136%82%40%43%41%-0%118%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days5487507981521365837506372
Inventory Days17647118221320311914217678646592
Days Payable7524815014820911114615355392952
Cash Conversion Cycle15531082145756013181607599113
Working Capital Days55573836296904820614376
ROCE %5%2%6%-8%1%7%5%9%18%25%14%11%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters44.97%42.47%42.46%40.46%40.46%40.46%40.46%40.46%40.46%40.46%40.46%40.46%
FIIs16.85%20.04%17.27%19.56%16.32%13.67%11.63%9.49%9.56%10.66%10.67%10.87%
DIIs10.45%12.27%13.72%14.13%13.94%15.01%13.40%11.67%12.77%12.60%12.46%15.38%
Government0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public27.73%25.22%26.53%25.83%29.25%30.86%34.49%38.35%37.19%36.28%36.42%33.28%
No. of Shareholders1,91,9102,24,2052,92,3953,62,2034,61,4425,15,6385,87,4226,17,5055,91,4885,71,5035,59,8605,24,155

Fundamentals

Market Cap₹ 11,034 Cr.
Current Price₹ 819
Stock P/E56.8
Book Value₹ 182
ROCE10.9 %
ROE6.78 %
Dividend Yield0.12 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)-10%
Compounded Profit Growth (TTM)3%
Consolidated figures.
Valuation
Market capRs 10,845 Cr
Enterprise valueRs 11,151 Cr
P/E (TTM)57.50x
Price to book4.42x
Price to sales3.31x
EV / EBITDA28.93x
EV / EBIT33.66x
EV / sales3.41x
Price to cash flow33.63x
Earnings yield1.74%
Dividend yield0.12%
P/E, 3-year average75.99x
P/B, 3-year average4.47x
P/E, 5-year average63.02x
P/B, 5-year average3.62x
Profitability
Operating margin (excl. other income)10.39%
Operating margin (incl. other income)9.91%
EBITDA margin11.78%
Pre-tax margin8.05%
Net profit margin5.76%
Net margin, latest quarter6.87%
ROE5.18%
ROCE8.82%
ROA3.17%
ROE, 3-year average9.02%
ROCE, 3-year average14.02%
ROA, 3-year average5.40%
ROE, 5-year average8.29%
ROCE, 5-year average12.81%
ROA, 5-year average4.30%
ROIC (approx.)7.60%
Tax rate36.67%
Other income / net worth-0.61%
Growth
Sales growth (latest year)-17.63%
Profit growth (latest year)39.62%
Sales CAGR, 3 years4.65%
Sales CAGR, 5 years15.94%
Profit CAGR, 3 years-1.88%
Sales growth QoQ-12.61%
Profit growth QoQ-2.56%
Sales growth YoY (latest quarter)12.63%
Profit growth YoY (latest quarter)70.38%
Per share
EPS (TTM)Rs 14.00
EPS (latest year)Rs 9.13
EPS (latest quarter)Rs 3.90
EPS, 3-year averageRs 12.31
EPS, 5-year averageRs 9.56
Book value per shareRs 182.31
Sales per shareRs 242.88
Cash flow per shareRs 23.94
Free cash flow per shareRs -3.34
Dividend per share (latest year)Rs 1.00
Dividend per share, 3-year averageRs 0.93
Dividend per share, 5-year averageRs 0.82
Dividends
Dividend payout10.94%
Dividend payout, 3-year average10.00%
Dividend payout, 5-year average8.65%
Efficiency
Asset turnover0.79x
Fixed asset turnover2.50x
Inventory turnover4.45x
Inventory days82 days
Debtor days72 days
Debtors turnover5.06x
Creditor days52 days
Cash conversion cycle113 days
Working capital days76 days
Leverage
Total debtRs 623 Cr
Cash and bankRs 317 Cr
Net debtRs 306 Cr
Debt to equity0.25x
Net debt / EBITDA0.79x
Interest coverage4.87x
Current ratio (filing 2026-03-31)1.81x
Quick ratio (filing 2026-03-31)1.32x
Trade payables (filing 2026-03-31)Rs 330 Cr
Owners' fund to total sources60.80%
Debt to assets15.43%
Cash flow
Cash from Operating Activity (latest year)Rs 322 Cr
Cash from Investing Activity (latest year)Rs -134 Cr
Cash from Financing Activity (latest year)Rs -52 Cr
Net Cash Flow (latest year)Rs 137 Cr
Free cash flow (latest year)Rs -45 Cr
FCFE (approx.: FCF + change in debt)Rs -49 Cr
Cash from ops / profit, 5 years0.66x
Sales to cash flow9.88x
Statement figures
Net sales (TTM)Rs 3,272 Cr
Net sales (latest year)Rs 3,186 Cr
Sales (latest quarter)Rs 765 Cr
Operating profit excl. other income (latest year)Rs 331 Cr
Operating profit (latest quarter)Rs 94 Cr
Other income (TTM)Rs 34 Cr
EBITDA (TTM)Rs 385 Cr
PBDT (TTM)Rs 317 Cr
Profit before tax (TTM)Rs 263 Cr
Tax (latest year)Rs 71 Cr
Net profit (TTM)Rs 189 Cr
Net profit (latest year)Rs 123 Cr
Net profit (latest quarter)Rs 53 Cr
Depreciation (TTM)Rs 54 Cr
Depreciation (latest quarter)Rs 15 Cr
Interest (TTM)Rs 68 Cr
Cost of goods sold (latest year)Rs 2,619 Cr
Total expenditure (latest year)Rs 2,855 Cr
Total income (latest year)Rs 3,171 Cr
Share capitalRs 27 Cr
ReservesRs 2,429 Cr
Shareholders' fundsRs 2,456 Cr
Total assetsRs 4,039 Cr
Net blockRs 1,274 Cr
Capital work in progressRs 192 Cr
InvestmentsRs 279 Cr
ReceivablesRs 630 Cr
InventoryRs 588 Cr
Other liabilitiesRs 960 Cr
Shares outstanding (crore)13.47
Ownership
Promoter holding40.46% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 57.5 is at the 21th percentile of its own 3.9-year range (median 67.5, low 32.4, high 229.4).
P/B 4.42 is at the 65th percentile (median 1.79).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodTITAGARHNifty 50Difference
1 week-1.7%-2.8% +1.1 pts
1 month-3.5%-6.8% +3.3 pts
3 months-8.2%-7.6% -0.6 pts
6 months+40.1%+0.4% +39.6 pts
1 year-10.6%-9.9% -0.7 pts
2 years-38.9%-13.6% -25.4 pts
3 years+3.3%+14.2% -10.9 pts
5 years+643.7%+27.9% +615.9 pts
76 mutual fund schemes hold about ₹1,458 Cr. Over three months 15 bought more and 15 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Balanced Advantage Fund0.32%344 +0%
HSBC Small Cap Fund0.70%133 -5%
Mirae Asset Large Cap Fund0.28%109 +2%
Axis Small Cap Fund0.25%78 -4%
Aditya Birla SL Midcap Fund0.96%67 -4%
Aditya Birla SL Midcap Fund0.96%64 -4%
HSBC Large & Mid Cap Fund0.82%49 -9%
HSBC Multi Asset Allocation Fund1.49%48 -6%
HDFC Large & Mid Cap Fund0.15%47 -2%
Mahindra Manulife Small Cap Fund0.82%45 -9%
HSBC Infrastructure Fund1.52%37 +1%
ITI Small Cap Fund0.91%33 -8%
Mirae Asset Multicap Fund0.52%29 +15%
Aditya Birla SL Balanced Advantage Fund0.29%29 -5%
Mahindra Manulife Aggressive Hybrid Fund(M0.97%27 +9%
Bank of India Small Cap Fund0.77%25 +3%
Bank of India Flexi Cap Fund0.82%24 +2%
HSBC Aggressive Hybrid Fund0.40%24 -2%
Axis Business Cycles Fund1.05%23 +17%
HDFC Infrastructure Fund0.97%22 +6%
JM Flexi Cap Fund0.39%20 -1%
Bank of India Aggressive Hybrid Fund0.80%16 +8%
Bank of India ELSS Tax Saver Fund1.07%15 +1%
JM Mid Cap Fund0.97%13 -10%
HSBC Business Cycles Fund1.07%13 -3%

Red flags

F-score 7 of 8
lookInventory outrunning sales Inventory grew 12% vs sales -18% in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹765 Cr +12.7% vs Jun 2025. Net profit ₹53 Cr +71.0%.
Against our estimate for Jun 2026: sales +25.7%, profit +73.5% in line. Our estimate for Sep 2026: sales Rs 798 Cr, profit Rs 46 Cr (how).

Activity

Compare
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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-23Dividend - Re 1 Per Share
2025-09-08Dividend - Re 1 Per Share
2024-08-20Annual General Meeting/Dividend - Re 0.80 Per Share
2023-09-22Annual General Meeting/Dividend - Re 0.50 Per Share
2022-09-07Annual General Meeting
2021-09-17 Annual General Meeting
2020-12-22 Annual General Meeting
2019-09-11 Annual General Meeting/Dividend - Rs 0.30 Per Share
2018-09-19 Annual General Meeting/Dividend- Re 0.30 Per Share
2017-07-20 Annual General Meeting/Dividend- Re 0.80 Per Share
2016-09-22 Annual General Meeting
2016-03-28 Interim Dividend -Re 0.80/- Per Share (Purpose Revised)
2015-09-16Annual General Meeting And Dividend Re.0.80 Per Share
2015-04-23Face Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share0.2000
2014-09-04Annual General Meeting / Dividend - Rs 4/- Per Share
2013-08-14Annual General Meeting / Dividend - Rs 4/- Per Share
2012-09-06Annual General Meeting And Dividend Rs.8/- Per Share
2011-07-21Dividend-Rs.8/- Per Share
2010-08-18Annual General Meeting And Dividend Rs.5/- Per Share
2009-09-03Dividend-Rs.5/- Per Share
2008-07-17Dividend-Rs.5/- Per Share
DateTypeWhat it says
2026-10-01Shareholder meetingVoting results.
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026
2026-09-15Press ReleaseA press release dated September 15, 2026, titled "Titagarh Rail Systems and Bharat Heavy Electricals Limited Sign Contract for Long-Term Maintenance o...
2026-09-15Arrangements for strategic, Signing of Joint Venture Agreement with Bharat Heavy Electricals Ltd
2026-09-08General UpdatesLetters sent to shareholders in pursuant to Regulation 36(1)(b) and 30 of SEBI (LODR) Regulations, 2015
2026-09-08General UpdatesCommunication to Shareholders w.r.t. Tax Deduction at Source on Dividend Payout
2026-09-08Record DateRecord date for the purpose of Dividend is 23-Sep-2026.
2026-09-08Shareholder meetingNotice of Annual General Meeting to be held on September 30, 2026
2026-09-07Board meeting outcomeOutcome of Board Meeting held on September 07, 2026.
2026-09-05Change in ManagementRestructuring in Management
2026-08-26General UpdatesGeneral Updates - Signing of Memorandum of Undertaking
2026-08-21Press ReleaseA press release dated August 21, 2026, titled "TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding a press release dated August 21, 2026...
2026-08-19General UpdatesGeneral Updates
2026-08-19Concall / analyst meetTranscript
2026-08-14Concall / analyst meetLink of Recording
2026-08-14Investor PresentationInvestor Presentation
2026-08-13Director changeChange in Director(s) of the company.
2026-08-12Director changeChange in Director(s) of the company.
2026-08-12Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-08-12Monitoring Agency ReportMonitoring Agency Report for quarter ended 30.06.2026
2026-08-12Board meeting outcomeTITAGARH RAIL SYSTEMS LIMITED has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-07Concall / analyst meetSchedule of meet
2026-08-01Press ReleaseA press release dated August 01, 2026, titled "TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding a press release dated July 02, 2026, ...
2026-07-02Press ReleaseA press release dated July 02, 2026, titled "Titagarh Rail Systems Limited and TuTr Hyperloop, an IIT Madras-incubated deep-tech startup pioneering in...
2026-06-25Concall / analyst meetSchedule of meet
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Titagarh Rail Systems Ltd?

Titagarh Rail Systems Ltd (TITAGARH) has a market capitalisation of Rs 11,034 Cr. at the 2026-10-01 close.

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

Titagarh Rail Systems Ltd trades at a P/E of 56.8 on trailing twelve-month profit, at the 2026-10-01 close.

What were Titagarh Rail Systems Ltd's latest quarterly results?

In the Jun 2026 quarter, Titagarh Rail Systems Ltd sales was Rs 765 Cr (+12.7% vs Jun 2025) and net profit was Rs 53 Cr.

What is the 52-week high and low of Titagarh Rail Systems Ltd?

The 52-week high is Rs 971.00 and the 52-week low is Rs 568.70.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03