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Manufactures railway wagons, coaches (including Vande Bharat trainsets) and also builds naval vessels via its Firema unit.
Manufactures railway wagons, coaches (including Vande Bharat trainsets) and also builds naval vessels via its Firema unit.
Wins orders through Indian Railways tenders and metro projects, building wagons and coaches against a fixed delivery schedule and recording revenue as it delivers, so results follow the order book and the Railways' budget. Its Italian unit Firema builds passenger trains for European buyers, and it has bid for Vande Bharat trains with BHEL.
In one line: India's rolling-stock and defense-shipbuilding maker.
Moat: narrow (regulatory licence, installed base). Established rolling-stock manufacturing scale and growing role in high-speed trainset production.
Headquarters: Kolkata, India · Founded: 1997 · Employees: 5,670
Size Titagarh Rail Systems (TITAGARH.NS) is an India Industrials company (Trucks/Construction/Farm Machinery) with a market value of $967M, the 605th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹677.85 on 6 Nov 2026.
Performance Over six months the shares fell 19.7%, against -19.8% for the median peer and 0.0% for the India market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 10.2% over the last twelve months (peer median +16.4%); the operating margin is 9.6% (peer median 7.6%).
Valuation It trades at 34.8× forward earnings against a peer median of 14.1× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +29 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.4 points below its cost of capital (20.0% WACC).
Next results Next results expected around 18 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹32.7B | ₹31.9B | ₹38.7B | ₹38.5B | ₹27.8B |
| Revenue growth | — | -18% | 0% | +39% | — |
| Gross profit | ₹7.03B | ₹4.10B | ₹5.06B | ₹5.07B | ₹3.20B |
| EBITDA | ₹3.68B | ₹2.96B | ₹2.93B | ₹4.64B | ₹2.64B |
| Net income | ₹1.92B | ₹1.23B | ₹881M | ₹2.86B | ₹1.30B |
| Free cash flow | n/a | ₹13.6M | -₹3.51B | -₹1.08B | -₹419M |
| Capital expenditure | n/a | ₹3.69B | ₹2.36B | ₹1.64B | ₹367M |
| Total debt | n/a | ₹6.23B | ₹6.27B | ₹1.66B | ₹3.53B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Titagarh Rail Systems TITAGARH.NS | $967M | -20% | -10% | 10% | 34.8× | 45.4% |
| Jupiter Wagons JWL.NS | $896M | -35% | -12% | 10% | 32.8× | n/a |
| BEML BEML.NS | $1.72B | -2% | +13% | 6% | 39.1× | n/a |
| Texmaco Rail & Engineering TEXRAIL.NS | $452M | -9% | -14% | 8% | 21.9× | 24.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TITAGARH.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.2% | -7.0% | 5th lowest of 21 |
| 6-month return | -19.7% | -19.8% | 10th highest of 21 |
| Distance from 52-week high | -30.2% | -35.9% | 9th highest of 21 |
| Revenue growth (TTM) | -10.2% | +16.4% | 2nd lowest of 21 |
| Operating margin | 9.6% | 7.6% | 9th highest of 21 |
| Forward P/E | 34.8× | 14.1× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 45.4% | 6.0% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +15.9% | +6.6% | highest of 12 |
| Hurdle (Req g minus delivered) | +29.5 pp | -0.8 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -10.4 pp | -0.3 pp | 2nd lowest of 21 |
| EV / EBITDA | 24.8× | 10.5× | 3rd most expensive of 14 |
| Net debt / EBITDA | 0.5× | 1.0× | 6th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Titagarh Rail Systems TITAGARH.NS | India | $967M | -20% | -10% | 10% | 34.8× | 45.4% | +15.9% |
| DAEHAN SHIPBUILDING 439260.KS | South Korea | $955M | -62% | +14% | 26% | 4.4× | n/a | n/a |
| Sunward Intelligent Equipment 002097.SZ | China | $985M | -38% | +10% | 1% | n/a | n/a | n/a |
| TADANO 6395.T | Japan | $1.02B | -8% | +21% | 9% | 10.8× | n/a | n/a |
| Newag NWG.WA | Poland | $1.04B | -16% | +45% | 21% | 11.9× | -4.3% | +12.6% |
| Jupiter Wagons JWL.NS | India | $896M | -35% | -12% | 10% | 32.8× | n/a | n/a |
| HD-Hyundai Marine Engine 071970.KS | South Korea | $887M | -66% | +54% | 26% | 8.7× | -9.8% | +10.2% |
| Knowledge Marine & Engineering Works KMEW.NS | India | $876M | +44% | +57% | 40% | n/a | n/a | n/a |
| engcon ENGCON-B.ST | Sweden | $876M | -13% | +16% | 16% | 29.7× | 7.0% | +11.9% |
| Willing New Energy 002667.SZ | China | $1.08B | -20% | +49% | -44% | n/a | n/a | n/a |
| Lindsay LNN | United States | $1.08B | -3% | -6% | 11% | 20.4× | 6.0% | +2.3% |
| Vossloh Aktiengesellschaft VOS.DE | Germany | $1.08B | -31% | +21% | 5% | 21.7× | 12.9% | +9.1% |
| Taiyuan Heavy Industry 600169.SS | China | $1.10B | -8% | +10% | 6% | n/a | -3.8% | +3.7% |
| Yamabiko 6250.T | Japan | $1.11B | +8% | +10% | 13% | 9.9× | -2.2% | +5.7% |
| Douglas Dynamics PLOW | United States | $839M | -20% | +23% | 13% | 11.0× | 5.6% | +6.4% |
| Chengdu Xiling Power Science & Technology 300733.SZ | China | $831M | -9% | +4% | 3% | 29.3× | n/a | n/a |
| Astec Industries ASTE | United States | $822M | -33% | +19% | 5% | 9.8× | 9.5% | +6.6% |
| Power HF 605100.SS | China | $816M | -35% | +17% | 2% | n/a | n/a | n/a |
| Manitowoc MTW | United States | $808M | -3% | +9% | 3% | 16.2× | 11.2% | +9.2% |
| Greenworks (Jiangsu) 301260.SZ | China | $804M | -35% | -1% | -8% | 19.1× | n/a | n/a |
| OMH SCIENCE 300486.SZ | China | $1.17B | -30% | +35% | 2% | n/a | 47.7% | -0.3% |