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India
As of 18 Sept 2026, 03:30 pm
On September 15, 2026, Titagarh Rail Systems Limited (TRSL) and BHEL executed a 50:50 Joint Venture Agreement to establish a new company for the maintenance of 80 Vande Bharat Trainsets. This agreement covers comprehensive maintenance for 35 years under an Indian Railways project. The joint venture company will be incorporated in Delhi with an initial paid-up share capital of ₹50,00,000.
The 29th Annual General Meeting of Titagarh Rail Systems Limited is scheduled for September 30, 2026. Shareholders will vote on the re-appointment of Shri Jagdish Prasad Chowdhary as Executive Chairman for five years, with proposed remuneration including ₹2.40 crore fixed annual pay plus variable pay. The re-appointment of Shri Anil Kumar Agarwal as Deputy Managing Director for three years and the declaration of a final dividend of Re. 1 per equity share for the financial year ended March 31, 2026, are also on the agenda.
As of September 18, 2026, Titagarh Rail Systems has shown varied returns across different periods. It experienced a return of 1% in the last day, -1% over 10 days, and -12% over the past year. The stock has also seen a 29% return in the last 6 months but a -5% year-to-date return. The annualized volatility is reported at 40%, with a current drawdown of -25% and a maximum drawdown of -49%.
As of September 18, 2026, key technical levels for Titagarh Rail Systems include support at ₹828.42 (pivot) and ₹814.16 (low). Resistance levels are identified at ₹841.48 (high) and ₹843.73 (high).
As of 18 Sept 2026, 03:30 pm
Showing 3 of 14 candles
Recent drawdown or price variability is high enough to warrant closer monitoring.
Primary driver: Price remains materially below a previous peak
The session opened materially above the previous close, indicating a sharp repricing at the open.
The move may reflect new information; subsequent price follow-through is worth monitoring.
The session opened materially below the previous close, indicating a sharp repricing at the open.
The price gap may increase short-term downside uncertainty and warrants review of the underlying context.
Trading activity was substantially higher than usual and the price closed higher.
This may reflect stronger-than-usual market participation; follow-through and relevant company or market news merit review.
The session traded across a materially wider price range than usual.
Larger price swings can increase short-term uncertainty, especially if they continue.
Latest complete financial results for Q1 FY2027 and comparative quarterly trends.
| Metric | Q1 FY2026-27(Latest) | Q4 FY2025-26 | Q3 FY2025-26 | Q2 FY2025-26 | Q1 FY2025-26 |
|---|---|---|---|---|---|
| Revenue From Operations | ₹765.07 crore | PEAK₹875.43 crore | ₹832.06 crore | ₹799.03 crore | ₹679.30 crore |
| Profit Before Exceptional Items And Tax | ₹71.46 crore | PEAK₹77.72 crore | ₹72.50 crore | ₹67.39 crore | ₹56.99 crore |
| Profit Before Tax | ₹71.46 crore | PEAK₹77.73 crore | ₹72.50 crore | ₹67.39 crore | ₹56.99 crore |
| Profit Loss For Period | ₹52.58 crore | PEAK₹53.50 crore | ₹48.15 crore | ₹37 crore | ₹30.94 crore |
| Finance Costs | ₹15.10 crore | ₹16.88 crore | ₹17.79 crore | PEAK₹18.26 crore | ₹17.84 crore |
| Tax Expense | ₹18.28 crore | PEAK₹21.17 crore | ₹16.91 crore | ₹20.27 crore | ₹14.47 crore |
Revenue from operations fell from ₹875.43 crore in Q4 FY2025-26 to ₹765.07 crore in Q1 FY2026-27, a decrease of ₹110.36 crore or 12.6%. This reversed the rising trend seen over the previous four quarters. On a year-on-year basis, revenue grew by ₹85.77 crore or 12.6% from ₹679.30 crore in Q1 FY2025-26, indicating that the business is still larger than a year ago.
Other expenses fell sharply from ₹108.99 crore in Q4 to ₹78.97 crore in the current quarter, a decline of ₹30.02 crore or 27.5%. This sharp decline contributed to the resilience of net profit. Compared to the year-ago quarter, other expenses were down 17.7% from ₹95.91 crore.
Finance costs decreased from ₹16.88 crore in Q4 to ₹15.10 crore in the current quarter, a decline of 10.6%. On a year-on-year basis, finance costs fell 15.4% from ₹17.84 crore. Finance costs have declined each quarter over the past five quarters, with the current figure being the lowest in that period. The lower finance costs also contributed to the resilience of net profit.
Basic earnings per share (EPS) was ₹3.91, compared to ₹3.97 in the prior quarter (down 1.5%) and ₹2.30 in the year-ago quarter (up 70.0%). Diluted EPS was ₹3.84, reflecting a small dilution effect.
Segment profit before tax was ₹70.88 crore, while total profit before tax was ₹71.46 crore, a difference of ₹0.58 crore. The small gap does not materially affect the overall picture.
Titagarh Rail Systems experienced a sequential revenue decline in Q1 FY2026-27, but a sharp reduction in other expenses and lower finance costs helped keep net profit nearly flat. Year-on-year, net profit rose 69.9% on a 12.6% revenue increase, reflecting improved margins.
Exchange disclosures and regulatory announcements for Titagarh Rail Systems.
On 15th September 2026, Titagarh Rail Systems Limited (TRSL) and Bharat Heavy Electricals Limited (BHEL) executed a Joint Venture Agreement to establish a 50:50 Joint Venture Company (JVC) for the maintenance of 80 Vande Bharat Trainsets under an Indian Railways project, which includes comprehensive maintenance for 35 years. The JVC will be incorporated as a private limited company in Delhi with an initial paid-up share capital of INR 50,00,000, and each party will nominate two directors to its board. The transaction is not a related party transaction, and the JVC is yet to be incorporated.
TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange regarding a press release dated September 15, 2026, titled "Titagarh Rail Systems and Bharat Heavy Electricals Limited Sign Contract for Long-Term Maintenance of Vande Bharat Sleeper Trainsets". |SUBJECT: Press Release
Titagarh Rail Systems Limited has convened its 29th Annual General Meeting for September 30, 2026, to seek shareholder approval for the re-appointment of Shri Jagdish Prasad Chowdhary as Executive Chairman for five years with an annual fixed remuneration of ₹2.40 crore plus variable pay capped at 5% of net profits. The meeting also proposes the re-appointment of Shri Anil Kumar Agarwal as Deputy Managing Director for three years and a final dividend declaration of Re. 1 per equity share for the financial year ended March 31, 2026, subject to a record date of September 23, 2026.
Titagarh Rail Systems Limited announced its 29th Annual General Meeting will be held on September 30, 2026, at 1:30 P.M. IST via video conferencing to consider the annual report and dividend for the financial year ended March 31, 2026. The company set September 23, 2026, as the record date for shareholder eligibility and potential dividend payment, with remote e-voting scheduled from September 26 to September 29, 2026.
TITAGARH RAIL SYSTEMS LIMITED has informed the Exchange about Notice of Shareholders Meeting for Annual General Meeting to be held on 30-Sep-2026 |SUBJECT: Notice Of Shareholders Meetings-XBRL
Titagarh Rail Systems Limited announced its 29th Annual General Meeting scheduled for September 30, 2026, at 1:30 PM to transact seven agenda items including the adoption of audited financial statements for the year ended March 31, 2026. The meeting will consider resolutions to declare a final dividend for FY 2026 and re-appoint Jagdish Prasad Chowdhary as Executive Chairman for a five-year term starting January 8, 2027. Additionally, shareholders are set to vote on the re-appointment of Anil Kumar Agarwal as Deputy Managing Director effective May 29, 2027, alongside approvals for remuneration of independent directors and ratification of cost auditor fees.
Titagarh Rail Systems Limited announced on September 8, 2026, that dividends declared for the fiscal year ended March 31, 2026, will be subject to Tax Deducted at Source (TDS) under the Income Tax Act, 2025 and Finance Act, 2026. The Board recommended a dividend of Re 1 per equity share, payable following approval at the Annual General Meeting scheduled for September 30, 2026, with a record date of September 23, 2026. Shareholders must submit specific documentation, such as PAN details or Form 121, by September 29, 2026, to claim exemptions or lower TDS rates; failure to do so results in mandatory tax deduction at applicable statutory rates.
Titagarh Rail Systems Limited notified shareholders on September 8, 2026, regarding the dispatch of the Annual Report for the financial year 2025-26 and the Notice for its 29th Annual General Meeting scheduled for September 30, 2026. The company mandated that physical shareholders with incomplete KYC details must update their PAN, nomination, and contact information by April 1, 2024, to remain eligible for services and dividend payments. Shareholders failing to comply with these SEBI-mandated updates risk having no service requests entertained and dividends withheld until compliance is achieved.
Recent market and company developments associated with Titagarh Rail Systems.
Shares of Inox Wind, Kaynes Technology India, Bandhan Bank and SAIL are banned from F&O trading on 16 September 2026.
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BHEL and Titagarh Rail Systems sign a 50:50 venture to maintain Vande Bharat Sleeper trainsets for 35 years, backed by Rs 50 lakh in initial paid-up capital.
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Comprehensive Section Breakdown for Titagarh Rail Systems
Strategic Vision: Manufactures rail systems and engages in shipbuilding.
• Vertically integrated manufacturing operations from foundry to finished rolling stock.
• Strategic joint ventures for specialized manufacturing and R&D.
• International subsidiary for passenger rolling stock expertise.
In the first quarter of FY2026-27, Titagarh Rail Systems reported revenue of ₹765.07 crore, a 12.6% decrease from the preceding quarter but a 12.6% increase over the same period last year. Despite the sequential revenue drop, net profit fell only 1.7% from the prior quarter, as a sharp reduction in other expenses and lower finance costs helped cushion the impact. Compared to the year-ago quarter, net profit rose 69.9%, outpacing revenue growth.
Profit before tax (PBT) was ₹71.46 crore, down 8.1% sequentially from ₹77.72 crore, but up 25.4% from ₹56.99 crore a year earlier. Net profit (profit for the period) was ₹52.58 crore, a modest 1.7% sequential decline from ₹53.50 crore, and a 69.9% increase from ₹30.94 crore in Q1 FY2025-26.
The sequential decline in revenue was not matched by a proportional decline in profit. The PBT margin improved from 8.9% in Q4 to 9.3% in the current quarter, while the net profit margin rose from 6.1% to 6.9%. Year-on-year, the net profit margin expanded from 4.6% to 6.9%, as profit growth far exceeded revenue growth.
Category: Manufacturing
The company designs and manufactures a range of freight wagons and critical components like bogies and couplers, leveraging its foundry operations.
Category: Manufacturing
Titagarh manufactures passenger rolling stock, including semi high-speed trains and urban metros, and provides electric propulsion systems, supported by its Italian subsidiary Titagarh Firema SpA.
Category: Manufacturing
Through its subsidiary Titagarh Naval Systems Ltd., the company undertakes shipbuilding activities and is expanding capacity for larger vessels.
Core Thesis: The company leverages its integrated manufacturing capabilities across rail systems and shipbuilding, supported by strategic joint ventures and international subsidiaries.
• Vertical Integration: The business model starts from foundry operations for railway castings and extends to complete freight wagon and passenger coach manufacturing. • Joint Ventures and Collaborations: The company expands capabilities in trainset manufacturing, maintenance, and component supply through joint ventures and consortia. • International Presence: Operations are supported by a wholly-owned Italian subsidiary specializing in passenger rolling stock.