Small Infrastructure

Titagarh Rail Systems Ltd.

TITAGARH

₹913.9

-2.4% (-22.45)

Market Cap

₹12,308 Cr.

P/E

44.53

Titagarh Rail Systems Ltd.
Overview
Financials
Benchmarking
Shareholding

Titagarh Rail Systems Ltd.

Titagarh Rail Systems Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Titagarh Rail Systems Ltd. Shareprice

Has the share price of Titagarh Railsystems grown faster than its competition?

Titagarh Railsystems has given better returns compared to its competitors.
Titagarh Railsystems has grown at ~103.47% over the last 3yrs while peers have grown at a median rate of 58.87%

Is Titagarh Railsystems stock expensive?

Yes, Titagarh Railsystems is expensive.
Latest PE of Titagarh Railsystems is 45.65, while 3 year average PE is 41.54.
Also latest EV/EBITDA of Titagarh Railsystems is 29.28 while 3yr average is 22.87.

View FAQ's On Business

Growth Table

Titagarh Rail Systems Ltd.
Jupiter Wagons
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Texmaco Rail & Eng.
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-35.64	48.26	104	99.01	95.12	55.83	36.91	29.66	29.24	24.85
TTM EPS CAGR	-4.08	37.77	—	—	—	—	—	30.97	—	—
Sales CAGR	0.38	17.96	32.81	26.29	16.97	16.35	17.23	10.51	16.70	17.53
PAT Margin (Abs Growth)	2.64	2.18	8.72	4.20	4.16	19.07	5.91	9.49	8.74	9.12
PE CAGR	-27.69	8.93	—	—	—	—	—	-0.72	—	—
CFO CAGR	110	25.36	8.22	-13.57	—	—	—	—	-1.90	2.30

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Titagarh Rail Systems Ltd.
Jupiter Wagons
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Texmaco Rail & Eng.
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	2,678	2,695	2,906	2,848	2,440	2,646	2,862	2,311	3,595	3,762
Non Current Assets	992	1,020	1,164	1,172	1,236	1,268	1,373	1,128	1,507	1,583
Net Block	977	925	949	927	863	863	958	724	740	900
Capital Work in Progress	13.18	15.46	27.10	35.66	0.00	41.32	61.11	12.28	174	39.61
Intangible Assets Under Development	2.03	3.16	3.87	2.42	—	25.09	45.93	—	65.76	82.37
Long Term Investments	21.33	81.91	82.85	86.98	28.88	31.28	30.15	31.80	198	52.38
Current Assets	1,616	1,612	1,708	1,681	1,245	1,405	1,512	1,169	2,077	2,179
Inventory	716	537	442	521	376	385	504	461	524	523
Accounts Receivable	230	234	276	344	252	567	233	279	533	671
Short Term Investments	—	—	—	—	—	—	—	—	—	—
Cash & Bank Balances	204	46.20	73.72	119	56.06	124	42.06	99.98	609	467
Liabilities	2,678	2,695	2,906	2,848	2,440	2,646	2,862	2,311	3,595	3,762
Shareholders Funds	953	968	855	816	767	841	842	964	2,218	2,483
Share Capital	23.08	23.08	23.10	23.11	23.12	23.88	23.91	23.91	26.93	26.93
Reserves	929	943	829	789	741	815	818	940	2,191	2,456
Non Current Liabilities	385	262	362	661	869	901	742	430	557	181
Secured Loans	134	141	167	563	552	434	396	49.63	37.36	—
Unsecured Loans	30.43	18.82	19.86	13.06	—	103	99.37	—	—	24.93
Current Liabilities	1,261	1,387	1,625	1,298	726	904	1,277	917	820	1,098
Accounts Payable	378	442	306	535	351	398	439	323	319	235
Short Term Loans	52.27	182	389	294	176	217	312	167	16.51	504

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Titagarh Rail Systems Ltd.
Jupiter Wagons
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Texmaco Rail & Eng.
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	959	1,714	1,268	1,559	1,766	1,521	1,468	2,780	3,853	3,868
Operating Expenses	931	1,655	1,380	1,489	1,666	1,459	1,311	2,516	3,405	3,435
Raw Material	559	915	692	1,000	1,192	1,046	1,037	2,165	2,952	2,965
Material Cost (%)	57.87	63.01	59.71	60.02	65.19	65.33	71.39	77.35	77.55	75.72
Employee Cost	168	212	239	176	152	211	45.42	56.53	66.29	86.89
Power & Fuel Cost	27.58	28.59	27.68	35.04	45.58	34.22	33.26	43.70	50.46	—
Operating Profit	28.51	58.99	-111	70.32	101	61.72	157	263	448	433
Other Income	42.74	78.09	44.52	45.66	54.31	43.78	25.90	42.75	43.36	75.35
OPM (%)	2.97	3.44	-8.78	4.51	5.70	4.06	10.68	9.47	11.64	11.20
Depreciation and Amortisation	45.92	51.52	50.84	23.99	29.13	29.87	18.38	22.50	27.10	29.58
Interest	17.29	31.31	44.06	65.18	88.27	81.20	57.27	80.75	73.45	73.15
Profit Before Tax	-12.81	49.70	-167	18.93	37.46	-5.58	107	190	389	406
Tax	6.71	22.27	-19.94	-33.00	-20.51	13.21	29.19	55.46	100	107
Net Profit	-16.46	26.90	-144	-28.52	-34.19	-15.00	-0.33	130	286	299
Number of shares(Crs)	11.54	11.54	11.55	11.55	11.56	11.94	11.96	11.96	13.47	—
Dividend Payout Ratio(%)	—	34.32	—	—	0.00	0.00	0.00	4.59	3.77	—

TTM Values as of Mar 2025

Cash Flow

Titagarh Rail Systems Ltd.
Jupiter Wagons
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Texmaco Rail & Eng.
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	-154	-177	-121	-124	154	67.69	54.59	40.92	85.79	-97.42
Profit Before Tax	-12.81	49.70	-167	-55.49	-56.65	-5.58	28.96	181	386	382
Adjustments	28.20	64.19	111	115	209	107	173	78.84	89.25	75.72
OCF Before Working Capital	15.39	114	-55.89	59.42	152	101	201	260	476	457
Working Capital Changes	-168	-280	-44.86	-163	11.83	-34.61	-135	-153	-289	-459
Taxes Paid	-1.34	-10.60	-20.31	-21.04	-10.19	1.37	-11.74	-65.95	-101	-95.78
Cash from Investing Activity	-54.06	68.34	-25.57	-48.39	-9.55	-72.07	-69.48	-61.35	-537	-579
Net Fixed Assets Purchased	-21.83	-21.76	-28.48	-63.22	-24.51	-58.94	-96.05	-36.51	-164	-214
Fixed Assets Purchased	-21.92	-21.83	-37.31	-63.27	-35.51	-59.99	-102	-36.74	-164	-220
Fixed Assets Sold	0.08	0.07	8.83	0.05	11.00	1.05	6.13	0.23	—	5.91
Investment Purchased	-287	-57.94	-3.90	-68.51	-68.46	-68.14	-102	-71.25	-474	—
Investment Sold	229	138	—	63.02	79.08	52.56	124	40.53	83.72	—
Interest Recieved	25.50	10.53	6.82	20.32	4.31	2.45	4.49	5.87	16.49	29.63
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	—	—	—	—	—	—	—	—	—	—
Cash from Financing Activity	216	111	191	214	-227	43.22	-52.71	66.53	724	372
Proceeds From Shares	153	0.12	0.39	0.28	0.19	0.27	0.81	—	975	—
Net Long Term Borrowings	97.00	21.89	45.20	371	-48.46	65.12	-83.26	2.57	-33.08	-12.51
Proceeds From Borrowings	124	30.39	66.40	412	110	112	20.00	49.63	—	—
Repayment From Borrowings	-26.65	-8.49	-21.20	-40.51	-158	-46.50	-103	-47.05	-33.08	-12.51
Interest Paid	-11.39	-41.27	-42.43	-63.25	-84.82	-63.52	-62.95	-51.94	-46.99	-63.66
Dividend Paid	-22.09	—	-11.12	-4.14	-4.17	-0.02	-0.03	-0.02	-6.38	-10.77
Net Cash Flow	7.44	2.61	43.89	40.87	-82.90	38.84	-67.60	46.09	273	-304
Opening Cash & Cash Equivalents	44.88	55.74	33.82	58.40	98.65	28.97	79.69	8.96	55.41	329
Effect of FX	3.86	-24.53	-19.31	-0.62	13.22	7.90	-3.14	0.36	0.26	0.16
Closing Cash & Cash Equivalents	56.18	33.82	58.40	98.65	28.97	79.69	8.96	55.41	329	25.27
Net Capex (est)	21.83	21.76	28.48	63.22	24.51	58.94	96.05	36.51	164	214
Free Cash Flow (est)	-176	-199	-150	-188	129	8.75	-41.46	4.41	-77.73	-311

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Titagarh Rail Systems Ltd.
Jupiter Wagons
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Texmaco Rail & Eng.
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	1.13	0.71	0.78	0.78	0.89	1.20	1.13	0.79	0.77	1.89
Liquid Assets (Crs)	321	900	1,075	1,267	1,160	868	1,019	1,008	707	1,553
Current Liabilities (Crs)	284	1,261	1,387	1,625	1,298	726	904	1,277	917	820
Current Ratio	1.92	1.28	1.16	1.05	1.29	1.71	1.55	1.18	1.27	2.53
Current Assets (Crs)	546	1,616	1,612	1,708	1,681	1,245	1,405	1,512	1,169	2,077
Current Liabilities (Crs)	284	1,261	1,387	1,625	1,298	726	904	1,277	917	820
Interest Coverage Ratio	0.80	0.26	2.59	-2.79	1.29	1.42	0.93	2.87	3.35	6.29
EBIT (Crs)	41.91	25.34	85.56	-118	91.99	126	75.63	164	284	465
Interest Expenses (Crs)	17.65	17.29	31.31	44.06	65.18	88.27	81.20	57.27	80.75	73.45
Fixed Asset Turnover	1.28	0.94	1.68	1.14	1.36	1.72	1.44	1.24	3.23	4.26
Net Sales (Crs)	761	959	1,714	1,268	1,559	1,766	1,521	1,468	2,780	3,853
Fixed Assets (Crs)	596	1,022	1,017	1,109	1,142	1,029	1,053	1,179	861	904
Cash Conversion Cycle	115	84.61	46.38	40.11	21.18	13.89	52.12	64.26	32.30	45.86
Inventory Days	124	176	132	140	113	92.74	91.39	111	63.37	46.66
Days Receivable	58.86	64.17	48.68	73.23	72.59	61.62	98.36	99.46	33.60	38.44
Days Payable	68.05	156	134	174	164	140	138	146	64.67	39.24
Debt to Equity Ratio	0.18	0.24	0.38	0.73	1.10	0.95	1.01	1.02	0.26	0.03
Total Debt (Crs)	125	233	372	624	896	730	845	861	249	66.26
Shareholders Equity (Crs)	689	953	968	855	816	767	841	842	964	2,218
Free Cash Flow/Sales (%)	7.97	-18.34	-11.61	-11.79	-12.03	7.32	0.58	-2.83	0.16	-2.02
Free Cash Flow(est) (Crs)	60.63	-176	-199	-150	-188	129	8.75	-41.46	4.41	-77.73
Net Sales (Crs)	761	959	1,714	1,268	1,559	1,766	1,521	1,468	2,780	3,853
Profitability Ratios
Gross Margin (%)	37.82	42.13	36.99	40.29	39.98	34.81	34.67	28.61	22.65	22.45
Op Profit Margin (%)	3.26	2.97	3.44	-8.78	4.51	5.70	4.06	10.68	9.47	11.64
Operating Profit (Crs)	67.57	71.26	137	-66.87	116	155	105	183	306	492
Net Sales (Crs)	761	959	1,714	1,268	1,559	1,766	1,521	1,468	2,780	3,853
Net Profit Margin (%)	-0.43	-1.72	1.57	-11.33	-1.83	-1.94	-0.99	-0.02	4.68	7.43
Net Profit (Crs)	-3.31	-16.46	26.90	-144	-28.52	-34.19	-15.00	-0.33	130	286
Net Sales (Crs)	761	959	1,714	1,268	1,559	1,766	1,521	1,468	2,780	3,853
ROCE (%)	5.42	1.79	6.54	-9.19	5.94	7.34	4.34	10.37	20.34	16.74
EBIT (Crs)	41.91	25.34	85.56	-118	91.99	126	75.63	164	284	465
Capital Employed (Crs)	774	1,417	1,308	1,281	1,549	1,714	1,742	1,585	1,394	2,775
Return on Assets (%)	-0.31	-0.61	1.00	-4.94	-1.00	-1.40	-0.57	-0.01	5.64	7.96
Net Profit (Crs)	-3.31	-16.46	26.90	-144	-28.52	-34.19	-15.00	-0.33	130	286
Total Assets (Crs)	1,058	2,678	2,695	2,906	2,848	2,440	2,646	2,862	2,311	3,595
ROIC (%)	-0.39	-2.29	0.36	-14.32	10.35	8.06	8.05	8.05	18.01	19.35
Op Profit after Taxes (Crs)	-2.36	-26.53	4.12	-143	127	111	107	101	171	313
Invested Capital (Crs)	598	1,159	1,141	998	1,227	1,373	1,333	1,250	947	1,616
ROE (%)	-0.48	-1.73	2.78	-16.80	-3.49	-4.46	-1.78	-0.04	13.51	12.90
Net Profit Margin (%)	-0.43	-1.72	1.57	-11.33	-1.83	-1.94	-0.99	-0.02	4.68	7.43
Asset Turnover ratio	0.72	0.36	0.64	0.44	0.55	0.72	0.57	0.51	1.20	1.07
Equity Multiplier	1.54	2.81	2.79	3.40	3.49	3.18	3.15	3.40	2.40	1.62
Adjusted EPS	-0.33	-1.43	2.33	-12.43	-2.47	-2.96	-1.26	-0.03	10.89	21.25
Valuation Ratios
P/E	0.00	0.00	49.91	0.00	0.00	0.00	0.00	0.00	24.08	43.21
Price to Book	1.99	1.15	1.39	1.49	1.00	0.38	0.63	1.44	3.25	5.57
EV/EBITDA	16.76	15.78	12.17	-27.22	13.67	6.21	11.88	11.12	10.73	24.04
Dividend Yield (%)	0.69	0.84	0.69	0.27	0.43	0.00	0.00	0.00	0.19	0.09

Quarterly Results

Titagarh Rail Systems Ltd.
Jupiter Wagons
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Texmaco Rail & Eng.
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	766	974	911	935	955	1,052	903	1,057	902	1,006
Operating Expenses	694	879	805	820	844	932	801	928	802	904
Increase/Decrease in Stock	25.07	-5.58	-14.65	41.82	8.41	0.80	7.25	-8.95	-10.61	-23.75
Raw Material	581	753	727	680	739	807	690	808	698	770
Employee Cost	14.17	16.90	15.80	17.28	15.07	18.14	17.29	19.78	21.80	28.02
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	72.66	95.50	106	115	111	120	102	129	100	102
Other Income	10.44	6.98	3.89	6.77	14.47	14.67	12.29	10.72	22.48	29.86
Interest	23.04	22.25	19.10	20.28	18.24	15.83	12.52	17.47	21.10	22.06
PBDT	60.06	80.24	90.89	102	107	119	102	123	101	110
Depreciation and Amortization	5.42	6.38	6.63	6.69	6.79	6.99	7.14	7.65	6.36	8.43
Profit Before Tax	54.65	73.86	84.26	94.88	100	112	94.46	115	95.10	101
Tax	15.42	22.16	22.47	23.99	25.08	28.58	23.15	29.89	26.16	27.48
Profit After Tax	39.23	51.70	61.79	70.89	75.03	83.34	71.31	85.12	68.94	73.61
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	32.55	48.24	61.79	70.59	74.83	78.95	67.01	80.69	62.77	64.45
Quarterly Ratios
EPS	2.72	4.03	5.17	5.55	5.56	5.86	4.98	5.99	4.66	4.79
Operating Profit Margin	9.48	9.80	11.65	12.30	11.59	11.41	11.28	12.24	11.09	10.12
Net Profit Margin	5.21	5.33	6.78	7.60	7.83	7.71	7.90	8.03	7.69	7.29

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

52.00%

Implied Growth Rate over a 5 year period*

19.50%

Implied Growth Rate over a 10 year period*

8.90%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Titagarh Rail Systems Ltd. Financials

How strong is Titagarh Railsystems balance sheet?

Balance sheet of Titagarh Railsystems is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Titagarh Railsystems increasing or decreasing?

Yes, The net debt of Titagarh Railsystems is increasing.
Latest net debt of Titagarh Railsystems is ₹61.94 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹1,151.15 Crs.

Is the profitablity of Titagarh Railsystems improving?

Yes, profit is increasing.
The profit of Titagarh Railsystems is ₹299 Crs for TTM, ₹286 Crs for Mar 2024 and ₹130 Crs for Mar 2023.

Does Titagarh Railsystems pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Titagarh Railsystems latest dividend payout ratio is 3.77% and 3yr average dividend payout ratio is 4.18%

How has Titagarh Railsystems allocated its funds?

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments

View FAQ's On Shareholding

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Titagarh Rail Systems Ltd.

Titagarh Rail Systems Ltd.

Has the share price of Titagarh Railsystems grown faster than its competition?

Is Titagarh Railsystems stock expensive?

How strong is Titagarh Railsystems balance sheet?

Is the debt of Titagarh Railsystems increasing or decreasing?

Is the profitablity of Titagarh Railsystems improving?

Does Titagarh Railsystems pay decent dividends?

How has Titagarh Railsystems allocated its funds?

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