TITAGARHCapital Goods

TITAGARH RAIL SYSTEMS LIMITED

Railway Wagons · ISIN INE615H01020 · BSE 532966 · NSE EQ · FV ₹2
Last price
₹827
+1.72%today
What this company does

TITAGARH RAIL SYSTEMS LIMITED operates in Railway Wagons, part of the Capital Goods sector. It booked ₹765 cr of revenue in its latest quarter (Q1 FY27) and kept 6.9% of sales as profit. It is the largest of 3 Railway Wagons companies we track, by market value.

In the report:
50out of 100
Equitytale Health Score
Mixed

Healthier than 50% of companies in Capital Goods, on all six measures of filed financials. Each measure is ranked against the 16–113 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
46

At close. Not part of the score.

Profitability & returns29

How much profit it earns on the money it employs

Balance sheet33

How much it owes, and whether earnings cover the interest

Cash quality62

Whether reported profit actually arrives as cash

Growth & consistency57

Whether sales and profit have grown, and how steadily

Valuation55

What today's price implies, against our models or its peers

Governance & risk97

How much of the promoters' stake is pledged, and how much they hold

Is this company doing well?
not investment advice
A mixed picture
Strengths
Makes a profit
Sales up 13% vs last year
Profit up 70% vs last year
Promoters hold 40%
Turns profit into real cash
Watch-outs
! Thin 6.9% net margin
! 0.1% of promoter stake pledged

What if I invest in TITAGARH?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 15% a year, it would become
₹26.30 lakh

The slider starts at 15%, taken from this company's own revenue trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹827 +1.72%
latest close · 2026-09-17
1-year return
+752.3%
52-wk low ₹7552-wk high ₹905
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio52.9High
LowAverageHigh
P/B ratio4.54High
Below bookModerateHigh
EV / EBITDA28.3High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity8.6%Fair
WeakFairStrong ▸15%
Return on capital12.2%Fair
WeakFairStrong
Net margin6.9%Decent
ThinDecentStrong
EBITDA margin13.3%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.21Comfortable
LowModerateHigh ▸1
Interest cover5.7×Strong
RiskyOkayStrong ▸5×
Current ratio1.81Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹11,138 cr
Book value
₹182
EPS
₹3.91
latest quarter
Net debt
₹360 cr
owes more than its cash
Enterprise value
₹11,498 cr
EBITDA
₹406 cr
annualised
EBIT
₹346 cr
annualised
Operating margin
11.3%
Return on assets
5.2%
Earnings yield
1.89%
P/S
3.64
Sales / share
₹227.3
Tax rate
25.6%
Face value
₹2
Shares
13.5 cr
Working capital
₹978 cr
Current assets
₹2,183 cr
Current liabilities
₹1,205 cr
Delivery %
37.0%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
One year's profit is a one-off (far above the multi-year norm), so its recurring earnings power is unclear.
Models span ₹128₹128, midpoint ₹128

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹765 cr
Other Income₹7 cr
Total Income₹772 cr
Cost of Materials₹572 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-9 cr
Employee Benefit Expense₹29 cr
Finance Costs₹15 cr
Depreciation & Amortisation₹15 cr
Other Expenses₹79 cr
Total Expenses₹700 cr
Profit before Tax₹71 cr
Tax Expense₹18 cr
Share of JV / Associates₹-58 L
Net Profit₹53 cr
Net margin on total income6.8%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹563 cr73.0%
Employee benefit expense₹29 cr3.7%
Finance costs₹15 cr2.0%
Depreciation & amortisation₹15 cr1.9%
Other expenses₹79 cr10.2%
Tax expense₹18 cr2.4%
Profit for the period₹53 cr6.8%
Total income ₹772 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue832 cr875 cr765 cr
Total income843 cr887 cr772 cr
Expenses770 cr809 cr700 cr
Profit before tax73 cr78 cr71 cr
Tax17 cr21 cr18 cr
Net profit (owners' share)48 cr54 cr53 cr
Net margin (owners' share, on revenue)5.8%6.1%6.9%
EPS (₹)3.583.833.91
YoY (latest quarter): total income +11.7% · net profit +69.9%
Balance sheet & cash flow · as of Mar 2026
Low debt
Total assets
₹4,039 cr
Shareholder equity
₹2,456 cr
parent shareholders
Total debt
₹522 cr
Cash
₹162 cr
Cash flow · H1 FY26
Operating
₹185 cr
Investing
₹-132 cr
Financing
₹-39 cr
Peer comparison
Railway Wagons · by market value
CompanyPriceMarket capP/E
TITAGARH RAIL SYSTEMS LIMITEDthis company₹827₹11,138 cr52.9
Jupiter Wagons Limited₹231₹9,882 cr87.6
Texmaco Rail & Engineering Limited₹112₹4,544 cr22.7
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
trailing 12 months
Dividend / share (TTM)
Last dividend
₹1
ex 8 Sep 2025
ActionDetailEx-date
Dividend₹1 / share8 Sep 2025
Dividend₹0.8 / share20 Aug 2024
Dividend₹0.5 / share22 Sep 2023
Dividend₹0.3 / share11 Sep 2019
Dividend₹0.3 / share19 Sep 2018
Dividend₹0.8 / share20 Jul 2017
Who owns it · 2026-06-30
0.1% pledged
Promoter
40.5%
FII / Foreign
10.9%
DII / Domestic
15.4%
Retail / others
33.3%
Promoter stake down 2.0% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtJayesh Arya · Immediate Relative20,000 · ₹1.6 cr19 Aug 26
SoldDinesh Arya · Designated Person20,000 · ₹1.6 cr19 Aug 26
SoldVidushie Kandoi · Immediate relative70,96528 Aug 25
Bulk / block deals
short · NSE483 Sep 26
short · NSE16924 Jul 26
short · NSE16323 Jun 26
Stake changes
SoldSMALLCAP World Fund, Inc.→ 3.91% · 23.29 L3 Jun 24
SoldHDFC Mutual Fund→ 5.37% · 21.94 L27 Feb 24
BoughtSMALLCAP World Fund, Inc.→ 5.98% · 76.00 L7 Jul 23
What shareholders were asked to approve
6 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 15 Sep 2025
See the official result
1
To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended March 31, 2025, the Consolidated Financial Statements for the said financial year and the Reports of the Board of Directors and Auditors thereon
⚑ Passed only because promoters voted yes
Backed by 47% of shareholders other than promotersneeded 50%
1.18 cr votes for, 1.32 cr against · 53% of mutual funds and other big investors said no
2
To appoint a Director in place of Shri Jagdish Prasad Chowdhary (DIN: 00313685), who retires by rotation and, being eligible, offers himself for re-appointment
Promoters had a personal stake in this
Backed by 91% of shareholders other than promotersneeded 50%
2.27 cr votes for, 23.12 L against · 9% of mutual funds and other big investors said no
3
To appoint a Director in place of Shri Prithish Chowdhary (DIN: 08509158), who retires by rotation and, being eligible, offers himself for re-appointment
Promoters had a personal stake in this
Backed by 59% of shareholders other than promotersneeded 50%
1.47 cr votes for, 1.02 cr against · 41% of mutual funds and other big investors said no
4
To declare final dividend for the financial year ended March 31, 2025
Backed by 100% of shareholders other than promotersneeded 50%
2.50 cr votes for, 3,327 against · 0% of mutual funds and other big investors said no
5
To approve payment of remuneration to Independent/Non-Executive Directors of the Company
⚑ Passed only because promoters voted yes
Backed by 63% of shareholders other than promotersneeded 75%
1.57 cr votes for, 92.87 L against · 38% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 13 named members
owning 40.5% between them · as of 2026-06-30
Titagarh Capital Management Services Private Limited17.87%
Jagdish Prasad Chowdhary(Trustee of Chowdhury foundation)13.52%
RASHMI CHOWDHARY7.52%
Titagarh Logistics Infrastructures Private Limited1.42%
UMESH CHOWDHARY0.06%
JAGDISH PRASAD CHOWDHARY0.05%
VINITA BAJORIA0.02%
BIMLA DEVI KAJARIAno shares
Business done with them
FY2025 · 5 of the group
The company paid ₹8 cr to companies in the promoter group last year — about 0.2% of its ₹3,868 cr revenue.
Umesh Chowdhary
Other payments to them
also owns 0.06% of the company
₹4 cr
company paid
TITAGARH CAPITAL MANAGEMENT SERVICES PRIVATE LIMITED
Other payments to them
also owns 17.87% of the company
₹2 cr
company paid
Prithish Chowdhary
Other payments to them
₹1 cr
company paid
Rashmi Chowdhary
Other payments to them
also owns 7.52% of the company
₹85 L
company paid
TITAGARH LOGISTICS INFRASTRUCTURES PRIVATE LIMITED
Other payments to them
also owns 1.42% of the company
₹15 L
company paid

The company also transacted with 19 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹200 cr raised in Nov 2025 by selling shares to selected investors

As of Jun 2026, the company says it has spent 25% of what it set aside, leaving ₹150 cr still to be spent. Care Ratings Limited watches the spending on the exchange’s behalf.

Working Capital Loan Repayment
0%
₹0 cr of ₹100 cr
General Corporate Purpose
0%
₹0 cr of ₹50 cr
Reimbursement of Capital Expenditure
100%
₹50 cr of ₹50 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.