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Texmaco Rail & Engineering Results: Latest Quarterly Results & Analysis

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Texmaco Rail & Engineering Ltd. 13 May 2026 12:51 PM
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Q4FY26 & FY26 Result Announced for Texmaco Rail & Engineering Ltd.

Construction & Engineering company Texmaco Rail & Engineering announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Revenue from Operations:
    • For Q4FY26, the company reported Revenue from Operations of Rs 1,167 crore, representing a growth of 12.00% QoQ from Rs 1,042 crore in Q3FY26, and a decline of 13.30% YoY compared to Rs 1,346 crore in Q4FY25.
    • For the full year FY26, Revenue from Operations stood at Rs 4,377 crore, a decline of 14.30% YoY from Rs 5,107 crore in FY25.
  • EBITDA:
    • EBITDA for Q4FY26 was Rs 116 crore with a margin of 10.0%, compared to Rs 109 crore in Q3FY26 (up 6.42% QoQ) and Rs 118 crore in Q4FY25 (down 1.69% YoY).
    • For the full year FY26, EBITDA was Rs 450 crore with a margin of 10.3%, compared to Rs 548 crore in FY25, representing a YoY decline of 17.88%.
  • Profit After Tax (PAT):
    • The company posted a Net Profit of Rs 57.7 crore for Q4FY26, showing an increase of 37.38% QoQ from Rs 42 crore in Q3FY26 and a growth of 45.10% YoY from Rs 39.8 crore in Q4FY25.
    • For the full year FY26, PAT stood at Rs 194 crore with a 4.4% margin, compared to Rs 249 crore in FY25, a YoY decline of 22.09%.
  • Earnings Per Share (EPS):
    • Basic and Diluted EPS for Q4FY26 was Rs 1.42 per share.
    • For the full year FY26, Basic and Diluted EPS was Rs 4.84 per share.
  • Balance Sheet and Debt:
    • Net debt decreased to Rs 444 crore as of March 31, 2026.
    • The Net Debt to Equity ratio improved to 0.18x in FY26 from 0.22x in FY25.

Business Highlights:

  • Order Book: The company maintains a strong order book of Rs 5,408 crore. The freight car order book mix has significantly shifted, with 79% now coming from the private sector and exports and 21% from Indian Railways.
  • Freight Car Division:
    • The division recorded sales of Rs 909 crore in Q4FY26 and Rs 3,419 crore for the full year FY26.
    • Wagon deliveries reached 2,196 units in Q4FY26 and 8,372 units for the full year FY26.
  • Steel Foundry: Foundry sales reached 8,964 MT in Q4FY26 and 34,301 MT for the full year FY26.
  • Infra Segments:
    • The Infra – Electrical (Bright Power) business grew by 66.1% YoY to revenues of Rs 610 crore, achieving an EBIT margin of 10.8%.
    • The Infra – Rail & Green Energy (Kalindee) segment experienced lower revenues during the year.
  • Strategic Developments:
    • Formalization of a joint venture with Rail Vikas Nigam Limited (RVNL) to increase participation in rolling stock, rail EPC, and maintenance opportunities.
    • Completion of hydro-mechanical systems for the 2,000 MW Subansiri Lower Hydroelectric Project.
    • Launch of ‘Invariz,’ a Global Capability Centre (GCC) platform powered by ServiceNow for digital services and AI-led solutions.
    • Acquisition of land at Kandla for the development of a new manufacturing facility, which will be the company’s 5th manufacturing location.

Indrajit Mookerjee Executive Director & Vice Chairman, said: “For FY26, Texmaco reported Revenue from Operations of Rs 4,377 crore, a decline of 14.3% YoY, in a challenging market environment. From the profitability perspective, EBITDA for the year was Rs 450 crore, with an EBITDA margin of 10.3%, while Profit After Tax was Rs 194 crore, translating into a margin of 4.4%.

Performance during the year was impacted by lower wagon production arising from continued supply chain issues and lower revenues in Infra – Rail and Green Energy (Kalindee). However, the Infra – Electrical (Bright Power) business has grown by 66.1% to Revenues of Rs 610 crore, with EBIT Margin of 10.8%. Overall, as of 31 March 2025, the order book was Rs 5,408 crore.

Operationally, Texmaco delivered 2,196 Freight Cars during Q4FY26, while Foundry Division volumes totaled 8,964 MT. For the full year, Freight Car deliveries reached 8,372 units, and the Foundry Division achieved 34,301 MT in sales. The performance was impacted by global supply chain disruptions and US Tarriff impositions.

A significant milestone during the quarter was the formalization of the joint venture with Rail Vikas Nigam Limited (RVNL), which is expected to increase the Company’s participation across rolling stock, rail EPC, maintenance and integrated rail infrastructure opportunities in Indian and international markets. The partnership combines Texmaco’s manufacturing capabilities with RVNL’s infrastructure execution expertise and supports the Company’s long-term growth strategy across the rail ecosystem.

During the quarter, Texmaco also successfully completed the erection and commissioning of hydro mechanical systems for the 2,000 MW Subansiri Lower Hydroelectric Project. This reinforces the Company’s engineering and execution capabilities across large-scale infrastructure projects while also supporting India’s renewable energy initiatives.

The broader sector environment continues to present long term opportunities, supported by sustained investments towards rolling stock modernization, railway electrification and network expansion. These developments are expected to support demand across Wagons, wheelsets, rail EPC and systems integration. With its diversified presence across wagon manufacturing, foundry products, rail infrastructure execution and engineering solutions, Texmaco remains strategically positioned to participate in the evolving opportunities across the railway and infrastructure sector.”

Sudipta Mukherjee, Managing Director, said: “Q4FY26 was marked by strong operational performance, driven by disciplined execution and effective financial management, in alignment with our long-term strategic objectives. The company posted a net profit of ?57.7 crore for the quarter, up 45.1% from ?39.8 crore in the year-ago period. We continued to strengthen Texmaco’s position as an integrated provider of rail and infrastructure solutions, expanding our capabilities in manufacturing, engineering, rail systems, and technology-driven businesses.

The Company maintained a strong focus on balance sheet management and cost optimization. Net debt decreased to Rs. 444 croreores, with the Net Debt to Equity ratio improving from 0.22x in FY25 to 0.21x in H1FY26, and further to 0.18x in FY26. Direct expenses decreased by 0.8% QoQ, showing the success of our efficiency initiatives.

Texmaco made continued progress in its infrastructure and railway systems businesses, securing multiple orders in signaling, electrification, and maintenance projects. Additionally, we expanded our presence in Overhead Electrification (OHE) and power supply maintenance services, with a cumulative portfolio of 3,703 TKM. The Company also secured significant wagon orders from private sector customers, further strengthening its freight mobility business and execution pipeline.

In line with our Vision 2030 roadmap, we are strengthening our core businesses while investing in emerging growth areas. Alongside wagons and rail infrastructure, we are scaling opportunities in railway signaling, safety systems such as Kavach, and power electronics and propulsion technologies. These sectors are important for modernizing India’s railway infrastructure and will drive future growth. We are also entering into Defence manufacturing and engineering value chain in collaboration with global technology providers.

A key milestone this year has been the launch of ‘Invariz,’ our Global Capability Centre (GCC) platform powered by ServiceNow and integrated with AI capabilities. This marks Texmaco’s entry into global digital services and technology driven solutions. The GCC platform is now operational and is expected to drive both growth and operational efficiencies across our core businesses.

Looking ahead, we remain confident in the opportunities before us. With a strong order book, improving execution capabilities, and a clear Vision 2030 roadmap, Texmaco is well positioned to create long-term value for all stakeholders.”

Result PDF

Result PDF

Construction & Engineering company Texmaco Rail & Engineering announced Q3FY26 results

  • Revenue: Rs 1,04,159.82 lakh against Rs 1,32,613.75 lakh during Q3FY25, change -21%.
  • PBT: Rs 6,607.6 lakh against Rs 9,964.54 lakh during Q3FY25, change -34%.
  • PAT: Rs 4,227.4 lakh against Rs 7,638.75 lakh during Q3FY25, change -45%.
  • EPS: Rs 1.07 for Q3FY26.

Result PDF

Construction & Engineering company Texmaco Rail & Engineering announced Q1FY26 results

  • Revenue from Operations: Rs 911 crore.
  • EBITDA: Rs 79 crore (Margin: 8.7%).
  • PAT: Rs 29 crore (Margin: 3.2%).
  • Order Book: Rs 7,053 crore as on June 30, 2025.

Indrajit Mookerjee, Executive Director & Vice Chairman, Texmaco Rail & Engineering, said: “While Q1FY26 saw a decline in revenue primarily due to the short supply of wagon wheelsets from Indian Railways, these issues have since been resolved. Our strong order book and ongoing projects across rolling stock, traction, and international markets give us confidence in our growth trajectory. The expansion of India’s rail infrastructure, coupled with the government’s focus on modernising freight corridors and logistics networks, continues to drive opportunities for Texmaco. Our recent MoU with Rail Vikas Nigam (RVNL) is a strategic step towards enhancing our capabilities in manufacturing, infrastructure, and technology-driven areas, further strengthening our position in global markets.”

Sudipta Mukherjee, Managing Director, Texmaco Rail & Engineering, said: “During the quarter, we delivered 1,815 freight cars and 8,667 MT from our Foundry Division, which also supported component supplies. Significant order wins from Indian Railways for traction transformers, wagon manufacturing, and maintenance reaffirm our leadership in freight rolling stock. On the international front, we secured one of the largest export contracts ever by an Indian Freight Rolling Stock company and a 20-year maintenance contract in Africa. Expanding our global footprint, we continue to have a focus on extended reach in exports & maintain our leadership in the Domestic market.

Result PDF

Construction & Engineering company Texmaco Rail & Engineering announced Q3FY25 results

  • Revenue from Operations: Rs 1,326 crore compared to Rs 896 crore during Q3FY24, change 47.9%.
  • EBITDA: Rs 139 crore compared to Rs 91 crore during Q3FY24, change 51.7%.
  • EBITDA Margin: 10.5% for Q3FY25.
  • PAT: Rs 76 crore compared to Rs 30 crore during Q3FY24.
  • PAT margin: 5.8% for Q3FY25.
  • EPS: Rs 1.92 for Q3FY25.

Indrajit Mookerjee, Executive Director and Vice Chairman said: “Despite a challenging market environment, Texmaco maintained a steady performance in Q3FY25, reflecting operational stability and adaptability. Revenue from Operations for the quarter was at Rs 1,326 crore, a YoY growth of 47.9%. EBITDA was Rs 139 crore, with a YoY increase of 51.7%, and a margin of 10.5%. PAT for the quarter was Rs 76 crore, a YoY growth of 151.0%, with a margin of 5.8%.

The company remains focused on improving operational efficiency, managing costs and strengthening its execution capabilities. With steady demand for rolling stock, the government's ongoing investments in rail infrastructure are likely to support a positive business environment.

Looking ahead, the upcoming Union Budget is likely to influence the sector’s growth path and create new opportunities. Increased investment in railway infrastructure, freight corridors and modernization initiatives could drive demand, allowing Texmaco to effectively align with these developments. With a disciplined approach to growth, the Company aims to enhance value creation for all stakeholders while navigating the evolving industry landscape.”

Sudipta Mukherjee, Managing Director, said: “In Q3FY25, the Company delivered 2,714 freight cars, compared to 1,756 in Q3FY24, reflecting a 54.6% YoY increase. For 9MFY25, deliveries reached 8,015 freight cars, a 69.7% growth from 4,724 in the corresponding period of the previous year. This increase demonstrates Texmaco’s manufacturing capabilities and ability to meet rising demand. Performance in Q3FY25 was slightly lower than in Q2FY25, primarily due to the non-availability of wheelsets from Indian Railways. To address this, the Company increased execution of private sector orders, mitigating the impact on overall production.

As part of its strategic plans, the Company has approved the merger of Texmaco West Rail Limited with Texmaco Rail & Engineering Limited, which is expected to be completed within the next six months.

Additionally, the Company has also decided to transfer its Infra – Rail and Green Energy business as a going concern on slump exchange basis into a 100% subsidiary of Texmaco Rail. The Company expects the transfer should be completed in 12-15 months.

Texmaco’s credit profile has also improved, reflected in the recent upgrade in CARE ratings. Long-term bank facilities have been upgraded to CARE A (RWD), while short-term bank facilities now hold a CARE A1 (RWD) rating, highlighting its sound financial position and fundamentals.”

Result PDF

Construction & Engineering company Texmaco Rail & Engineering announced H1FY25 & Q2FY25 results

  • Freight Car Run Rate Sales of 2,927 Wagons per Quarter.
  • Order Book as of 30th September of Rs 8,194 crore H1FY25.
  • Revenue from Operations at Rs 2,434 crore H1FY25.
  • H1FY25 EBITDA at Rs 272 crore and margin of 11.2%.

Indrajit Mookerjee, Executive Director and Vice Chairman, Texmaco Rail & Engineering, said: “We are delighted to have successfully completed the acquisition of Jindal Rail & Infrastructure Ltd during the first half of the year and announced consolidated Revenue from Operations of Rs 2,434 crore. In terms of profitability, Texmaco reported EBITDA at Rs 272 crore, with a margin of 11.2% and Profit After Tax at Rs 133 crore, with a margin of 5.5% in H1FY25. The acquisition has resulted in us increasing revenues by a factor of 1.67x representing a transformation in Texmaco’s market presence in India and internationally. With the first 100-day integration plan well underway, the company has been renamed as Texmaco West Rail Limited and the synergy realization is in line with management expectations. This acquisition represents the largest deal in India’s rolling stock industry, marking a strategic milestone for the Company. Texmaco West Rail provides greater customer reach in the private commodity specific wagons market and increases our private sector revenue contribution from 12% to 28%. We look forward to leveraging the combined potential of both companies and creating new opportunities for sustainable growth and innovation.”

Sudipta Mukherjee, Managing Director, Texmaco Rail & Engineering, said: “During the first half of the year, Texmaco has achieved the highest ever freight car sales in its history, having sold 5,301 freight cars. With the acquisition of Jindal Rail & Infrastructure Ltd., we have attained leadership position in the freight car manufacturing industry. During Q2 FY24, we delivered 2,927 freight cars with 72% to Indian Railways and 28% to private customers and export markets. Our steel foundries in Raipur and Belgharia had combined sales of 11,156 metric tonnes of castings and other railway components, marking a 3.5% increase YoY. As a market leader in the steel foundry segment, the growth in foundry reinforces the resilience of the Texmaco supply chain for critical railway components. In October 2024, Texmaco was recognized as a “Three Star Export House” under the Government of India’s Foreign Trade Policy, 2023. This certification strengthens our position as a contributor to India’s global trade policies. The rail freight industry is poised for significant growth in the upcoming years, with freight volumes by rail projected to increase from 27% to 45% by 2030, as outlined in the National Rail Plan Vision 2030. Our sector plays a crucial role in supporting the government to achieve its goal of 3,000 MT of freight loading whilst also creating valuable opportunities for Texmaco. As Indian Railways expands its fleet to meet these goals, we are wellpositioned to contribute with our advanced manufacturing capabilities and integrated solutions. Looking ahead, we remain focused on leveraging these government initiatives while also addressing growing demand from private customers and export markets. Our management team is ready to embrace the challenges ahead and is confident in its capabilities to convert them into opportunities for sustainable growth.”

Result PDF

Construction & Engineering company Texmaco Rail & Engineering declares Q3FY22 result:

  • The Gross Revenue for the 3rd quarter ended 31 st December 2021 stood at Rs. 479.72 Cr, EBIDTA at Rs. 45.13 Cr, Profit before Tax (PBT) at Rs. 10.71 Cr and after a provision of Rs. 9.13 Cr for Defened Tax Liability, a net profit at Rs. 1.58 Cr as against Gross Revenue of Rs. 463.01 Cr, EBIDTA ofRs.53.66 Cr, PBT ofRs. 17.87 Cr and net profit of Rs. 18.08 Cr respectively in the corresponding quarter of FY 20-21.
  • For the nine months ended 31st December, 2021 the Gross Revenue stood at Rs.1196.08 Cr, EBIDTA at Rs. 130.74 Cr, Profit before Tax (PBT) at Rs. 26.51 Cr and net profit ar Rs. 12.14 Cr as against Cross Revenue of Rs. 1100.99 Cr, EBIDTA of Rs. 85.82 Cr, Loss Before Tax of Rs. 20.52 Cr and net loss ofRs. 7.77 Cr respectively in the corresponding quarter of FY 20-21.
  • While the Company was coming out ofthe Covid related disruptions in the firsr 2 Quarters, due to a sudden surge of 3rd wave of Covid which seriously impacted the large part of the Country with positive rate on days going as high as >50%  and restrictions imposed by the State Govemment from time to time, intemittent disruptions in operational activities could not be avoided. The situation however is fast easing out and Govemment has eased the restrictions with lot of relaxations leading to expscted normal operations in Q4 ofthe financial year.
  • The Railway Budget as announced this year is promising with the Government's revised capital expenditure outlay of Rs 2.45 Lakh Cr for Railway infrastructure and development. The Govemrnent's plan to pdoritise the multi-modal connectivity between mass urban transport and Rail network, as part of "PM Gati Shakti" scheme would open new opportunities both in Railway manufacturing & service sectors. This would certainly boost the prospects ofthe Company, which is present in most ofthe Rail related segments.

 

 

Result PDF

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