Slides
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INVESTOR PRESENTATION Q3 & 9M FY26
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Safe Harbor 2 This presentation and the accompanying slides (the “Presentation”), which have been prepared by Titagarh Rail Systems Limited (TRSL, the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.
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Pioneering Innovation & Precision Engineering for Unparalleled Rail Systems 3 Titagarh Rail Systems Limited: About the Company 01 Railway Budget 2026–27 02 Q3 & 9M FY26 Operational & Business Update 03 Business Segments 06 Major Updates 05 Strong Order Book Position 04
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About the Company
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Titagarh Rail Systems Limited: An Overview 5 Year of Establishment 1997 Manufacturing Facilities 4 Wagons per year12,000 Coaches per year300 Manufacturing both wagons & coaches Only Indian Company Market share in Wagon Manufacturing ~25% Cr- Company ~14,455 Cr- Share from JV~13,300 TRSL continues to be a Net Debt negative company Order Book Size Manufacturing Capacity
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Titagarh Wagons to Titagarh Rail Systems 6 1997 Wagon Manufacturing 2015 Acquisition of Firema SpA, Italy, - Passenger Rail Systems Capability 2019 Pune Metro – First & Only Aluminium Bodied Metro Coaches in India 2024 Design Centers in Kolkata, Hyderabad & Bengaluru Automated Manufacturing Process 2007 EMU/MEMU for Indian Railways 2023 Surat & Ahmedabad Metro (steel body) based on own capabilities 2023 Vande Bharat Sleeper train Design, Manufacturing & 35 Years of AMC 2022 Bangalore Metro (Steel bodied coaches) in collaboration with CRRC. 2025 LOA received for Mumbai Metro Line 5 and Line 6 (via NCC) for stainless-steel metro coaches
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Manufacturing Facilities & Engineering Center 7 1 2 3 4 Kolkata (India) Titagarh Rail Systems Limited Passenger Rail Systems Unit Kolkata (India) Titagarh Rail Systems Limited Freight Rail Systems Unit Titagarh Rail Systems Limited Steel Casting Unit (FRS) Bharatpur (India) Titagarh Rail Systems Ltd. (Bharatpur Unit) Hyderabad (India) Titagarh Firema Engineering Services Pvt. Ltd. 5 6 Bangalore (India) Titagarh Rail Systems Limited Engineering Centre Chennai (India) Ramkrishna Titagarh Rail Wheels Ltd (JV with Ramkrishna Forgings Ltd.) 1 2 3 4 5 6 FRS Manufacturing facility PRS Manufacturing facility Engineering Centre Wheel Manufacturing Facility
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Railway Budget 2026–27: Key Highlights & Strategic Alignment with TRSL
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Union Budget 2026–27: Record Capital Outlay & Rail Modernisation 9 Railway development has received a major boost under the Union Budget 2026–27, with record state allocations aimed at strengthening connectivity, enhancing passenger safety, modernising infrastructure, and expanding freight networks. This sustained investment positions railways as a key driver of economic growth and logistics efficiency nationwide. With a record capital outlay of ₹2.78 lakh crores, the Ministry of Railways has firmly positioned rail investment as a catalyst for regional integration, passenger convenience, and economic opportunity, aligned with priorities such as high-speed connectivity, multi-modal mobility, electrification, and secure logistics. Key Highlights: ➢ High-Speed Rail Corridors: ▪ Delhi–Varanasi: 3h 50m ▪ Varanasi–Siliguri (via Patna): 2h 55m ▪ Chennai–Bengaluru: 1h 13m ▪ Mumbai–Pune: 48m ▪ Bengaluru–Hyderabad: ~2h ▪ Chennai–Hyderabad: ~2h 55m ▪ Pune–Hyderabad: ~1h 55m ➢ Regional Expansion: ▪ Himalayan connectivity: Rishikesh–Karnaprayag, Uri extensions ▪ 40-km underground corridor linking Northeast to rest of India ▪ 100% electrification in Punjab, Haryana, Himachal Pradesh ➢ Freight Efficiency: • East–West Dedicated Freight Corridor: Dankuni (WB) to Surat (GJ) • Target: 3,000 million tonnes freight loading with modern locomotives & signaling State Avg. Budget 2009–14 Avg. Budget 2026–27 Growth Multiple Maharashtra ₹1,171 cr ₹23,926 cr 20x Gujarat ₹589 cr ₹17,366 cr 29x Uttar Pradesh ₹1,109 cr ₹20,012 cr 18x Bihar ₹1,132 cr ₹10,379 cr 9x West Bengal ₹4,380 cr ₹14,205 cr 3x Karnataka ₹835 cr ₹7,748 cr 9x Select states with highest allocations (Majority of states getting benefitted with higher allocations) 1.3 2.0 2.4 2.5 2.5 2.8 FY 22 FY 23 FY 24 FY 25 FY 26 FY 27 Capital Outlay (Lakh Crores) Freight Rail Systems Source: Ministry of Railways PIB
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Strategic Growth Levers for Titagarh Rail Systems 10 Rolling Stock Demand Surge • Supply of high-speed passenger coaches, EMUs, and metro cars across new corridors (Delhi–Varanasi, Chennai–Bengaluru, Mumbai–Pune, etc.) • Demand for comfort-enhanced, safety-compliant rolling stock for intercity and regional routes, with scope for lightweight, energy-efficient designs suited to high-speed operations Freight Growth & Wagon Demand • Dedicated Freight Corridors (East–West: Dankuni–Surat) driving demand for high-capacity, specialized wagons • Advanced signaling and track interface components aligned with 3,000 MT freight target Electrification & Locomotive Systems • 100% electrification in key states (Punjab, Haryana, Himachal Pradesh) opens scope for EMUs and electric locomotive components • Demand for propulsion systems, traction motors, and regenerative braking technologies Station Modernisation & Passenger Amenities • Amrit Bharat Station Scheme driving upgrades in design, accessibility, and passenger experience • Scope for Titagarh to contribute modular station infrastructure, smart kiosks, and digital signage systems Specialized Terrain Solutions • Rolling stock for Himalayan and NE projects (Rishikesh–Karnaprayag, Uri extensions) requiring all-weather, tunnel-grade, and steep-gradient adaptability • Scope for narrow-gauge, hybrid propulsion, and reinforced bogie systems • Strategic alignment with government’s push for pilgrim and remote area connectivity Multi-Modal Integration & Urban Mobility • Budget’s emphasis on multi-modal logistics opens scope for Titagarh’s metro systems • Integration with urban transport networks in Tier 1 and Tier 2 cities Export & Global Benchmarking Potential • Alignment with global high-speed and freight standards positions Titagarh for export opportunities • Leverage India’s rail modernization as a platform for international growth Source: Ministry of Railways PIB
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Q3 & 9M FY26 Operational & Business Update
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Strong Order Book Position 12 Sr. No. Business Unit Contribution to Orderbook (Amount) Contribution to Orderbook (%) 1 Freight Rail Systems ~3,126 Crores 22.40% 2 Passenger Rail Systems ~10,791 Crores 77.33% 3 Defence and Bridges BU ~38 Crores 0.27% A TOTAL ~13,955 Crores 100% 4 Shipbuilding and Maritime Systems (Through Titagarh Naval Systems Limited, wholly owned subsidiary) ~500 Crores B TRSL Orderbook ~14,455 Crores 5 Forged Wheel manufacturing JV with RKFL ~6,300 Crores 6 Vande Bharat AMC JV with BHEL ~7,000 Crores C TRSL’s Orderbook Share in JVs ~13,300 Crores D Total (A+B+C) ~27,755 Crores
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Passenger Rail Segment – the Growth Engine 13 The Passenger Rail Systems (PRS) segment represents the future growth engine of Titagarh Rail Systems Limited. With a dominant contribution to the current order book (~77%), PRS clearly reflects the Company’s strategic significant tectonic shift from a predominantly freight rolling stock portfolio to a passenger rolling stock–led business model aligning with the evolving priorities of Indian Railways. Indian Railways is strongly focused on modernization, capacity augmentation, safety enhancement, and passenger experience improvement. Key initiatives such as Vande Bharat trains, station redevelopment, semi-high-speed corridors are driving sustained demand in the PRS. Given the Government’s continued capital expenditure push on rail infrastructure and indigenous manufacturing, PRS is expected to remain the primary growth catalyst for the Company over the medium to long term. The strong order book position of ~77%, in this segment provides revenue visibility, execution momentum, and strategic positioning in India’s railway modernization journey. PRS Segment achieved highest ever turnover in the current quarter which grew by ~237% in terms of revenue and ~364% in terms of segment profit on a Y-o-Y basis.
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Key Financial Highlights 14 • Revenue for Operation for Q3 FY26 stood at Rs. 822.72 Crores, up 4.36 % Q-o-Q • EBITDA for Q3 FY26 at Rs. 99.02 Crores, up by 11.62% Q-o-Q • EBITDA Margin for Q3 FY26 12.04% as compared to 11.25% in Q2 FY26 • PAT for Q3 FY26 at Rs. 55.72 Crores, up by 17.83% Q-o-Q • PRS revenue increased by ~237%, (Y-o-Y comparison i.e. Q3 FY26 vs Q3 FY25 and ~36% in compared to Q2 FY26)
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Major Updates 15 • Pursuant to approval of the Board of Directors accorded on 31st December, 2025, shipbuilding & maritime systems (“SMS”) business of the Company has been transferred to Titagarh Naval Systems Limited as a going concern on a slump sale basis through execution of a Business Transfer Agreement (“BTA”) at a total consideration of Rs. 114.88 crore which shall be discharged by TNSL by issue of shares/securities, as contained in the BTA, effective from January 01, 2026, with a view to focus on the core business. • The Company has received approval from the Ministry of Railways, Government of India, through the Railway Board, for registration as a Wagon Leasing Company (WLC) under the Wagon Leasing Scheme (WLS) of Indian Railways on 10th February 2026. Pursuant to the said approval, the Company is eligible to own railway wagons and offer such wagons on lease for operations on the Indian Railways network. The grant of Wagon Leasing Company registration represents a significant strategic development for the Company and marks its entry into the wagon leasing segment. • The Company has entered into an agreement with ABB to develop TCMS for 25 kV Driverless metro and transfer of manufacturing of Converters and Traction Motors under the Make in India policy of the Government of India. This milestone agreement marks a big step for Titagarh’s commitment towards Make in India and Atmanirbhar Bharat initiatives. The Company had already acquired the Technology for Train Control and Management System (TCMS) for the 750 V metro systems vide the agreement signed with ABB in 2023, and the current agreement will enable the Company to complete its portfolio for TCMS for both the traction systems under which Indian metro systems operate. • TRSL has successfully developed the Propulsion System for EMU trains for supply to ICF, Chennai. The final testing and validation, i.e., the Combined System Test (CST) of the Propulsion System, has been approved by RDSO on 30 January 2026
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Key Milestone 16 Milestone moments from the launch of Titagarh’s first indigenously built stainless steel driverless “Made in India” trainset for Ahmedabad at its Uttarpara facility. Unveiled in the presence of Shri Bhupendrabhai Patel, Hon’ble Chief Minister of Gujarat, and Mr. Umesh Chowdhary, Vice Chairman & Managing Director, marking a major step in India’s self-reliant rail manufacturing journey.
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Opportunity in Pipeline – Metro Projects 17 • Major ongoing metro projects sanctioned by the Government • Mumbai Line 7A & 11 • Chennai Metro Phase 2 • Patna Metro • Bangalore Metro • Nagpur Metro Phase 2 • Thane Metro • Pune Metro Phase 2 • Kochi Metro Extension • Jaipur Metro Phase 2 • Bhopal Metro Phase 2 • Indore Metro Phase 2 • Namo Bharat RRTS • Delhi Metro Golden Line, Phase IV Extension and Phase VA Extension • Gurugram Metro • Vishakhapatnam Metro • Vijaywada Metro • Currently, 23 cities in the country have operational metro/rapid transit systems with a target to reach 50 cities in the next few years. The Company is progressing in line with its strategic plan and augmenting its production capacity to meet the robust demand for metro rolling stock.
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Opportunity in Pipeline – MRVC Tender 18 Indian Railways Tender – 2,856 Vande Metro Cars (MUTP-III & 3A) Mumbai Railway Vikas Corporation Ltd. (MRVC), under Indian Railways, has floated a landmark tender for: “Procurement-cum-Maintenance of 2,856 Cars in configuration of 12/15/18-Car Air-Conditioned Vande Metro (Suburban) Broad Gauge Rakes, with comprehensive maintenance for 35 years, including setting up of two new maintenance depots under MUTP-III and MUTP-3A.” Key Highlights of the Project Total Cars: 2,856 Train Configuration: 12/15/18-car AC Vande Metro suburban rakes (Stainless Steel) Maintenance Period: 35 years Infrastructure Scope: Setting up of two new maintenance depots Project Location: Mumbai suburban network Tendering Authority: MRVC The project will be awarded either to one bidder or to two bidders (L1 and L2) in ratio of 60:40. Delivery Timelines: Prototypes within 2 years and balance over a period of 6-7 years. The current deadline for bid submission is 16th April, 2026. TRSL is proactively strengthening its operational and technical capabilities to support the execution of such large-scale projects. with a target to reach 50 cities in the next few years.
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Update on Rail Wheel Project 19 • Titagarh Rail Systems & Ramkrishna Forgings Consortium received an LOA for Manufacturing and Supplying of Forged Wheels for the Indian Railways. • The Company holds 49 % stake in the Joint Venture. • The JV will establish Asia’s 2nd largest manufacturing plant in India to produce 228,000 forged wheels per annum. • The total project cost is estimated at ₹2,000 crores, which is being funded through a mix of debt and equity. • As on December 31, 2025, a total of ₹455 crores equity has been infused in the JV. • Project at Chennai, Tamil Nadu and construction work at site is progressing as per schedule. • Trial run production is expected to begin by March, 2026
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Q3 & 9M FY26 Standalone Profit & Loss Statement 20 Particulars (in INR Crs) Q3 FY26 Q3 FY25 Y-o-Y Q2 FY26 Q-o-Q 9M FY26 9M FY25 Y-o-Y Revenue from Operations 822.72 871.73 -5.62% 788.32 4.36% 2285.04 2748.94 -16.88% Cost of Materials Consumed 635.11 675.10 -5.92% 559.47 13.52% 1694.20 2100.96 -19.36% Changes in Inventories of Finished Goods and WIP -35.62 -10.61 24.57 -29.41 -12.66 Employee Benefits Expense 27.74 20.05 23.56 75.31 53.73 Other Expenses 96.47 87.44 92.01 280.11 270.84 EBITDA 99.02 99.75 -0.73% 88.71 11.62% 264.83 336.07 -21.20% EBITDA % 12.04% 11.44% 11.25% 11.59% 12.23% Other Income 10.71 22.48 14.45 36.80 45.49 Depreciation and Amortisation Expense 12.19 6.44 12.22 36.12 20.86 EBIT 97.54 115.79 -15.76% 90.94 7.26% 265.51 360.70 -26.39% Finance Costs 17.49 21.10 18.27 53.59 51.09 PBT 80.05 94.69 -15.46% 72.67 10.16% 211.92 309.61 -31.55% PBT % 9.73% 10.86% 9.22% 9.27% 11.26% Total Tax Expense 17.79 26.56 20.82 52.95 79.20 Profit after tax for the period from continuing operation 62.26 68.13 -8.62% 51.85 20.08% 158.97 230.41 -31.01% Profit after tax for the period from discontinuing operation -6.54 0.34 -4.56 -13.21 -5.50 PAT 55.72 68.47 47.29 145.76 224.91 PAT % 7.57% 7.82% 6.58% 6.96% 8.38% EPS 4.13 5.09 3.51 10.82 16.70
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Q3 & 9M FY26 Segmental Performance 21 Particulars Q3 y-o-y Q2 q-o-q 9M y-o-y FY26 FY25 Growth (%) FY26 Growth (%) FY26 FY25 Growth (%) Revenue 822.72 871.73 -5.62% 788.32 4.36% 2285.04 2748.94 -16.88% EBITDA 99.02 99.75 -0.73% 88.71 11.83% 264.83 336.07 -21.20% Margin (%) 12.04% 11.44% 11.25% 11.59% 12.23% Profit Before Tax (PBT) 80.05 94.69 -15.46% 72.67 10.16% 211.92 309.61 -31.55% Margin (%) 9.73% 10.86% 9.22% 9.27% 11.26% Segmental Performance Freight Rolling Stock Revenue 656.36 822.34 -20.18% 666.11 -1.46% 1919.04 2581.77 -25.67% PBIT 82.26 101.38 -18.86% 77.90 5.60% 229.36 335.12 -31.56% Margin (%) 12.53% 12.33% 11.69% 11.95% 12.98% Passenger Rolling Stock Revenue 166.36 49.39 236.83% 122.21 36.13% 366.00 167.17 118.94% PBIT 21.60 4.66 363.52% 13.98 54.51% 44.32 11.90 272.44% Margin (%) 12.98% 9.44% 11.44% 12.11% 7.12% Nos. in Rs. Cr. unless otherwise mentioned
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22 Q3 & 9M FY26 – Quantitative Summary 2,233 1,872 1,770 Q3 FY25 Q2 FY26 Q3 FY26 Freight Rail Systems Passenger Rail Systems 6,976 5,270 9M FY25 9M FY26 197 234 94 3 Q3 FY25 12 Q2 FY26 18 Q3 FY26 Wagons sold during the period Dispatch of Metro Coaches Sale of Traction Motors 460 628 39 6 9M FY25 9M FY26
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23 Additional information is available in the Strategic Plan and Business Outlook presentation uploaded on the exchange. Access the full presentation: Click Here
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Thank You www.titagarh.inwww.titagarh.in Name: Mr. Aditya Purohit Email: Website: www.titagarh.in Company : parth.patel@in.mpms.mufg.com prachi.ambre@in.mpms.mufg.com Click Here https://in.mpms.mufg.com/ Name: Parth Patel / Prachi Ambre Email: parth.patel@in.mpms.mufg.com prachi.ambre@in.mpms.mufg.com For Meeting request - Click Here Website: https://in.mpms.mufg.com/ Investor Relations Advisors : MUFG Intime India Private Limited aditya.purohit@titagarh.in