Titagarh Rail Systems (TITAGARH) Q2 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue and profitability in Q2 FY25, with strong year-over-year and sequential growth in key financial metrics.

• Freight wagon production averaged 900 units/month, targeting 1,000/month by next quarter, supported by a robust order book.

• Passenger rail segment production ramping up, with Bangalore Metro deliveries starting this quarter and Ahmedabad Metro by Q1 FY26.

• Vande Bharat sleeper train project delayed due to configuration changes, with first delivery now expected by Dec 2025/Jan 2026.

• Maintains a net debt negative position and holds a robust order book across both company and JV operations.

Financial highlights

• Q2 FY25 standalone revenue from operations rose 12.99% YoY to ₹1,056.95 Cr; H1 FY25 revenue up 6.16% YoY to ₹1,960 Cr.

• Q2 FY25 EBITDA increased 12.45% YoY to ₹129.41 Cr; H1 FY25 EBITDA up 4.54% YoY to ₹231.24 Cr.

• Q2 FY25 PAT grew 20.07% YoY to ₹85.12 Cr; H1 FY25 PAT up 12.98% YoY to ₹156.43 Cr.

• EPS for Q2 FY25 at ₹6.32, up from ₹5.60 in Q2 FY24.

• Net debt-free position, with cash and bank deposits offsetting outstanding debt.

Outlook and guidance

• Confident of sustaining 1,000 wagons/month run rate, with healthy order pipeline for next several quarters.

• Passenger rail segment revenue contribution expected to grow from Q4 FY25 as metro and Vande Bharat projects ramp up.

• Full impact of PRS segment expected in FY26-27 as major projects stabilize.

• Ongoing capacity expansion and modernization to support future growth.

• Targeting stabilization of wagon production at 12,000 units per annum.