Titagarh Rail Systems (TITAGARH) Q4 24/25 earnings summary

Executive summary

• Achieved record wagon production of 9,431 units in FY 2025, with 12.41% year-over-year growth and highest-ever quarterly output in Q4, despite wheelset shortages.

• Foundry operations reached record output of 27,240 metric tons, with expansion underway to target 40,000 tons monthly in FY 2026.

• Launched new verticals in shipbuilding and safety/signaling systems, with strategic partnerships and facility expansion.

• Maintained net debt negative status and expanded manufacturing capacity and product portfolio.

• Audited standalone and consolidated financial results for FY 2024-25 were approved, with a qualified opinion from auditors due to uncertainty over investments in Firema.

Financial highlights

• FY25 standalone revenue was ₹3,885.82 crore, up 0.32% year-over-year; Q4 FY25 revenue declined 4.63% year-over-year but rose 11.25% sequentially.

• FY25 EBITDA at ₹438.95 crore, down 2.87% year-over-year; PAT at ₹303.43 crore, up 2.20% year-over-year; EPS at ₹22.53.

• Consolidated revenue for FY25 was ₹3,867.75 crore, with net profit at ₹274.92 crore, and EPS at ₹20.42.

• FY25 EBITDA margin at 11.35%, PAT margin at 7.85%; Q4 FY25 EBITDA margin at 10.72%, PAT margin at 7.78%.

• Maintained net debt negative position.

Outlook and guidance

• Wheelset supply expected to normalize from June, supporting production ramp-up.

• Anticipates revenue uptick as production and deliveries ramp up for Surat, Ahmedabad, and Vande Bharat projects.

• Expanding passenger coach capacity to 1,200 units per year by FY28 and increasing traction motor and converter output.

• FY 2026 and FY 2027 described as transformative years, with full-scale PRS and Vande Bharat/Metro production expected.

• Management is actively monitoring Firema investment risks and working with Italian authorities for resolution.