Titagarh Rail Systems Q2 FY27: Record PRS Revenue, JV with BHEL, Siemens MoU
Titagarh Rail Systems reported a record Q2 FY27 PRS revenue of ₹300 crore, up 146% YoY, with 51 metro cars invoiced. Key events include a JV with BHEL for Vande Bharat maintenance (₹7,000 crore JV order book share) and an MoU with Siemens for international metro opportunities. The total order book stands at ~₹28,695 crore.
The record revenue, new strategic JVs and MoUs, and substantial order book position are material developments that are likely to have a significant impact on the company's future performance and market position.
The announcement highlights record revenue, significant year-on-year growth in key segments, and strategic partnerships, indicating positive business momentum.
Titagarh Rail Systems Limited (TRSL) announced its financial and operational results for the second quarter and first half of FY27, ending September 30, 2026. The company reported a record Passenger Rail Systems (PRS) revenue of ₹300 crore for the quarter, marking a significant year-on-year increase of 146% and a 31% increase quarter-on-quarter. This performance was driven by the invoicing of 51 metro cars, a substantial 325% YoY and 70% QoQ growth. The PRS segment now contributes 39% to the company's revenue, with an EBIT margin of 16.75%.
Key strategic milestones achieved during the quarter include the signing of a Joint Venture (JV) Agreement with BHEL on September 15, 2026. This 50:50 JV will focus on the comprehensive maintenance of 80 Vande Bharat sleeper trainsets for 35 years, with an estimated TRSL share of the JV order book at ₹7,000 crore. Additionally, TRSL signed a non-binding Memorandum of Understanding (MoU) with Siemens to explore international metro rolling stock opportunities, aiming to strengthen local manufacturing in India.
The company also established a new design centre in Lucknow, enhancing its in-house design capabilities. The Vande Bharat sleeper prototype train is on track for testing by Q4 FY27, with production ramp-up planned for subsequent years. The total order book, including JV share, stands at approximately ₹28,695 crore, with the standalone order book (including wholly-owned subsidiaries) at ₹15,369 crore as of September 30, 2026.
Financially, TRSL reported consolidated revenue of ₹799 crore for Q2 FY27 and profit after tax of ₹82 crore. The standalone revenue was ₹773 crore with a profit after tax of ₹73 crore. The company continues to strengthen its position in the rail mobility sector, aiming to become a full-spectrum provider.
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