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Not investment advice. Data and computed figures, for information only.

Titagarh Rail Systems Ltd

NSE: TITAGARH
₹748.50
−₹12.55 (−1.65%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹10,467 Cr
CMP
₹748.50
52-wk High / Low
₹971 / 569
P/E
53.9
P/B
4.3
Book Value
₹182.0
Div Yield
0.13%
ROCE
11.0%
ROE
6.8%
Face Value
₹2
D/E
0.25

Price−16.8% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 15 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
7
/ 9
7 of 9 F-score tests passed
Graham Number
₹193
√(22.5 × EPS × book value per share)
ROIC
5.8%
vs 12.3% sector median
Cash flow to profit
2.62
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+286
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
6.3%
ROE × earnings retention ratio
ROE stability
5.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII +0.20DII +2.92
Latest quarter vs the previous one
Cash-accrual divergence
−5.1%
of assets
Low = accruals track cash flow
Strengths
+FII holding rose by 4.8pp over the last year
+Piotroski F-Score of 7/9 is in the strong band (≥7)
Watch-outs
−Latest ROCE of 11% trails the sector median of 19%
−Borrowings are up 167.4% since FY2016 (233 to 623)
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 7.4pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales9119359551,0529031,0579021,006679799832875765
Expenses805821844935806932809987615725741783671
Operating Profit1061151111189712594186474919294
OPM %11.6%12.3%11.6%11.2%10.7%11.8%10.4%1.8%9.4%9.3%10.9%10.5%12.3%
Other Income471412121023−12811140147
Interest19201816131721221818181715
Depreciation777778681212131415
Profit before tax84951001089011189−1404557607571
Net Profit62717579678163−1243137455453
EPS (₹)5.175.555.565.864.985.994.66−9.092.292.743.354.013.90

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7619591,7141,2681,5591,7661,5211,4682,7803,8533,8683,1863,272
Expenses7219291,6051,3651,5501,6451,4401,3032,5293,4043,5332,8552,921
Operating Profit4030108−97912181165251449335331351
OPM %5.3%3.1%6.3%−7.6%0.6%6.9%5.3%11.2%9.0%11.7%8.7%10.4%10.7%
Other Income020242525−6025−613438−82−1534
Interest18173144658881578173737168
Depreciation26465251242930182227305154
Profit before tax−4−1350−167−56−57−629181386150194263
Net Profit−10−2027−147−23−36−19−112628687123188
EPS (₹)−0.33−1.692.33−12.43−2.47−2.96−1.26−0.0310.8921.256.549.1314.00

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital202323232323242424272727—
Reserves6699309448327937438178189402,1912,2682,429—
Borrowings125233372624896730847920353166627623—
Other Liabilities2461,4931,3561,210975775775903931832791960—
Total Liabilities1,0602,6782,6952,6892,6872,2722,4622,6642,2483,2163,7134,039—
Fixed Assets4169779339589358728719667327489921,274—
CWIP27131527360416112174122192—
Investments12182838729313032198225279—
Other Assets6161,6661,6651,6211,6301,3711,5181,6071,4722,0972,3742,295—
Total Assets1,0602,6782,6952,6892,6872,2722,4622,6642,2483,2163,7134,039—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity68102−154−177−121−12415468554186−97322
Cash from Investing Activity−34−25−5044−45−494−60−73−61−537−579−134
Cash from Financing Activity−17−69216111191214−22743−5367724372−52
Net Cash Flow18811−222540−7051−7146274−304137

Ratios

As of 31 Mar 2026
13 periods
Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %2.05.02.06.0−8.01.07.05.09.018.025.014.011.0
ROE %————————————6.8
EPS (₹)−0.89−0.33−1.692.33−12.43−2.47−2.96−1.26−0.0310.8921.256.549.13
Book Value (₹)————————————182.0
Face Value (₹)————————————2
P/E————————————53.9
Div Yield %————————————0.13
NPM %−1.6−1.3−2.01.6−11.4−1.5−2.1−1.2−0.14.57.42.33.9
OPM %1.05.03.26.0−8.00.67.05.011.09.012.09.010.0
D/E0.190.180.240.380.731.100.951.011.090.370.070.270.25
P/B————————————4.3

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+13.0%
5 years+16.0%
3 years+5.0%
TTM−10.0%
Compounded profit growth
10 years+27.0%
5 years+65.0%
3 years+7.0%
TTM+3.0%
Stock price CAGR
10 years+21.0%
5 years+51.0%
3 years+0.0%
Last year−14.0%
Return on equity
10 years4.0%
5 years9.0%
3 years10.0%
Last year7.0%

Shareholding pattern

As of 31 Mar 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters45.79%45.79%45.75%45.74%45.70%44.27%47.05%47.82%42.46%40.46%40.46%40.46%
FIIs4.18%4.18%4.75%3.14%2.06%3.43%4.85%6.07%17.27%11.63%10.67%10.87%
DIIs20.02%20.02%10.10%10.08%9.84%9.14%7.73%6.61%13.72%13.40%12.46%15.38%
Government0.00%0.00%0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public30.01%30.01%39.41%41.05%42.39%43.15%40.36%39.48%26.53%34.49%36.42%33.28%
No. of shareholders61,32361,32371,78472,40474,2711,19,1051,09,7731,07,8452,92,3955,87,4225,59,8605,24,155
Change since Jun 2023 (pp)
Promoters −5.33FIIs +6.69DIIs −4.64Public +3.27

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportShareholder Meeting / Postal Ballot-Outcome of AGMClosure of Trading WindowAnnouncement under Regulation 30 (LODR)-Press Release / Media Release
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Aug 2026PPTAug 2026RecordingJun 2026TranscriptJun 2026PPTJun 2026RecordingFeb 2026TranscriptFeb 2026PPTFeb 2026RecordingNov 2025TranscriptNov 2025PPTNov 2025RecordingAug 2025TranscriptAug 2025PPTAug 2025Recording

Corporate actions

As of 23 Sep 2026
23 Sep 2026DIVIDENDDividend - Re 1 Per Share—
8 Sep 2025DIVIDENDDividend - Re 1 Per Share—
20 Aug 2024DIVIDENDAnnual General Meeting/Dividend - Re 0.80 Per Share—
22 Sep 2023DIVIDENDAnnual General Meeting/Dividend - Re 0.50 Per Share—
11 Sep 2019DIVIDEND Annual General Meeting/Dividend - Rs 0.30 Per Share—
19 Sep 2018DIVIDEND Annual General Meeting/Dividend- Re 0.30 Per Share—
20 Jul 2017DIVIDEND Annual General Meeting/Dividend- Re 0.80 Per Share—
28 Mar 2016DIVIDEND Interim Dividend -Re 0.80/- Per Share (Purpose Revised)—
16 Sep 2015DIVIDENDAnnual General Meeting And Dividend Re.0.80 Per Share—
23 Apr 2015SPLITFace Value Split (Sub-Division) - From Rs 10/- Per Share To Rs 2/- Per Share10 : 2
4 Sep 2014DIVIDENDAnnual General Meeting / Dividend - Rs 4/- Per Share—
14 Aug 2013DIVIDENDAnnual General Meeting / Dividend - Rs 4/- Per Share—
6 Sep 2012DIVIDENDAnnual General Meeting And Dividend Rs.8/- Per Share—
21 Jul 2011DIVIDENDDividend-Rs.8/- Per Share—
18 Aug 2010DIVIDENDAnnual General Meeting And Dividend Rs.5/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman