Synopsis:
Titagarh Rail Systems won a Rs. 1,598 crore Mumbai Metro Line 6 order for designing, supplying, and maintaining rolling stock, including seven years of maintenance.
A leading player in the railway manufacturing and infrastructure sector, known for delivering advanced transit solutions, has secured a significant development in urban mobility. This news highlights a major boost as they receive an order worth Rs. 1,598 crore for Mumbai Metro rolling stock, signalling further expansion and momentum in urban transit projects.
Titagarh Rail Systems Limited’s stock, with a market capitalisation of Rs. 11,447 crores, rose to Rs. 861.85, hitting a high of up to 3.07 percent from its previous closing price of Rs. 836.20. However, the stock over the past year has given a negative return of 40 percent.
Order Details
The company received a contract from NCC Limited to design, manufacture, supply, install, and commission rolling stock (trains) for the Mumbai Metro Line 6 project (Swami Samarth Nagar to Vikhroli), awarded by the Mumbai Metropolitan Region Development Authority (MMRDA). This contract also includes maintenance services for 5 years, along with an initial 2-year defect liability maintenance period once the main work is completed.
The contract is domestic, with an execution period of 104 weeks for the main design and build phase. After the initial maintenance period, comprehensive maintenance will continue for 5 more years. The total contract value is approximately Rs. 1,598.55 crores.
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Order Book
As of March 2025, Titagarh Rail Systems has a strong order book, having received over Rs. 1,200 crore worth of new orders in FY25 across different business segments. This includes around Rs. 900 crore in orders for freight rolling stock and Rs. 303 crore for propulsion systems. The order book now covers approximately 11,500 wagons and 1,583 Metro and Vande Bharat coaches.
The company’s own order book stands at about Rs. 11,200 crore, split between Freight Rolling Stock (38%) and Passenger Rolling Stock (62%). Additionally, the company’s joint ventures have an order book of Rs. 13,326 crore, with shares divided between Vande Bharat with BHEL (53%) and Wheelsets with Ramakrishna Forgings Ltd. (47%).
Q4 Financial Update
In Q4FY25, the company reported revenue of Rs. 1,006 crore, reflecting a 11.5 percent quarter-on-quarter (QoQ) growth from Rs. 902 crore in Q3FY25, though showing a 4 percent year-on-year (YoY) decline from Rs. 1,052 crore in Q4FY24. Over the past three years, revenue has grown at a robust CAGR of 38 percent, underscoring strong long-term momentum despite the recent YoY dip.
Net profit for Q4FY25 stood at Rs. 64 crore, marginally higher than Rs. 63 crore in Q3FY25 (up 1.6 percent QoQ) but significantly lower than Rs. 79 crore in Q4FY24, posting a 19 percent YoY decline. Despite this short-term volatility, the company has achieved a remarkable 3-year net profit CAGR of 881 percent and a 3-year ROE CAGR of 14 percent, highlighting substantial improvements in profitability and return metrics over the longer term.
Written By Fazal Ul Vahab C H
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