Titagarh Rail Systems Ltd and Texmaco Rail & Engineering Ltd are two prominent players in India’s wagon manufacturing sector, which caters to the country’s vast railway transportation needs. Both companies have a significant presence in the production of freight wagons, coaches, and other railway equipment.
The rivalry between the two companies reflects the growing demand for modernised and efficient transportation systems in India. In this article, let’s explore who dominates the wagon market: Titagarh Rail Systems Ltd or Texmaco Rail & Engineering Ltd?
Titagarh Rail Systems Ltd
Titagarh Rail Systems Ltd (TRSL) is a leading Indian railway rolling stock manufacturer that produces both freight and passenger coaches for national and metro railways. Headquartered in Kolkata, the company has a large market share in wagon manufacturing and is the only private Indian company to produce both freight and passenger coaches.
TRSL also has a shipbuilding division and a presence in the defence and bridges sectors, and is actively involved in national initiatives like “Make in India” and the manufacturing of components for India’s high-speed trains, including the Vande Bharat sleeper train.
The company operates with a strong manufacturing base, consisting of four facilities. The company is the only Indian entity manufacturing both wagons and coaches, holding around 25% market share in wagon manufacturing. TRSL boasts an impressive annual production capacity of 12,000 wagons and 300 coaches. With a substantial order book size of approximately Rs. 15,077 crore, including Rs. 13,326 crore from joint ventures, TRSL maintains a net debt-negative position.
Orderbook Split
As of September 30, 2025, Titagarh Rail Systems Limited (TRSL) has a total order book size of approximately Rs. 15,077 crore. Of this, approximately Rs. 10,955 crore is from passenger rolling stock, while around Rs. 3,629 crore is from freight rolling stock, and Rs. 493 crore is from shipbuilding. Along with it, during the quarter, the company has received new orders worth Rs. 2,700 crores in both its business segments.
In the joint venture segment, the company’s share stands at Rs. 13,326 crore, with Rs. 6,300 crore from the Vande Bharat project with BHEL and Rs. 7,026 crore from the Wheelsets partnership with Ramakrishna Forgings.
Financials & Others
The company’s revenue declined by 24.40 percent from Rs. 1,057 crore in September 2024 to Rs. 799 crore in September 2025. Meanwhile, the Net profit declined from Rs. 81 crore to Rs. 37 crore during the same period.
The company has shown solid financial performance, with a Return on Capital Employed (ROCE) of 16.6% and a decent Return on Equity (ROE) of 11.8%. Its PEG ratio is very low at 0.07, indicating the stock is potentially undervalued. With a low debt-to-equity ratio of 0.25, the company is financially stable. Additionally, it has delivered impressive profit growth with a 57% compound annual growth rate (CAGR) over the last five years.
Texmaco Rail & Engineering Ltd
Texmaco Rail & Engineering Ltd. is an Indian company specializing in engineering and infrastructure, with a strong focus on the railway sector. It is the flagship company of the Adventz Group.
The company manufactures a wide range of products, including railway wagons, coaches, and components, as well as steel castings, and is involved in engineering, procurement, and construction (EPC) projects for railway bridges and electrification.
As of September 30, 2025, the total order book stands at Rs. 6,367 crore. Additionally, the wagon order book comprises approximately 6,500 units as of October 1, 2025. This strong order backlog reflects healthy demand and robust visibility for future growth.
The company has a capacity to produce 15,000–16,000 wagons annually and has reached a run-rate ability of nearly 1,000 wagons per month. With a market share exceeding 30%, it holds the position of the largest wagon producer in the industry, commanding a 31% share.
Moving forward, the focus is shifting from sheer volume to improving efficiency and optimising the product mix, with growth being defined by operational efficiency rather than just the number of wagons produced.
Management Guidance
The company is confident that wagon deliveries in the second half (H2) of the year will be “definitely no less than” the deliveries in Q2, with expectations for growth from that point onward. Regarding quarterly revenue, the outlook remains positive: while growth percentages may not be as high due to a strong base, the company anticipates continued upward momentum.
In terms of the order pipeline, a new railway wagon tender is expected to be released “at least within the last quarter” of FY26, with ongoing demand coming from private and export markets.
Financials & Others
The company’s revenue declined by 6.52 percent from Rs. 1,346 crore in September 2024 to Rs. 1,258 crore in September 2025. Meanwhile, the Net profit declined from Rs. 74 crore to Rs. 64 crore during the same period.
The company has a solid financial profile with a Return on Capital Employed (ROCE) of 16.6% and a decent Return on Equity (ROE) of 11.8%. It also has a very low PEG ratio of 0.07, indicating potential for future growth. The debt-to-equity ratio is low at 0.25, suggesting low financial risk. The company has posted an impressive profit growth of 57% CAGR over the last 5 years.
Conclusion
Texmaco Rail & Engineering Ltd is the dominant player in the Indian wagon manufacturing market, commanding over 30% of the market share and boasting an annual production capacity of 15,000–16,000 wagons, making it the largest producer in the sector. With a strong monthly production rate of 1,000 wagons, Texmaco solidifies its leadership position.
In comparison, Titagarh Rail Systems Ltd (TRSL) holds a significant 25% market share and has a robust order book worth Rs. 15,077 crore, but its production capacity of 12,000 wagons annually lags behind Texmaco’s scale. Despite this, TRSL’s large order book indicates strong future growth prospects. However, Texmaco’s larger market share, higher production capacity, and stronger run-rate give it a clear edge in maintaining its dominance in the market.
Written by Sridhar J
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