Titagarh Rail Systems confirms no new encumbrance on promoter shares in FY26

Titagarh Rail Systems Limited has confirmed that no new encumbrance was created on the shares held by its promoter and promoter group during the financial year ended March 31, 2026. The disclosure, submitted to the stock exchanges, indicates that the promoter group has maintained its shareholding status without additional pledging. A previously disclosed encumbrance on shares held by a specific group member remains active as of the end of the fiscal year.

The company stated that the only continuing encumbrance pertains to Vinita Bajoria, a member of the promoter group. The disclosure confirms that this specific pledge continues to subsist as on March 31, 2026. This filing was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The table below details the specific encumbrance that continues to subsist:

Sl. No.	Name of the Promoter	No. of Shares
1.	Vinita Bajoria	32,000

The total shareholding of the promoter and promoter group as of March 31, 2026, aggregates to 5,44,86,861 shares. This represents 40.46% of the total paid-up share capital of the company. Titagarh Capital Management Services Private Limited holds the largest stake within the promoter group at 2,40,71,588 shares, accounting for 17.87% of the company.

The detailed shareholding pattern of the promoter and promoter group is outlined below:

Sl. No.	Name of Promoters	Entity type	No. of Shares	% of Shareholding
1	Rashmi Chowdhary	Promoter Group	1,01,22,630	7.52
2	Umesh Chowdhary	Promoter	77,530	0.06
3	Jagdish Prasad Chowdhary	Promoter	70,700	0.05
4	Vinita Bajoria	Promoter Group	32,051	0.02
5	Bimla Devi Kajaria	Promoter Group	2,000	0.00
6	Gaurav Kajaria	Promoter Group	0	0.00
7	Savitri Devi Chowdhary	Promoter	0	0.00
8	Sumita Kandoi	Promoter Group	0	0.00
9	Prithish Chowdhary	Promoter Group	0	0.00
10	Chowdhary Foundation Trust	Promoter	1,82,01,875	13.52
11	Titagarh Capital Management Services Private Limited	Promoter	2,40,71,588	17.87
12	Titagarh Logistics Infrastructures Private Limited	Promoter Group	19,08,487	1.42
13	Prithish Chowdhary Family Trust	Promoter Group	0	0.00
	Total		54486861	40.46

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-3.02%	-1.10%	+8.90%	+6.24%	-9.91%	+1,404.31%

Titagarh Rail Systems Limited has released the transcript of its Q4 & FY26 Earnings Conference Call held on June 1, 2026. The disclosure was made pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transcript is now accessible on the company's official website, following the earlier intimation regarding the scheduling of the call.

Transcript Availability

The transcript for the earnings conference call with analysts and investors is available online. The call was conducted to discuss the Audited Standalone and Consolidated Financial Results for the quarter and year ended March 31, 2026.

Parameter	Details
Event	Q4 & FY26 Earnings Conference Call
Date of Call	June 1, 2026
Time	5:00 PM IST
Transcript Link	https://www.titagarh.in/storage/report/actual/earnings-concall-transcript-q4-&-fy26.pdf

Management Guidance

During the concall, management shared detailed guidance across key business segments. The following table summarises the key guidance points disclosed:

Segment / Area	Guidance
Passenger Rail Systems – Margin	Long-term margin guidance remains around 12%, with potential for enhancement through backward integration and volume growth
Freight Business – Margin	Expected to remain stable at approximately 12% on a steady-state basis, subject to mix of orders and commodity prices
Wheelset Joint Venture	Production expected to start in June (current quarter); ramp-up plan to fully achieve 80,000 wheels per annum contract with railways over 20 years
Freight Rail Segment – Demand	Run rate anticipated to be higher than last year, supported by sustained healthy demand for wagons driven by India's economic growth and railway network expansion
Passenger Rail System – Volume	Targeting 200 cars in FY27, up significantly from 63 cars in FY26

Passenger Rail Systems

Management guided that the long-term margin for the passenger rail systems segment remains around 12%, with scope for improvement through backward integration initiatives and volume-led operating leverage. The segment is expected to scale up significantly, with the company targeting delivery of 200 cars in FY27 compared to 63 cars in FY26.

Freight Rail Segment

For the freight business, management indicated that margins are expected to remain stable at approximately 12% on a steady-state basis, with variability subject to order mix and commodity price movements. Management also anticipates the freight rail run rate to be higher than the previous year, underpinned by sustained healthy demand for wagons driven by India's economic growth and ongoing railway network expansion.

Wheelset Joint Venture

The wheelset joint venture is expected to commence production in June, during the current quarter. The ramp-up plan is designed to fully achieve an 80,000 wheels per annum contract with the railways, structured over a period of 20 years.