Titagarh Rail Systems has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, to the stock exchanges. The filing includes a reasonable assurance certificate issued by Grant Thornton Bharat LLP, covering core sustainability attributes such as energy, water, and greenhouse gas emissions.

The company reported a turnover of ₹3,143.58 crore and a net worth of ₹2,482.97 crore for FY26. The report highlights that the entity operates four plants and ten offices nationally, with no international operations. Its business activities are dominated by Freight Rail Systems, which contributed 82.84% of the total turnover, while Passenger Rail Systems accounted for the remaining 17.16%.

Environmental Performance

The assurance scope covered specific manufacturing units at Uttarpara, Bharatpur, and Titagarh. For these facilities, the company reported total energy consumption of 132,844.74 GJ, with renewable sources contributing 1,720.38 GJ. Total water withdrawal stood at 101,675.91 kilolitres, primarily from groundwater (84,132.50 kilolitres) and surface water (17,543.5 kilolitres). The company stated it has implemented measures towards Zero Liquid Discharge, including water recycling reservoirs and reuse of RO reject water.

Greenhouse gas emissions for the reporting boundary were disclosed as follows:

Social and Governance Metrics

Titagarh employed 1,177 permanent employees and engaged 5,670 workers as of March 2026. Female representation among permanent employees was 6.97%, while female workers constituted just 0.79% of the total workforce. The company reported zero fatalities and zero Lost Time Injury Frequency Rate (LTIFR) for employees in FY26.

On the governance front, the company noted that related-party purchases constituted 0.46% of total purchases in FY26, up from 0.006% in the previous year. Investments in related parties rose significantly to 100% of total investments made, compared to 0.498% in FY25. The board comprises 11 directors, including two women, representing 18.18% of the total membership.

What the Numbers Show

A notable shift in capital allocation is visible in the related-party investment data. While operational purchases from related parties remain minimal at less than 1%, the company directed 100% of its new investments toward related entities in FY26. This marks a stark contrast to FY25, where related-party investments represented less than 0.5% of the total, suggesting a strategic consolidation or expansion within its group structure rather than external diversification during the period.

Titagarh Rail Systems has mutually agreed to discontinue its joint venture with Mermec in TMPL, a non-operational entity. The decision marks the formal conclusion of the dormant partnership.

Joint venture dissolution

The company and Mermec have reached a mutual agreement to dissolve their joint venture arrangement through TMPL. The entity is described as non-operational, indicating that no active business was being conducted under the joint venture at the time of its closure.

The exit from the joint venture represents a corporate restructuring step by Titagarh Rail Systems, closing out a dormant partnership with Mermec through the dissolution of TMPL.