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.

Management Guidance

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

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.

Titagarh Rail Systems has received a reaffirmed Buy rating from global brokerage Jefferies, which has simultaneously raised its target price to ₹990. The upgrade in target reflects confidence in the company's operational momentum, underpinned by a strong Q4 performance and a well-supported long-term growth outlook.

Q4 Performance and Operational Highlights

Jefferies cited a Q4 EBITDA beat as a key driver behind the revised target, attributing the outperformance to strong execution and healthy margins during the quarter. The brokerage also noted a meaningful ramp-up in metro coach dispatches, a segment that is increasingly central to the company's revenue profile.

Demand Tailwinds and Order Book Strength

Jefferies pointed to strong demand tailwinds stemming from government-led initiatives in passenger rail and metro expansion as a structural positive for Titagarh Rail Systems. These policy-driven growth drivers are expected to provide a sustained pipeline of business opportunities for the company over the medium to long term.

The brokerage further highlighted the company's robust order book as a key support for its earnings growth estimates. This order visibility, combined with management's guidance for sustained execution through FY27, forms the basis of Jefferies' estimated 44% EPS CAGR for FY26–30E.

Key Investment Thesis

The following factors underpin Jefferies' positive outlook on Titagarh Rail Systems:

• Q4 EBITDA beat driven by strong execution and margins
• Ramp-up in metro coach dispatches with management guiding sustained FY27 execution
• Strong demand tailwinds from government-led passenger and metro expansion
• Robust order book supporting an estimated 44% FY26–30E EPS CAGR

The combination of near-term execution strength and long-term structural demand drivers has led Jefferies to maintain its constructive stance on the stock, with the raised target price of ₹990 reflecting the improved earnings visibility.