Transrail Lighting Limited reported its best financial performance since listing for the year ended March 31, 2026, with revenue rising 30% to ₹6,880 crore. The company achieved record levels for revenue, EBITDA, and profit after tax, driven by healthy order inflows and strong execution momentum. For Q4FY26, revenue from operations stood at ₹1,863 crore, while EBITDA was ₹207 crore. The board recommended a dividend of ₹2 per equity share, representing 100% of the equity share capital.

Financial Performance

The company delivered robust growth across key metrics while improving margins and strengthening its balance sheet. Profit after tax for FY26 stood at ₹421 crore, an increase of 28% compared to the previous year. EBITDA for the full year reached ₹820 crore, reflecting a year-on-year growth of 21%, with an EBITDA margin of 11.92%.

Operational Highlights and Order Book

Order inflows for FY26 remained healthy at ₹8,520 crores. The company ended the year with an unexecuted order book, including L1, of approximately ₹16,361 crores, up from ₹14,551 crores in the previous year. This order book provides a revenue visibility runway of more than two years. Management guided for revenue growth of 20% to 22% for FY27, with EBITDA margins expected to be around 11%.

Balance Sheet and Capex

Transrail Lighting significantly reduced its net debt by ₹80 crores, a 30% reduction year-on-year, while operating cash flow more than doubled to ₹817 crores. Working capital days improved to 81 days in FY26 from 91 days in FY25. The company completed its tower manufacturing expansion, doubling installed capacity, and continues to invest in conductor manufacturing facilities. The board approved an additional capex of ₹203 crores towards construction productivity and equipment.

Transrail Lighting Limited reported a 28% increase in profit after tax (PAT) to ₹421 crore for the financial year ended March 31, 2026, surpassing revenue growth expectations with a 30% rise in revenue to a record ₹6,880 crore. The company generated operating cash flows of ₹817 crore, nearly doubling the previous year's figure, while its un-executed order book grew 12% year-on-year to ₹16,361 crore. The Board of Directors, meeting on May 26, 2026, approved the audited financial results and recommended a final dividend of ₹2 per equity share.

Financial Performance

For the quarter ended March 31, 2026, revenue from operations stood at ₹1,863 crore, compared to ₹1,946 crore in the corresponding period of the previous year. EBITDA for Q4 FY26 was ₹207 crore, a decline of 13% year-on-year, while operating PAT for the quarter fell to ₹97 crore from ₹127 crore in Q4 FY25. The company noted that operating profit figures excluded a provision of ₹17 crore made in Q3 FY26 towards the new labour code.

The table below summarises the key financial metrics for the quarter and full year:

Management Commentary

Commenting on the results, Mr. Randeep Narang, MD & CEO, said: "The stellar performance for FY26 reflected continued growth momentum for Transrail despite a dynamic operating environment. We have posted our highest ever Revenue, EBITDA and PAT numbers. This was supported by robust execution across key business segments and geographies resulting in industry leading margins. Additionally, we made significant progress in strengthening our balance sheet through improved working capital efficiency, debt reduction, and robust operating cash flow generation of ₹817 crore, nearly double the level achieved in the previous year. During the year, we have doubled our Tower manufacturing capacity and commissioned a new greenfield plant at Butiburi and are in process to do the same for conductors. Backed by a healthy order book, strong bidding pipeline across businesses and geographies, Transrail remains well positioned to sustain its growth trajectory over the medium to long term."

Strategic Developments

The Board approved a further capex plan of ₹203 crore to enhance production capacity and meet increased order book requirements. The company doubled its tower manufacturing capacity and commissioned a new greenfield plant at Butiburi during the year. Additionally, the Board recommended a dividend of 100%, or ₹2 per equity share, for FY26, subject to shareholder approval.

The Board also approved the issuance of Commercial Papers aggregating up to ₹100 crore and Non-Convertible Debentures aggregating up to ₹100 crore within the overall borrowing limits. Furthermore, the Board approved the voluntary winding up of Transrail Lighting Malaysia SDN. BHD., a wholly owned subsidiary, as it did not have any business operations. The company also approved investments of AED 12,500,000 and AED 18,800,000 in its wholly owned subsidiaries Transrail Trading LLC and Transrail International FZE, respectively.

Operational Highlights

FY26 reflected sustained operational momentum, supported by strong execution across business verticals and continued traction in the Power T&D segment. Enhanced working capital efficiency and debt reduction contributed to the strong balance sheet. The company continues to pursue opportunities across Power T&D, Railways, Civil, and Pole businesses, while maintaining a balanced and diversified project portfolio. With a healthy order book and a strong bidding pipeline across businesses and geographies, Transrail remains well positioned to sustain its growth trajectory.