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.

Transrail Lighting has set out ambitious financial targets, aiming for a 20-22% revenue growth in FY27, according to a report by CNBC TV18. The company has also outlined strong expectations for its order pipeline in the current fiscal year, signalling a robust growth outlook across its business operations.

Order Book and Revenue Targets

Transrail Lighting anticipates orders worth ₹10,000-₹11,000 Cr in the current fiscal year, reflecting strong demand momentum in its business segments. Alongside this, the company forecasts a 25% growth in its order book, underscoring confidence in sustained business inflows.

The key growth parameters outlined by the company are summarised below:

Growth Outlook

The targets set by Transrail Lighting reflect the company's focus on scaling its revenue base and expanding its order book. The anticipated order inflows of ₹10,000-₹11,000 Cr for the current fiscal year, combined with a 25% projected growth in the order book, form the foundation for the company's medium-term revenue growth ambitions of 20-22% in FY27.