Texmaco Rail & Engineering , in partnership with Touax Rail India Limited, has welcomed TrinityRail Global Inc as a new strategic partner in their joint venture, Touax Texmaco Railcar Leasing Private Limited. The admission was effected through the issuance of 3,16,70,588 Equity Shares and 76,893 Compulsorily Convertible Debentures (CCDs) to TrinityRail Global Inc. This transaction, disclosed on July 24, 2026, reshapes the ownership structure of the associate company, bringing in a third-party stakeholder to the railcar leasing business in India.

Following the issuance, the shareholding pattern of the joint venture is revised, with the three partners maintaining a broadly balanced control structure. The inclusion of TrinityRail dilutes the existing partners slightly but preserves near-equal standing between the original co-founders.

Ownership Structure Post-Issuance

The revised shareholding reflects a tripartite structure as detailed below:

Transaction Details

The transaction was structured through a combination of equity shares and convertible instruments, as summarised below:

The transaction details were filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. Sandeep Kumar Sultania, Company Secretary and Compliance Officer of Texmaco Rail & Engineering Limited, signed the disclosure on July 24, 2026.

Financial Profile of the Associate Company

The financial significance of the joint venture is material to the parent companies. The associate company's key financial metrics are presented below:

As an associate company, Touax Texmaco Railcar Leasing Private Limited is accounted for under the equity method in the consolidated financial statements of Texmaco Rail & Engineering Limited. Consequently, only the company's share of profit or loss is reflected in the consolidated results, rather than a line-by-line consolidation of total income and net worth.

What the Numbers Show

The admission of TrinityRail Global Inc transforms what was previously a bilateral joint venture into a three-way strategic partnership for railcar leasing solutions in India. With a net worth of ₹258.35 crore against total income of ₹99.56 crore, the associate company maintains a strong balance sheet relative to its revenue generation. The issuance of CCDs alongside equity shares indicates that TrinityRail structured its entry to include debt-like instruments that convert into equity, which could impact future earnings per share calculations for the parent entities upon conversion. The maintenance of nearly equal stakes between the original partners indicates continued shared control despite the dilution.

Texmaco Rail & Engineering Ltd has accepted the resignation of its Chief Financial Officer, Kishor Kumar Rajgaria, effective immediately due to personal reasons. The company disclosed that Rajgaria requested to be relieved at the earliest, and his cessation of duties will occur in accordance with the organization's HR policy. The exact effective date of his departure will be communicated to the exchanges separately upon finalization.

The resignation was submitted under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In his resignation letter, Rajgaria confirmed that his decision was solely based on personal reasons and affirmed there were no other material factors influencing his departure. He expressed gratitude for the trust and support extended to him during his tenure.

Texmaco Rail & Engineering stated that further details would be intimated to the stock exchanges as they are finalized. The company provided the requisite details in an annexure, confirming the nature of the change as a resignation, with the specific date of cessation to be informed in due course.

Key Details of the Leadership Change

The following table summarizes the key particulars disclosed by the company regarding the CFO's departure: