Transrail Lighting Limited has reported strong financial results for the first half of fiscal year 2026, demonstrating significant growth across key metrics.

Financial Highlights

The company achieved impressive year-on-year growth in H1 FY26:

Order Book and New Projects

Transrail Lighting secured new orders worth INR 3,740.00 crore in H1 FY26, including entry into three new countries: Ethiopia, Djibouti, and Botswana. The company's unexecuted order book stands at INR 17,799.00 crore, providing strong visibility for future growth.

Operational Performance

The company's Managing Director and CEO, Mr. Randeep Narang, highlighted the robust performance across domestic and international projects. EBITDA margins for H1 stood at 11.98%, while PAT margins increased by 78 basis points to 6.1%, reflecting strong operational efficiency.

Expansion and Future Outlook

Transrail Lighting is nearing completion of its brownfield expansion for tower manufacturing units, with the greenfield project facility on track for commissioning by the end of the year. The company maintains its revenue growth guidance of 25% for the full fiscal year.

International Presence

The company's order book shows a balanced mix between domestic (61%) and international (39%) projects. Transrail Lighting is actively bidding on projects in the Middle East, including Oman, Qatar, Jordan, and Abu Dhabi.

Management Commentary

Mr. Narang stated, "We have delivered results in line with the expectations, supported by robust performance across our domestic and international projects. Our focus remains on maintaining execution efficiency, cost control, and balance sheet stability as we progress through the year."

Investor Meeting

The company has announced its participation in the Kotak Midcap Investor Conference 2025 on November 21, 2025, indicating ongoing engagement with the investment community.

Transrail Lighting's strong H1 FY26 performance and healthy order book position it well for continued growth in the power transmission and distribution sector, both domestically and internationally.

Transrail Lighting Limited , a key player in the lighting industry, has set ambitious targets for fiscal year 2026 (FY26), according to recent statements from CEO Randeep Narang. The company expects to not only meet but exceed its 25% revenue growth target while maintaining strong EBITDA margins.

Financial Projections and Performance

Narang provided insights into the company's financial outlook:

For the upcoming year, Transrail Lighting projects a revenue growth of 20% to 25%, with the second half of the fiscal year typically outperforming the first half.

Debt and Capital Expenditure

The company's net debt position has seen an increase:

This rise in debt is attributed to capital expenditures for brownfield expansions and a new greenfield plant. Narang stated that approximately 80% of the planned expenditure has been completed, and he expects only marginal increases in debt going forward.

International Focus and Market Clarifications

Transrail Lighting's international strategy remains focused on:

• Africa
• Southeast Asia
• SAARC regions

The company has minimal exposure to the U.S. market, which Narang suggests will limit any potential impact from U.S. tariffs.

Addressing market confusion, Narang clarified that Transrail Lighting Limited (TLL) is not on the World Bank's list of ineligible firms. He explained that the reference was to TARIL (Transformers and Rectifiers), a different entity.

Recent Corporate Actions

According to the latest LODR (Listing Obligations and Disclosure Requirements) data, Transrail Lighting held an earnings call on November 12, 2025, to discuss the unaudited financial results for the quarter and half-year ended September 30, 2025. The company has made the audio recording of this call available to ensure transparency with investors.

As Transrail Lighting continues to expand and invest in its operations, investors and market watchers will be keen to see if the company can deliver on its ambitious growth targets while maintaining the projected margins in an evolving global economic landscape.