Transrail Lighting Limited has announced securing significant new orders worth ₹2,350 crore, primarily focused on domestic transmission and distribution projects. The latest order wins include construction of 765 kV transmission lines along with contributions from the company's Civil and Poles & Lighting segments, reflecting strong demand across its diversified business portfolio.

Order Inflow Performance

The new orders have propelled the company's cumulative order inflows for FY26 beyond ₹7,980 crore, demonstrating robust momentum in securing new business. The company's strong performance is further supported by its market positioning and pipeline strength.

Business Segment Breakdown

The latest order wins span multiple business verticals, with the domestic transmission and distribution segment forming the primary component. The orders include:

• Power T&D Segment: Major portion focusing on 765 kV transmission line construction
• Civil Construction: Contributing to the overall order value
• Poles & Lighting: Select wins adding to the diversified order book

Management Commentary

Mr. Randeep Narang, MD & CEO, highlighted the significance of these wins in strengthening the company's market position. The orders in the domestic T&D segment, particularly the 765 kV transmission line projects, underscore strong demand potential and competitive positioning. The management emphasized the company's ability to sustain growth momentum while maintaining execution discipline and delivering strong margins.

Market Position and Pipeline

Transrail Lighting maintains a strong competitive position with L1 status exceeding ₹800 crore, indicating potential future order conversions. The company operates with a healthy bidding pipeline across both domestic and international markets, supporting its growth outlook.

Company Profile

Transrail Lighting Limited operates as a leading engineering, procurement and construction company with over four decades of experience in power transmission and distribution. The company maintains a global presence across 63 countries spanning five continents, employing more than 2,700 people. Its business verticals include Power T&D, Civil Construction, Railways, Pole & Lighting, and Solar EPC, supported by large-scale manufacturing facilities in India for galvanized lattice towers, overhead conductors, and galvanized monopoles.

Transrail Lighting Limited demonstrated strong operational momentum in Q3 FY26, delivering impressive financial results that reflect the company's disciplined execution strategy and robust project pipeline. The transmission and distribution specialist reported significant growth across key financial metrics, supported by effective cost management and a healthy mix of domestic and international business.

Financial Performance Highlights

The company's Q3 FY26 performance showcased strong growth momentum across all key metrics:

For the nine-month period ended December 31, 2025, the company delivered even more impressive results:

Order Book and Business Pipeline

Transrail Lighting's order acquisition strategy continued to yield positive results during the quarter. The company secured new orders worth Rs. 1,396 crores in Q3 FY26, bringing cumulative order inflows for the nine-month period to Rs. 5,135 crores. Additionally, the company holds an L1 position of Rs. 3,483 crores, which management expects to convert in the near term.

The geographic distribution of the order book remains well-balanced, with 57% domestic and 43% international exposure. The core transmission and distribution business continues to dominate, representing 90% of the total order book.

Balance Sheet Strengthening

The company demonstrated improved financial discipline with strengthened balance sheet parameters. Net debt reduced to Rs. 463 crores as of December 31, 2025, resulting in a debt-equity ratio of 0.39x. The debt-to-EBITDA ratio stood at 0.57x, highlighting the company's conservative capital structure.

Working capital management showed improvement, with working capital days reducing to 83 days compared to 84 days in H1 FY26 and 91 days in FY25. Return on capital employed remained consistently strong at 25.25% for the nine-month period.

Operational Developments

During Q3 FY26, Transrail Lighting achieved significant project milestones, including the successful commissioning of three lines in the 765 kV double-circuit Khetri-Narela transmission line project. The company also completed the 765 kV double-circuit Ahmedabad-Lakadia line and overhead electrification projects.

The company's capacity expansion initiatives are progressing as planned, with production partially commencing in expanded brownfield projects. The greenfield facility development is on track for inauguration in Q4 FY26, effectively doubling the company's capacity for towers and conductors.

Management Outlook

Management upgraded its revenue growth guidance from 24%-25% to 26%-27% for FY26, with potential for further improvement. The company identified an addressable market opportunity of over Rs. 1 lakh crores within the next 12 months, providing a strong foundation for future growth.

The order inflows for the nine-month period were distributed 55% domestic and 45% international, aligning with the company's annual operating plan. Management expects to convert the current L1 position and additional bid pipeline of Rs. 15,000 crores to achieve order intake targets for the year.