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.

Transrail Lighting Limited , a key player in the Engineering, Procurement and Construction (EPC) business, has reported robust financial results for the second quarter and half-year ended September 30, 2025. The company also announced plans for a strategic acquisition to strengthen its civil EPC portfolio.

Financial Highlights

For Q2 FY26, Transrail Lighting reported:

• Revenue from operations of ₹1,534.25 crore, up 43.6% year-on-year
• EBITDA of ₹186.00 crore, a 34% increase from the previous year
• Net profit of ₹90.98 crore, showing a significant 65% growth

The half-yearly results were equally impressive:

• Revenue from operations reached ₹3,171.31 crore, a 61.4% jump from H1 FY25
• EBITDA stood at ₹386.00 crore, up 49% year-on-year
• Net profit surged to ₹196.80 crore, marking an 84% increase

Operational Performance

The company's order book remains strong, with a geographic revenue split of:

This diverse revenue stream demonstrates Transrail Lighting's strong presence both in India and overseas markets.

Strategic Acquisition

Transrail Lighting has approved the acquisition of a 32% stake in CEDEC Engineering Private Limited. This acquisition aims to strengthen the company's civil EPC portfolio, particularly in complex infrastructure projects such as bridges and hydro projects.

Key points of the acquisition:

• Investment: Up to ₹37.00 lakhs for a 32% stake
• Target Company: CEDEC Engineering Private Limited
• Strategic Rationale: To enhance technical and pre-qualification credentials for larger infrastructure projects
• Completion Timeline: Within 180 days from board approval

Management Commentary

Randeep Narang, Managing Director & CEO, stated, "Our Q2 and H1 FY26 results reflect the strong execution capabilities and diversified presence of Transrail Lighting. The planned acquisition of CEDEC Engineering aligns with our strategy to expand our civil EPC portfolio and participate in more complex, high-value infrastructure projects."

Dividend Update

The company has approved a dividend of ₹0.80 per equity share (face value ₹2) for the financial year ended March 31, 2025, which was ratified by shareholders in the Annual General Meeting held on September 23, 2025.

Future Outlook

With a robust order book, strategic expansion plans, and strong financial performance, Transrail Lighting appears well-positioned for continued growth in the EPC sector. The company's focus on both domestic and international markets, coupled with its move into more complex infrastructure projects, suggests a positive outlook for the coming quarters.

Investors and stakeholders will be keenly watching how the CEDEC Engineering acquisition unfolds and its impact on Transrail Lighting's future project pipeline and financial performance.