Titagarh Rail Systems Q2 Profit Rises to Rs 63.2 Crore
Passenger rail revenue more than doubled in the July to September 2026 quarter, while freight rail revenue fell.
Key Takeaways
- Titagarh Rail Systems' consolidated net profit rose to Rs 63.20 crore in Q2 FY27.
- Consolidated revenue from operations dipped about 1% to Rs 792.56 crore.
- Passenger rail revenue rose about 146% to Rs 300.18 crore.
- Freight rail revenue fell about 29% to Rs 472.63 crore.
- The company restated its year-ago figures because the loss of Italian associate Firema in its audited accounts for the year ended March 31, 2025 differed significantly from the management accounts used earlier.
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Titagarh Rail Systems reported a consolidated net profit of Rs 63.20 crore for the July to September 2026 quarter (Q2 FY27), higher than a year earlier. The company announced the unaudited results on November 10, 2026.
Consolidated revenue from operations was Rs 792.56 crore, slightly lower than Rs 799.03 crore in the same quarter last year, a dip of about 1%. Its passenger rail business more than doubled its revenue, while freight rail revenue fell.
Titagarh Rail Systems Q2 FY27 at a glance
| Detail | Value |
|---|---|
| Quarter | July to September 2026 (Q2 FY27) |
| Consolidated net profit | Rs 63.20 crore |
| Consolidated revenue from operations | Rs 792.56 crore, down about 1% |
| Year-ago revenue (restated) | Rs 799.03 crore |
| Consolidated profit before tax | Rs 82.01 crore (after share of joint venture losses) |
| Standalone net profit | Rs 63.44 crore, up about 34% |
| Standalone revenue from operations | Rs 772.81 crore |
| Results announced | November 10, 2026 |
Passenger rail revenue rose while freight rail revenue fell at Titagarh
Titagarh Rail Systems reports its business in three segments: freight rail systems, which includes bridges and defence, passenger rail systems, and shipbuilding and maritime systems. The company makes freight wagons as well as passenger trains and metro coaches.
In Q2 FY27, passenger rail revenue rose about 146% to Rs 300.18 crore from Rs 122.21 crore a year earlier. Freight rail revenue fell about 29% to Rs 472.63 crore from Rs 666.11 crore. Freight rail was still the company's largest segment by revenue.
| Segment revenue | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Passenger rail systems | Rs 300.18 crore | Rs 122.21 crore | Up about 146% |
| Freight rail systems | Rs 472.63 crore | Rs 666.11 crore | Down about 29% |
Why Titagarh restated its year-ago numbers
Titagarh Rail Systems restated its comparison figures for the September 2025 quarter. The company said this was because the loss of its Italian associate Firema, as shown in Firema's audited accounts for the year ended March 31, 2025, differed significantly from the management accounts used earlier.
The company also said Firema was admitted to a liquidation process on July 23, 2026.
| When | What happened |
|---|---|
| January 1, 2026 | Shipbuilding business moved into a new subsidiary and reported as a separate segment |
| May 5, 2026 | Titagarh Singapore stopped being a wholly owned subsidiary after its sale |
| July 23, 2026 | Firema admitted to liquidation |
| November 10, 2026 | Titagarh Rail Systems announced its Q2 FY27 results |
Titagarh Rail Systems first-half numbers for FY27
For the six months from April to September 2026, consolidated revenue from operations rose about 5% to Rs 1,557.63 crore from a restated Rs 1,478.33 crore. Consolidated net profit for the half year was Rs 115.78 crore. The year-ago half included exceptional items, which the company said were provisions towards loans and receivables to Firema.
On a sequential basis, Q2 FY27 consolidated revenue of Rs 792.56 crore was about 4% higher than Rs 765.07 crore in the April to June 2026 quarter.
Where Titagarh stands after Q2 FY27
Titagarh Rail Systems grew its consolidated net profit to Rs 63.20 crore in Q2 FY27, even as revenue slipped about 1% to Rs 792.56 crore. Passenger rail revenue rose to Rs 300.18 crore, while freight rail revenue fell to Rs 472.63 crore. Freight rail remained the company's largest segment in the quarter.
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