Titagarh Rail Systems
Indian railway rolling stock and engineering company
From Wikipedia, the free encyclopedia
Titagarh Rail Systems Limited (TRSL) is an Indian manufacturer of railway rolling stock and transportation systems headquartered in Kolkata, West Bengal. The company manufactures freight wagons, metro coaches, passenger trainsets, propulsion and electrical systems, railway components and other transportation equipment.[3]
| |
| Type | Public |
|---|---|
| BSE: 532966 NSE: TITAGARH | |
| ISIN | INE615H01020 |
| Industry | Rail transportation Defence Shipbuilding Engineering |
| Founded | 3 July 1997 |
| Founder | Jagadish Prasad Chowdhary |
| Headquarters | Titagarh Towers, 756 Anandapur, E.M. Bypass, , India |
Key people |
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| Products |
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| Revenue | ₹31.8582 billion (US$330 million) (FY2026)[1] |
| ₹1.2282 billion (US$13 million) (FY2026)[1] | |
| Owners | Promoter group (40.46%)[2] |
| Subsidiaries | Titagarh Naval Systems Limited |
| Website | www |
The company is listed on both the Bombay Stock Exchange and the National Stock Exchange of India. Its operations are organised primarily around Freight Rail Systems and Passenger Rail Systems, while its shipbuilding operations are carried out through the wholly owned subsidiary Titagarh Naval Systems Limited.[2]
As of 31 March 2026, Titagarh reported a standalone order book, including its wholly owned subsidiary, of approximately ₹142.4 billion (US$1.5 billion), and a total order book of approximately ₹275.4 billion (US$2.9 billion) after including its proportionate share of joint-venture projects.[2]
History
Origins
Founder Jagadish Prasad Chowdhary entered the railway-supply industry after acquiring the foundry division of Britannia Engineering at Titagarh, West Bengal, in the early 1980s. The business initially concentrated on railway castings, including bogies, couplers and other components.
Titagarh Rail Systems Limited was incorporated on 3 July 1997 and initially manufactured railway freight wagons. The company subsequently expanded into passenger rolling stock, metro trains, propulsion systems, bridges, shipbuilding and defence-related engineering.
International expansion
In 2010, the company acquired French wagon manufacturer Arbel Fauvet Rail (AFR). The French business was subsequently liquidated in 2019, following which Titagarh exited the operation.
In 2015, Titagarh acquired Italian passenger-rail manufacturer Firema Trasporti and established Titagarh Firema SpA. The acquisition provided Titagarh with passenger rolling-stock design and manufacturing capabilities that contributed to the development of its passenger-rail business in India.[4]
In March 2026, Firema completed the transfer of its operating business to Fabbrica Italiana Treni S.p.A., owned by Italy's state railway group Ferrovie dello Stato Italiane. Titagarh stated that Firema had helped it establish its passenger rolling-stock operations in India but had subsequently become loss-making.[4]
Titagarh's management stated in June 2026 that it had completed its exit from the Italian investment and did not expect further losses or liabilities relating to the operation.[5]
Business divisions
Freight Rail Systems
Freight rolling stock has historically formed the largest portion of Titagarh's revenue. The company manufactures several types of wagons for Indian Railways and private-sector customers.
Titagarh's freight manufacturing facilities include wagon and foundry operations in West Bengal and a wagon and defence facility at Bharatpur, Rajasthan.[2]
During FY2026, Titagarh dispatched 7,019 freight wagons. As of 31 March 2026, its outstanding freight order book comprised approximately 6,500 wagons for Indian Railways and private customers.[2]
The company has also obtained a wagon-leasing licence from Indian Railways. Its first leasing order was for two rakes supplied to Balmer Lawrie on a ten-year operating lease.[2]
In 2026, Titagarh received its first Indian Railways order for the design, manufacture, supply, testing and commissioning of Rail Borne Maintenance Vehicles, together with operation and maintenance services. The contract was valued at approximately ₹2.7324 billion (US$28 million) including taxes.[2]
Passenger Rail Systems
Titagarh's Passenger Rail Systems division manufactures metro trains, passenger rolling stock, semi-high-speed train equipment, propulsion systems, traction motors and electrical systems.
The company's passenger rolling-stock manufacturing complex is located at Uttarpara in West Bengal. In FY2026, Titagarh acquired approximately 40 acres (16 ha) of additional land at Uttarpara for expansion of the facility, including a 1.6 kilometres (0.99 mi) test track.[2]
Passenger Rail Systems revenue increased to approximately ₹5.3933 billion (US$56 million) in FY2026, compared with ₹2.5555 billion (US$27 million) in FY2025. The division supplied 64 coaches during FY2026.[2]
As of March 2026, Titagarh's passenger order book included 519 metro coaches, 1,280 Vande Bharat coaches, 71 propulsion sets and 571 traction motors.[2]
Metro projects
Pune Metro
Titagarh was awarded a contract in 2019 to design and manufacture 102 aluminium metro coaches, forming 34 trainsets, for the Pune Metro. Three trainsets were initially manufactured in Italy and the remainder in India.
By March 2026, Titagarh had delivered all 34 trainsets under the original order. The company subsequently received an option order for an additional 12 trainsets.[2]
Ahmedabad Metro
Titagarh received a contract from Gujarat Metro Rail Corporation for the design, manufacture, supply, testing and commissioning of 30 standard-gauge coaches for the Ahmedabad Metro. The contract is valued at approximately ₹3.5 billion (US$36 million).[6]
In FY2026, the company delivered the first indigenously manufactured stainless-steel coach for the Ahmedabad Metro project.[2]
Surat Metro
Titagarh has a contract with Gujarat Metro Rail Corporation for 72 standard-gauge cars for the Surat Metro, valued at approximately ₹8.57 billion (US$89 million).[6]
Bengaluru Metro
Titagarh is manufacturing 34 of 36 driverless stainless-steel trainsets for the Yellow Line of Bengaluru Metro. The first Make-in-India trainset produced by Titagarh was handed over in January 2025.[6]
Mumbai Metro
Titagarh was awarded work associated with the manufacture of 108 standard-gauge coaches for Mumbai Metro Line 6, in association with NCC Limited. Titagarh's share of the project is approximately ₹25.01 billion (US$260 million).[6]
Patna Metro
Titagarh has manufactured aluminium-bodied metro coaches for the Patna Metro. The company states that these coaches entered passenger service as part of Bihar's first metro railway.[6]
Vande Bharat
Titagarh is part of a consortium with Bharat Heavy Electricals Limited (BHEL) selected for the manufacture and long-term maintenance of 80 Vande Bharat trainsets.
The overall contract is valued at approximately ₹240 billion (US$2.5 billion) and includes maintenance of the trainsets for 35 years. Final assembly is to take place at Indian Railways facilities in Chennai and Latur.[6]
Titagarh and BHEL have also agreed to establish a 50:50 joint-venture company responsible for the maintenance component of the programme. Indian Railways has allotted maintenance depots at Shakur Basti in Delhi and Jogeshwari in Mumbai.[2]
As of March 2026, Titagarh's order book included 1,280 Vande Bharat coaches.[2]
Railway wheels
Titagarh and Ramkrishna Forgings formed Ramkrishna Titagarh Rail Wheels Limited to manufacture forged railway wheels in India.
The consortium was awarded a long-term contract by the Ministry of Railways for approximately 1.54 million forged wheels over 20 years.[6]
The joint venture is establishing a manufacturing plant in Chennai, Tamil Nadu, designed for annual production of approximately 228,000 forged wheels. Titagarh holds a 49% stake in the venture.[2]
As of March 2026, the estimated project cost was approximately ₹20 billion (US$210 million), with ₹5 billion (US$52 million) of equity having been infused by the partners.[2]
Propulsion and electrical systems
Titagarh manufactures traction motors, traction converters, train-control systems and other propulsion equipment for rail vehicles.
During FY2026, its indigenously developed propulsion system for electric multiple units received approval from the Research Designs and Standards Organisation following a combined-system test.[2]
The company has also expanded its cooperation with ABB relating to traction and train-control technology, including localisation of traction converters, motors and train-control and management systems for metro applications.[7]
Shipbuilding and maritime systems
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Titagarh entered shipbuilding through the acquisition of a shipyard business in 2012. Its maritime activities have included construction of naval support vessels, tugs, research vessels and inland craft.
On 1 January 2026, Titagarh transferred its shipbuilding and maritime-systems business into the wholly owned subsidiary Titagarh Naval Systems Limited (TNSL).[2]
As of March 2026, the subsidiary had an order book of approximately ₹5 billion (US$52 million).[2]
Falta shipyard
Titagarh Naval Systems is developing a new shipbuilding facility at Falta, south of Kolkata. The planned facility covers approximately 50 acres and is intended to build larger commercial and naval vessels.[8]
The company has stated that the facility is being designed for vessels of up to approximately 180 metres (590 ft) in length.[8]
Indian Navy vessels
Titagarh received a contract in 2021 for the construction of five Diving Support Craft for the Indian Navy.
On 1 August 2026, Titagarh Naval Systems launched the fifth and final vessel in the series, A24 (Yard 329), into the Hooghly River.[8]
The catamaran-type craft are intended to support the Navy's Command Clearance Diving Teams in underwater inspection, repair, maintenance and salvage operations. The Navy stated that the vessels have nearly 70 per cent indigenous content.[8]
Titagarh has also constructed 25-tonne bollard-pull tugs for the Indian Navy.
Defence and engineering
Titagarh's Freight Rail Systems business also includes bridge and defence-related engineering activities.
In February 2024, the company received an approximately ₹1.7 billion (US$18 million) Ministry of Defence order for 250 specialised wagons.
The company's engineering activities have also included modular bridges and specialised mobility equipment.
Hyperloop development
In July 2026, Titagarh entered into a strategic collaboration agreement with TuTr Hyperloop, an IIT Madras-incubated technology company, to investigate the development and commercialisation of Hyperloop-enabled freight-transport systems.[9]
The agreement covers evaluation, design, development and integration of cargo-transport systems combining Titagarh's rolling-stock engineering capabilities with TuTr's propulsion and control technologies.[9]
Financial performance
For FY2026, Titagarh reported consolidated revenue from operations of approximately ₹31.8582 billion (US$330 million), compared with ₹38.6775 billion (US$400 million) in the restated FY2025 accounts.[1]
Consolidated profit for FY2026 was approximately ₹1.2282 billion (US$13 million), compared with ₹865.1 million (US$9.0 million) for the restated previous year.[1]
| Financial year | Revenue from operations | Profit |
|---|---|---|
| 2024–25 | ₹38.6775 billion (US$400 million) | ₹865.1 million (US$9.0 million) |
| 2025–26 | ₹31.8582 billion (US$330 million) | ₹1.2282 billion (US$13 million) |
During FY2026, the company generated approximately ₹3.1128 billion (US$32 million) in net cash from operating activities, compared with negative operating cash flow in the previous year.[2]
Facilities
Titagarh's principal manufacturing and engineering locations include:[2]
- Kolkata / Uttarpara, West Bengal – passenger rolling stock
- West Bengal – freight wagon and foundry facilities
- Bharatpur, Rajasthan – wagons and defence products
- Hyderabad, Telangana – engineering centre
- Bengaluru, Karnataka – engineering centre
- Chennai, Tamil Nadu – forged-wheel joint venture
- Falta, West Bengal – Titagarh Naval Systems shipyard
The company also maintains regional offices and depots in several Indian cities.
Corporate governance
As of 2026, Umesh Chowdhary serves as Vice Chairman and Managing Director. Anil Kumar Agarwal and Prithish Chowdhary serve as Deputy Managing Directors, while Saurav Singhania is Chief Financial Officer.[10]
In 2025, the board approved Umesh Chowdhary's reappointment as Vice Chairman, Managing Director and CEO for a further five-year term beginning on 1 October 2025.[11]
As of 31 March 2026, the promoter group held 40.46 per cent of the company's equity, followed by resident individual shareholders, foreign portfolio investors and mutual funds.[2]
