Titagarh Rail Systems Limited

NSE

TITAGARH

Stock

Yield per half year: -0.3934%
Dividend yield: 0.0913%
Sector: Industrials

Reporting Titagarh Rail Systems Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹					8.61	15.63	69.6			31.28	100.69
Revenue, bln ₹	17.13	12.67	15.59	17.66	15.21	779.79	2 375.2	3 292.71	3 292.71	1296.11	184.52
Net profit, bln ₹	0.269	-1.44	-0.2852	-0.3419	-0.15	-0.1745	111.26	244.51	244.51	71.02	-472.29
EV, bln ₹				858.71	1 076.57	1 125.16	2 927.25	9 505.76	9 505.76	3098.69	61.74
EBIT, bln ₹	0.74	-0.6532	1.52	1.35	0.5272	87.28	242.32	379.44	379.44	142.18	208.86
EBITDA, bln ₹	1.26	-0.1448	1.76	1.64	0.8259	97.05	261.54	402.6	402.6	152.73	200.61
OIBDA ₹				277.76	148.42	285.42	356.59	522.72	522.72	318.18	13.48
Book value, bln ₹	9.68	8.55	8.16	7.67	8.41	447.48	823.37	1 895.6	1 895.6	636.51	201.02
FCF, bln ₹	-2.3	-1.94	-2.31	0.3774	-0.5337	-56.35	-35.79	-66.42	-66.42	-31.7433	-381.25
Operating Cash Flow, bln ₹	-2.08	-1.57	-1.67	0.7325	0.0663	-2.06	-4.4	73.31	73.31	13.53	151.23
Operating profit, bln ₹	0.74	-0.6532	1.52	1.35	0.5272	79.78	206.31	364.63	364.63	130.52	206.41
Operating expenses, bln ₹	1.14	1.39	0.5344	0.4891	0.962	34.19	67.17	62.66	62.66	33.09	163.95
CAPEX, bln ₹	0.2183	0.3731	0.6327	0.3551	0.5999	54.29	31.4	139.73	139.73	45.27	230.36

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Capitalization, bln ₹	11.29				21.27				114.19					48.92	116.26
Revenue, bln ₹				6.07	7.66	9.74	764.9	801.99	815.79	899.3	771.67	903.18	770.93	832.17	-1.12
Net profit, bln ₹				0.4821	0.3255	0.4825	51.89	60.52	63.94	67.46	57.26	68.95	53.64	62.25	-3.45
EV, bln ₹								8 613.83		9 505.6		14 408.64		10842.69	18.71
EBIT, bln ₹			0.1986	0.4975	0.6723	0.8913	83.54	98.74	101.13	109.17	91.42	104.22		100.94	1.09
EBITDA, bln ₹				0.5505	0.7264	0.955	89.11	104.47	106.93	115.14	97.52	109.66	93.67	104.58	-2.61
OIBDA ₹									131.75	144.31	121.17	144.93	120.12	132.46	-1.83
Book value, bln ₹		8.42		8.83		9.64		1 187.07	1 183.17	1 895.6	1 906.48	2 011.84		1636.83	11.13
Operating profit, bln ₹				0.4975	0.6723	0.8913	83.54	92.93	88.76	96.63	80.91	104.22	80.09	90.12	-2.03
Operating expenses, bln ₹				0.6598	0.7315	1.14	64.51	69.98	69.94	91.19	74.49	93.04	79.4	81.61	2.57

	Average for 5 quarters	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	0.341	0.5858	0.9884	0.2916	0.7987	4.88	47.52	281.12	281.12	66.92	295.20
Short-Term Investments ₹	0.138	0.1514	0.2063	0.269	0.4417	17.46	37.92	239.2	239.2	59.06	288.87
Accounts Receivable ₹	8.65	8.29	7.26	6.25	6.88	350.21	281.15	541.39	541.39	237.18	144.08
Total Current Assets ₹	16.12	15.85	15.85	12.45	14.05	571.31	914.88	1 697.76	1 697.76	642.09	167.26
Assets, bln ₹	27.02	27.2	27.16	22.72	24.74	1 423.49	1 989.93	2 748.48	2 748.48	1241.87	160.94
Short-Term Debt ₹	2.12	4.37	3.21	1.76	3.08	195.31	174.47	29.61	29.61	80.85	75.87
Liabilities, bln ₹	16.56	18.01	18.27	14.26	16.33	975.93	1 166.56	852.87	852.87	605.19	126.65
Net debt, bln ₹	3.38	5.65	7.98	7.01	7.67	483.87	254.34	-139.51	-139.51	122.68	-281.88
Debt, bln ₹				610.08	708.08	488.75	301.87	141.61	141.61	450.08	-25.33
Interest Expense, bln ₹	0.3131	0.4406	0.6518	46.91	0.6332	24.94	69	62.77	62.77	40.85	6.00
Goodwill ₹	0.0402	0.0402	0.0025	0.0377						0.0301	-1.59
Amortization, bln ₹	0.5152	0.5084	0.2399	0.2913	0.2987	9.77	19.23	23.16	23.16	10.55	139.93
Cost of production, bln ₹	15.25	11.93	13.54	15.82	13.72	665.81	2 101.72	2 859.05	2 859.05	1131.22	182.75
Inventory ₹	5.37	4.42	5.21	3.76	3.85	267.73	394.25	447.53	447.53	223.42	160.09

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Average for 5 quarters	CAGR 5
Cash, bln ₹	0.0919		1.68		0.5561		145.91		281.28		62.35		98.36	106.02
Short-Term Investments ₹	0.3287				0.4437		96.02		239.2		449.93		157.18	323.91
Accounts Receivable ₹	7.57		3.56		3.94		772.98		541.39		757.84		415.94	192.16
Total Current Assets ₹	15.02		11.95		10.71		1 519.01	145.28	1 616.01	520.48	1 904.21		1141.00	4.62
Assets, bln ₹	26.79		20.33		23.29		2 338.73		2 816.94		3 043.32		1648.52	172.30
Short-Term Debt ₹	3.68		2.61		2.04		190.26		29.61		318.32		108.57	161.36
Liabilities, bln ₹	18.37		11.5		13.65		1 151.66	-1 183.17	921.34	-1 906.48	1 031.48		2.97	-2.18
Net debt, bln ₹	9.11		1.73		2.98		164.58		-139.67		362.91		78.51	191.31
Debt, bln ₹							310.49		141.61		425.26		292.45	11.05
Interest Expense, bln ₹		0.2378	0.199		0.0618	16.04	17.39	15.58	13.53	10.7	14.93	18.03	14.55	2.96
Amortization, bln ₹		0.089	0.0531	0.0542	0.0638	5.57	5.73	5.8	5.97	6.1	5.44		5.81	-1.03
Cost of production, bln ₹			4.91	6.26	7.71	616.85	639.08	657.09	711.48	616.27	705.92	611.44	660.44	-1.43
Inventory ₹	5.04		4.4		4.61		345.87		447.53		494.47		259.38	157.12

	Average for 5 quarters	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS				-247.26	-107.16	-1.46	930.5	1919.07		1919.07	498.74	-250.66
Share price	125.07	101.71	55.68	41.64	72.03	223.6	1043.7	1100	898.85	898.85	667.64	65.67
Number of shares, mln				9664.42	119.57	6349.32	10217.45	10887.39		10887.39	7447.63	2.41
FCF/share				3.26	-4.46	-8.88	-3.5	-6.1		-6.1	-3.9360	-213.35

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Average for 5 quarters	CAGR 5
EPS							434	478.39	497.33	529.48	425.26	511.86	398.2			472.43	-4.35
Share price		100.77	103.33	140.18	177.86	225.4	364.52	685.07	888.23					801	898.85	727.53	19.78
Number of shares, mln	119.57				119.57				128.56							122.57	2.45

	Average for 5 quarters	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	2.78	-16.8	-3.49	-4.46	-1.78	-0.039	14.42	17.99		17.99	15.40	5.23	-232.17
ROA, %	0.9957	-5.28	-1.05	-1.5	-0.6062	-0.0127	5.2	10.32		10.32	10.29	2.68	-247.07
ROIC, %				-2.28	-0.8872	-0.0173	10.37			10.37	19.55	1.80	-246.04
ROS, %	1.57	-11.33	-1.83	-1.94	-0.9863	-0.0224	4.68	7.43	7.43	7.43	11.72	3.71	-249.76
ROCE, %	7.07	-7.11	17.07	15.97	6.27	11.63	22.88	17.86	20.02	20.02	28.06	15.73	26.14
EBIT margin				7.12	4.97	11.19	10.2	11.52	11.52	11.52	16.95	9.88	18.31
EBITDA margin	7.33	-1.14	11.27	9.29	5.43	12.45	11.01	12.23	12.23	12.23	20.13	10.67	17.63
Net margin	1.57	-11.33	-1.83	-1.94	-0.9863	-0.0224	4.68	7.43		7.43	11.72	1.83	-230.81
Operational efficiency, %	4.32	-5.15	9.73	7.64	3.47	10.23	8.69	11.07	11.07	11.07	19.24	8.91	26.11
FCF yield, %					-6.2	-6.79	-0.6018					-4.5306	-54.04

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %	-2.96	5.46		5.01		7.16	6.73	5.93	4.07	4.19				15.40	5.62	-10.16
ROA, %	-0.9313	2.37		2.07		5.18		4.79		4.53				10.29	3.79	13.83
ROS, %				4.95	6.78	7.55	7.84	7.5	7.42	7.63	6.96	7.43	7.43	11.72	7.37	0.03
ROCE, %	0.6569	5.63		9.25		7.88		6.01		4.72		20.02	20.02	28.06	11.73	20.50
EBIT margin						12.31	12.4	12.14	11.85	11.54		11.52	11.52	16.95	11.71	-1.04
EBITDA margin				9.8	11.65	13.03	13.11	12.8	12.64	12.14	12.15	12.23	12.23	20.13	12.28	-0.66
Net margin		7.94	4.25	4.95	6.78	7.55	7.84	7.5	7.42	7.63	6.96			11.72	7.47	-2.35
Operational efficiency, %				9.15	10.92	11.59	10.88	10.75	10.49	11.54	10.39	11.07	11.07	19.24	10.91	1.08

	Industry average	Average for 5 quarters	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E					-57.43	-4758.64	24.02	39.45		39.45	157.78	-1188.1500	-191.04
P/BV				0.3862	1.02	1.43	3.25	5.09		5.09	17.14	2.24	67.49
P/S				0.1849	0.5664	0.8224	1.13	2.93		2.93	22.19	1.13	73.77
P/FCF					-16.14	-14.74	0	0	0	0	43.23	-15.4400	-4.44
E/P					-0.0174	-0.00021	0.0187	0	0	0	0.08	0.0004	-202.43
EV/EBIT				8.16	17.03	12.89	12.08	25.05	25.05	25.05	135.97	18.42	8.02
EV/EBITDA				6.26	15.59	11.59	11.19	23.61		23.61	104.63	13.65	30.41
EV/S				0.5815	0.8469	1.44	1.23	2.89	2.89	2.89	22.33	1.86	27.82
EV/FCF				27.22	-24.13	-19.97	-81.79	-143.12	-143.12	-143.12	160.12	-82.4260	42.77
Debt/EBITDA				4.45	10.25	5.04	1.15	0.3517	0.3517	0.3517	1.16	3.43	-49.06
Netdebt/Ebitda	2.69	-39.05	4.54	4.27	9.29	4.99	0.9725	-0.3465	-0.3465	-0.3465	0.67	2.91	-151.80
Debt/Ratio				0.3212	0.3424	0.3433	0.1517	0.0515	0.0515	0.0515	0.12	0.1881	-31.54
Debt/Equity				0.9519	1.01	1.09	0.3666	0.0747	0.4499	0.4499	0.88	0.5982	-14.93
Debt/Net Income				-21.35	-56.47	-2800.86	2.71	0.5792	0.5792	0.5792	6.66	-570.6923	-140.01
PEG									-0.1031	-0.1031	12.85	-0.1031	0.00
Beta							5.03	2.35	2.33	2.33	2.07	3.24	-22.63
Altman Index							0	1.33	1.32	1.32	11.77	1.33	-0.38

	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E	767.48			65.33		31.73	44.5	50.67	38.92	71.68	53.09	50.63				157.78	53.00	-0.02
P/BV							7.12		5.09		6.98					17.14	6.40	-0.66
P/S	2.34			2.77		1.86	2.63	3.41	2.89	5.43	4.04	3.74				22.19	3.90	1.86
E/P	0.0013			0.0153				0.0066								0.08	0.0077	71.87
EV/EBIT							87.24		87.07		138.25			25.05	25.05	135.97	72.53	-22.09
EV/EBITDA							25.12		22.62		33.57					104.63	27.10	10.15
EV/S							10.74		10.57		15.95			2.89	2.89	22.33	8.61	-23.09
EV/FCF														-143.12	-143.12	160.12	-143.1200	0.00
Debt/EBITDA							2.97		1.23		3.88			0.3517	0.3517	1.16	1.76	-34.73
Netdebt/Ebitda		62.02	3.14		3.12		1.58		-1.21		3.31			-0.3465	-0.3465	0.67	0.5974	-173.83
Debt/Ratio							0.1328		0.0503		0.1397			0.0515	0.0515	0.12	0.0852	-17.26
Debt/Equity							0.2616		0.0747		0.2114			0.4499	0.4499	0.88	0.2895	11.45
Debt/Net Income							5.13		2.1		6.17			0.5792	0.5792	6.66	2.91	-35.35
PEG														-0.1031	-0.1031	12.85	-0.1031	0.00
Beta													6.11	2.07	2.33	2.07	3.50	-27.48
Altman Index													1.32	1.32	1.32	11.77	1.32	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln						0.1112	0.0414	0.0417	0.000208	0.0121	5.45			5.33		1.11	165.39
Dividend	4	4	0.8	0.8	0.8	0.3	0.3				0.0059	0.0094		0.0094		0.2831	-58.88
Dividend yield, %		30.8	0.5644	0.7353	0.4437	0.436	0.6466	0.6543			0.0642	0.0913		0.0913	0.92	0.3785	-26.85
Dividends / profit, %						-7.74	-14.5	-12.21	-0.1387	-6.93	0.0175	2.23		2.23	24.58	-3.4062	-171.17
Dividend coverage ratio													45.87	45.87	17.78	45.87	0.00

	2015Q3	2016Q1	2017Q3	2018Q3	2019Q3	2023Q3	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
Dividend	0.8	0.8	0.8	0.3	0.3	0.5				0.5400	-8.97
Dividend yield, %	0.7416	0.6617	0.6869	0.3461	0.686	0.073			0.92	0.4907	-35.65
Dividend coverage ratio							45.87	45.87	17.78	45.87	0.00

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	LTM	CAGR 5
CAPEX/Revenue, %	2.01	3.95	6.96	1.32	4.24	4.24	16.10
Staff, people				744	744		0.00

	CAGR 5

	CAGR 5