revenue growth
20–22 pct
FY 2027
official guidance
TRANSRAIL LIGHTING LIMITED
Last · NSE₹410.35-6.85 (-1.64%)close · yahoo · 68h ago
Market cap₹55.1B134.3M sh
P/E · TTM13.6fwd 10.8 · eps 30.12
Beta—vs S&P 500
Div yield0.49%annual · TTM
52w range
₹407.00₹823.00
Volume547.8Ksession
| Revenue | ₹1,831 |
|---|---|
| Operating income | ₹147 |
| Net income | ₹100 |
| Operating margin | 8.0% |
| Net margin | 5.5% |
| Return on equity | 1.4% |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Strong backlog and cash conversion are offset by execution and margin risks.
Hold: FY26 revenue grew 30% to INR6,880 crore with 11.92% EBITDA margin and operating cash flow of INR817 crore, but FY27 guidance slows to 20%-22% growth at around 11% margin.
The order book supports execution, yet supply-chain disruption, lower margin guidance, and only 30%-35% of jobs having price variation clauses limit the case for a clean buy.
Themes
- Fy26 Results
- Fy27 Guidance
- Order Book
- Supply Chain Disruption
- Margin Pressure
- Working Capital
Near term
FY27 execution depends on converting the INR16,361 crore unexecuted order book while supply-chain delays defer projects and revenue.
Completion of the Bangladesh Phase 2 project in the next three to four months and closure of the project within six months are near-term execution markers.
FY27 order intake of INR10,000-11,000 crore and the INR10,000 crore Q1 bid activity need conversion; FY26 intake was INR8,520 crore versus the roughly INR10,000 crore expectation.
Tower capacity is expected to reach 196,000 metric tons and conductor capacity to double by Q2-Q3 FY27, requiring evidence of utilization and productivity gains.
Longer term
The competitive advantage is tangible through backward integration, expanded manufacturing capacity, and a two-year-plus order-book runway, but returns depend on maintaining margins amid stronger competition.
Working-capital days improved from 91 to 81 and ROCE was 25.79%; sustaining sub-80-day working capital and healthy operating cash flow is important as the business scales.
International expansion adds growth potential but increases exposure to logistics, geopolitical, insurance, and execution risk across new markets.
Red flags
FY27 EBITDA margin guidance falls to around 11% from 11.92% in FY26 and 12.7% in FY25, while management attributes the pressure to geopolitical disruption, inflation, and supply-chain uncertainty.
Only around 30%-35% of jobs have price-variation pass-through, leaving substantial exposure to commodity and labor-cost inflation.
Management says delayed revenue is postponed rather than lost, but does not quantify the timing, cost impact, or potential working-capital burden of the deferrals.
FY26 order intake of INR8,520 crore missed the approximately INR10,000 crore expectation, so the next cycle of bid conversion is unproven.
Forward outlook
operating margin
11 pct
FY 2027
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer IR
EarningcallTranscriptAFRMar2026
TRANSRAIL LIGHTING LIMITED
- Issuer webcast
Support
TRANSRAIL LIGHTING LIMITED
- Issuer webcast
Support
TRANSRAIL LIGHTING LIMITED
- Issuer IR
2. Transcript of Earnings Call UFR Sep 2025
TRANSRAIL LIGHTING LIMITED
- Issuer IR
1. Transcript of Earnings Call UFR Jun 2025
TRANSRAIL LIGHTING LIMITED
Documents
FormReporting forFiledFlags