TITAGARH IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 3,481 | 3,481–3,481 | 90.0% | CAPEX | FY25 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): Sr. No. Description of Main Activity Description of Business Activity Percentage of Turnov…” AR DOC | ||||||||
| AMBUJACEMAmbuja Cements Ltd. | CONTRACT | 2,867 | 2,867–2,867 | 90.0% | CAPEX | FY25 | EST | 85% |
| “Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’) - “Receipt of the Letter…” ORDER p.1 · 12-FEB-25 · +1 DOC | ||||||||
| Indian Railways | CONTRACT | CT 12,227 | — | — | CAPEX | FY24 | EST | 85% |
| “Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’) - “Receipt of Contract f…” ORDER p.1 · 28-OCT-26 · +2 DOC | ||||||||
| Banaras Locomotive Works | CONTRACT | CT 91 | — | — | CAPEX | FY26 | EST | 85% |
| “Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’)-“Receipt of Letter of Ac…” ORDER p.1 · 23-AUG-25 DOC | ||||||||
| NCCNCC Ltd. | CONTRACT | CT 1,599 | — | — | CAPEX | FY26 | EST | 85% |
| “Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’) - “Receipt of the Letter…” ORDER p.1 · 03-AUG-25 DOC | ||||||||
| Maharashtra | CONTRACT | CT 431 | — | — | CAPEX | FY26 | EST | 85% |
| “Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’) - “Receipt of the Letter…” ORDER p.1 · 28-JUN-25 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “– Share from JV CRISIL AA-/Stable - Long Term CRISIL A+/Stable - Short Term Pioneering Solar-Powered & Hydraulic Ballast Discharge Solutions to Gujarat Metro (…” AR DOC | ||||||||
| Indian Railways | CONTRACT | CT 0 | — | — | — | FY25 | EST | 75% |
| “Awarded contract to supply 1.54 million forged wheels for Ministry of Railways.” AR · +1 DOC | ||||||||
| China. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 75% |
| “Your Company achieved remarkable milestones during the Financial Year 2025 in the Group’s journey towards its mission and vision of a leading mobility solution…” AR DOC | ||||||||
| Commissioning | CONTRACT | CT 350 | — | — | CAPEX | FY25 | EST | 75% |
| “ Your Company was awarded the contract for Design, Manufacture, Supply, Testing, Commissioning & Training of 30 nos. of Standard Gauge Cars for Ahmedabad Metr…” AR DOC | ||||||||
| ATULAtul Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Names of associates or joint ventures which have been liquidated or sold during the year: None For and behalf of the Board of Directors of Titagarh Rail System…” AR DOC | ||||||||
| Australia | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Globally, we cater to national railway operators and private clients across regions including Bangladesh, Myanmar, Africa, Australia, and Europe.” AR DOC | ||||||||
| Ministry of Defence | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “– Share from JV CRISIL AA-/Stable - Long Term CRISIL A+/Stable - Short Term (€7.18 Mn, 33 train sets) Revenue in FY 2025 Order Book Position Rating by CRISIL F…” AR · +1 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “– Share from JV CRISIL AA-/Stable - Long Term CRISIL A+/Stable - Short Term (€7.18 Mn, 33 train sets) Revenue in FY 2025 Order Book Position Rating by CRISIL F…” AR DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “– Share from JV CRISIL AA-/Stable - Long Term CRISIL A+/Stable - Short Term (€7.18 Mn, 33 train sets) Revenue in FY 2025 Order Book Position Rating by CRISIL F…” AR DOC | ||||||||
| Mumbai | CONTRACT | CT 4,000 | — | — | — | FY25 | EST | 70% |
| “The company has since been awarded prestigious metro projects in Bangalore, Surat, Ahmedabad, and Mumbai, along with the landmark contract for India’s semi hig…” AR · +2 DOC | ||||||||
| Financial Year | CONTRACT | CT 24,500 | — | — | CAPEX | FY25 | EST | 70% |
| “TRSL’s order book as of Financial Year ended March 31, 2025 (FY 2025) stood at approximately ₹24,500 crore, representing around 11,500 freight wagons and appro…” AR · +1 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | CONTRACT | CT 11,000 | — | — | — | FY25 | EST | 70% |
| “ TRSL in collaboration with Bharat Heavy Electricals Limited (BHEL), inaugurated a dedicated production line for Vande Bharat Sleeper Trains at its Uttarpara …” AR · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “(c) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing wit…” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “The Company is also executing orders placed for manufacture of Metro Coaches by Metro Authorities of Bengaluru, Pune, Surat, Ahmedabad and Mumbai.” AR DOC | ||||||||
| SCIShipping Corporation of India Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “In India, our key clients include public sector organizations such as Indian Railways, various Metro Rail Corporations, the Defence sector, the National Instit…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Nil Nil Nil Nil Nil Nil Others (Contract Employees) The Board has approved policies which can be accessed at weblink: https://titagarh.” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “March 31, 2024: Rs. 288.47 Crores) 24.58 34.46 170 | | 171TITAGARH RAIL SYSTEMS LIMITED Annual Report | 2024-2025 Corporate Overview Statutory Reports Financia…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “) 22 Other Financial Liabilities Particulars Non-Current Current As at March 31, 2025 As at March 31, 2024 As at March 31, 2025 As at March 31, 2024 Rs. in Cro…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “182 | | 183TITAGARH RAIL SYSTEMS LIMITED Annual Report | 2024-2025 Corporate Overview Statutory Reports Financial StatementsStandalone 32 Other Expenses (Refer…” AR DOC | ||||||||
| GRSEGarden Reach Shipbuilders & Engineers Ltd. | CONTRACT | — | — | — | CAPEX | FY26 | EST | 70% |
| “” Pursuant to Regulation 30 read with Schedule III of the Listing Regulations, we wish to inform you that the Company has secured a Letter of Intent (LOI) from…” ORDER p.1 · 21-AUG-25 DOC | ||||||||
| FY27 | UNSTATED | — | — | — | — | FY27 | EST | 65% |
| “but we will definitely start the supply in FY27.” CONCALL DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | COGS | 2025-11 | EST | 65% |
| “but also going to be selling components to the Indian railways and to others.” CONCALL DOC | ||||||||
| JSW Port Logistics Private | CONTRACT | CT 226 | — | — | CAPEX | FY26 | EST | 65% |
| “Sub: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (‘Listing Regulations’) - “Manufacture and Suppl…” ORDER p.1 · 28-MAR-26 DOC | ||||||||
| BEMLBEML Ltd. | UNSTATED | — | — | — | — | 2026-08 | EST | 65% |
| “So let us say, if the total requirement of the system is X and the total supply including ICF, including us, including Alstom, including BEML is Y, those X and…” CONCALL p.8 · 31-AUG-26 DOC | ||||||||
| Italy | UNSTATED | — | — | — | — | 2026-08 | EST | 65% |
| “In the past, Pune Metro that we executed, the first 34 trains that we have supplied, we used to bring in the subassemblies or the flat packs from our associate…” CONCALL p.6 · 31-AUG-26 DOC | ||||||||
| ACCACC Ltd. | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “ TRSL received Letter of Acceptance (LOA) from Ambuja Cements Limited and ACC Limited, group companies of Adani Cement Limited, for “Manufacture and Supply of…” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR DOC | ||||||||
| Sub Contracting | CONTRACT | — | — | — | CAPEX | FY26 | EST | 60% |
| “Nature of Order/Contract Ship Construction of 02 Vessels by Sub Contracting as detailed herein.” ORDER p.2 · 21-AUG-25 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| ABBABB India Ltd. | CONTRACT | 2,855 | 317–2,855 | 100.0% | — | FY26 | EST | 80% |
| “Ref: BSE - 500002 / NSE - ABB / ISIN - INE1 17A01022 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligation and Disclosure…” ORDER p.1 · 27-JAN-26 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “During the year, one parcel of land situated at Bharatpur has been sold while the remaining portion of land at Bharatpur has been classified as Assets (Rs. in …” AR DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “The company, in consortium with M/s Titagarh Rail Systems Limited (TRSL), is currently executing the prestigious order for manufacturing and supply of 80 numbe…” AR DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | COGS | 2026-10 | EST | 70% |
| “The detail of such expenses are as follow: Design and development expenses 21.52 48.64 Consumption of stores and spares 0.15 - Job Processing and other machini…” AR DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “Adjustment for: Liquidated Damages (25.73) (13.37) Escalation 129.40 211.38 Revenue from operation 3,185.82 3,867.75 Particulars For the year ended March 31, 2…” AR DOC | ||||||||
| AMBERAmber Enterprises India Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Note: (i) The Board of Directors of the subsidiary company [Sidwal Refrigeration Industries Private Limited (“Sidwal”)] at their meeting held on 20 October 202…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “In respect of the previous year, Others includes interest income from supplier for early payment of related outstandings of Rs. 1.76 Crores, etc.” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 16/16 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 10-NOV-26 |
| ORDERS | 15/15 | 100% | 08-NOV-26 |
| RATINGS | 0/1 | 0% | — |
| SCREENER | 1/1 | 100% | 10-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 14-NOV-26 | Ambuja Cements Ltd. share 100% |
| CUST MOM 1M | +8.7% | 14-NOV-26 | from 15-OCT-26 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Ambuja Cements Ltd. +8.7% w 1 · ACC Ltd. +7.3% w 0 · Atul Ltd. -16.6% w 0 · Shipping Corporation of India Ltd. -4.7% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 |
| SUPP MOM 1M | +3.5% | 14-NOV-26 | from 15-OCT-26 · ABB India Ltd. +3.5% w 1 · Bharat Heavy Electricals Ltd. +0.5% w 0 · Amber Enterprises India Ltd. +1.2% w 0 |