Texmaco Rail has 99% of order book outside Indian Railways

Texmaco Rail & Engineering Ltd. had Rs 9,874 crore of non-Indian Railways orders at Sep-26, equal to 99% of its Rs 9,983 crore order-book comparison scope, while Indian Railways orders had declined to Rs 109 crore from Rs 5,618 crore in FY23. The shift was driven by export, private-wagon, rail-infrastructure and electrification work.

What has changed in Texmaco Rail’s order book?

Texmaco Rail has shifted its reported pipeline from Indian Railways towards private customers, exports, rail infrastructure and electrification. Its order book excluding Indian Railways rose from Rs 3,002 crore in FY23 to Rs 9,874 crore at Sep-26, or about 3.3 times. The figures were Rs 2,991 crore in FY24, Rs 3,330 crore in FY25 and Rs 4,094 crore in FY26, meaning the largest increase occurred in the period to Sep-26.

Indian Railways orders declined by Rs 5,509 crore between FY23 and Sep-26, while the total order book in the same presentation scope increased by Rs 1,363 crore, from Rs 8,620 crore to Rs 9,983 crore. Texmaco Rail says its non-Indian Railways pipeline absorbed the near-term decline in state-railway orders. Its Sep-26 non-Indian Railways order book of Rs 9,874 crore also exceeded the entire FY23 total order book of Rs 8,620 crore.

How is Texmaco Rail’s Sep-26 order book composed?

Texmaco Rail identifies three growth engines worth Rs 9,679 crore in its Sep-26 order book: export wagons at Rs 5,883 crore, private wagons at Rs 1,207 crore, and rail infrastructure and electrification at Rs 2,589 crore. The company says this Rs 9,679 crore grouping excludes Rs 195 crore of Freight Car Division, or FCD, orders. It also says that about 98% of the wagon order book by value has transitioned to private and export customers.

The 99% measure applies to an order-book view excluding subsidiary and joint-venture orders. Separately, Texmaco Rail reported a consolidated order book of Rs 10,940 crore as of September 30, 2026. In that broader measure, the Freight Car Division represented 67.9%, Infra-Rail & Green Energy 8.4%, Infra-Electrical 14.9%, and other subsidiaries and joint ventures 8.8%.

The two totals therefore measure different scopes. The Rs 9,983 crore total is the basis for the Indian Railways comparison, while the Rs 10,940 crore figure is the consolidated order book. Texmaco Rail’s presentation specifically notes that the order-book analysis on Indian Railways dependency excludes subsidiary and joint-venture orders.

Which orders support Texmaco Rail’s non-Indian Railways pipeline?

Texmaco Rail’s largest listed recent awards are in South Africa. Tsiko Africa Logistics and Barberry Holdings placed a Rs 4,045 crore Freight Car Division order for freight wagons, locomotives and components, alongside a separately listed Rs 1,282 crore order for Wabtec ES43ACi diesel-electric locomotives with 4,500 horsepower. Together, the two listed South African awards total Rs 5,327 crore.

Indian private-sector awards listed by Texmaco Rail include Rs 253 crore from JSW (South) Rail Logistics for BFNSM1 rakes and BVCM wagons, Rs 131 crore from Transport Corporation of India, and Rs 330 crore from Jujhar Logistics & Travels for 15 rakes with 15 BVCM wagons in November 2026. These orders sit alongside the Rs 1,207 crore private-wagon category disclosed in the Sep-26 order-book analysis.

Rail-project wins include Rs 192 crore of signalling and telecommunication work for South Central Railway, Rs 187 crore for interlocking 183 gates for Southern Railway, and Rs 130 crore of track work for Kochi Metro Rail. Texmaco Rail also listed a Rs 412 crore Ministry of Railways order for 1,020 BOXNS wagons in October 2026, showing that Indian Railways remained a customer despite its 1% share in the Sep-26 comparison scope.

A separate update covering October 1 to November 5, 2026 referred to Rs 349 crore of new orders and 1,020 wagons from Indian Railways, plus Rs 337 crore from APL Logistics and Jujhar Logistics and Rs 25 crore from Ultratech. The presentation does not reconcile the Rs 349 crore reference with the separately listed Rs 412 crore Ministry of Railways order.

Has the order-book shift changed Texmaco Rail’s operating mix?

Texmaco Rail’s standalone revenue from operations was Rs 863 crore in Q2 FY27, up 14.6% from Rs 753 crore in Q1 FY27 but below Rs 1,257 crore in Q2 FY26. Freight Car Division revenue rose 3.9% sequentially to Rs 538 crore, Infra-Rail & Green Energy revenue increased 41.7% to Rs 85 crore, and Infra-Electrical revenue rose 37.6% to Rs 240 crore.

Freight cars remained Texmaco Rail’s largest standalone revenue division in Q2 FY27 at 62.3% of Rs 863 crore revenue. Infra-Electrical accounted for 27.9%, while Infra-Rail & Green Energy represented 9.8%. The consolidated order book had a similar concentration in freight cars, which accounted for 67.9% of the Rs 10,940 crore total at September 30, 2026.

Profit before interest and tax, or PBIT, improved in two divisions from Q1 FY27 to Q2 FY27. Freight Car Division PBIT rose from Rs 29 crore to Rs 37 crore, with margin increasing from 5.5% to 6.8%, while Infra-Rail & Green Energy PBIT rose from Rs 1 crore to Rs 3 crore and margin increased from 1.4% to 3.4%. Infra-Electrical revenue increased to Rs 240 crore, but its PBIT declined from Rs 19 crore to Rs 18 crore and margin fell from 10.8% to 7.7%.

At company level, earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 88 crore in Q2 FY27, compared with Rs 81 crore in Q1 FY27 and Rs 137 crore in Q2 FY26. EBITDA margin was 10.2%, versus 10.8% in Q1 FY27 and 10.9% in Q2 FY26. Management attributed the Freight Car improvement to cost rationalisation and product mix, while citing elevated input costs in its Q2 FY27 commentary.

Conclusion

Texmaco Rail’s disclosed order book indicates that its execution pipeline is no longer principally dependent on Indian Railways procurement. Export wagons, private wagons, rail infrastructure and electrification accounted for Rs 9,679 crore of identified orders at Sep-26, while Indian Railways orders were Rs 109 crore. Freight cars remained the largest revenue division, but the Q2 FY27 results showed sequential revenue growth across Freight Car, Infra-Rail & Green Energy and Infra-Electrical.

The next areas to watch are execution of the South African freight-wagon and locomotive awards, clarification of the October-November 2026 Indian Railways order values, and progress on Texmaco Rail’s disclosed expansion plans. These include a 12-month exclusivity arrangement, dated August 27, 2026, to explore an India joint venture for wheels, wheelsets and axles with Bochumer Verein Verkehrstechnik, as well as initiatives in railcar leasing, Kavach signalling and defence capabilities.