Transrail Q2 revenue reaches Rs 2,056 crore, up 32% year on year

Transrail Lighting Limited reported record revenue from operations of Rs 2,056 crore in the second quarter of fiscal year 2027 (Q2 FY27), up 32% year on year, and Rs 435 crore of H1 FY27 operating cash flow; quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) were Rs 238 crore at an 11.6% margin.

How much revenue did Transrail report in Q2 FY27?

Transrail reported revenue from operations of Rs 2,056 crore in Q2 FY27, its highest quarterly revenue according to the company. The figure was Rs 495 crore higher than Rs 1,561 crore in Q2 FY26, producing the reported 32% year-on-year increase. It also exceeded Q1 FY27 revenue of Rs 1,736 crore by Rs 320 crore, or 18% quarter on quarter.

For the first half, Transrail recorded revenue from operations of Rs 3,792 crore in H1 FY27, compared with Rs 3,221 crore in H1 FY26. That Rs 571 crore increase equated to 18% year-on-year growth. The company released these unaudited results for the quarter and half year ended September 30, 2026.

How did Transrail's quarterly earnings change from earlier periods?

Transrail's EBITDA rose 28% year on year to Rs 238 crore in Q2 FY27 from Rs 186 crore in Q2 FY26. It was also 17% above the Rs 203 crore reported in Q1 FY27. In the first half, EBITDA increased by Rs 55 crore to Rs 441 crore from Rs 386 crore a year earlier, a reported 14% increase.

Profit before tax rose to Rs 158 crore in Q2 FY27 from Rs 125 crore in Q2 FY26, an increase of 26%, and was 10% above the Rs 144 crore recorded in Q1 FY27. H1 FY27 profit before tax was Rs 302 crore, compared with Rs 272 crore in H1 FY26. This Rs 30 crore half-year increase was 11%, below the 18% rise in first-half revenue.

Transrail's profit after tax was Rs 104 crore in Q2 FY27, compared with Rs 92 crore a year earlier, an increase of 12%. Quarterly profit after tax nevertheless fell 4% from Rs 108 crore in Q1 FY27 despite the revenue increase. Tax expense rose to Rs 54 crore from Rs 33 crore in Q2 FY26 and Rs 36 crore in Q1 FY27.

Did Transrail sustain its margins in Q2 FY27?

Transrail reported an EBITDA margin of 11.6% in Q2 FY27, compared with 11.9% in Q2 FY26 and 11.7% in Q1 FY27. The Q2 margin was therefore 0.3 percentage points below the year-earlier period and 0.1 percentage points below the preceding quarter, even as EBITDA increased by Rs 52 crore year on year. For H1 FY27, EBITDA margin was 11.6%, versus 12.0% in H1 FY26.

Profit after tax margin was 5.0% in Q2 FY27, against 5.9% in Q2 FY26 and 6.2% in Q1 FY27. For H1 FY27, the margin was 5.5%, compared with 6.1% a year earlier, while profit after tax rose by Rs 14 crore to Rs 212 crore. The filing showed that Q2 tax expense grew 66% year on year to Rs 54 crore, faster than the 26% increase in profit before tax.

Management said the quarter delivered year-on-year growth in revenue and profitability, supported by execution across its businesses and cash-flow management, despite continuing supply-chain and logistics effects from the West Asia conflict. The company did not quantify the cost or timing effect of those disruptions, and management said its second-half focus would be disciplined execution, sustaining margins and building a quality order book.

What do cash flow, orders and capacity indicate for Transrail?

Transrail said cash flow from operations increased to Rs 435 crore in H1 FY27, while net working capital (NWC) stood at 82 days. The release did not provide an H1 FY26 operating cash-flow figure, so the scale of the stated increase cannot be calculated from the disclosed information. The Rs 435 crore first-half cash-flow figure accompanied Rs 212 crore in H1 profit after tax and Rs 441 crore in H1 EBITDA.

The company had an unexecuted order book of Rs 14,218 crore as of September 30, 2026, and said it received new orders worth Rs 1,747 crore after quarter-end. Transrail also completed a major river-crossing transmission project in Bangladesh. The company said the project added to its international execution record, while its footprint covers 64 countries across six continents.

Transrail expanded tower manufacturing capacity to 184,400 metric tonnes per annum (MTPA) and conductor capacity to 40,800 kilometres per annum (KMPA). It said the additions would support project execution and growth in engineered-product sales, and that remaining planned capital expenditure was on schedule. Management said power transmission and distribution demand remained supported by investment in transmission infrastructure and renewable-energy integration.

Conclusion

Transrail's Q2 FY27 result combined record quarterly revenue of Rs 2,056 crore with EBITDA of Rs 238 crore and year-on-year profit-after-tax growth to Rs 104 crore. Revenue rose faster than EBITDA and profit after tax, while EBITDA margin moved from 11.9% in Q2 FY26 to 11.6% and profit-after-tax margin moved from 5.9% to 5.0%.

The next disclosed markers are execution against the Rs 14,218 crore unexecuted order book, conversion of the Rs 1,747 crore of post-quarter orders, and completion of the remaining planned capital expenditure. Management said it remained confident of achieving FY27 guidance, with its second-half plan centred on disciplined execution, sustained margins and a quality order book amid supply-chain and logistics disruption linked to the West Asia conflict.