TRSL passenger rail accounts for 72% of railway order book
Key highlights
- TRSL reported Rs 10,801 crore of Passenger Rail Systems orders, or 72.39% of its Rs 14,920 crore railway order book at 30 September 2026.
- TRSL’s total order book was Rs 28,695 crore, including Rs 13,326 crore of stated joint-venture order-book share.
- TRSL’s mainline order book, including Vande Bharat, was Rs 5,469 crore versus Rs 4,758 crore for metro coaches.
- TRSL invoiced 51 metro cars and reported Rs 300 crore of Passenger Rail Systems revenue in Q2 FY27.
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Titagarh Rail Systems Limited reported Rs 10,801 crore of Passenger Rail Systems orders at 30 September 2026, accounting for 72.39% of its Rs 14,920 crore railway order book. TRSL’s total order book reached Rs 28,695 crore after including its stated Rs 13,326 crore share of joint-venture orders.
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How is TRSL’s railway order book split?
TRSL’s railway order book was split between Rs 10,801 crore in Passenger Rail Systems and Rs 4,119 crore in Freight Rail Systems at 30 September 2026. Passenger Rail Systems represented 72.39% of the Rs 14,920 crore railway total, compared with 27.61% for freight rail.
The Rs 14,920 crore railway total did not include Rs 449 crore of Shipbuilding and Maritime Systems orders held through wholly owned subsidiary Titagarh Naval Systems Limited. Adding that business lifted TRSL’s order book including wholly owned subsidiaries from Rs 14,920 crore to Rs 15,369 crore.
What makes up TRSL’s passenger rail order book?
TRSL’s Rs 10,801 crore Passenger Rail Systems order book comprised Rs 5,469 crore of mainline work including Vande Bharat, Rs 4,758 crore of metro-coach work, Rs 324 crore of services, and Rs 250 crore of propulsion and components. Mainline and metro-coach work together accounted for Rs 10,227 crore of the passenger total.
Mainline work was Rs 711 crore larger than the metro-coach book at 30 September 2026, with Rs 5,469 crore versus Rs 4,758 crore. The presentation identifies Vande Bharat within mainline work, while metro coaches, services, and propulsion and components form the remaining passenger-rail categories.
TRSL also disclosed a rolling-stock order book of 9,144 wagons and 1,721 coaches, including Vande Bharat, in its Q2 FY27 presentation. The coach figure gives a unit measure alongside the passenger order book, while Freight Rail Systems carried a lower value backlog of Rs 4,119 crore.
How much do TRSL’s joint ventures add to the order book?
TRSL reported Rs 13,326 crore as its stated order-book share in strategic joint ventures, increasing the total from Rs 15,369 crore including wholly owned subsidiaries to Rs 28,695 crore. The presentation reports this joint-venture share separately from the standalone order book.
The Vande Bharat service joint venture with Bharat Heavy Electricals Limited, or BHEL, accounted for Rs 7,000 crore of the joint-venture amount. TRSL signed the joint-venture agreement on 15 September 2026 for a 50:50 special purpose vehicle to maintain 80 Vande Bharat sleeper trainsets for 35 years.
Ramkrishna Titagarh Rail Wheels Limited accounted for the remaining Rs 6,326 crore of the stated joint-venture order-book share. TRSL described this as a forged-wheel manufacturing venture in which it holds a 49% interest, and the Rs 6,326 crore amount plus the Rs 7,000 crore BHEL venture equals Rs 13,326 crore.
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What did Q2 FY27 show about TRSL’s passenger rail execution?
TRSL invoiced 51 metro cars in Q2 FY27, up 325% year on year and 70% quarter on quarter. It also reported Rs 300 crore of Passenger Rail Systems revenue, which management described as its highest-ever quarter, up 146% year on year and 31% quarter on quarter.
The Rs 300 crore revenue and 51 metro cars are Q2 FY27 execution measures, whereas the Rs 10,801 crore Passenger Rail Systems figure is an order book position at 30 September 2026. The backlog covers metro coaches, Vande Bharat mainline work, services, and propulsion and components rather than only the work invoiced during the quarter.
Freight Rail Systems also received 4,955 wagon orders from Indian Railways in Q2 FY27. TRSL put the basic value of that order at about Rs 1,700 crore plus price variation clause provisions, separately from the passenger-rail invoicing and revenue disclosures.
What future rail milestones has TRSL disclosed?
TRSL said its Vande Bharat sleeper prototype was on track to be ready for testing by Q4 FY27. The prototype relates to the Rs 5,469 crore mainline category at 30 September 2026 and sits alongside the 35-year maintenance scope disclosed for the BHEL joint venture.
TRSL also signed a non-binding memorandum of understanding with Siemens during Q2 FY27 to jointly evaluate international metro rolling-stock opportunities on a case-by-case basis. The presentation assigned no order-book amount to that memorandum, distinguishing it from the Rs 4,758 crore metro-coach order book already reported.
TRSL started a new design centre in Lucknow in Q2 FY27, which it said would deepen in-house design for railway products. The company described Lucknow as the home of the Research Designs and Standards Organisation, but did not attach an additional order-book value to the centre.
Conclusion
TRSL’s disclosed railway workload was weighted towards passenger rail at 30 September 2026, with Rs 10,801 crore, or 72.39%, of the Rs 14,920 crore railway order book in Passenger Rail Systems. Mainline work including Vande Bharat and metro coaches made up Rs 10,227 crore of that passenger amount, while freight rail represented Rs 4,119 crore.
The next disclosed milestone is the planned Q4 FY27 testing readiness of the Vande Bharat sleeper prototype. TRSL’s presentation also identifies execution of the 50:50 BHEL maintenance venture for 80 sleeper trainsets over 35 years, while the Siemens memorandum remains non-binding and had no disclosed order-book value.