Titagarh Rail Systems Ltd. (TRSL) specialises in freight rail systems (FRS), passenger rail systems (PRS), metro coaches, propulsion systems, shipbuilding, and railway safety solutions. It began its journey by manufacturing EMU/MEMU trains for Indian Railways. Since then, the company has expanded into high-growth segments, reinforcing its position as a key player in India’s transportation industry. It operates four manufacturing facilities – three units, including Uttarpara in West Bengal, and one unit at Bharatpur, Rajasthan.
In FY25, TRSL reported standalone revenue of Rs3,865.82 crore, with EBITDA of Rs438.95 crore, PAT of Rs303.43 crore, and an EBITDA margin of 11.35 per cent. The company has set its vision to become India’s first $10 billion global rail mobility leader. The Uttarpara plant serves as a strategic hub for TRSL’s manufacturing activities. The facility has also delivered driverless metro trainsets for the Bengaluru Yellow Line and is executing several major projects for the Ahmedabad, Surat, and Pune metros. More than 75 per cent of the components are localised. The current installed capacity allows for the manufacture of 300 coaches, 600 traction motors, and 200 converters annually. The company is scaling up this capacity to 850 coaches, 2,400 motors, and 1,200 converters to meet the growing demand.
The company recently inaugurated dedicated production lines for the Vande Bharat Sleeper Coaches at the Uttarpara plant. It will be manufacturing the 16-car Vande Bharat sleeper trainsets, with the prototype expected by March 2026. The facility will play a central role in delivering 80 such trainsets under TRSL’s partnership with BHEL. “We are very proud to say that because of the policies of the government, like Make in India, which allowed a company like us to have this dream and to be able to deliver on this dream,” said Prithish Chowdhary, Deputy MD, TRSL. “The design that we have for the Ahmedabad Metro was unveiled by the Prime Minister in Gujarat. We had the first Bangalore Metro trainset that was built here, rolled out in April. We do about 12,000 wagons annually, which makes us the country’s largest manufacturer of wagons. Last year, we did about 9,500 wagons, which was, again, the highest ever manufactured by the private sector in the country,” adds Chowdhary.
Strong order book
TRSL is the market leader in the domestic wagon market and currently holds a record order book. As of the end of December 2024, TRSL had an order book worth Rs25,333 crore, including its joint venture. This order book includes approximately 13,689 wagons and 1,589 metro and Vande Bharat coaches.
The management is confident that it can easily double its topline in the next 3 years. Another big order that TRSL has bagged, through a joint venture with Ramkrishna Forgings, is a significant order from Indian Railways for the manufacture and supply of 1,540,000 forged wheels. This order is part of the ‘Atmanirbhar Bharat’ (self-reliant India) initiative and is valued at approximately Rs12,227 crore. The wheels will be supplied over a 20-year period, with initial deliveries of 40,000 wheels in the first year, followed by 60,000 in the second, and 80,000 annually thereafter.
“The Uttarpara facility provides everything under one roof. We supply different metros, which are under manufacturing: motors, converters, cubicles, and harnesses. We have a huge number of robots. This is probably the only facility in India currently manufacturing such a large portfolio of products for India under one roof,” explains Vijay Subramanian, CEO – PRS, TRSL.
“We believe that the Railways will offer very strong traction for the company going ahead. Indian Railways (IR) is targeting an increase in its market share from the current 28 per cent to 44 per cent in the longer term, as per the National Rail Plan document released recently. The IR has set near-term targets of 33 per cent in 2026, 39 per cent in 2031, 43 per cent in 2041, and 44 per cent in 2051,” said Avinash Gorakshakar, Market Analyst.
The Indian metro coach market is experiencing significant growth, with projections indicating a substantial increase in the number of metro networks and coaches in the coming years. This expansion is fuelled by ongoing and planned metro projects across various cities, creating robust demand for metro coaches. With its expansion plans and high-tech manufacturing facilities, TRSL is ideally placed to harness the potential of this mobility segment.