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Last Updated: April 2, 2026, 2:54 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532966 | NSE: TITAGARH

Titagarh Rail Systems Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹798.12Undervalued by 31.05%vs CMP ₹609.00

P/E (44.9) × ROE (11.8%) × BV (₹188.00) × DY (0.16%)

₹474.42Overvalued by 22.10%vs CMP ₹609.00
MoS: -28.4% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,362.9024%Under (+123.8%)
Graham NumberEarnings₹238.8814%Over (-60.8%)
Earnings PowerEarnings₹108.6312%Over (-82.2%)
DCFCash Flow₹282.4312%Over (-53.6%)
Net Asset ValueAssets₹188.458%Over (-69.1%)
EV/EBITDAEnterprise₹278.6610%Over (-54.2%)
Earnings YieldEarnings₹134.908%Over (-77.8%)
ROCE CapitalReturns₹94.498%Over (-84.5%)
Revenue MultipleRevenue₹143.606%Over (-76.4%)
Consensus (9 models)₹474.42100%Overvalued
Key Drivers: EPS CAGR 70.8% lifts DCF — verify sustainability. | Wide model spread (₹94–₹1,363) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 70.8%

*Investments are subject to market risks

Investment Snapshot

50
Titagarh Rail Systems Ltd scores 50/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health56/100 · Moderate
ROCE 16.6% GoodROE 11.8% AverageD/E 1.00 High debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 0.80% MF sellingPromoter holding at 40.5% Stable
Earnings Quality60/100 · Moderate
OPM stable around 12% SteadyWorking capital: 58 days (improving) Efficient
Quarterly Momentum25/100 · Weak
Revenue (4Q): -15% YoY DecliningProfit (4Q): -35% YoY Declining
Industry Rank60/100 · Moderate
P/E 44.9 vs industry 44.9 In-lineROCE 16.6% vs industry 16.6% Average3Y sales CAGR: 38% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Titagarh Rail Systems Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
0/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 44.9 vs Ind 44.9 | ROCE 16.6% | ROE 11.8% | CFO/NP N/A
Balance Sheet Stress
10/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 1.00x | IntCov 0.0x | Current 1.55x | Borrow/Reserve 0.25x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹275 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +1.10 pp | DII -0.17 pp | Prom 0.00 pp
Business Momentum
+41
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +17.7% | Q NP +19.4% | Q OPM 0.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-22.1%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.25xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+1.10 ppLatest FII% minus previous FII%
DII Change-0.17 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-19,985Latest shareholder count minus previous count
Quarterly Sales Change+17.7%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+19.4%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change0.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:54 am

Market Cap 8,202 Cr.
Current Price 609
Intrinsic Value₹474.42
High / Low 974/569
Stock P/E44.9
Book Value 188
Dividend Yield0.16 %
ROCE16.6 %
ROE11.8 %
Face Value 2.00
PEG Ratio0.63

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Titagarh Rail Systems Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Titagarh Rail Systems Ltd 8,202 Cr. 609 974/56944.9 1880.16 %16.6 %11.8 % 2.00
Industry Average8,202.00 Cr609.0044.90188.000.16%16.60%11.80%2.00

All Competitor Stocks of Titagarh Rail Systems Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 6077669749119359551,0529031,0579021,006679799
Expenses 554701882805821844935806932809913615725
Operating Profit 5365921061151111189712594936474
OPM % 9%9%9%12%12%12%11%11%12%10%9%9%9%
Other Income 29117471412121023301114
Interest 20232219201816131721221818
Depreciation 556777778681212
Profit before tax 57487084951001089011189924557
Tax % 21%32%31%27%25%25%27%26%27%29%30%32%35%
Net Profit 45334862717579678163643137
EPS in Rs 4.032.724.035.175.555.565.864.985.994.664.892.292.74

Last Updated: January 12, 2026, 9:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 2:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 6247619591,7141,2681,5591,7661,5211,4682,7803,8533,8683,316
Expenses 6197219291,6051,3651,5501,6451,4401,3032,5293,4043,4593,001
Operating Profit 54030108-97912181165251449409315
OPM % 1%5%3%6%-8%1%7%5%11%9%12%11%10%
Other Income 20-020242525-6025-6134387566
Interest 14181731446588815781737376
Depreciation 18264652512429301822273045
Profit before tax -7-4-1350-167-56-57-629181386382260
Tax % 58%177%52%45%-12%-59%-36%237%102%31%26%28%
Net Profit -10-10-2027-147-23-36-19-1126286275181
EPS in Rs -0.89-0.33-1.692.33-12.43-2.47-2.96-1.26-0.0310.8921.2520.5213.49
Dividend Payout % -90%-48%-47%34%-2%-12%0%0%0%5%4%5%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)0.00%-100.00%235.00%-644.44%84.35%-56.52%47.22%94.74%12700.00%126.98%-3.85%
Change in YoY Net Profit Growth (%)0.00%-100.00%335.00%-879.44%728.80%-140.88%103.74%47.51%12605.26%-12573.02%-130.83%

Titagarh Rail Systems Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:18%
5 Years:17%
3 Years:38%
TTM:-5%
Compounded Profit Growth
10 Years:34%
5 Years:57%
3 Years:883%
TTM:-18%
Stock Price CAGR
10 Years:24%
5 Years:80%
3 Years:71%
1 Year:-41%
Return on Equity
10 Years:5%
5 Years:10%
3 Years:14%
Last Year:12%

Last Updated: September 5, 2025, 4:10 am

Balance Sheet

Last Updated: December 4, 2025, 1:15 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 20202323232323242424272727
Reserves 6426699309448327937438178189402,1912,4562,511
Borrowings 128125233372624896730847920353166627637
Other Liabilities 2892461,4931,3561,210975775775903931832651625
Total Liabilities 1,0801,0602,6782,6952,6892,6872,2722,4622,6642,2483,2163,7613,801
Fixed Assets 3234169779339589358728719667327489921,216
CWIP 1127131527360416112174122128
Investments 3312182838729313032198299310
Other Assets 7126161,6661,6651,6211,6301,3711,5181,6071,4722,0972,3482,146
Total Assets 1,0801,0602,6782,6952,6892,6872,2722,4622,6642,2483,2163,7613,801

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 68102-154-177-121-12415468554186-97
Cash from Investing Activity + -34-25-5044-45-494-60-73-61-537-579
Cash from Financing Activity + -17-69216111191214-22743-5367724372
Net Cash Flow 18811-222540-7051-7146274-304
Free Cash Flow 2161-176-199-150-1881299-414-78-328
CFO/OP 1,417%280%-501%-154%104%-1,161%136%82%40%43%41%-0%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-123.00-85.00-203.00-264.00-721.00-887.00-609.00-766.00-755.00-102.00283.00-218.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 8154875079815213658375063
Inventory Days 313176471182213203119142176786465
Days Payable 8475248150148209111146153553929
Cash Conversion Cycle 31015531082145756013181607599
Working Capital Days 103555738362969048206158
ROCE %2%5%2%6%-8%1%2%5%9%18%25%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 47.82%47.82%44.97%42.47%42.46%40.46%40.46%40.46%40.46%40.46%40.46%40.46%
FIIs 6.07%7.05%16.85%20.04%17.27%19.56%16.32%13.67%11.63%9.49%9.56%10.66%
DIIs 6.61%9.68%10.45%12.27%13.72%14.13%13.94%15.01%13.40%11.67%12.77%12.60%
Government 0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 39.48%35.43%27.73%25.22%26.53%25.83%29.25%30.86%34.49%38.35%37.19%36.28%
No. of Shareholders 1,07,8451,41,5611,91,9102,24,2052,92,3953,62,2034,61,4425,15,6385,87,4226,17,5055,91,4885,71,503

Shareholding Pattern Chart

No. of Shareholders

Titagarh Rail Systems Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Balanced Advantage Fund 4,200,000 0.32 344.82N/AN/AN/A
HSBC Small Cap Fund 1,630,400 0.89 133.86N/AN/AN/A
Mirae Asset Large Cap Fund 1,316,745 0.27 108.1N/AN/AN/A
Axis Small Cap Fund 932,832 0.3 76.59N/AN/AN/A
HDFC Large and Mid Cap Fund 574,942 0.17 47.2N/AN/AN/A
HSBC Infrastructure Fund 458,200 1.71 37.62N/AN/AN/A
ITI Small Cap Fund 379,081 1.16 31.12344,0992026-01-26 03:42:5710.17%
HSBC Aggressive Hybrid Fund 287,600 0.43 23.61510,5662025-12-08 02:09:53-43.67%
HDFC Infrastructure Fund 275,000 0.95 22.58N/AN/AN/A
Axis Business Cycles Fund 233,078 0.89 19.14N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 20.4122.4610.89-0.03-1.28
Diluted EPS (Rs.) 20.3922.4610.89-0.03-1.28
Cash EPS (Rs.) 24.3923.4513.462.730.92
Book Value[Excl.RevalReserv]/Share (Rs.) 184.40164.7280.5870.4470.41
Book Value[Incl.RevalReserv]/Share (Rs.) 184.40164.7280.5870.4470.41
Revenue From Operations / Share (Rs.) 287.24286.12232.46161.48127.37
PBDIT / Share (Rs.) 37.7636.5125.6014.118.84
PBIT / Share (Rs.) 35.5634.5023.7211.336.33
PBT / Share (Rs.) 30.1329.0516.962.42-0.46
Net Profit / Share (Rs.) 22.1921.4411.58-0.05-1.57
NP After MI And SOA / Share (Rs.) 20.5321.2510.89-0.02-1.26
PBDIT Margin (%) 13.1412.7611.018.746.93
PBIT Margin (%) 12.3712.0510.207.014.97
PBT Margin (%) 10.4810.157.291.49-0.36
Net Profit Margin (%) 7.727.494.98-0.03-1.23
NP After MI And SOA Margin (%) 7.147.424.68-0.01-0.98
Return on Networth / Equity (%) 11.1312.8913.51-0.03-1.78
Return on Capital Employeed (%) 17.9618.6824.499.594.81
Return On Assets (%) 7.348.895.79-0.01-0.60
Long Term Debt / Equity (X) 0.010.010.050.580.63
Total Debt / Equity (X) 0.210.020.251.021.00
Asset Turnover Ratio (%) 1.111.411.130.690.55
Current Ratio (X) 1.992.721.231.191.55
Quick Ratio (X) 1.512.000.800.781.13
Inventory Turnover Ratio (X) 7.395.994.493.032.50
Dividend Payout Ratio (NP) (%) 3.890.000.000.000.00
Dividend Payout Ratio (CP) (%) 3.510.000.000.000.00
Earning Retention Ratio (%) 96.110.000.000.000.00
Cash Earning Retention Ratio (%) 96.490.000.000.000.00
Interest Coverage Ratio (X) 6.956.693.791.811.30
Interest Coverage Ratio (Post Tax) (X) 5.094.962.821.130.76
Enterprise Value (Cr.) 10786.6511821.583285.092031.071252.37
EV / Net Operating Revenue (X) 2.793.071.181.050.82
EV / EBITDA (X) 21.2224.0410.7312.0411.87
MarketCap / Net Operating Revenue (X) 2.773.211.130.620.34
Retention Ratios (%) 96.100.000.000.000.00
Price / BV (X) 4.325.573.251.440.63
Price / Net Operating Revenue (X) 2.773.211.130.620.34
EarningsYield 0.020.020.040.00-0.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Titagarh Rail Systems Ltd. is a Public Limited Listed company incorporated on 03/07/1997 and has its registered office in the State of West Bengal, India. Company's Corporate Identification Number(CIN) is L27320WB1997PLC084819 and registration number is 084819. Currently Company is involved in the business activities of Manufacture of railway locomotives and rolling stock. Company's Total Operating Revenue is Rs. 3865.82 Cr. and Equity Capital is Rs. 26.93 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Railway Wagons and WansPoddar Point, 10th Floor, Kolkata West Bengal 700016Contact not found
Management
NamePosition Held
Mr. J P ChowdharyExecutive Chairman
Mr. Umesh ChowdharyVice Chairman & Mng.Director
Mr. Prithish ChowdharyDeputy Managing Director
Mr. Anil Kumar AgarwalDeputy Managing Director
Mr. Saket KandoiDirector & CEO (Shipbuilding & Maritime Systems)
Ms. Nayantara PalchoudhuriIndependent Director
Mr. Atul JoshiIndependent Director
Mr. Sushil Kumar RoongtaIndependent Director
Mr. Krishan Kumar JalanIndependent Director
Mr. Debanjan MandalIndependent Director
Mr. Bontha Prasada RaoIndependent Director
Mrs. Rashmi ChowdharyNon Executive Director

FAQ

What is the intrinsic value of Titagarh Rail Systems Ltd and is it undervalued?

As of 05 April 2026, Titagarh Rail Systems Ltd's intrinsic value is ₹474.42, which is 22.10% lower than the current market price of ₹609.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (11.8 %), book value (₹188), dividend yield (0.16 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Titagarh Rail Systems Ltd?

Titagarh Rail Systems Ltd is trading at ₹609.00 as of 05 April 2026, with a FY2026-2027 high of ₹974 and low of ₹569. The stock is currently near its 52-week low. Market cap stands at ₹8,202 Cr..

How does Titagarh Rail Systems Ltd's P/E ratio compare to its industry?

Titagarh Rail Systems Ltd has a P/E ratio of 44.9, which is below the industry average of 44.90. This is broadly in line with or below the industry average.

Is Titagarh Rail Systems Ltd financially healthy?

Key indicators for Titagarh Rail Systems Ltd: ROCE of 16.6 % indicates efficient capital utilization. Dividend yield is 0.16 %.

Is Titagarh Rail Systems Ltd profitable and how is the profit trend?

Titagarh Rail Systems Ltd reported a net profit of ₹275 Cr in Mar 2025 on revenue of ₹3,868 Cr. Compared to ₹-1 Cr in Mar 2022, the net profit shows an improving trend.

Does Titagarh Rail Systems Ltd pay dividends?

Titagarh Rail Systems Ltd has a dividend yield of 0.16 % at the current price of ₹609.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Titagarh Rail Systems Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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