Rs 16,361 Crore Order Book: T&D Stock Reports Strong FY26 Results; Revenue Jumps 30%, Dividend Announced

On Wednesday, the Indian equity benchmarks traded higher during the morning session, with the benchmark Nifty 50 index rising 0.18 per cent to 23,956.95. Infrastructure and power transmission stocks remained in focus following quarterly earnings announcements. In this segment, Transrail Lighting share price declined over 4 per cent to Rs 495.75 despite the company reporting record FY26 revenue and profitability.

Transrail Lighting FY26 Performance

Transrail Lighting Limited reported consolidated revenue from operations of Rs 6,880 crore for FY26, registering a growth of 30 per cent compared with Rs 5,308 crore reported in FY25.

EBITDA for the financial year increased 21 per cent to Rs 820 crore from Rs 676 crore in the previous year.

Operating Profit Before Tax (PBT) rose 25 per cent YoY to Rs 584 crore, while Operating Profit After Tax (PAT) increased 28 per cent to Rs 421 crore from Rs 329 crore reported in FY25.

The Operating PAT margin stood at 6.1 per cent, remaining stable compared with the previous year.

The company stated that revenue growth was supported by strong execution across business verticals and sustained traction in the Power Transmission & Distribution segment.

Transrail Strong Order Book And Cash Flow Generation

Transrail Lighting generated operating cash flows of Rs 817 crore during FY26, nearly double the level achieved in the previous year. As of March 31, 2026, the company’s unexecuted order book including L1 stood at Rs 16,361 crore, reflecting a growth of 12 per cent compared with Rs 14,551 crore reported a year earlier.

During the year, the company doubled its tower manufacturing capacity and commissioned a new greenfield manufacturing plant at Butiburi. The company also stated that it is in the process of doubling conductor manufacturing capacity. The Board approved an additional capital expenditure plan of Rs 203 crore.

Transrail Q4FY26 Performance

For Q4FY26, revenue from operations declined 4 per cent YoY to Rs 1,863 crore from Rs 1,946 crore reported in Q4FY25.

Quarterly EBITDA declined 13 per cent to Rs 207 crore compared with Rs 237 crore in the corresponding quarter previous year.

Operating Profit Before Tax fell 19 per cent YoY to Rs 144 crore from Rs 177 crore. Operating Profit After Tax declined 24 per cent to Rs 97 crore compared with Rs 127 crore reported in Q4FY25. Operating PAT margin narrowed to 5.1 per cent from 6.5 per cent reported in the year-ago quarter. The company stated that Q4FY26 Operating PBT and PAT figures exclude a Rs 17 crore provision made in Q3FY26 towards the new labour code.

Transrail Management Commentary

Commenting on the results, Mr. Randeep Narang, MD & CEO, said that Transrail’s strong FY26 performance reflected sustained growth momentum despite a dynamic operating environment, as the company reported its highest-ever revenue, EBITDA and PAT, supported by robust execution across key business segments and geographies, resulting in industry-leading margins. He added that the company also strengthened its balance sheet during the year through improved working capital efficiency, debt reduction and robust operating cash flow generation of Rs 817 crore, nearly double the previous year’s level. During the year, Transrail doubled its tower manufacturing capacity and commissioned a new greenfield plant at Butiburi, while similar expansion for conductors is underway. Backed by a healthy order book and a strong bidding pipeline across businesses and geographies, the company remains well positioned to sustain its growth trajectory over the medium to long term.

Transrail Capex & Dividend
 

The Board of Directors also approved an additional capital expenditure (capex) plan of Rs 203 crore to support future expansion and manufacturing capacity enhancement. Further, the Board recommended a final dividend of 100 per cent, translating to Rs 2 per equity share for the financial year ended March 31, 2026, subject to shareholder approval.
 

About Transrail

Transrail Lighting Limited operates in the power transmission and distribution sector and undertakes EPC projects across transmission lines, substations and infrastructure businesses.

The company also manufactures transmission towers and conductors and operates across domestic and international markets.

What are your views on Transrail Lighting’s strong FY26 order book and expansion plans despite weak Q4 performance? Share your thoughts in the comments below.
Disclaimer: This article is for informational purposes only and not investment advice.