Transrail Lighting bags orders worth over Rs 574 crore, with HTLS reconductoring in focus

Transrail Lighting Limited has won new orders worth more than Rs 574 crore, primarily in its domestic transmission and distribution business, with high-temperature low-sag, or HTLS, conductor reconductoring projects emerging as a key component of the order intake.

The latest wins take the company’s order intake for the year to Rs 1,609 crore. It also has L1, or lowest-bidder, positions worth Rs 694 crore, although these projects are yet to convert into confirmed orders.

The orders include EPC contracts for transmission lines, reconductoring assignments involving the supply of HTLS conductors manufactured at Transrail’s Silvassa facility, and pole-supply orders. The company has also secured an EPC contract from a large private-sector Indian developer for the Construction of a transmission line.

The order value is equivalent to about 8.3 per cent of Transrail’s FY26 net sales of Rs 6,880.11 crore, underlining the relevance of the latest intake even as the company pursues a substantially larger annual order-acquisition target. Management had earlier maintained its objective of securing over Rs 10,000 crore of orders in FY27, supported by domestic and overseas tendering activity.

The greater role of HTLS reconductoring is strategically important because it adds a manufacturing element to Transrail’s EPC execution business. Such conductors are designed to help utilities raise the carrying capacity of existing transmission lines, potentially reducing the need for entirely new corridors in congested areas. Transrail said the wins validate both its conductor manufacturing and stringing capabilities.

The company has expanded its production base ahead of expected demand. Tower manufacturing capacity has doubled to 172,400 MTPA, while conductor capacity has increased by 70 per cent to 40,800 KMPA. The tower expansion includes the Butibori facility in Nagpur, which commenced commercial production during the June quarter.

Randeep Narang, Managing Director and Chief Executive Officer, said the latest awards reflected customer confidence in the company’s engineering, manufacturing and execution capabilities. He added that the HTLS reconductoring projects demonstrated the company’s construction capability as well as its advanced product range.

The new orders also arrive as Transrail seeks to convert its sizeable backlog into revenue. In the June 2026 quarter, consolidated net sales rose 4.6 per cent year-on-year to Rs 1,736.03 crore, while profit after Tax increased 2.4 per cent to Rs 107.56 crore. The company reported a PBIDT margin, excluding other income, of 11.65 per cent, compared with 11.98 per cent a year earlier.

Management had attributed the relatively moderate first-quarter revenue growth to EPC seasonality, supply-chain disruptions and the timing of project execution. It expects execution momentum and cash-flow conversion to improve from the second quarter. Therefore, the pace at which the new contracts move from award to site execution, particularly the conductor-intensive assignments, will remain important.

As of 2:47 PM on September 30, 2026, Transrail Lighting shares were trading at Rs 481.05, up 6.42 per cent from the previous close of Rs 452.05. Despite the Intraday rise, the stock was about 36.7 per cent below its 52-week high of Rs 760.20 and had declined 42.8 per cent over the preceding year, compared with a 3.07 per cent fall in the BSE 500.

Transrail said it continues to see a healthy bidding pipeline in India and international markets. Its ability to turn that pipeline into orders, while maintaining working-capital discipline and executing an expanded manufacturing base, will determine how quickly the recent capacity additions translate into growth.

Disclaimer: The article is for informational purposes only and not investment advice.