Transrail Reports 32% Revenue Growth in Q2 FY27, Posts ₹2,056 Cr Quarterly Revenue
Company’s EBITDA rises 28% to ₹238 crore; H1 operating cash flow improves to ₹435 crore, while order book stands at ₹14,218 crore
Transrail Lighting Limited reported a strong financial performance for the second quarter of FY27, registering a 32% year-on-year (YoY) growth in revenue from operations to ₹2,056 crore, its highest-ever quarterly revenue. The company’s EBITDA increased 28% to ₹238 crore, while profit after tax (PAT) rose 12% to ₹104 crore.
For the first half of FY27 (H1 FY27), Transrail reported revenue of ₹3,792 crore, up 18% from ₹3,221 crore in the corresponding period last year. EBITDA grew 14% to ₹441 crore, compared to ₹386 crore in H1 FY26, while PAT increased 7% to ₹212 crore from ₹198 crore.
The company sustained a healthy EBITDA margin of 11.6% during Q2 FY27, compared to 11.9% in the corresponding quarter last year. Its PAT margin stood at 5%.
Strong Order Book and Manufacturing Expansion
Transrail’s unexecuted order book stood at ₹14,218 crore as of September 30, 2026. Additionally, the company secured new orders worth ₹1,747 crore after the quarter ended.
During the quarter, the company successfully completed a major river-crossing transmission project in Bangladesh, further strengthening its execution capabilities in international markets.
Transrail also expanded its manufacturing capacities, taking its tower manufacturing capacity to 184,400 MTPA and conductor manufacturing capacity to 40,800 KMPA. The company said the remaining planned capital expenditure is progressing as scheduled, alongside growth in engineered product sales.
Cash Flow Strengthens
Reflecting its focus on strengthening the balance sheet, Transrail reported a significant improvement in cash flow from operations, which increased to ₹435 crore in H1 FY27. Net working capital (NWC) stood at 82 days.
Management Commentary
Commenting on the performance, Randeep Narang, Managing Director and CEO, Transrail Lighting Limited, said the company delivered strong year-on-year growth in revenue and profitability, supported by robust execution across its businesses and improved cash flow management.
He noted that the performance was achieved despite continued supply chain and logistics challenges arising from the West Asia conflict.
Narang added that the demand environment for the power transmission and distribution (T&D) sector remains strong, driven by investments in transmission infrastructure and renewable energy integration.
He further stated that Transrail’s enhanced manufacturing capacities and capabilities position it well to capitalise on emerging opportunities while selectively exploring adjacent businesses that leverage its engineering and execution strengths.
