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Results
03-Jun-26
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Analysis
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Transrail Lighting
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sales down 4%, net down 24%
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Consolidated net sales
(including other operating income) of Transrail Lighting for quarter ended Mar
2028 has declined 4.24% to Rs 1863.46 crore.
Sales of In India
segment has gone up 42.12% to Rs 953.58 crore (accounting for 52.07% of total
sales). Sales of Outside India segment has gone down 28.95% to Rs
877.87 crore (accounting for 47.93% of total sales). Fall in revenue
in Q4FY26 was largely due to timing issues as significant number of projects
have completed in quarter ended Dec 2025 and some projects have not started are
in design stage not to compensate the completed projects. Further
there were some supply chain disturbance leading to postponement of delivery.
Operating profit margin
has declined from 12.13% to 11.26%, leading to 11.10% decline in operating
profit to Rs 209.85 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 47.66% to 51.62%. Employee
cost increased from 3.76% to 4.40%. Other expenses fell from 36.25%
to 32.89%. Expenses from contract fell from 19.82% to 16.66%.
Other income fell 27.92%
to Rs 10.56 crore. PBIDT fell 12.08% to Rs 220.41
crore. Provision for interest fell 8.59% to Rs 54.03
crore. Loan funds rose to Rs 678.13 crore as of 31 March 2026 from
Rs 660.59 crore as of 31 March 2025. Inventories rose to Rs 763.04
crore as of 31 March 2026 from Rs 539.03 crore as of 31 March
2025. Sundry debtors were higher at Rs 1,737.68 crore as of 31 March
2026 compared to Rs 1,317.14 crore as of 31 March 2025. Cash and
bank balance rose to Rs 763.26 crore as of 31 March 2026 from Rs 620.92 crore
as of 31 March 2025. Investments rose to Rs 1.34 crore as of 31
March 2026 from Rs 0.50 crore as of 31 March 2025 .
PBDT fell 13.15% to Rs
166.38 crore. Provision for depreciation rose 20.78% to Rs 19.59
crore. Fixed assets increased to Rs 665.12 crore as of 31 March 2026
from Rs 437.23 crore as of 31 March 2025.
Profit before tax down
16.29% to Rs 146.79 crore. Provision for tax was expense of Rs 47
crore, compared to Rs 50.18 crore. Effective tax rate was 32.75%
compared to 28.39%.
Minority interest was
nil in both the periods. Net profit attributable to owners of the
company decreased 23.76% to Rs 96.50 crore.
Full year results
analysis.
Net sales (including other operating income) of Transrail Lighting has
increased 29.62% to Rs 6880.11 crore. Sales of In India segment has
gone up 53.07% to Rs 3,356.11 crore (accounting for 49.50% of total
sales). Sales of Outside India segment has gone up 13.38% to Rs
3,423.84 crore (accounting for 50.50% of total sales).
Operating profit margin
has declined from 12.69% to 11.91%, leading to 21.73% rise in operating profit
to Rs 819.71 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 48.84% to 45.77%. Employee cost
decreased from 4.84% to 4.65%. Other expenses rose from 33.75% to
37.90%. Expenses from contract rose from 16.84% to 22.91%.
Other income rose 7.19%
to Rs 48.72 crore. PBIDT rose 20.81% to Rs 868.43
crore. Provision for interest rose 10.58% to Rs 218.67
crore. Loan funds rose to Rs 678.13 crore as of 31 March 2026 from
Rs 660.59 crore as of 31 March 2025. Inventories rose to Rs 763.04
crore as of 31 March 2026 from Rs 539.03 crore as of 31 March
2025. Sundry debtors were higher at Rs 1,737.68 crore as of 31 March
2026 compared to Rs 1,317.14 crore as of 31 March 2025. Cash and
bank balance rose to Rs 763.26 crore as of 31 March 2026 from Rs 620.92 crore
as of 31 March 2025. Investments rose to Rs 1.34 crore as of 31
March 2026 from Rs 0.50 crore as of 31 March 2025 .
PBDT rose 24.70% to Rs
649.76 crore. Provision for depreciation rose 17.51% to Rs 66.37
crore. Fixed assets increased to Rs 665.12 crore as of 31 March 2026
from Rs 437.23 crore as of 31 March 2025.
Profit before tax grew
25.57% to Rs 583.39 crore. Share of profit/loss was 75.59% lower at
Rs 0.62 crore. Provision for tax was expense of Rs 163.04 crore,
compared to Rs 140.5 crore. Effective tax rate was 28.77% compared
to 30.08%.
Minority interest was
nil in both the periods. Net profit attributable to owners of the
company increased 23.56% to Rs 403.59 crore.
Order book
Un-executed Orderbook as on Mar 31, 2026 stood at Rs 16361 crore
(including L1 of Rs 48 crore) up from Rs 14551 crore translating into a growth
of 12%YoY.
Expects a revenue growth of 20-22% and EBITDA
margin of 11% for FY27. Of the UEOB 92% is Power T&D, 5% civil,
2% railways and 1% pole & lighting. Of the UEOB about 61% is
domestic and 39% is international.
Others
Equity capital stood at
Rs 26.85 crore as of 31 March 2026 to Rs 26.85 crore as of 31 March
2025. Per share face Value remained same at Rs 2.00.
Promoters’ stake was
71.12% as of 31 March 2026 ,compared to 71.12% as of 31 March 2025
.
Cash flow from operating
activities increased to Rs 642.92 crore for year ended March 2026 from Rs
287.30 crore for year ended March 2025. Cash flow used in acquiring
fixed assets during the year ended March 2026 stood at Rs 249.11 crore,
compared to Rs 141.82 crore during the year ended March 2025. | Transrail Lighting : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202603 | 202503 | Var.(%) | 202603 | 202503 | Var.(%) |
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| Net Sales (including other operating income) | 1,863.46 | 1,946.02 | -4.24 | 6,880.11 | 5,307.75 | 29.62 | | OPM (%) | 11.26 | 12.13 | -87 bps | 11.91 | 12.69 | -77 bps | | OP | 209.85 | 236.04 | -11.10 | 819.71 | 673.36 | 21.73 | | Other Inc. | 10.56 | 14.65 | -27.92 | 48.72 | 45.45 | 7.19 | | PBIDT | 220.41 | 250.69 | -12.08 | 868.43 | 718.81 | 20.81 | | Interest | 54.03 | 59.11 | -8.59 | 218.67 | 197.74 | 10.58 | | PBDT | 166.38 | 191.58 | -13.15 | 649.76 | 521.07 | 24.70 | | Depreciation | 19.59 | 16.22 | 20.78 | 66.37 | 56.48 | 17.51 | | PBT | 146.79 | 175.36 | -16.29 | 583.39 | 464.59 | 25.57 | | Share of Profit/(Loss) from Associates | -3.29 | 1.39 | PL | 0.62 | 2.54 | -75.59 | | PBT before EO | 143.5 | 176.75 | -18.81 | 584.01 | 467.13 | 25.02 | | EO Income | 0 | 0 | - | -17.38 | 0 | - | | PBT after EO | 143.5 | 176.75 | -18.81 | 566.63 | 467.13 | 21.30 | | Taxation | 47 | 50.18 | -6.34 | 163.04 | 140.5 | 16.04 | | PAT | 96.5 | 126.57 | -23.76 | 403.59 | 326.63 | 23.56 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | | Net profit | 96.5 | 126.57 | -23.76 | 403.59 | 326.63 | 23.56 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 96.5 | 126.57 | -23.76 | 403.59 | 326.63 | 23.56 | | EPS (Rs)* | 7.19 | 9.43 | -23.76 | 30.98 | 24.33 | 27.35 | | | * EPS is on current equity of Rs 26.85 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Transrail Lighting : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202603 | 202503 | Var.(%) | % of (Total) | 202603 | 202503 | Var.(%) |
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| Sales | | In India | 52.07 | 953.58 | 670.99 | 42.12 | 49.50 | 3,356.11 | 2,192.50 | 53.07 | | Outside India | 47.93 | 877.87 | 1,235.65 | -28.95 | 50.50 | 3,423.84 | 3,019.74 | 13.38 | | Total Reported Sales | 100.00 | 1,831.45 | 1,906.64 | -3.94 | 100.00 | 6,779.95 | 5,212.24 | 30.08 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,831.45 | 1,906.64 | -3.94 | 100.00 | 6,779.95 | 5,212.24 | 30.08 | | PBIT | | In India | 0.00 | 0.00 | 0.00 | - | | Outside India | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 0.00 | 0.00 | - | 100.00 | 0.00 | 0.00 | - | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | PBIT Margin(%) | | In India | | 0.00 | 0.00 | 0.00 | | Outside India | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 0.00 | 0.00 | - | 100.00 | 0.00 | 0.00 | - |
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