Railways Wagons/Coaches · Founded 1998 · www.texmaco.in · BSE 533326 · NSE TEXMACO RAIL · ISIN INE621L01012
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Business
Texmaco Rail & Engineering Ltd. is a heavy engineering company primarily engaged in the manufacturing of railway rolling stock and other engineering products. Its core business revolves around designing, manufacturing, and supplying various types of wagons, coaches, and their critical components (like bogies, couplers, and draft gears) to Indian Railways, as well as to other public and private sector companies. The company also has interests in steel castings, hydro-mechanical equipment, and other general engineering fabrication. It makes money through direct sales of these manufactured goods and provision of engineering solutions.
Revenue Mix
Texmaco's primary revenue driver is its "Heavy Engineering" segment, which includes its railway rolling stock division (wagons, coaches, components) and other general engineering activities. Within this, the manufacturing and supply of freight wagons constitute a significant portion of its business. The company also has a presence in steel foundry products and other infrastructure-related heavy engineering goods. Specific revenue contributions by exact percentage for each micro-segment are typically not disclosed publicly but the railway-related products are central to its operations.
Industry
The Indian railway manufacturing industry is characterized by significant capital expenditure requirements, long project cycles, and a strong dependence on Indian Railways, the country's largest rail network operator. The industry includes both public sector undertakings (PSUs) and a limited number of private players. Texmaco Rail & Engineering Ltd. is one of the leading private sector players in India for railway wagons and coaches, with a long operational history and established infrastructure. It competes with other private manufacturers and also with the in-house production units of Indian Railways.
MOAT
Texmaco benefits from several advantages:
Established Expertise and Track Record: Decades of experience in the railway sector, deep understanding of Indian Railways' specifications, and a proven ability to execute complex projects.
Integrated Manufacturing Capabilities: State-of-the-art manufacturing facilities for various railway components and rolling stock, allowing for better quality control and cost efficiency.
Strong Relationships: Long-standing relationships with Indian Railways, its primary customer, which is critical in an industry with high entry barriers and stringent qualification criteria.
Technical Know-how: In-house R&D capabilities and collaborations for technology upgrades, enabling it to meet evolving railway requirements.
Growth Drivers
Indian Railways' Modernization and Expansion: Significant capital expenditure by the Indian government on railway infrastructure, electrification, dedicated freight corridors (DFCs), and introduction of new-generation trains (e.g., Vande Bharat) will drive demand for new rolling stock and components.
Freight Volume Growth: Increasing demand for efficient freight transportation will necessitate more wagons and higher capacity trains.
'Make in India' Initiative: Government's push for domestic manufacturing supports local players like Texmaco.
Metro Rail Projects: Growing urban metro rail networks also provide opportunities for components and engineering services.
Exports: Potential for supplying rolling stock and components to other developing countries.
Risks
Dependence on Government Orders: A significant portion of its business depends on procurement by Indian Railways, making it susceptible to changes in government spending, policies, and budget allocations.
Commodity Price Volatility: Fluctuations in raw material prices (especially steel) can impact profit margins, as contracts may not always allow for full pass-through of cost increases.
Intense Competition: Competition from public sector units and other private players can lead to pricing pressures.
Cyclicality: The railway capital goods sector is cyclical, tied to economic growth and government infrastructure spending cycles.
Execution Risks: Delays in project execution, cost overruns, or operational challenges can impact profitability and order delivery.
Management & Ownership
Texmaco Rail & Engineering Ltd. is part of the Adventz Group, a diversified Indian conglomerate chaired by Mr. Saroj Kumar Poddar. The management team has a long history in the heavy engineering and railway sectors, providing continuity and industry expertise. The promoter group holds a significant stake in the company, demonstrating commitment to its long-term vision.
Outlook
Texmaco Rail & Engineering Ltd. is poised to benefit from the Indian government's aggressive push to modernize and expand its railway network, including high capital expenditure for new tracks, rolling stock, and freight corridors. Its established position, manufacturing capabilities, and strong relationship with Indian Railways provide a solid foundation. However, the company faces inherent risks associated with a capital-intensive industry, including dependence on government orders, commodity price volatility, and intense competition. Its future performance will largely hinge on the sustained pace of Indian Railways' capital expenditure and the company's ability to efficiently execute orders and manage working capital.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1145 | 1088 | 1346 | 1326 | 1346 | 911 | 1258 | 1042 | 1167 | 757 |
| Other Income | 20 | 16 | 16 | 8 | 17 | 8 | 8 | 13 | 8 | 19 |
| Total Income | 1164 | 1105 | 1362 | 1334 | 1363 | 919 | 1266 | 1055 | 1175 | 775 |
| Total Expenditure | 1061 | 981 | 1214 | 1196 | 1249 | 840 | 1134 | 953 | 1061 | 700 |
| Operating Profit | 103 | 123 | 149 | 139 | 114 | 79 | 132 | 102 | 114 | 76 |
| Interest | 28 | 28 | 40 | 35 | 34 | 31 | 30 | 31 | 30 | 25 |
| Depreciation | 9 | 11 | 11 | 11 | 11 | 11 | 11 | 12 | 13 | 12 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3 | -0 | 0 |
| Profit Before Tax | 67 | 85 | 98 | 93 | 69 | 37 | 91 | 55 | 71 | 38 |
| Provision for Tax | 25 | 32 | 30 | 23 | 34 | 14 | 34 | 21 | 14 | -8 |
| Profit After Tax | 42 | 53 | 67 | 70 | 35 | 23 | 57 | 35 | 56 | 46 |
| Adjustments | 4 | 7 | 5 | 7 | 4 | 7 | 8 | 8 | 1 | 4 |
| Profit After Adjustments | 45 | 60 | 73 | 77 | 40 | 30 | 65 | 43 | 58 | 50 |
| Adjusted Earnings Per Share | 1.1 | 1.5 | 1.8 | 1.9 | 1 | 0.8 | 1.6 | 1.1 | 1.4 | 1.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1102 | 1324 | 1135 | 1858 | 1832 | 1689 | 1622 | 2243 | 3503 | 5107 | 4377 | 4224 |
| Other Income | 44 | 46 | 48 | 31 | 51 | 117 | 90 | 68 | 94 | 58 | 37 | 48 |
| Total Income | 1147 | 1369 | 1183 | 1889 | 1883 | 1805 | 1712 | 2311 | 3597 | 5164 | 4414 | 4271 |
| Total Expenditure | 1053 | 1250 | 1071 | 1704 | 1702 | 1662 | 1549 | 2140 | 3264 | 4639 | 3987 | 3848 |
| Operating Profit | 94 | 120 | 111 | 185 | 181 | 144 | 163 | 172 | 333 | 525 | 427 | 424 |
| Interest | 50 | 58 | 61 | 70 | 97 | 103 | 100 | 116 | 133 | 137 | 123 | 116 |
| Depreciation | 17 | 22 | 25 | 29 | 36 | 37 | 36 | 35 | 38 | 43 | 47 | 48 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | -150 | 0 | 0 | 0 | 0 | 0 | -3 | -3 |
| Profit Before Tax | 27 | 39 | 26 | 86 | -102 | 3 | 26 | 20 | 162 | 368 | 277 | 255 |
| Provision for Tax | 8 | 12 | 12 | 13 | -33 | -0 | 14 | 9 | 66 | 119 | 84 | 61 |
| Profit After Tax | 19 | 27 | 13 | 73 | -69 | 4 | 12 | 12 | 96 | 249 | 194 | 194 |
| Adjustments | -0 | -1 | -1 | 3 | 4 | 11 | 8 | 14 | 17 | 0 | 2 | 21 |
| Profit After Adjustments | 19 | 26 | 13 | 75 | -65 | 14 | 21 | 26 | 113 | 249 | 195 | 216 |
| Adjusted Earnings Per Share | 0.8 | 1.1 | 0.5 | 3.1 | -2.6 | 0.5 | 0.6 | 0.8 | 2.8 | 6.2 | 4.8 | 5.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -14% | 25% | 21% | 15% |
| Operating Profit CAGR | -19% | 35% | 24% | 16% |
| PAT CAGR | -22% | 153% | 117% | 26% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | -4% | 26% | 1% |
| ROE Average | 8% | 7% | 5% | 3% |
| ROCE Average | 12% | 12% | 10% | 8% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 976 | 1005 | 1071 | 1139 | 1027 | 1141 | 1331 | 1392 | 2533 | 2797 | 2374 |
| Minority's Interest | 17 | 20 | 0 | 0 | -0 | -2 | -2 | -2 | -3 | 33 | 38 |
| Borrowings | 38 | 33 | 33 | 50 | 53 | 53 | 48 | 164 | 242 | 356 | 318 |
| Other Non-Current Liabilities | -27 | -30 | -31 | 170 | 104 | 47 | 55 | 40 | 58 | 87 | 89 |
| Total Current Liabilities | 955 | 915 | 1139 | 1291 | 1620 | 1321 | 1164 | 1732 | 1333 | 1564 | 2236 |
| Total Liabilities | 1958 | 1942 | 2212 | 2650 | 2804 | 2560 | 2595 | 3325 | 4163 | 4837 | 5054 |
| Fixed Assets | 329 | 369 | 372 | 393 | 406 | 376 | 360 | 403 | 433 | 967 | 997 |
| Other Non-Current Assets | 92 | 75 | 91 | 99 | 131 | 152 | 136 | 195 | 254 | 287 | 390 |
| Total Current Assets | 1538 | 1499 | 1749 | 2158 | 2268 | 2031 | 2099 | 2727 | 3476 | 3583 | 3666 |
| Total Assets | 1958 | 1942 | 2212 | 2650 | 2804 | 2560 | 2595 | 3325 | 4163 | 4837 | 5054 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 29 | 22 | 13 | 16 | 11 | 17 | 23 | 56 | 31 | 27 | 57 |
| Cash Flow from Operating Activities | -84 | -34 | -175 | 4 | 10 | 40 | 27 | -103 | 96 | -47 | 363 |
| Cash Flow from Investing Activities | 59 | 40 | 161 | 37 | -99 | -23 | 20 | -76 | -633 | -96 | -231 |
| Cash Flow from Financing Activities | 18 | -15 | 18 | -47 | 96 | -13 | -12 | 151 | 533 | 172 | -101 |
| Net Cash Inflow / Outflow | -8 | -9 | 4 | -6 | 8 | 4 | 36 | -28 | -4 | 30 | 31 |
| Closing Cash & Cash Equivalent | 22 | 13 | 16 | 11 | 17 | 23 | 56 | 31 | 27 | 57 | 90 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.82 | 1.09 | 0.52 | 3.11 | -2.62 | 0.51 | 0.64 | 0.81 | 2.83 | 6.24 | 4.8 |
| CEPS(Rs) | 1.59 | 2.03 | 1.58 | 4.2 | -1.33 | 1.49 | 1.5 | 1.45 | 3.36 | 7.31 | 5.91 |
| DPS(Rs) | 0.25 | 0.25 | 0.25 | 0.35 | 0.1 | 0.1 | 0.1 | 0.15 | 0.5 | 0.75 | 0.75 |
| Book NAV/Share(Rs) | 41.75 | 41.09 | 43.64 | 46.47 | 41 | 40.96 | 40.97 | 42.11 | 62.49 | 68.17 | 57.45 |
| Core EBITDA Margin(%) | 3.85 | 5.06 | 5.35 | 7.7 | 6.4 | 1.48 | 4.01 | 4.62 | 6.81 | 9.15 | 8.92 |
| EBIT Margin(%) | 5.91 | 6.67 | 7.25 | 7.79 | -0.27 | 5.81 | 6.98 | 6.09 | 8.42 | 9.89 | 9.14 |
| Pre Tax Margin(%) | 2.09 | 2.69 | 2.14 | 4.28 | -5.05 | 0.18 | 1.46 | 0.91 | 4.63 | 7.21 | 6.34 |
| PAT Margin (%) | 1.49 | 1.85 | 1.12 | 3.63 | -3.42 | 0.2 | 0.67 | 0.51 | 2.75 | 4.87 | 4.42 |
| Cash Profit Margin (%) | 2.84 | 3.37 | 3.21 | 5.08 | -1.64 | 2.24 | 2.66 | 2.08 | 3.84 | 5.72 | 5.5 |
| ROA(%) | 0.99 | 1.39 | 0.64 | 2.99 | -2.54 | 0.13 | 0.47 | 0.39 | 2.57 | 5.53 | 3.91 |
| ROE(%) | 2 | 2.76 | 1.31 | 6.67 | -6.46 | 0.34 | 1 | 0.86 | 4.99 | 9.54 | 7.65 |
| ROCE(%) | 5.44 | 6.85 | 5.7 | 9.45 | -0.31 | 5.73 | 6.39 | 6.24 | 10.79 | 14.83 | 11.6 |
| Receivable days | 135.24 | 128.49 | 187.94 | 136.08 | 131.88 | 125.3 | 118.83 | 110.22 | 86.83 | 80.35 | 109.01 |
| Inventory Days | 99.45 | 73.02 | 79.93 | 67.42 | 89.17 | 84.43 | 67.43 | 84.39 | 72.94 | 56.31 | 71.7 |
| Payable days | 2381.26 | 705.47 | 1148.98 | 212.6 | 338.38 | 243.77 | 228.36 | 149.22 | 128.97 | 97.44 | 147.16 |
| PER(x) | 115.71 | 77.2 | 145.03 | 20.13 | 0 | 47.29 | 65.47 | 52.56 | 58.22 | 21.6 | 16.43 |
| Price/Book(x) | 2.27 | 2.04 | 1.74 | 1.35 | 0.43 | 0.59 | 1.02 | 1.01 | 2.64 | 1.98 | 1.37 |
| Dividend Yield(%) | 0.24 | 0.27 | 0.3 | 0.51 | 0.51 | 0.37 | 0.24 | 0.35 | 0.3 | 0.56 | 0.95 |
| EV/Net Sales(x) | 2.32 | 1.82 | 2.05 | 1.1 | 0.61 | 0.8 | 1.16 | 0.98 | 1.95 | 1.19 | 0.88 |
| EV/Core EBITDA(x) | 27.2 | 20.16 | 20.85 | 11.04 | 6.17 | 9.35 | 11.55 | 12.79 | 20.46 | 11.62 | 9 |
| Net Sales Growth(%) | 0 | 20.05 | -14.23 | 63.69 | -1.42 | -7.8 | -3.97 | 38.33 | 56.15 | 45.78 | -14.28 |
| EBIT Growth(%) | 0 | 27.26 | -11.32 | 80.72 | -103.46 | 2065.61 | 19.13 | 7.85 | 115.88 | 71.32 | -20.84 |
| PAT Growth(%) | 0 | 39.81 | -50.43 | 443.39 | -194.98 | 105.22 | 238.56 | -5.63 | 734.03 | 158.76 | -22.22 |
| EPS Growth(%) | 0 | 32.87 | -51.98 | 495.79 | -184.1 | 119.62 | 24.03 | 26.96 | 250.47 | 120.11 | -23.11 |
| Debt/Equity(x) | 0.45 | 0.44 | 0.49 | 0.51 | 0.75 | 0.69 | 0.54 | 0.72 | 0.25 | 0.34 | 0.37 |
| Current Ratio(x) | 1.61 | 1.64 | 1.54 | 1.67 | 1.4 | 1.54 | 1.8 | 1.57 | 2.61 | 2.29 | 1.64 |
| Quick Ratio(x) | 1.24 | 1.39 | 1.28 | 1.32 | 1.07 | 1.3 | 1.49 | 1.18 | 2.07 | 1.75 | 1.25 |
| Interest Cover(x) | 1.55 | 1.68 | 1.42 | 2.22 | -0.06 | 1.03 | 1.26 | 1.18 | 2.22 | 3.68 | 3.26 |
| Total Debt/Mcap(x) | 0.2 | 0.21 | 0.28 | 0.38 | 1.74 | 1.16 | 0.53 | 0.72 | 0.1 | 0.17 | 0.27 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.14 | 48.14 | 48.14 | 48.26 | 48.26 | 48.26 | 48.34 | 48.34 | 48.34 | 48.34 |
| FII | 9.09 | 7.87 | 8.09 | 8.14 | 8.14 | 7.03 | 7.07 | 7.22 | 5.01 | 6.02 |
| DII | 8.94 | 8.71 | 8.49 | 7.89 | 7.35 | 7.2 | 6.23 | 5.78 | 5.11 | 4.8 |
| Public | 33.83 | 35.29 | 35.28 | 35.71 | 36.24 | 37.51 | 38.36 | 38.66 | 41.54 | 40.84 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 19.23 | 19.23 | 19.23 | 19.28 | 19.28 | 19.28 | 19.67 | 19.67 | 19.67 | 19.67 |
| FII | 3.63 | 3.14 | 3.23 | 3.25 | 3.25 | 2.81 | 2.88 | 2.94 | 2.04 | 2.45 |
| DII | 3.57 | 3.48 | 3.39 | 3.15 | 2.94 | 2.87 | 2.53 | 2.35 | 2.08 | 1.95 |
| Public | 13.52 | 14.1 | 14.09 | 14.27 | 14.48 | 14.98 | 15.61 | 15.73 | 16.9 | 16.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 39.95 | 39.95 | 39.95 | 39.95 | 39.95 | 39.95 | 40.69 | 40.69 | 40.69 | 40.69 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -14% | +25% | +21% | +15% |
| Operating Profit CAGR | -19% | +35% | +24% | +16% |
| PAT CAGR | -22% | +153% | +117% | +26% |
| Share Price CAGR | -19% | -4% | +26% | +1% |
| ROE Average | +8% | +7% | +5% | +3% |
| ROCE Average | +12% | +12% | +10% | +8% |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 48.14 | 48.14 | 48.14 | 48.26 | 48.26 | 48.26 | 48.34 | 48.34 | 48.34 | 48.34 |
| FII | 9.09 | 7.87 | 8.09 | 8.14 | 8.14 | 7.03 | 7.07 | 7.22 | 5.01 | 6.02 |
| DII | 8.94 | 8.71 | 8.49 | 7.89 | 7.35 | 7.2 | 6.23 | 5.78 | 5.11 | 4.8 |
| Public | 33.83 | 35.29 | 35.28 | 35.71 | 36.24 | 37.51 | 38.36 | 38.66 | 41.54 | 40.84 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 19.23 | 19.23 | 19.23 | 19.28 | 19.28 | 19.28 | 19.67 | 19.67 | 19.67 | 19.67 |
| FII | 3.63 | 3.14 | 3.23 | 3.25 | 3.25 | 2.81 | 2.88 | 2.94 | 2.04 | 2.45 |
| DII | 3.57 | 3.48 | 3.39 | 3.15 | 2.94 | 2.87 | 2.53 | 2.35 | 2.08 | 1.95 |
| Public | 13.52 | 14.1 | 14.09 | 14.27 | 14.48 | 14.98 | 15.61 | 15.73 | 16.9 | 16.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 39.95 | 39.95 | 39.95 | 39.95 | 39.95 | 39.95 | 40.69 | 40.69 | 40.69 | 40.69 |
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