Titagarh Rail Systems

{{Infobox company

| name = Titagarh Rail Systems Limited

| logo = Titagarh Wagons Logo.svg

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| image_caption = An aluminium train set manufactured by Titagarh Rail Systems Limited for the Pune Metro.

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| type = Public

| traded_as = {{BSE|532966}}
{{NSE|TITAGARH}}

| ISIN = INE615H01020

| industry = Railways
Defence
Shipbuilding
Mining

| founded = 1984{{cite web |title=Titagarh Wagons Ltd.: Company Details |date=28 April 2023 |url=https://finshots.in/markets/riding-the-titagard-bandwagon/}}

| founder = Jagadish Prasad Chowdhary

| hq_location = Titagarh Towers 756, Anandapur, E.M. Bypass

| hq_location_city = Kolkata, West Bengal

| hq_location_country = India{{cite web |title=Contact |url=https://titagarh.in/contact |website=titagarh.in |access-date=14 May 2022}}

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| area_served = Worldwide

| key_people = {{Unbulleted_list|Jagadish Prasad Chowdhary
{{small|(Chairman)}}{{cite web|url=https://www.bseindia.com/bseplus/AnnualReport/532966/74637532966.pdf|title=TITAGARH WAGONS LIMITED 2022 ANNUAL REPORT |website=bseindia.com|access-date=26 June 2023}}|Prithish Chowdhary
{{small|(Non-executive Director)}}{{cite web |title=Board Members |url=https://titagarh.in/board-members |website=titagarh.in |access-date=18 June 2022}}|Umesh Chowdhary
{{small|(Managing Director)}}{{cite web |title=Board Members |url=https://titagarh.in/board-members |website=titagarh.in |access-date=14 May 2022}}}}

| products = {{Bulleted_list|Freight wagons|Locomotives|Rolling stock|Mining equipment|Navalships}}

| production = 8,000 wagons

| production_year = 2020

| services =

| revenue = {{increase}} {{INRConvert|28.22|b|lk=r}} (2023){{Cite web |date=2023-05-24 |title=Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores |url=https://www.equitybulls.com/category.php?id=332829 |access-date=2023-05-25 |website=EquityBulls}}

| operating_income =

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| net_income = {{increase}} {{INRConvert|1.3|b|lk=r}} (2023)

| assets = {{increase}} {{INRConvert|26.79|b|lk=r|year=2022|mode=historical}} (2022)

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| equity = {{increase}} {{INRConvert|8.42|b|lk=r|year=2022|mode=historical}} (2022)

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| owners = Chowdhary family (47.05%){{cite web |title=Shareholding Pattern |url=https://titagarh.in/storage/report/actual/1650621809_e81OR_twl-shareholding-pattern-31032022pdf.pdf |website=titagarh.in |access-date=14 May 2022}}

| num_employees = 453{{cite web |title=Annual Report 2020-21 |url=https://titagarh.in/storage/report/actual/1630656589_mtwU5_twl-ar-2021pdf.pdf |website=titagarh.in |access-date=14 May 2022}}

| num_employees_year = 31 March 2021

| divisions =

| subsid = {{Unbulleted_list|Titagarh Firema|Cimmco Limited{{cite web |title=Our Group Companies {{!}} Titagarh |url=https://titagarh.in/our-group-companies |website=titagarh.in |access-date=14 May 2022}}|Titagarh Marine Limited}}

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| website = {{URL|https://titagarh.in/}}

| footnotes =

}}

Titagarh Rail Systems Limited is an Indian rolling stock manufacturer. Established in 1997 as a rolling stock foundry unit, the company's headquarters are situated in Kolkata, West Bengal.{{Cite web |date=2023-05-25 |title=Rebranding Announcement {{!}} Titagarh Wagons to focus on rail-related solutions, rebrands as Titagarh Rail Systems |url=https://www.cnbctv18.com/business/rebranding-announcement--titagarh-wagons-to-focus-on-rail-related-solutions-rebrands-as-titagarh-rail-systems-16762081.htm |access-date=2023-05-25 |website=cnbctv18.com}} Titagarh is publicly traded on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).{{Cite web |date=2023-06-20 |title=Rs 93 to Rs 498: This railway stock scaled all-time high within a year |url=https://www.businesstoday.in/markets/company-stock/story/titagarh-rail-systems-shares-rise-multibagger-returns-386354-2023-06-20 |access-date=2023-06-23 |website=Business Today}}{{Cite web |title=Titagarh Rail Systems up 2095% from March 2020 low but Antique expects another 55% upside; here's why |url=https://mintgenie.livemint.com/news/markets/titagarh-rail-systems-up-2095-from-march-2020-low-but-antique-expects-another-55-upside-here-s-why-151687158215928 |access-date=2023-06-23 |website=Mintgenie}}

Going forward, the founder decided to add a bit more value to his propositions. He ventured into making entire wagons that would be used for freight, before that it used to manufacture railway components. The core operations of the company encompass providing freight wagons, semi high-speed trains, metros, transit and propulsion systems, and passenger coaches for the Indian Railways and for the export markets as well. In addition to the design, manufacture & supply of 102 metro coaches for the Pune Metro and the largest ever order for procurement of 24,177 wagons which are under execution, the company has been awarded prestigious orders by the Indian Railways for the manufacture and maintenance of Vande Bharat Trains and Wheels for the same under the Atma Nirbhar and Make in India initiatives of the Government of India and is a significant enabler for railway infrastructure of the country. Beyond its substantial engagement in the railway sector, Titagarh holds business interests in shipbuilding, bridges, and defence.{{cite web | url = https://www.business-standard.com/company/titagarh-wagons-19939.html | title = Titagarh Wagons Limited | publisher = Business Standard | access-date = 19 November 2018}}{{cite web | url = https://www.dnaindia.com/india/report-wagon-maker-titagarh-forays-into-shipyard-biz-2015126 | title = Wagon maker Titagarh forays into shipyard business | publisher = DNA India | access-date = 19 November 2018}}{{Cite web | url=https://titagarh.in/service/engineering/defence | title=Defence | website=titagarh.in}}

Its major rivals in railway division are Alstom, BEML, CAF etc.

Overview

= Context =

The founder of Titagarh Rail Systems, Jagadish Prasad Chowdhary, commenced his professional journey as an account assistant at a tea estate in Darjeeling, West Bengal. Subsequently, he relocated to Calcutta (now Kolkata) and assumed the role of an accountant at a steel casting company that supplied materials to the Indian Railways. Chowdhary eventually assumed the position of Chief Executive Officer (CEO) of the steel castings company.

In the year 1982, Chowdhary as an entrepreneur acquired the defunct foundry division of the government-owned Britannia Engineering then under liquidation, situated in Titagarh, Barrackpore, West Bengal. Renaming the enterprise as Titagarh Steels Limited (TSL), he commenced production of railway casting components, specifically bogies and couplers & crossings and turned around the operations of the Foundry in a record time. In 1994, Chowdhary was invited to present a rehabilitation plan for the two Paper Mills of the then sick Titagarh Paper Mills Company Limited which were vested in TSL by a Scheme of Rehabilitation by the Board for Industrial and Financial Reconstruction (BIFR). Subsequently, these Paper Mills were spun off into two separate companies through a Scheme of Arrangement sanctioned by the Hon’ble High Court, Calcutta.{{Cite web |last1=Bose |first1=Sajal |title=Titagarh Wagons bets big on mobility |url=https://businessindia.co/magazine/titagarh-wagons-bets-big-on-mobility |access-date=2022-05-15|date=2020-11-17 |website=Business India}}

= Development =

Chowdhary founded Titagarh Rail Systems Limited on 3 July 1997 to manufacture railway wagons.{{Cite web |title=Titagarh Wagons > Company History |url=https://www.moneycontrol.com/company-facts/titagarhwagons/history/TW04 |access-date=2022-05-15 |website=moneycontrol.com}} The company started out with an annual production capacity of 180 wagons.

In July 2010, Titagarh Rail Systems purchased the French rail wagon maker Arbel Fauvet Rail (AFR) for €15 million (first overseas acquisition), which had gone into receivership in February 2009.{{Cite web |date=2010-07-12 |title=Titagarh Wagons buys French company in first overseas buy |url=https://www.livemint.com/Companies/3SmRh9ceuSTKvJ6KrE7FXO/Titagarh-Wagons-buys-French-company-in-first-overseas-buy.html |access-date=2022-05-15 |website=mint}}{{Cite news |date=2010-07-12 |title=Titagarh Wagons buys French co in first overseas buy|work=Reuters|url=https://www.reuters.com/article/idINIndia-50051720100712 |access-date=2022-05-15}} Titagarh Rail Systems turned around AFR and with the subsidiary's revenue rising from {{INRConvert|99.5|m|lk=r}} in 2010–11 to {{INRConvert|1.64|b}} in 2011–12, and the employee headcount almost doubling from 85 to 150.{{Cite web |title=Forbes India – Titagarh Wagons' French Success |url=https://www.forbesindia.com/article/big-bet/titagarh-wagons-french-success/34343/1 |access-date=2022-05-15 |website=Forbes India}} A French commercial court ordered the liquidation of AFR in July 2019. The next month, Titagarh announced that it would exit from AFR. Vice-chairman and managing director, Umesh Chowdhary, stated that AFR had been making losses of €4–5 million a year for the past three years due to general economic factors, and would have required more capital to reach profitability. Titagarh Rail Systems had invested {{INRConvert|1|b}} in AFR since acquiring the company.{{Cite web |last=PTI |date=2019-08-26 |title=Titagarh Wagons to move out from French arm Arbel Fauvet Rail |url=https://www.thehindubusinessline.com/companies/titagarh-wagons-to-move-out-from-french-arm-arbel-fauvet-rail/article29261301.ece |access-date=2022-05-15 |website=Business Line|location=Chennai}}

Titagarh Rail Systems acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for the Indian Navy. Corporated Shipyard won its first defence contract in 2017.{{cite news |last1=Bose |first1=Pritam Ranjan |date=2 April 2018 |title=From metro coaches to warships, Titagarh hits the fast track |work=Business Line |location=Mumbai |url=https://www.thehindubusinessline.com/companies/titagarh-bets-big-on-metro-coaches-defence-supplies-warships/article23416809.ece |access-date=19 November 2018}}{{cite news |last1=Ghaswalla |first1=Amrita Nair |date=15 June 2017 |title=Titagarh Wagons switches track to build ships |work=Business Line|location=Chennai |url=https://www.thehindubusinessline.com/economy/logistics/titagarh-wagons-switches-track-to-build-ships/article9727920.ece |access-date=19 November 2018}}

In 2015, Titagarh Rail Systems acquired the brand name and know-how of French cast steel bogie manufacturer Sambre et Meuse.{{Cite web |title=Titagarh Freight {{!}} Titagarh |url=https://titagarh.in/service/freight/components |access-date=2022-05-15 |website=titagarh.in}} On 16 July 2015, Titagarh acquired a 90% stake in Italian rail equipment firm Firema Trasporti for an estimated {{currency|25|EUR}} million. The remaining 10% stake was held by Italian company Adler Plastics SpA.{{Cite news |department=B2B Connect |date=2015-07-16 |title=Titagarh Wagons buys Italy-based Firema Trasporti |work=Business Standard India |url=https://www.business-standard.com/content/b2b-manufacturing-industry/titagarh-wagons-buys-italy-based-firema-trasporti-115071600402_1.html |access-date=2022-05-15}}{{Cite web |last=Paul |first=Aniek |date=2015-07-16 |title=Titagarh Wagons concludes acquisition of Italy's Firema Trasporti |url=https://www.livemint.com/Companies/NzfgTISzi05TpeAP8SiWBO/Titagarh-Wagons-acquires-Italys-Firema-Trasporti.html |access-date=2022-05-15 |website=mint}} In June 2017, Titagarh announced that it had acquired the 10% stake from Adler Plastics for an undisclosed amount.{{Cite news |last=Market |first=Capital |date=2017-06-20 |title=Titagarh Wagons acquires 10% stake in Titagarh Firema Adler SpA |work=Business Standard India |url=https://www.business-standard.com/article/news-cm/titagarh-wagons-acquires-10-stake-in-titagarh-firema-adler-spa-117062000630_1.html |access-date=2022-05-15}}{{Cite web |date=2017-07-31 |title=Titagarh Wagons buys out Italian partner in coach-making venture |url=https://www.thehindubusinessline.com/companies/titagarh-wagons-buys-out-italian-partner-in-coach-making-venture/article64269566.ece |access-date=2022-05-15 |website=Business Line|location=Chennai}} The company was subsequently renamed as Titagarh Firema SpA. Titagarh Firema designs metro rail coaches and manufactures them at its factories at Caserta, Spello and Tito.{{cite news |date=24 August 2018 |title=European ops will take 12–18 months to turn profitable: Umesh Chowdhary, Titagarh Wagons |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/expert-view/european-ops-will-take-12-18-months-to-turn-profitable-umesh-chowdhary-titagarh-wagons/articleshow/65529436.cms |access-date=19 November 2018}}

In May 2016, Titagarh Rail Systems formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.{{Cite news |title=Titagarh wagons with French Matiere in 50:50 venture to make and sell metallic bridges |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/titagarh-wagons-with-french-matiere-in-5050-venture-to-make-and-sell-metallic-bridges/articleshow/52477402.cms |access-date=2022-05-15}}{{Cite news |department=B2B Connect |date=2016-05-30 |title=Titagarh Wagons forms JV with French firm Matiere |work=Business Standard India |url=https://www.business-standard.com/content/b2b-manufacturing-industry/titagarh-wagons-forms-jv-with-french-firm-matiere-116053000183_1.html |access-date=2022-05-15}} Titagarh Rail Systems acquired Matiere's stake in July 2020, making it a wholly-owned subsidiary.{{Cite news |date=15 July 2020 |title=Titagarh Wagons acquires 50 pc stake of French JV partner Matiere in MTBPL|newspaper=The Times of India |agency=PTI |url=https://timesofindia.indiatimes.com/titagarh-wagons-acquires-50-pc-stake-of-french-jv-partner-matiere-in-mtbpl/articleshow/76985347.cms |access-date=2022-05-15}}{{Cite web |last=PTI |date=2020-07-15 |title=Titagarh Wagons buys 50 per cent stake of French jt venture partner Matiere in MTBPL |url=https://www.thehindubusinessline.com/companies/titagarh-wagons-buys-50-per-cent-stake-of-french-jt-venture-partner-matiere-in-mtbpl/article32094660.ece |access-date=2022-05-15 |website=Business Line|location=Chennai}}

In 2019, Titagarh Rail Systems was awarded the contract to supply 102 aluminium bodied metro rail coaches for the Pune Metro by Maha Metro.{{cite news |last1=Dixit |first1=Sameer |last2=Srivastava |first2=Ritesh K |date=15 August 2019 |title=Indian multinational Titagarh Firema wins bid for supply of 102 Aluminium bodied metro rail coaches|work=Zee News |url=https://zeenews.india.com/india/indian-multinational-titagarh-firema-wins-bid-for-supply-of-102-aluminium-bodied-metro-rail-coaches-2227289.html |access-date=15 August 2019}} While 3 of the total 34 rakes would be manufactured at the Firema plant in Italy, the remaining 31 trainsets would be manufactured at TRSL's facility in Uttarpara, Kolkata.{{Cite web |title=Titagarh Wagons rolls out first Pune Metro train |url=https://www.telegraphindia.com/business/titagarh-wagons-rolls-out-first-pune-metro-train/cid/1824848 |access-date=2022-01-12 |website=The Telegraph|location=India}}

In April 2023, the company secured a {{INRConvert|3.5|b|year=2021}} contract to supply rolling stock for the Ahmedabad Metro.{{cite web |date=April 2021 |title=Titagarh Rail Systems wins Rs 3.5 bn contract for Ahmedabad Metro |url=https://www.constructionworld.in/transport-infrastructure/metro-rail-and-railways-infrastructure/titagarh-rail-systems-wins-rs-3.5-bn-contract-for-ahmedabad-metro/43950 |access-date=2023-09-02 |publisher=Construction World}}

In February 2024, the company secured a {{INRConvert|1.7|b}} contract for supplying 250 specialized wagons to the Ministry of Defence.{{cite web |date=February 2024 |title=Titagarh Rail Systems stock surges following receipt of ₹170-crore order from Defence Ministry

|url=https://www.thehindubusinessline.com/markets/stock-markets/titagarh-rail-systems-stock-surges-following-receipt-of-170-crore-order-from-defence-ministry/article67862582.ece|access-date=2024-02-19 |work=Business Line|location=Chennai}}

In March 2024, the company secured a {{INRConvert|19.09|b}} contract for supplying 4463 BOSM Wagons to the Ministry of Railways.{{cite web |date=March 2024 |title=Titagarh Rail bags order worth Rs 1,909 crore|url=https://www.business-standard.com/markets/capital-market-news/titagarh-rail-bags-order-worth-rs-1-909-crore-124030800411_1.html|access-date=2024-03-08 |work=Business Standard}}

{{asof|May 2025|post=,}} the company was looking for to construct a greenfield shipyard to construct larger ships, both naval and commercial.{{Cite web |last=Dasgupta |first=Mithun |date=2025-05-04 |title=Titagarh Rail eyes new shipyard for big vessels |url=https://www.thehindubusinessline.com/economy/logistics/titagarh-rail-eyes-new-shipyard-for-big-vessels/article69537933.ece |access-date=2025-05-05 |website=BusinessLine |language=en}}

Financials

Titagarh Rail Systems Limited reported a total income of {{INRConvert|38.53|b|year=2024}} during the financial year ended 31 March 2024 as compared to {{INRConvert|27.8|b|year=2023}} during the financial year ended 31 March 2023. The company posted a net profit of {{INRConvert|2.97|b|year=2024}} for the financial year ended 31 March 2024 as against a profit of {{INRConvert|1.03|b|year=2023}} for the financial year ended 31 March 2023.{{Cite web |date=2023-05-24 |title=Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores |url=https://www.equitybulls.com/category.php?id=332829 |access-date=2023-05-26 |website=EquityBulls}}

Subsidiaries

Titagarh Singapore Pte. Ltd. Singapore
Titagarh Firema Engineering Services Private Limited.

Joint ventures

Titagarh Rail Systems Limited– Ramkrishna Forgings
Titagarh Rail Systems Limited– BHEL
Shivaliks Mercantile Private Limited
Titagarh Mermac Private Limited

Associate Company

Titagarh Firema SpA, Italy

Products and services

File:Titagarh Wagon Pune Metro.jpg.]]

Freight Rail Systems: Rolling stock, Components (Bogies, Couplers, Locomotive shells, Gears);
Passenger Rail Systems: Rolling stock (Electric locomotives, EMU trainsets, DEMU trainsets, Metros, Light rail transports, Body shells, Bogies, Propulsion & electrical equipment);
Shipbuilding: Coastal research vessels, Naval vessels, Passenger ships, Tugs, Inland vessels;
Defence: Bailey bridges, Defence
Safety & Signaling Systems: Train control, Condition monitoring, Vehicular & train mounted solutions