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TITAGARH.NS

Titagarh Rail Systems Ltd.

Capital Goods
Price research

Price history

1Y window · 2025-09-23 to 2026-09-23

Start 2025-09-23 ₹921.10
End 2026-09-23 ₹842.05
Change over window -8.58%
Methodology

Price is the daily close from stored Kite history. The other metrics pair that daily price with the company's periodic filings — each fundamental (revenue, EPS, equity…) is held flat at its latest filed value between annual filings, so a ratio steps at each filing and moves daily only through its price term. A metric with no input on file for this company (e.g. EV/EBITDA for a bank, which has no EBIT) is shown as unavailable, never guessed. Share-count-based metrics use the latest diluted share count against split/bonus-adjusted prices.

Technical analysis

Technical indicators

Same window as the price chart above

These reflect only the stock's recent price and volume behavior — not the company's fundamentals — and are not a recommendation to buy or sell. Standard published parameters are used throughout (see each chart's own label); a company with too little stored price history for a given indicator's lookback window shows that plainly below rather than a garbage or misleading value.

Latest value of each line in the charted window
Methodology

MACD (12,26,9), Stochastic Oscillator (14,3) and Money Flow Index (14-day) each carry their own published reference lines/bands (20/80 for the oscillator readings) where one is standard. ADX includes +DI/-DI for direction alongside trend strength; a dashed line marks the commonly published 25 "trending market" reading. ATR is shown in raw rupees here; the price/volume preset screen (below, and on the Screener page) reports it as a % of price so it's comparable across stocks at different price levels. Computed from the same stored daily OHLCV history as the price chart above — no new data source.

Ratios as of FY2025-26 Annual filing · published 2026-05-31
Price (live) ₹834.85 INR fetched 2026-09-23 02:41
Fundamental analysis

Ratios

Calculated from this company's filed figures, and from the current price where a ratio needs one. Every ratio shows its source trace: the filed elements it reads and the arithmetic behind the result.

P/E

91.53

P/E = Price / EPS

Source trace FY2025-26 · Annual filing

P/E = Price / (ProfitLossForPeriod / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) → ₹834.85 / (₹1,228,200,000 / 134,650,000 shares) = ₹834.85 / ₹9.12 EPS

ROE

5.00%

ROE = Net Income / Shareholder Equity

Source trace FY2025-26 · Annual filing

ROE = ProfitLossForPeriod / EquityAttributableToOwnersOfParent → ₹1,228,200,000 / ₹24,557,100,000 = 5.00%

Debt/Equity

0.21

Debt/Equity = Total Debt / Shareholder Equity

Source trace FY2025-26 · Annual filing

Debt/Equity = BorrowingsCurrent + BorrowingsNoncurrent / EquityAttributableToOwnersOfParent → ₹5,218,600,000 / ₹24,557,100,000 = 0.21

Current Ratio

1.81

Current Ratio = Current Assets / Current Liabilities

Source trace FY2025-26 · Annual filing

Current Ratio = CurrentAssets / CurrentLiabilities → ₹21,827,100,000 / ₹12,045,800,000 = 1.81

ROCE

11.60%

ROCE = EBIT / (Shareholder Equity + Total Debt)

Source trace FY2025-26 · Annual filing

ROCE = ProfitBeforeExceptionalItemsAndTax + FinanceCosts / (EquityAttributableToOwnersOfParent + BorrowingsCurrent + BorrowingsNoncurrent) → ₹3,453,800,000 / (₹24,557,100,000 + ₹5,218,600,000) = 11.60%

Dividend Yield

0.44%

Dividend Yield = (Dividends Paid / Diluted Shares Outstanding) / Price

Qualification This is cash paid during the fiscal year, not a per-share rate declared for it (no such element exists in the filing data) — timing can straddle interim/final dividends across years, and pre-FY2020-21 figures may include the since-abolished Dividend Distribution Tax, reading higher than later years for that reason alone.

Source trace FY2025-26 · Annual filing

Dividend Yield = (|DividendsPaidClassifiedAsFinancingActivities| / PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital) / Price → (₹489,800,000 / 134,650,000 shares) / ₹834.85 = ₹3.64 / ₹834.85

Growth & quality

Growth & earnings trend

Computed from this company's stored annual filings. Each figure carries the filed values behind it as a tooltip.

Revenue CAGR · 3y 12.2%
Net profit CAGR · 3y N/A
Operating margin · FY2025-26 10.8%
ROCE · FY2025-26 11.6%

Revenue & Profit CAGR

Revenue (3y, 8.0y actual)
12.2%
Net Profit (3y)
N/A
Revenue (5y, 8.0y actual)
12.2%
Net Profit (5y)
N/A
Revenue (10y, 8.0y actual)
12.2%
Net Profit (10y)
N/A

Operating Margin Trend

Expanding
FY2017-18
-9.3%
FY2018-19
3.0%
FY2019-20
7.1%
FY2020-21
5.0%
FY2021-22
7.0%
FY2023-24
12.1%
FY2024-25
12.4%
FY2025-26
10.8%

ROCE Trajectory

FY2017-18
N/A
FY2018-19
N/A
FY2019-20
N/A
FY2020-21
N/A
FY2021-22
N/A
FY2023-24
20.2%
FY2024-25
15.9%
FY2025-26
11.6%

Earnings Quality

Needs net profit and CFO for 3+ stored years; only 2 on file.

Sector-Relative Percentile

Sector · Capital Goods
ROE 8th percentile Better than 5 of 62 sector peers (8th percentile).
ROCE 19th percentile Better than 12 of 62 sector peers (19th percentile).
Debt/Equity 21th percentile Better than 13 of 62 sector peers (21th percentile).
P/E 23th percentile Better than 14 of 62 sector peers (23th percentile).
Forensic accounting

Beneish M-Score

Eight year-over-year accounting indices (Beneish, 1999) computed for Titagarh Rail Systems Ltd. across its two most recently stored annual filings. Read the disclosures below before anything past this paragraph.

This is not an accusation and not a finding that any manipulation occurred. Beneish's own paper is explicit that the score identifies companies whose accounting CHARACTERISTICS resemble those of a sample of past manipulators -- nothing more. StockProof never labels a company "manipulator", "red flag" or "suspicious", and never shows any list of companies ordered by this score. The eight components below -- factual statements about figures the company itself filed -- always come before the composite number, which is the inference, not the fact.

The M-Score is calibrated on 74 US-listed companies from 1982-1992 later found to have manipulated earnings (Beneish, M. D. (1999), "The Detection of Earnings Manipulation", Financial Analysts Journal 55(5)) -- not on any Indian company or era. Measured on StockProof's own Nifty 500 universe as of 2026-09-02, 13.6% of companies score above Beneish's own published cutoff. On any realistic base rate of actual earnings manipulation, that flag rate is overwhelmingly false positives, not overwhelmingly real ones.

No "Selling, General & Administrative Expense" element exists anywhere in NSE's filed data. The SGAI component below is approximated as Employee Benefit Expense + Other Expenses, divided by revenue -- a reasonable stand-in for a manufacturer, but for a services company this proxy is closer to the entire cost base than to SG&A specifically. This is disclosed because it is a genuine deviation from Beneish's published specification; its coefficient (-0.172) is the smallest of the eight, which bounds how far the approximation can move the composite.

This measures something different from a financial-distress score like Altman's Z-Score, and the two essentially never agree. Measured on StockProof's own 389-company overlap as of 2026-09-02: only 5 companies were flagged by both, an agreement rate (intersection ÷ union) of 6.2%, and a correlation between the two scores of +0.088 -- closely matching the independently measured +0.092 over 3,242 Malaysian-listed companies. A low Z-Score and a high M-Score are not corroborating each other; they are unrelated measurements.

Comparing FY2024-25FY2025-26

Index Value Beneish's own threshold Reading, vs. that threshold
DSRI — Days' Sales in Receivables Index 1.140 1.031 Exceeds Beneish's published threshold
GMI — Gross Margin Index 0.894 1.014 Below Beneish's published threshold
AQI — Asset Quality Index 0.957 1.039 Below Beneish's published threshold
SGI — Sales Growth Index 0.824 1.134 Below Beneish's published threshold
DEPI — Depreciation Index 0.764 1.077 Below Beneish's published threshold
SGAI — SG&A Index 1.240 1.041 Exceeds Beneish's published threshold
LVGI — Leverage Index 1.141 1.111 Exceeds Beneish's published threshold
TATA — Total Accruals to Total Assets N/A 0.018 Net Profit, Operating Cash Flow, or Total Assets not disclosed for the latest year.

Composite M-Score not computable — 1 of 8 indices could not be computed from the data on file (TATA), and the M-Score is a single weighted equation -- dropping a term would yield a different, uncalibrated score rather than a smaller valid one, so no composite is shown. The components that WERE computable are still shown individually below.

Financials

Quarterly trend

10 stored quarters

Revenue Net Profit Net Profit (loss quarter)
Metric (to shareholders basis) Q4 FY2023-24 Q1 FY2024-25 Q2 FY2024-25 Q3 FY2024-25 Q4 FY2024-25 Q1 FY2025-26 Q2 FY2025-26 Q3 FY2025-26 Q4 FY2025-26 Q1 FY2026-27 Source
Revenue ₹1,052.41 Cr. ₹903.05 Cr. ₹1,056.95 Cr. ₹902.18 Cr. ₹1,005.57 Cr. ₹679.30 Cr. ₹799.03 Cr. ₹832.06 Cr. ₹875.43 Cr. ₹765.07 Cr. RevenueFromOperations
Net Profit ₹78.95 Cr. ₹67.01 Cr. ₹80.69 Cr. ₹62.77 Cr. ₹64.45 Cr. ₹30.94 Cr. ₹37.00 Cr. ₹48.15 Cr. ₹53.50 Cr. ₹52.58 Cr. ProfitOrLossAttributableToOwnersOfParent
Basis

Primary figures are Revenue from Operations and Net Profit attributable to shareholders — the basis the ratios use. Where they differ, the companion Gross revenue (incl. inter-segment) and incl. minority net profit (the totals a news headline usually quotes) are shown beneath, each traceable to its own XBRL element. Quarters shown are however many are actually stored (up to 10).

Ownership

Shareholding pattern

Latest filing Jun 2026 · 12 filings on file

Promoter & Promoter Group
40.46%
Public
59.54%
Employee Trusts
0.00%
Promoter % Public %
Metric Dec 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter & Promoter Group 42.46% 42.46% 42.46% 40.46% 40.46% 40.46% 40.46% 40.46% 40.46% 40.46% 40.46% 40.46%
Public 57.54% 57.54% 57.54% 59.54% 59.54% 59.54% 59.54% 59.54% 59.54% 59.54% 59.54% 59.54%
Employee Trusts 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Source

Promoter vs. public shareholding, from NSE's own quarterly shareholding-pattern filings. This is the headline promoter/public split only — a further breakdown by FII/DII/mutual fund holders requires each filing's own detailed disclosure and isn't shown here.

Trading activity

Delivery volume

20 trading days shown

Latest (2026-09-23) 26.5%
Trailing 20-day average 36.2%
Date Traded Qty Delivery Qty Delivery %
2026-09-23 367272 97294 26.49%
2026-09-22 341550 136602 39.99%
2026-09-21 378131 130701 34.57%
2026-09-18 475698 147375 30.98%
2026-09-17 585375 129385 22.10%
2026-09-16 789709 199594 25.27%
2026-09-15 476266 218582 45.89%
2026-09-11 463818 168661 38.29%
2026-09-10 970891 332896 34.29%
2026-09-09 869717 287585 33.07%
2026-09-08 606235 236012 38.93%
2026-09-07 1383593 512962 37.07%
2026-09-04 3001183 795372 26.50%
2026-09-03 365854 169515 46.33%
2026-09-02 276233 118041 42.73%
2026-09-01 585587 195529 33.39%
2026-08-31 323671 159617 49.31%
2026-08-28 225348 102356 45.42%
2026-08-27 449561 123809 27.54%
2026-08-26 323021 145335 44.99%
Source

Delivery quantity/percentage from the NSE bhavcopy (DELIV_QTY/DELIV_PER) — the share of that day's traded volume that actually settled into a demat account, rather than being squared off intraday. A higher delivery percentage is commonly read as genuine accumulation/distribution rather than speculative same-day trading; this describes recent trading PATTERN, not the company itself, and is not a recommendation to buy or sell. A blank cell is a day NSE itself published no figure for, never a zero.

Insider trading activity

20 disclosures shown

Disclosed Person Category Type Mode Quantity Value (₹) Resulting stake Source
03 Sep 2025 Saket Kandoi Director Buy Gift 70965 0 0.05% XBRL
03 Sep 2025 Sidhaant Kandoi Immediate relative Buy Gift 9000 0 0.00% XBRL
03 Sep 2025 Vidushie Kandoi Immediate relative Sell Gift 79965 0 0.00% XBRL
03 Sep 2025 Saket Kandoi Director Buy Gift 70965 0 0.05% XBRL
03 Sep 2025 Vidushie Kandoi Immediate relative Sell Gift 70965 0 0.00% XBRL
09 Dec 2024 Sanjay Ranganath Deshpande - Sell Market Sale 4000 4840000 0.01% XBRL
03 Dec 2024 ANIL KUMAR AGARWAL Director Pledge Pledge Creation 100000 122785000 0.07% XBRL
25 Nov 2024 Sanjay Ranganath Deshpande - Sell Market Sale 5000 5500000 0.01% XBRL
28 Jun 2024 Rashmi Chowdhary Promoter Group Sell Others 2693475 4358042550 7.52% XBRL
04 Jun 2024 DINESH ARYA Key Managerial Personnel Sell Market Sale 3700 4989493 0.03% XBRL
24 May 2024 Sanjay Ranganath Deshpande - Sell Market Sale 9000 11635650 0.02% XBRL
16 Feb 2024 Sumita Kandoi Promoter Group Sell Gift 5751 0 0.00% XBRL
16 Feb 2024 Saket Kandoi Director Sell Gift 70965 0 0.00% XBRL
29 Dec 2022 Titagarh Logistics Infrastructures Private Limited Promoter Group Buy Market Purchase 464476 87558097 1.60% XBRL
27 Dec 2022 Titagarh Logistics Infrastructures Private Limited Promoter Group Buy Market Purchase 15000 2616667 1.20% XBRL
27 Dec 2022 Titagarh Logistics Infrastructures Private Limited Promoter Group Buy Market Purchase 194011 36460811 1.19% XBRL
06 Dec 2022 DINESH ARYA Employees/Designated Employees Sell Market Sale 6000 1199750 0.04% XBRL
14 Sep 2022 VINITA BAJORIA Promoter Group Buy Market Purchase 12500 2012805 0.02% XBRL
05 Apr 2022 PAWAN KUMAR AGARWAL Employees/Designated Employees Buy Market Purchase 10000 788891 0.01% XBRL
05 Apr 2022 PAWAN KUMAR AGARWAL Employees/Designated Employees Sell Market Sale 5000 511327 0.01% XBRL
About these disclosures

SEBI PIT (Prohibition of Insider Trading) Regulation 7 disclosures — designated persons (promoters, directors, KMPs, and their immediate relatives) reporting their own dealing in the company's securities, as NSE publishes them. Distinct from the SAST (Regulation 29 substantial-acquisition) filings on the market-wide SAST activity page. Public record only — this is descriptive disclosure data, not a signal, and is not a recommendation to buy or sell.

Filings & evidence

Source documents

FY2025-26 · Annual filing

The raw filing line items behind the figures on this page, and NSE's own filing document where NSE publishes one.

Source document — income statement (FY2025-26, raw filing line items)
Line itemFiled value
ProfitLossForPeriod1228200000.0
PaidUpValueOfEquityShareCapital ÷ FaceValueOfEquityShareCapital134650000.0
Source document — balance sheet (FY2025-26, raw filing line items)
Line itemFiled value
CurrentAssets21827100000.0
CurrentLiabilities12045800000.0
EquityAttributableToOwnersOfParent24557100000.0
BorrowingsCurrent + BorrowingsNoncurrent5218600000.0
Research notes

My notes