Transrail Lighting Ltd Share Price – NSE  / BSE

Infrastructure Developers & Operators, Small Cap

Transrail Lighting has received ratings action from CRISIL Ratings as under:

Total bank facilities rated - Rs 7,070 crore

Long term rating - CRISIL AA-; Stable (reaffirmed)

Short term rating - CRISIL A1+ (reaffirmed)

Rs 100 crore non convertible debentures - CRISIL AA-; Stable (assigned)

Rs 100 crore commercial paper - CRISIL A1+ (assigned)

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The orders are primarily in the domestic T&D segment, along with a Civil order and select wins in Poles & Lighting.

With these additions, the company?s cumulative order inflows for FY26 have crossed Rs 7,980 crore, reflecting strong momentum across its core business segments. Transrail Lighting also holds an L1 position of over Rs 800 crore and maintains a healthy bidding pipeline across domestic and international markets, bolstering its growth outlook.

Randeep Narang, MD & CEO stated, ?The Rs 2,350 crore order wins in the domestic T&D segment, which includes mainly construction of 765 kV Transmission Lines, along with contributions from Civil and Poles & Lighting underscore the strong demand potential and our competitive positioning in the market. These orders take our FY26 inflows beyond Rs 7,980 crore. With L1 position exceeding Rs 800 crore and a strong bidding pipeline, we are well positioned to sustain the growth momentum while maintaining execution discipline and delivering strong margins.?

Transrail Lighting is a leading turnkey engineering, procurement, and construction (EPC) company with a primary focus on the power transmission and distribution business, with 4 decades of experience in construction and manufacturing.

The company?s consolidated net profit increased 17.7% to Rs 109.74 crore on a 32.6% rise in revenue from operations to Rs 1,777.19 crore in Q3 FY26 over Q3 FY25.

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Transrail Lighting has secured new orders aggregating to Rs 2,350 crore, primarily in the domestic T&D segment along with a Civil order and select wins in Poles & Lighting.

With these additions, the Company's cumulative order inflows for FY26 have crossed Rs 7,980 crore, reflecting strong and sustained momentum across its core business segments.

The Company also holds an L1 position of over Rs 800 crore and maintains a healthy bidding pipeline across both domestic and international markets. Strong orderbook and bidding pipeline strengthens growth outlook for the Company.

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The company posted a profit before exceptional items and tax of Rs 168.67 crore in Q3 FY26 versus Rs 126.24 crore a year ago; exceptional items of Rs 17.38 crore reflected a one-time impact from new labor code?related gratuity and leave provisions.

EBITDA advanced 27% to Rs 228 crore in Q3 FY26 from Rs 180 crore in Q3 FY25. EBITDA margin declined to 12.7% in Q3 FY26, which is an improvement of 77 bps over the previous quarter. Ongoing CAPEX expansion in tower and conductor capacities is expected to support medium-term growth, while the SAP RISE upgrade from SAP HANA, currently under implementation, is aimed at enhancing process integration, cost control, and operational visibility.

The company?s unexecuted order book (UEOB) stood at Rs 14,733 crore as of 31 December 2025, up 28% YoY, providing strong revenue visibility. Including L1 orders, the total UEOB was Rs 18,216 crore, while fresh order inflows of Rs 1,395 crore during the quarter further bolstered the execution pipeline.

Cash and cash equivalents stood at Rs 380 crore as of December 31, 2025, an increase of Rs 293 crore over September 30, 2025, supported by better cash inflows and prudent cash management.

Randeep Narang, MD & CEO, said, ?Our performance for the quarter and nine months of FY26 reflects executional excellence through growth in revenue, profitability, and quality order book. We continued to see healthy order inflows during the period, led by the core Power T&D segment in India and overseas, alongside increasing traction across all verticals. Execution remained a key focus area during the period, with teams fast-tracking priority projects and maintaining strong delivery discipline. Our growth in revenue and profitability is a result of overall business processes and efficiencies. Supported by a robust order book and operational competence, I believe we are well positioned to sustain our growth momentum in the coming quarters.?

Meanwhile, the company acquired a 32% stake in CEDEC Engineering for Rs 0.36 crore in Q3 FY26, making it an associate company effective 28 November 2025. The acquisition strengthens the company?s engineering capabilities and supports diversification of its business portfolio.

Transrail Lighting is a leading turnkey engineering, procurement, and construction (EPC) company with a primary focus on the power transmission and distribution business, with 4 decades of experience in construction and manufacturing.

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