Transrail Lighting, one of India’s leading EPC companies in the power transmission and distribution (T&D) sector, has started FY26 on a high note. The company has reported a significant jump in profitability and revenue for the quarter ended 30 June 2025, driven by strong execution in its core T&D business and good order inflows.
Transrail Lighting Q1 FY26 – Financial Highlights
- Revenue from Operations: According to Transrail Lighting Q1 FY26 earnings release, Transrail Lighting’s consolidated revenue from operations was INR 1,660 crore, up 81% year-on-year (YoY) from INR 916 crore in Q1 FY25.
- EBITDA: INR 200 crore (↑ 66% YoY from INR 120 crore)
- EBITDA Margin: 12% (vs 13% in Q1 FY25)
- Profit After Tax (PAT): INR 106 crore (↑ 105% YoY from INR 52 crore)
- PAT Margin: 6.33% (up 46 bps YoY)
- Earnings Per Share (EPS – Basic): INR 7.88 (vs INR 4.17 in Q1 FY25)
Strong Order Inflows and Record Order Book
Transrail Lighting won new orders worth INR 1,748 crore in Q1 FY26, up 72% YoY, mainly from domestic T&D projects. This has taken the company’s unexecuted order book to INR 14,654 crore as of 30 June 2025, up 44% YoY. Including L1 positions, the order book is INR 15,637 crore.
The T&D segment remains the backbone of the business, contributing 97% of the order inflows in the quarter. The geographical split of the order book stands at 60% domestic and 40% international, underscoring Transrail’s expanding global footprint across 59 countries.
Operational Highlights
Transrail Lighting Q1 FY26 Results saw notable project completions, including:
- 765 kV DC KPS2–Lakadia and KPS1–KPS2 transmission lines (Khavda) for Adani.
- 765 kV DC transmission line in Khetri–Narela (Package 1) for Power Grid.
- 400 kV transmission line project in Solapur, Maharashtra for ReNew.
- 132 kV transmission line project in Eswatini, Africa.
- Installation of façade lighting at the GG Elevated Flyover in Bhopal.
- Commissioning of 132 kV monopoles in Bihar for BSPTCL/NHAI.
The company also received an ‘A Grade’ rating from POWERGRID for its Deoli tower manufacturing plant and an appreciation award from PGCIL-WR II for zero accident achievements.
Financial Strength and Ratings
The balance sheet remains solid, aided by a recent credit rating upgrade by CRISIL to AA- / Stable for the long term and A1+ for the short term. As of 30 June 2025, net debt (excluding IPO funds) stood at INR 613 crore.
Capex and Capacity Expansion
Transrail Lighting is expanding capacity aggressively:
- Tower manufacturing capacity to increase from 84,000 MT per annum to 1,96,000 MT.
- Conductor manufacturing capacity to rise from 24,000 KM to 49,500 KM. Phase 1 of the brownfield expansion is expected to be completed by Q2 FY26, Phase 2 by Q4 FY26.
Industry Tailwinds
The T&D industry looks good. India’s power demand is expected to reach 708 GW by 2047, and transmission lines are expected to go up from 485,000 CKM to 648,000 CKM by 2032. The government’s target of 500 GW of renewable energy by 2030 is good for incremental T&D investments.
Management Commentary
Randeep Narang, Managing Director & CEO of Transrail Lighting, said:
“We have started the year well, with good growth in revenue, profit and order intake. Our consistent order inflow, led by the T&D business, has added to our order book. With our sharp execution focus, we are confident of sustaining the momentum in the coming quarters.”
Transrail Lighting Post-IPO Performance
Transrail Lighting’s IPO in December 2024 was a resounding success, receiving 80.8x subscription and listing at INR 585.15, a 35.45% premium over the issue price of INR 432. On debut, it reached highs of INR 604, signaling strong institutional and retail interest from the outset.
The market rewarded Transrail Lighting Q1 FY26 with, strong showing. On 06 August 2025, the company’s shares spiked as much as 13% intraday to a two-week high of INR 793 on the BSE, marking the biggest one-day gain since its stock market debut in December 2024. At current levels, the stock trades nearly 84% above its IPO price of INR 432.
Conclusion
Transrail Lighting Q1 FY26 results reflect a rare combination of exceptional financial growth, operational execution, and order book visibility. With industry tailwinds, strong execution capabilities, and a global footprint, the company appears well-positioned to sustain its growth momentum through the rest of the fiscal year.
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