Transrail Lighting is a leading EPC and manufacturing player in the power transmission, distribution, and infrastructure sectors. The company announced its financial results for the third quarter (Q3) and nine months ended 31 December 2025 (9MFY26). Transrail Lighting Q3 FY26 results indicate strong growth across revenue, profitability, and order inflows, along with international diversification and continued operational efficiency. Following the news, Transrail’s share price surges to INR 549.90 per share, an ~11% upside from the previous day’s close of INR 496.75.
Transrail Lighting Q3 FY26 Results: Financial Highlights
Transrail Lighting reported consolidated Q3FY26 revenue of INR 1,796 crore, up 32% year-on-year (YoY) from INR 1,358 crore in Q3FY25. EBITDA stood at INR 228 crore, reflecting a 27% YoY increase, while PAT grew 36% YoY to INR 127 crore (excluding exceptional items). Margins remained healthy with EBITDA margin at 12.7% and PAT margin at 7.0%.
For Transrail 9M FY26 results, the company achieved revenue of INR 5,017 crore, marking a 49% YoY growth. EBITDA rose to INR 614 crore (up 40%) and PAT to INR 324 crore (up 62%), despite provisioning INR 17 crore towards new labour code regulations in Q3FY26. This performance reflects both execution strength and improved mix of high-margin projects.
Transrail Lighting Q3 & 9M FY26 Results: Operational Highlights
Transrail maintained a total unexecuted order book of INR 18,216 crore, including L1 orders worth INR 3,483 crore, as of 31 December 2025. This represents a 28% YoY growth in the consolidated order backlog. The composition of the order book is balanced across segments: Power T&D (89%), Civil (5%), Railways (2%), and Poles & Lighting (4%), indicating both diversification and strength in core business.
Major project highlights for Transrail Q3 & 9M FY26 include:
- Commissioning of the 765 kV Khetri–Narela double-circuit line, strengthening North India’s power grid and renewable integration.
- Execution of 765 kV projects for Power Grid Corporation in Ahmedabad–Lakadia, Banaskantha–Ahmedabad, and Khavda corridors.
- International projects in Bangladesh, Nicaragua, Eswatini, and Abu Dhabi.
- Civil and infrastructure works, including cooling towers in Telangana and Tamil Nadu, and a major bridge over the Kosi River in Bihar.
- SAP RISE ERP upgrade implemented across operations, enhancing project visibility and efficiency.
Manufacturing and CAPEX Expansion
The company is advancing its brownfield expansion of tower, conductor, and pole manufacturing facilities across Deoli, Vadodara, and Silvassa. Post-expansion, annual tower capacity will nearly double from 84,000 MT to 196,000 MT, and conductor capacity will increase from 24,000 km to 49,500 km.
Phase 1 completion is targeted by Q4 FY26, with Phase 2 slated for Q1 FY27. The facilities are globally certified (ISO, NABL, CE), ensuring export readiness and compliance with international quality benchmarks.
Balance Sheet and Credit Metrics
Transrail’s net debt-to-EBITDA ratio improved to 0.57x (9M FY26) from 0.74x in FY25, supported by strong cash flows and disciplined capital management. Working capital days stood at 78 days post-adjustment for IPO funds.
In FY25, credit rating agencies upgraded the company:
- CRISIL: AA-/Stable (Long Term) and A1+ (Short Term)
- India Ratings: A+/Positive and A1+
Final Words
Transrail Lighting Q3 & 9M FY26 performance underscores its evolution from a traditional T&D contractor into a globally competitive EPC major with integrated manufacturing and diversified sectoral exposure. The 49% revenue growth and 62% PAT growth over nine months position the company among the most resilient mid-cap industrials in India’s infrastructure space.
With visibility from an INR 18,000+ crore order book, a strong balance sheet, and capacity expansion, Transrail appears ready for sustained earnings momentum into FY27.
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