Transrail Lighting Q2 FY26 results reflect a strong surge in execution momentum and profitability as Transrail Lighting delivered one of its most robust quarterly performances to date. The company, a diversified EPC and manufacturing leader across power transmission, distribution, railways, civil infrastructure, and lighting solutions, reported sharp growth in revenue, operating profit, and net earnings during Q2 FY26 and H1 FY26.
Supported by a record order inflow, expanding global footprint, and integrated manufacturing capabilities, Transrail continues to strengthen its position as a fast-growing player in India’s infrastructure and power transmission ecosystem.
Transrail Lighting Q2 FY26: Financial Highlights
Transrail Lighting delivered double-digit growth across revenues, operating profits, and the bottom line during the quarter and first half of FY26.
| Metric | Q2 FY25 | Q2 FY26 | YoY Change |
| Revenue | 1,088 | 1,561 | +43% |
| EBITDA | 139 | 186 | +34% |
| EBITDA Margin | 12.73% | 11.93% | -80 bps |
| Finance Cost | 41 | 60 | +44% |
| PAT | 55 | 91 | +65% |
| PAT Margin | 5.0% | 5.8% | +80 bps |
| EPS | — | 6.78 | — |
Transrail Lighting recorded strong top-line growth driven by accelerated execution in Power Transmission & Distribution (T&D) and international EPC projects. Healthy operating efficiencies and scale benefits supported bottom-line performance.
Transrail Lighting H1 FY26: Financial Performance
| Metric | H1 FY25 | H1 FY26 | YoY Change |
| Revenue | 2,004 | 3,221 | +61% |
| EBITDA | 259 | 386 | +49% |
| EBITDA Margin | 12.91% | 11.98% | -93 bps |
| Finance Cost | 90 | 110 | +22% |
| PAT | 107 | 197 | +84% |
| PAT Margin | 5.3% | 6.1% | +80 bps |
| EPS | 8.61 | 14.66 | +70% |
H1 earnings highlight strong execution momentum with a significant 84% jump in PAT.
Exceptional Order Inflows Fueling Growth Visibility
Transrail Lighting experienced one of its strongest order inflow phases:
- INR 23,740 crore YTD order intake (+66% YoY)
- Power T&D continues to dominate, supported by large domestic and international tenders
- Diversified mix of railways, civil, and lighting projects
- Strong traction in Africa, Bangladesh, and Latin America markets
Unexecuted Order Book
- INR 15,117 crore as of September 2025 (+46% YoY)
- Order book + L1 pipeline stands at a massive INR 17,799 crore
This provides multi-year revenue visibility, ensuring sustained growth momentum.
Transrail Lighting Business & Operational Highlights
Transrail Lighting Q2 FY26 Completions
Domestic
- 765 kV Banaskantha–Ahmedabad transmission line for PGCIL
- 765 kV Khetri–Narela transmission project
- Cooling towers at Yadadri (Telangana)
International
- 230 kV Rupoor–Dhamrai project (Bangladesh)
- 138 kV substation & transmission line (Nicaragua)
Transrail Lighting Q1 FY26 Highlights
- Key 765 kV lines at Khavda Renewable Energy Zone
- 400 kV Rooppur–Gopalganj river crossing (Bangladesh)
- Hazipur–Chappra monopole TL
- Cooling towers at Udangudi (Tamil Nadu)
The company also won multiple awards, including the ET Now “Most Admired Emerging Company in Power Sector”, NSCI safety recognitions, and multiple appreciations from PGCIL.
Strategic Strengths: Integrated Manufacturing & Technical Capabilities
Transrail Lighting leverages deep technical expertise through:
- NABL-certified tower testing facility
- Manufacturing of towers, conductors, monopoles, and poles
- 18,200+ man-months of design experience
- 65–70% of EPC project value produced in-house
This backward integration ensures:
- Faster execution
- Better quality control
- Improved project margins
- Lower dependency on external suppliers
Industry Outlook: Multi-Year Growth Cycle Underway
Transrail Lighting is poised to benefit from strong sectoral tailwinds:
India
- 500 GW renewable energy target by 2030
- Transmission network expansion from 485,000 ckm → 648,000 ckm by 2032
- RDSS scheme driving T&D upgrades
- Surge in green energy corridors and interstate transmission systems
Globally
- Africa, South Asia, and LATAM are witnessing grid modernization
- IEA estimates global grid investments must double by 2030
Transrail Lighting’s strong international presence uniquely positions it to participate in this global capex upcycle.
Capex Expansion: Preparing for Larger Scale
Transrail Lighting is executing major brownfield expansions to meet growing demand.
Tower Manufacturing Capacity
- Pre-capex: 84,000 MT/year
- Post-capex (Phase 1 + 2): 196,000 MT/year
Conductor and pole capacity enhancements are also progressing, with completion targets in FY27. This positions the company to capture larger EPC packages domestically and abroad.
Conclusion
Transrail Lighting Q2 and H1 FY26 performance underscores its operational strength, financial resilience, and accelerating growth trajectory. With a record order book, strong execution capabilities, expanding global presence, and strategic capex underway, the company is firmly positioned to capitalize on India’s and the world’s shift toward large-scale power transmission upgrades, renewable integration, and infrastructure modernization.
As the infrastructure investment cycle strengthens both domestically and globally, Transrail Lighting is stepping into a multi-year high-growth phase, supported by strong fundamentals and a robust execution pipeline.
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