BHEL and Titagarh Rail Systems have signed a joint venture agreement to maintain 80 Vande Bharat sleeper trainsets for 35 years.

The agreement, signed by Bharat Heavy Electricals Limited (BHEL) and Titagarh Rail Systems Limited (TRSL), creates a new company built for one purpose: keeping India’s Vande Bharat sleeper fleet running safely for its entire service life.

Both companies will hold an equal 50% stake once the entity is formally incorporated.

Right now, it exists only on paper, and the plan is to register it as a private limited company with Rs 50 lakh in starting capital and a registered office in Delhi.

Each partner gets to nominate two directors to the board. It helps to be clear about what this company will and won’t do. It won’t build trains.

Its entire scope is comprehensive maintenance, covering operational readiness, safety, and reliability of the 80 sleeper trainsets already supplied.

BHEL confirmed in its filing that Titagarh is not a related party in this arrangement. This wasn’t a sudden decision either.

BHEL had already told exchanges about a proposed venture along these lines back in March 2026.

The formal agreement signed this week is simply the follow-through on that plan, disclosed now because the detailed terms under Regulation 30 only apply once a deal is actually signed.

There’s a broader financial picture worth noting here. BHEL closed its June quarter of FY27 with a consolidated net profit of Rs 376.71 crore, a sharp turnaround from a net loss of Rs 455.50 crore in the same quarter a year earlier.

Total income for the quarter rose to Rs 7,911.86 crore. The company’s overall order book also stands at a record Rs 2,39,057 crore.

Put together, this maintenance contract gives BHEL something its core equipment business doesn’t usually offer: a long, steady revenue stream instead of a one-time order.

For a company that just returned to profit, that kind of long-duration, service-based income adds a different layer of stability to its books.

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