Titagarh Rail aims to raise wagon output to 1,000 monthly by Q4 pending new orders, as passenger rail revenue hit a record Rs 300.18 cr.

That target is a big jump. The Kolkata-based company sent out 7,019 wagons in 2025-26, which works out to roughly 585 a month.

Hitting 1,000 by the fourth quarter of FY27 depends on new orders arriving and on its factories running at higher capacity. The company has been cautious before.

On its August earnings call, management said its plants can build 1,000 wagons a month, but it was holding output at 600 to 650 until fresh orders came through.

Titagarh shared the latest update in an investor presentation filed with the exchanges on 13 November. It covers the July to September quarter.

Passenger trains had their best quarter yet. Revenue from that business rose 146% from a year ago and 31% from the previous quarter.

These trains now bring in 39% of revenue, against 16% a year earlier, and the operating margin on this business improved to 16.75% from 11.44%.

Metro coaches helped. The company billed 51 metro cars in the quarter, 325% more than a year earlier, and is aiming for about 200 in the full year.

On 15 September, Titagarh formed a 50:50 joint venture with BHEL to maintain 80 Vande Bharat sleeper trains for 35 years.

Titagarh’s share of that order book is about Rs 7,000 crore. The two partners are also building a Vande Bharat sleeper prototype.

The 16-car train is designed to run at 160 kmph, with Titagarh holding 51% of the venture and BHEL 49%. It should be ready for testing by the fourth quarter of FY27.

There was an overseas angle too. Titagarh signed a non-binding agreement with Siemens to explore metro train projects abroad, and opened a new design centre in Lucknow.

Counting its share in joint ventures, the order book stood at about Rs 28,695 crore on 30 September.

For the company and its wholly owned units alone, it was about Rs 15,369 crore.

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