Transrail Lighting Delivers Strong Q3 Growth with Robust Order Book

Transrail Lighting reported impressive Q3 FY26 results, with revenue rising 32% YoY to ₹1,796 crore and operating PAT up 36% to ₹127 crore, driven by strong project execution and cost discipline. EBITDA grew 27% to ₹228 crore, with margins at 12.7%. Over nine months, revenue surged 49% to ₹5,017 crore, while operating PAT jumped 62% to ₹324 crore, supported by a healthy mix of domestic (57%) and international (43%) orders. The company secured ₹1,396 crore in new orders in Q3, taking 9-month inflows to ₹5,135 crore. Its effective order book stands at ₹18,216 crore, including an L1 position of ₹3,483 crore. Balance sheet strength improved, with net debt down to ₹463 crore (debt/equity: 0.39x) and cash reserves at ₹380 crore. Working capital days improved to 83, and RoCE remained strong at 25.25%. Operationally, key transmission projects were commissioned, and capacity expansion is on track — with greenfield facilities set for Q4 launch, doubling tower and conductor output. Management has raised FY26 revenue guidance to 26–27% growth, backed by an addressable market of over ₹1 lakh crore. With disciplined execution and high visibility, Transrail is well-positioned for sustained scale-up.