Transrail Lighting Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Transrail Lighting Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Transrail Lighting reported FY26 revenue of Rs 6,880 crore, up 30% year-on-year, exceeding its guidance of 25-27% growth, with EBITDA of Rs 820 crore and operational PAT of Rs 421 crore. Order inflows for the year stood at Rs 8,520 crore against a target of Rs 10,000 crore, taking the unexecuted order book including L1 to Rs 16,361 crore. Management guided for FY27 revenue growth of 20-22% with an EBITDA margin of around 11%, citing geopolitical disruptions and supply chain cost pressures as reasons for the lower margin guidance compared to FY26's 11.92%.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR6,880 crores (FY26)
p. 3
“Revenue stood at INR6,880 crores while EBITDA and PAT also reached record levels.”
Randeep Narang, page 3 of the filed PDF · View the filing
Revenue: INR1,863 crores (Q4 FY26)
p. 5
“For Q4 FY26, revenue from operations stood at INR1,863 crores.”
Deepak Khandelwal, page 5 of the filed PDF · View the filing
EBITDA: INR820 crores (FY26)
p. 5
“For the full year, revenue reached INR6,880 crores, representing a strong year-on-year growth of 30%.”
Deepak Khandelwal, page 5 of the filed PDF · View the filing
EBITDA margin: 11.92% (FY26)
p. 5
“EBITDA margin stood at 11.08% in Q4FY26 and 11.92% for FY26.”
Deepak Khandelwal, page 5 of the filed PDF · View the filing
Profit after tax: INR421 crores (FY26)
p. 5
“Profit after tax stood at INR96 crores for Q4, while for FY26, operational PAT stood at INR421 crores, an increase of 28%.”
Deepak Khandelwal, page 5 of the filed PDF · View the filing
Order inflows: INR8,520 crores (FY26)
p. 4
“Our order inflows for year FY'26 remain healthy at INR8,520 crores and we have been very careful and focused and selective in disciplined bidding.”
Randeep Narang, page 4 of the filed PDF · View the filing
Unexecuted order book including L1: INR16,361 crores (as of FY26 end)
p. 4
“we ended the year with an unexecuted order book including L1 of approximately INR16,361 crores from a level of INR14,551 crores last year”
Randeep Narang, page 4 of the filed PDF · View the filing
Working capital days: 81 days (FY26)
p. 6
“Working capital days improved to 81 days in FY26 from 91 days in FY25, reflecting improved collections, efficient project execution and tighter control over working capital.”
Deepak Khandelwal, page 6 of the filed PDF · View the filing
Operating cash flow: INR817 crores (FY26)
p. 6
“Our operating cash flow more than doubled to INR817 crores in FY26.”
Deepak Khandelwal, page 6 of the filed PDF · View the filing
Net debt reduction: 30% reduction (FY26 vs FY25)
p. 6
“Net debt reduced by INR80 crores, that is 30% reduction year-on-year.”
Deepak Khandelwal, page 6 of the filed PDF · View the filing
ROCE: 25.79% (FY26)
p. 6
“Return on capital employed or ROCE has remained consistently over 24% over the last three years and for the year, it is an impressive 25.79%, reflecting efficient capital allocation and strength of our operating model.”
Deepak Khandelwal, page 6 of the filed PDF · View the filing
Net debt: INR274.16 crores (as of March 2026)
p. 17
“So, it is INR274.16 crores. If we exclude the IPO fund, then it comes down to INR181.37 crores.”
Deepak Khandelwal, page 17 of the filed PDF · View the filing
Trade acceptances: INR1,200 crores (as of 31st March 2026)
p. 7
“It is around INR1,200 crores roughly.”
Deepak Khandelwal, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 20% to 22% · FY27
stated firmly by Randeep Narang
p. 6
“Yes, we have visibility of revenue for 20% to 22%. Our order intake growth plan is more than 25%. So, both are in line with our strategic growth plan.”
Randeep Narang, page 6 of the filed PDF · View the filing
EBITDA margin — around 11% · FY27
stated conditionally by Randeep Narang
p. 8
“Keeping due prudence and caution, we have given a guidance around 11% and if things stabilize and situation changes, we see an upside going forward.”
Randeep Narang, page 8 of the filed PDF · View the filing
New order intake — INR10,000 crores to INR11,000 crores · FY27
stated firmly by Randeep Narang
p. 9
“This year guidance is INR10,000 crores to INR11,000 crores for new orders to come in, which we are confident that within domestic, international, and all our four business verticals, we will achieve that.”
Randeep Narang, page 9 of the filed PDF · View the filing
Tower manufacturing capacity — 1,96,000 metric tons · Q2 FY27
stated firmly by Randeep Narang
p. 14
“Whatever capex was approved earlier, we are using that for the new Butibori plant and the brownfield expansion, which will happen to 1,96,000 by Q2 of this year.”
Randeep Narang, page 14 of the filed PDF · View the filing
Conductor manufacturing capacity — double capacity · Q2 or Q3 FY27
stated firmly by Randeep Narang
p. 14
“And for the conductor plant, we will double the capacity by Q2 or Q3 of this financial year.”
Randeep Narang, page 14 of the filed PDF · View the filing
Revenue growth — 20% to 25% · three-year horizon
stated as an aspiration by Randeep Narang
p. 12
“our three-year horizon vision and our planning exercise is complete and definitely we would like to grow at a trot of 20% to 25%”
Randeep Narang, page 12 of the filed PDF · View the filing
EBITDA margin — around 11% · three-year plan
stated conditionally by Randeep Narang
p. 16
“On a steady state, yes, definitely around 11% is what we target and of course, depends on how the global market and geopolitical situation and supply chain emerges.”
Randeep Narang, page 16 of the filed PDF · View the filing
Working capital days — sub-80 days
stated as an aspiration by Randeep Narang
p. 18
“Our working capital days which we worked very strongly at bringing from 91 days to 81 days, we want to further bring it down sub-80.”
Randeep Narang, page 18 of the filed PDF · View the filing
CWIP capitalization — tower and conductor capex completion · Q2 FY27
stated firmly by Deepak Khandelwal
p. 15
“So, we are expecting in Q2 FY27, both the pending capex will be completed.”
Deepak Khandelwal, page 15 of the filed PDF · View the filing
Bangladesh Phase 2 completion — next three to four months
stated firmly by Randeep Narang
p. 9
“Phase 1 is completed; Phase 2 will get completed in the next three to four months and we are very confident on the execution piece.”
Randeep Narang, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed visibility for 20-22% revenue growth with order intake growth plan above 25%.
Answered by Randeep Narang
Asked by Deep Sanghavi: Does the current order book provide sufficient visibility to achieve guided revenue growth of 20-22%?
p. 6
“Yes, we have visibility of revenue for 20% to 22%. Our order intake growth plan is more than 25%. So, both are in line with our strategic growth plan.”
Randeep Narang, page 6 of the filed PDF · View the filing
Management explained that many projects completed by December and new projects were in early design/approval phases, so Q4 was expected to be lower, plus some supply chain disruptions in Feb/March.
Answered by Randeep Narang
Asked by Gursidak Singh: What caused the revenue de-growth in the strongest quarter (Q4)?
p. 7
“So, if you would recall and if you know the last quarter call, Q3 call, we had improved our guidance for the year from 25% to 27%. Now we actually have achieved 30%.”
Randeep Narang, page 7 of the filed PDF · View the filing
Management clarified there was never a 13% guidance, and last year's 11.5-12% guidance was met with 11.9%, with 11% guided for FY27 due to geopolitical and cost escalations.
Answered by Randeep Narang
Asked by Raj Sarraf: Why is the EBITDA margin trajectory declining from 13% to 12% to 11.9% and now guided at 11%?
p. 8
“Sir, firstly we gave a guidance of 11.5% to 12% last year. There was no 13% guidance and within the 11.5% to 12%, we achieved 11.9%.”
Randeep Narang, page 8 of the filed PDF · View the filing
Management said they are among the top players with backward integration advantages and will not compromise margins despite competition.
Answered by Randeep Narang
Asked by Mangesh Bhadang: Has increased competition from road EPC companies entering T&D contracts impacted margins?
p. 10
“we are not looking at revenue growth without perfectly good margins. The market is big enough for us to pick and choose our spots.”
Randeep Narang, page 10 of the filed PDF · View the filing
Management said the bid pipeline has not diminished, citing large domestic and international opportunity, though supply chain delays persist.
Answered by Randeep Narang
Asked by Anshul Jethi: Has the bid pipeline been affected by global geopolitical situations, both domestic and international?
p. 10
“The bidding pipeline has actually not diminished and we are very happy at least the India bidding pipeline as per government announcement is very good.”
Randeep Narang, page 10 of the filed PDF · View the filing
Management attributed the reduced guidance to geopolitical delays affecting the supply chain, while remaining prudent and clear on guidance.
Answered by Randeep Narang
Asked by Varun Bahl: Why has growth guidance slowed from historical 30%+ to 20-22% despite a clear order book?
p. 11
“today the geopolitical situation is delaying things, it is uncertain and our guidance therefore is 20% and if things improve, we will definitely improve it to 22% and more.”
Randeep Narang, page 11 of the filed PDF · View the filing
Management explained project completions in December left fewer high-margin projects in Q4 and supply chain disruptions in March delayed execution.
Answered by Randeep Narang
Asked by Saket Kapoor: What led to lower profitability quarter-on-quarter from December to March?
p. 15
“we finished 20 projects by December and the balance projects were in mid-execution phase and startup phase. Some of the good margin projects we finished.”
Randeep Narang, page 15 of the filed PDF · View the filing
Management said about 30-35% of contracts have price variation clauses allowing pass-through of cost increases.
Answered by Randeep Narang
Asked by Atharva: Can rising raw material costs be passed through to customers via contract structures?
p. 14
“around 30% to 35% of our customers are with price variation, which means that we can pass through these price increases.”
Randeep Narang, page 14 of the filed PDF · View the filing
Management confirmed the guidance factors in pass-through coverage along with anticipated demand-supply disruption.
Answered by Randeep Narang
Asked by Prit Nagersheth: With commodity cost inflation, will margins definitely decline to 11% next year due to only partial pass-through coverage?
p. 17
“Yes, that also and we have anticipated what would be the demand-supply situation, the disruption situation, and we have prudent and practically”
Randeep Narang, page 17 of the filed PDF · View the filing
Risks flagged
Geopolitical scenarios contributing to inflation including fuel prices, shipment, and insurance costs
p. 5
“We will continue to manage the issues coming from the geopolitical scenarios which continue contribution in inflation including fuel prices, shipment, insurance cost, etc.”
Randeep Narang, page 5 of the filed PDF · View the filing
Global supply chain disruptions delaying execution
p. 7
“there were some supply chain disruptions and global economic changes and disruptions in February and in March, which also hampered some revenue which got delayed and postponed to this year”
Randeep Narang, page 7 of the filed PDF · View the filing
Labour availability and demand-supply mismatch
p. 16
“Yes, it's a challenge, I cannot deny that. But we have to make sure that with the size and scale of the number of jobs you have, you have to have adequate labour available.”
Randeep Narang, page 16 of the filed PDF · View the filing
Delays in right of way, forest clearances and statutory clearances impacting execution timelines
p. 17
“Time delays on account of the client for managing right of way, forest clearances, statutory clearances always is on account of the client.”
Randeep Narang, page 17 of the filed PDF · View the filing
Rising competition from road EPC companies entering T&D contracts
p. 10
“when there is opportunity and the way the market potential and the government expansion plans are there, that will attract more competition for sure”
Randeep Narang, page 10 of the filed PDF · View the filing
Delays in supplies from sub-suppliers impacting project management cycle
p. 18
“the supply chain disruption means there are delays in supplies also as we source material from various sub-suppliers, there are delays”
Randeep Narang, page 18 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.