Titagarh Plans Entry Into Wagon Leasing To Tap Private Demand

01 Dec 2025 CW Team

The company has made progress in securing the required licence for this strategic foray and is currently assessing the most suitable structure for the venture. It may be executed either through Titagarh’s own balance sheet or via a special purpose vehicle. Vice Chairman and Managing Director Umesh Chowdhary stated that, because wagon leasing is classified as operating rather than financial leasing, a Non-Banking Financial Company licence is not necessary.

Chowdhary pointed to significant opportunities in the segment, noting that around 1,500 to 2,000 wagons are procured annually on lease. He described the business as “very interesting” and confirmed the company’s intention to position itself as a key player in the wagon leasing ecosystem, helping create steady, recurring revenue.

The shift aligns with a growing private sector preference for operational leasing over capital purchases. Chowdhary added that policy discussions suggest leasing companies may soon be permitted to maintain the wagons they own. Titagarh Rail’s earlier experience in leasing transactions with Indian Railways has helped it qualify for the new licence.

The company views the move as part of a broader strategy to diversify revenue streams and deepen its presence in the logistics chain. Leasing is expected to support higher sales and help build long-term relationships with private logistics players.

Management also confirmed that the long-standing issue of wheel set availability has been resolved, allowing production to return to a normalised run rate of 800 to 850 wagons per month, after disruptions over the previous two quarters.

Titagarh Rail currently has a strong order book of Rs 280–290 billion, providing robust visibility for the near term. The company aims to leverage its manufacturing capacity and financial strength to expand into new growth areas within the evolving rail logistics sector.

Titagarh Rail Systems Ltd is preparing to enter the wagon leasing business as it aims to capture a larger share of the private sector market through long-term lease models, a senior company official said on Tuesday. The company has made progress in securing the required licence for this strategic foray and is currently assessing the most suitable structure for the venture. It may be executed either through Titagarh’s own balance sheet or via a special purpose vehicle. Vice Chairman and Managing Director Umesh Chowdhary stated that, because wagon leasing is classified as operating rather than financial leasing, a Non-Banking Financial Company licence is not necessary. Chowdhary pointed to significant opportunities in the segment, noting that around 1,500 to 2,000 wagons are procured annually on lease. He described the business as “very interesting” and confirmed the company’s intention to position itself as a key player in the wagon leasing ecosystem, helping create steady, recurring revenue. The shift aligns with a growing private sector preference for operational leasing over capital purchases. Chowdhary added that policy discussions suggest leasing companies may soon be permitted to maintain the wagons they own. Titagarh Rail’s earlier experience in leasing transactions with Indian Railways has helped it qualify for the new licence. The company views the move as part of a broader strategy to diversify revenue streams and deepen its presence in the logistics chain. Leasing is expected to support higher sales and help build long-term relationships with private logistics players. Management also confirmed that the long-standing issue of wheel set availability has been resolved, allowing production to return to a normalised run rate of 800 to 850 wagons per month, after disruptions over the previous two quarters. Titagarh Rail currently has a strong order book of Rs 280–290 billion, providing robust visibility for the near term. The company aims to leverage its manufacturing capacity and financial strength to expand into new growth areas within the evolving rail logistics sector.

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