Titagarh Rail to Spin Off Shipbuilding Unit

14 Aug 2025 CW Team

Titagarh Rail Systems Ltd (TRSL) has announced plans to set up a wholly-owned subsidiary, Titagarh Naval Systems Ltd (TNSL), to handle its shipbuilding, maintenance, and services (SMS) business. The company’s board has approved, in principle, the transfer of the SMS division to TNSL, subject to regulatory approvals. TRSL said the move will allow it to focus on its core railway systems operations, while TNSL capitalises on maritime sector opportunities under various government initiatives.

TNSL will have the flexibility to grow independently or bring in strategic partners or investors. Building on its track record of delivering over 35 vessels to clients including the Indian Navy, Coast Guard, National Institute of Ocean Technology, and Garden Reach Shipbuilders & Engineers, the company plans to expand its Falta facility in West Bengal. Acquired from Precision Shipyard in 2023, the yard can produce 12–16 vessels annually, up to 180 metres in length.

In Q1 FY26, TRSL secured fresh orders worth Rs 20.92 billion (excluding GST), raising its order book to Rs 260 billion. Freight Rail Systems orders alone stood at Rs 41.14 billion for 10,772 wagons. However, consolidated net profit fell 53.8 per cent year-on-year to Rs 309.4 million, down from Rs 670.1 million, due to lower wheelset supplies, which have since stabilised. Revenue from operations declined 24.77 per cent to Rs 6.793 billion in the quarter ended 30 June 2025.

Despite weaker results, Titagarh Rail shares closed 3.26 per cent higher at Rs 801.45 on Tuesday. Promoters recently secured shareholder approval to acquire 2.111 million convertible warrants at Rs 947 each, totalling Rs 1.9999 billion. In 2024, promoter Rashmi Chowdhary sold 2.693 million shares at Rs 1,618 each. The stock reached an all-time high of Rs 1,859 in June 2024.

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