Transrail Lighting shares tumble over 7% after Q4 results; dividend, capex plans in focus

The stock price cracked as much as 7.37% to ₹480.80 apiece on the NSE in the opening deals.

In its earnings release, the company said that its revenue from operations during the Q4 FY26 slipped 4% YoY to ₹1,863 crore, while EBITDA stood at ₹207 crore, down 13% YoY.

Tax expenses during the quarter under review slipped 5% YoY to ₹47 crore, and operating profit after tax (PAT) declined 24% YoY to ₹97 crore.

The company said that PAT excludes provision made of ₹17 crore in Q3 FY26 towards the new labour code.

Operating Profit After Tax Margin stood at 5.1% against 6.5% in the year-ago period.

FY26 financials

The company’s revenue surged 30% YoY to ₹6,880 crore, while EBITDA increased by 21% YoY to ₹820 crore. Operating Profit Before Tax came in at ₹584 crore, up 25% YoY, while Operating Profit After Tax rose 28% YoY to ₹421 crore.

Key highlights

• Revenue in FY26 grew 30% year-on-year, led by strong execution across business verticals and continued momentum in the Power T&D segment.
• EBITDA rose 21% YoY to ₹820 crore, while operating PAT increased 28% YoY to ₹421 crore, supported by operating leverage, better efficiencies, and disciplined margin management.
• The company reported operating cash flows of ₹817 crore during FY26, nearly double compared to the previous year, aided by improved working capital efficiency and leverage metrics.
• As of March 31, 2026, the unexecuted order book, including L1, stood at ₹16,361 crore, up 12% YoY, providing strong revenue visibility ahead.
• The company said it continues to explore opportunities across Power T&D, Railways, Civil, and Pole businesses while maintaining a diversified project portfolio.
• The Board has approved an additional capex plan of ₹203 crore.

Dividend details

• The Board of Directors has recommended a 100% dividend, translating to ₹2 per equity share, for the financial year ended March 31, 2026.

What the management said

Randeep Narang, MD & CEO, said: “The stellar performance for FY26 reflected continued growth momentum for Transrail despite a dynamic operating environment. We have posted our highest-ever revenue, EBITDA, and PAT numbers. This was supported by robust execution across key business segments and geographies, resulting in industry-leading margins."

Additionally, the CEO said the company made significant progress in strengthening its balance sheet through improved working capital efficiency, debt reduction, and “robust operating cash flow generation of ₹817 crore, nearly double the level achieved in the previous year.”

During the year, “we have doubled our Tower manufacturing capacity and commissioned a new greenfield plant at Butiburi, and are in the process of doing the same for conductors. Backed by a healthy order book, strong bidding pipeline across businesses and geographies, Transrail remains well positioned to sustain its growth trajectory over the medium to long term,” Narang added.

About Transrail Lighting

Transrail Lighting is an engineering, procurement, and construction (EPC) company focused mainly on the power transmission and distribution segment.

The company has over four decades of experience and operates across 63 countries spanning five continents. Its business portfolio includes transmission lines, substations, civil construction, railways, solar projects, and pole and lighting solutions.

It provides end-to-end services ranging from design and engineering to manufacturing, construction, and testing.