Transrail Lighting, whose IPO saw over 80x subscription in 2024, will be in focus today; here is why

Power Grid Corporation of India Limited (Powergrid), under the Ministry of Power, is India’s largest power transmission utility. It has announced a capital expenditure of ₹28,000 crore for the ongoing FY26, ₹35,000 crore for FY27 and ₹45,000 crore for FY28, according to a PTI report.

"Our current market share is around 8% to 10%, and this is what we intend to achieve this year with Power Grid, which is a good number, and it gives us a good base to execute in India," Transrail Lighting Managing Director and CEO Randeep Narang said.

On the company's order size, the CEO said, Transrail booked orders of ₹9,680 crore in FY25, which is 120% growth year-on-year (YoY).

The company closed the year with a confirmed unexecuted order book (UEOB) of ₹14,551 crore, and including the L1, it goes to ₹15,915 crore. The UEOB has also grown significantly by 44% Y-o-Y, PTI reported, quoting Narang as saying.

When asked about expected growth this fiscal year, Narang said, with a strong order book in hand at the start of the year and further orders booked in FY 26 already, "We have clear revenue visibility for 24-30 months."

The company has grown at a CAGR of 22.59% over the last four years, and it is intended to continue growing in that range this year as well, Narang said.

Transrail Lighting is one of the leading Indian engineering, procurement, and construction (EPC) companies with a primary focus on the power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles.

It has a footprint in more than 58 countries.

India accounts for half of its business, while the rest is contributed by geographies like Africa (Tanzania, Cameroon, Ethiopia, Kenya, and others) and the SAARC region, apart from a few countries in LAC (Latin America and the Caribbean). "We expect to continue growing in these regions," the CEO said.

Bangladesh business update

On guidance for the Bangladesh order book for FY26, Narang said the unexecuted order book came down to 15% in March, and it was 12% in May, as we forecast.

"By the year-end, it will be 5-6% only. And we intend to finish the Bangladesh job by June of 2026. So, the work is happening as per plan. We don't intend to bid orders in Bangladesh as of now," the CEO said.

There was a delay, of course, during the coup period in project execution. But then it stabilised post-December with the help of the government there, Narang added.

Transrail Lighting listing details

Shares of Transrail Lighting Ltd surged nearly 37% on the first day of trading on December 27, 2024, against the issue price of ₹432.

The stock listed at ₹585.15, reflecting a jump of 35.45% from the issue price on the BSE. Later in the trade, it soared 39.81% to ₹604.

Shares of the firm started the day at ₹590, surging 36.57% at the NSE.

The initial public offering (IPO) of Transrail Lighting received 80.80 times subscription on the last day of the share sale.

Transrail Lighting's ₹839 crore initial share sale had a price band of ₹410-₹432 per share.

The company's IPO had a combination of a fresh issue of shares worth ₹400 crore and an offer-for-sale of 1.01 crore equity shares by promoter Ajanma Holdings Pvt Ltd.

"Proceeds from the fresh issue will be used to fund incremental working capital requirements, to support capital expenditure and for general corporate purposes," the company had said.

Transrail Lighting share price performance

Shares of Transrail Lighting have rallied over 30% so far in 2025, over 10% in the past six months, and nearly 9% in the past 30 days.