Transrail Lighting Limited has informed the Exchange about Investor Presentation
23rd May, 2025
To Sr. General Manager Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400001
To Sr. General Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai - 400 051
Scrip Code: 544317
Scrip Symbol: TRANSRAILL
Sub: Presentation on the Earnings Call for Audited Financial Results for quarter and year ended 31st May, 2025
Ref: Regulation 30 read with Scheule III of SEBI LODR
Dear Sir/Madam,
Pursuant to Regulation 30 read with Scheule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (‘Listing Regulation’), please find enclosed presentation for the Earnings Call which is scheduled on Monday, 26th May, 2025, on Audited Financial Results along with the Auditor’s Report for quarter and year ended 31st May, 2025.
You are requested to take the aforementioned on your records.
For Transrail Lighting Limited
Randeep Narang Managing Director & CEO DIN: 07269818
Encl: As above
TRANSRAIL LIGHTING LIMITED Corporate & Registered Office: 501 A, B, C, E, Fortune 2000, Block-G, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India Tel: +91 22 61979600 | Web: www.transrail.in | CIN: L31506MH2008PLC179012
TRANSRAIL LIGHTING LTD INVESTOR PRESENTATION Q4 & FY25
Corporate Overview
Deoli Factory
2
Transforming Infrastructure
Diversified Business Portfolio
4 Decades of Expertise
Footprint across 59 Countries
Constructed 35,000+ CKM Transmission Lines
Supplied 13,50,000+ MT of Towers
Supplied 1,95,000+ KM of Conductors
Supplied 4,74,000+ Poles
2,100+ Employees
4 Integrated Manufacturing Facilities
USD 1.8 Bn Unexecuted Order book & L1
17,500 Manhours of Design & Engineering experience
T&D
Civil Construction
Railways
Poles & Lighting
Solar EPC
Order Book (₹ Cr.) as on
Revenue (₹ Cr.)
5,907.59
9,619.28
10,100.47
14,550.88
2350.015
3,152.16
5,307.75
4,076.52
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
EBITDA (₹ Cr.)
PAT (₹ Cr.)
675.90
531.03
326.63
233.2
205.67
293.94
64.707
107.56
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
3 3
Global Footprint
Completed
Ongoing
59 Countries
Africa
27
Asia
16
Europe
North America
South America
4
7
5
4 4
Key Growth Drivers
Track record of established presence and growth in power transmission and distribution vertical through implementation and execution skills
Strong and Consistent Financial Performance
Fully Backward integrated manufacturing facilities, having capacity to manufacture key components of towers, conductors and poles to reduce dependence on third party suppliers
Experienced promoter(s) with strong management team, technical expertise and business divisions with specialized domain knowledge
Order Book with a healthy balance of international and domestic clients and has consistently witnessed growth over the past few years
Strong in-house designing, engineering and tower testing facility
5
Legacy of 4 Decades
1984
Transrail Engineering Company (TEC) started with first foundation work on 132kV line
1987
First Direct 400 kV transmission Line job received
1993
Factory for Tower manufacturing in Baroda
2007
Factory of conductor manufacturing established in Silvassa.
2008
First International Turnkey project
2012
First 800 KV HVDC line (Champa - Kurukshetra
2010
Factory of conductor Factory for Pole manufacturing Manufacturing at established in Silvassa. Silvassa
2010
Tower Testing Unit started Deoli
2009
Factory for manufacturing of tower at Deoli, Wardha.
2017
First 220kV & 400kV Turnkey Substation Project orders received. Rly electrification Turnkey job received
2018
Established Civil division of Transrail
2022
Completed First Underground Cabling Project of the Company
2024
Listed on Stock Exchanges
Special Appreciation Awards for 765kV TL projects from PGCIL
2025
Foray into Solar EPC
6
Board of Directors
Digambar Bagde Executive Chairman
Sanjay Kumar Verma Non-Executive Vice Chairman
Randeep Narang Managing Director & CEO
Shrikant Chaturvedi Non-Executive Director
Vita Dani Non-Executive Director
Vinod Dasari
I. S. Jha
Ashish Gupta
Independent Director
Additional Non-Executive Director
Independent Director
Ravita Punwani
Independent Director
Ranjit Jatar
Independent Director
Major General Dr. Dilawar Singh (Retd.)
Independent Director
7
Leadership
DIGAMBAR BAGDE Executive Chairman He is the Promoter of our Company and a stalwart of the Power T&D industry, with five decades of rich and diverse experience. He holds a Bachelor of Science degree in Civil Engineering from the Maharaja Sayajirao University of Baroda. After his initial decade of working for a reputed T&D Company, he started Transrail in 1984 and has been at the helm of affairs, steering a journey of 4 decades saw various landmarks. He is leading the board and management team in strategizing the pathway to growth.
RANDEEP NARANG MD & CEO With over 35 years of experience in diversified sectors, he has strong domain expertise in Power T&D including operations in international markets. Mr Narang holds a Bachelor's degree in Commerce from the University of Delhi and a Postgraduate Diploma in Marketing from the Institute of Marketing Management, New Delhi. He has worked with Bharti Airtel Limited in his capacity as the Chief Operating Officer (West). He was also associated with CEAT Kelani Holdings, Srilanka as MD and CEO. His last assignment was with KEC International Limited as President-International ( T&D, Solar) & Cables.
D SURYANARAYAN COO-Domestic Business
CHANDRAKANT MAJGAONKAR President – Design & Engineering
RAMAN RAJAGOPALAN COO- International Business & Head SCM
ANANT KADIWAL Head- Civil Business
RAJESH NEELAKANTAN Chief Strategy Officer & Group CFO
ASHOK RAWAT Head – Pole & Lighting Business
DEEPAK KHANDEWAL Chief Financial Officer
MONICA GANDHI Company Secretary
8
Business Overview
Tower Testing Facility, Deoli
9
Diversified Business Portfolio
Power Transmission & Distribution
Railways
• The company delivers end-to-end T&D solutions with in-house design, manufacturing, testing, and installation, backed by a large galvanizing facility and skilled team. Self-manufactured products contribute 65–70% of contract value.
Capabilities
•
Transmission line EPC upto 1200 kV
• AIS and GIS substations EPC upto 765 kV
• Manufacturing of Towers, Conductors & Monopoles
• Under ground Cabling
• Rural electrification
• 800 kV HVDC lines
• HTLS conductors
Civil Construction
• A turnkey civil construction provider with deep project management expertise, skilled resources, and a passion for building advanced, long-lasting infrastructure.
Capabilities
• Bridges
•
Elevated roads
•
Tunnels
• Cooling towers
• Deliver integrated railway infrastructure solutions for large-
scale national projects
Capabilities • Overhead electrification •
Signaling and telecommunication services
Poles & Lighting
•
•
Earthwork
Track linking
• Other composite works
• Emerged as the leading and most recognized names in the
lighting infrastructure industry.
Capabilities
• High masts • Street poles
•
•
Luminaries
Traffic Lights
•
•
•
•
Solar EPC
Power T&D monopoles
Stadium lighting
Derrick structures
Railway Portals
• Road gantries and signages •
Flag masts
• Solar streetlights • Decorative poles
•
Specialized to operate globally and provide end-to-end solutions encompassing design, engineering, procurement, and construction of solar power projects.
Capabilities •
Solar streetlights
Institutional solar
• • Commercial and industrial solar
Solar parks
• • Utility scale projects • Mini grids
10
Our Strategy
Leverage technical expertise, specialized domain knowledge and experience to expand core competencies in power transmission and distribution segment, both domestic and international
Expand EPC portfolio into other allied/ancillary infrastructure sectors
Expanding international business
Focusing on expanding the market for conductors and to leverage new age HTLS conductors
Enhancing pole and lighting business in various product categories
11
Q4 & FY25 Consolidated Key Financial Highlights
REVENUE from Operations (₹ Cr.)
EBITDA (₹ Cr.) and EBITDA Margins (%)
PAT (₹ Cr.) and PAT Margins (%)
y l r e t r a u Q
l
a u n n A
39.76% YoY
40.77% YoY
43.35% QoQ
1,946.02
1,392.41
1,357.56
32.04% QoQ
237.43
168.66
179.81
12.11%
13.24%
12.20%
250.00
200.00
150.00
100.00
50.00
0.00
Q4FY24
Q3FY25
Q4FY25
Q4FY24
Q3FY25
Q4FY25
30.20% YoY
5,307.75
4,076.52
FY24
FY25
800.00
700.00
600.00
500.00
400.00
300.00
200.00
100.00
0.00
41.53% YoY
477.54 11.71%
675.90
12.73%
26.93% YoY
39.76% QoQ
99.72
7.04%
93.24
6.82%
126.57
6.46%
Q4FY24
Q3FY25
Q4FY25
40.07% YoY
326.63
6.10%
233.20
5.65%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
140
120
100
80
60
40
20
0
0102030405060708090100110120130140150160170180190200210220230240250260270280290300310320330340350
FY24
FY25
FY24
FY25
Revenue: Includes other operating revenue EBITDA: Profit for the year plus tax expenses plus finance cost plus depreciation and amortization expense less other income
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
20.00%
18.00%
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
12
FY25 Order Inflow and Un-executed Orderbook
Order Inflow
2.62% 3.06%
2.99%
Domestic - International -
65% 35%
1.80%
1.24%
Domestic - International -
55% 45%
4.48%
Un-executed Order Book
₹ 9,680 cr. YTD Order Intake (Growth of 120% YoY)
₹ 14,551 cr. as on Mar’25 (Growth of 44% YoY)
Power T&D (Incl Substation)
Railways
Civil
Pole & Lighting
Power T&D (Incl Substation)
Railway
Civil
Pole & Lighting
91.34%
92.49%
Un-executed Orderbook + L1 of Rs. 15,915 crores as on 31st March 2025
13
Business Highlights FY25
Business Achievements:
•
•
•
•
•
•
•
•
•
Successfully commissioned 765kV D/C Transmission Line at Khavda & 400kV D/C Transmission Line at Neemuch for PGCIL.
Successfully commissioned 220kV/33kV GIS Substation in Dholera.
Awarded a package as part of the 800kV HVDC KPS2 – Nagpur Transmission Line.
Secured first Solar EPC order in international market for an 80MW DC ground-mounted Solar PV Project, including an associated substation.
Received EPC contract 400kV DC Transmission Line in Nepal.
Received orders for supply of Railway Mast and Metal Fencing for India’s first bullet train project.
Successfully commissioned one of the highest Natural Draft Cooling Tower NDCT in India (199 meters at Yadadri, Telangana).
Successfully commissioned 400kV AIS Bay Extension and 220kV GIS Bays at PGCIL Banka Substation.
Received upgrade from CRISIL for our ratings on the long-term bank facilities to ‘CRISIL A+/Stable’.
Other Achievements: •
Tower Manufacturing Plant at Deoli has been awarded an 'A Grade' by POWERGRID, recognising our high standards in quality, safety, and operations.
•
Received Special Appreciation Awards from PGCIL for our role in commissioning two Double Circuit Transmission Line projects of 400 kV and 765 kV.
• Won the Maharashtra Safety Award 2023 for “Lowest Accident Frequency Rate” & “Longest Accident-Free Period” in the Heavy Engineering Group,
presented by the National Safety Council – Maharashtra Chapter.
• Won Fame National Award 2024 (Platinum) towards excellence in best CSR Practice under “Transrail : Saksharta- Education Program”.
14
Industry Overview
Indian power transmission and distribution EPC market
Transmission & Distribution lines in India
Indian power transmission and distribution EPC market is estimated at around USD 20.5-21 billion by the year 2029
$1,217 Mn
$16,407 Mn
$1,539 Mn
$18,441 Mn
$2,161 Mn
$22,596 Mn
16.0
17.0
18.0
19.5
13.5
13-13.5
(USD Bn)
20.5-21.0
718
817
(‘000 ckm)
1,026
2023
2024
2025F
2026F
2027F
2028F
2029F
2023F
2025F
2029F
14
17
22
Transmission & Distribution lines in Asia Pacific
Transmission & Distribution lines in Africa
$5,610 Mn
$62,632 Mn
$6,572 Mn
$78,094 Mn
$8,702 Mn
$108,245 Mn
$695 Mn
$1,732 Mn
$1,389 Mn
$2,083 Mn
$1,280 Mn
$2,654 Mn
2,218
2,740
84
104
(‘000 ckm) 3,695
(‘000 ckm) 135
68
73
89
7
13
11
2019
2024F
2029F
2019
2024F
2029F
Transmission
Distribution
Transmission line investment forecast
Distribution line investment forecast
Renewable Energy Expansion India targets 500 GW of renewable energy capacity by 2030, making it one of the world’s most ambitious clean energy programs.
Rising Power Demand India’s power demand is projected to hit 708 GW by 2047, requiring over 2,100 GW of installed capacity to meet future needs.
Grid Modernisation India’s transmission lines will expand from 485,000 circuit km to 648,000 circuit km by 2032, boosting capacity and efficiency.
Policy Push The RDSS scheme aims to cut AT&C losses below 15% and eliminate the ACS-ARR gap by FY25, modernizing the distribution sector.
Global Grid Investment Surge The IEA calls for a doubling of global grid investments by 2030 to meet rising renewable energy and electrification targets.
Source: Crisil Report, *Ministry of Power
15
Manufacturing Units & Tower Testing facility
Tower Factory - Deoli
Tower Factory - Vadodara
Tower Testing Facility
Pole Factory - Silvassa
Conductor Factory - Silvassa
16
ISO certified
NABL Certified
European conformity certified
Update on CAPEX
CAPEX utilized for:
1
Brownfield Expansion of existing manufacturing plants (Tower, Conductor and Pole)
Capacity expansion plan:
2
Plant for tower manufacturing
3
Construction equipment (T&P) for various domestic and International projects
Product
Existing Capacity
Post Ongoing expansion
Post Future Expansion
Towers
Conductor
84,000 MT PA
1,73,000 MT PA
1,96,000 MT PA
24,000 KM
40,800 KM
49,500 KM
17
Key Milestone Glimpse of Completed Projects
765 kV D/C Transmission lines in Khavda
400kV D/c Transmission Line, Neemuch - Mandsaur
400kV S/C Tranmission Line, Rooppur-Bogura (Bangladesh)
India’s 2nd Largest Cooling Tower (Yadadri) – 199 mtr
Lighting at Mumbai Trans Harbour Link (Atal Setu)
220kV/33kV GIS Substation, Dholera
18
Key Milestone Glimpse of On-going Projects
225KV D/C Garoua-Maroua Transmission Line (Cameroon)
225kV D/C Manantali-Bamako & associated Substation (Mali)
River crossing Transmission Line Project (Bangladesh)
10.2 km long Road Bridge over river Kosi (Bihar)
Railway Project Chennai-Gudur
Supply of Over Head Electrification Masts for Mumbai-Ahmedabad Bullet train corridor
19
Key Financial Highlights
Wardha Aurangabad Transmission Line
20
Results Summary Q4 & FY25 - Consolidated
Particulars (₹ Cr.)
Q4 FY25
Q3 FY25
% Change QoQ
Q4 FY24
% Change YoY
FY25
FY24
% Change YoY
Revenue from Operations
1,946.02
1,357.56
43.35% 1,392.41
39.76% 5,307.75
4,076.52
30.20%
EBITDA
EBITDA margin (%)
237.43
179.81
32.04%
168.66
40.77%
675.90
477.54
41.53%
12.20%
13.24%
12.11%
12.73% 11.71%
Less: Depreciation & Amortisation
Add: Other Income
Less: Interest Expenses
16.22
14.65
59.11
14.19
14.31%
12.60
28.73%
56.48
50.31
12.26%
9.21
59.07%
24.41
-39.98%
45.45
53.48
-15.01%
48.59
21.65%
40.98
44.24%
197.74
162.59
21.62%
PBT
PBT margin (%)
Taxes
Profit After Tax
176.75
126.24
40.01%
139.49
26.71%
467.13
318.12
46.84%
9.01%
50.18
126.57
9.24%
33.00
93.24
9.85%
8.73%
7.70%
52.06%
39.77
26.15%
140.50
84.92
65.45%
35.76%
99.72
26.93%
326.63
233.20
40.07%
Profit After Tax margin (%)
6.46%
6.82%
EPS (Basic)
EPS (Diluted)
9.97
9.91
7.48
7.43
7.04%
8.38
8.38
6.10%
5.65%
25.72
19.59
25.56
19.59
21
Strong and Consistent Financial Performance
Debt to Equity (x)
Net Debt (₹ Cr.) & Net Debt to EBITDA (x)
0.71
0.78
0.56
FY22
FY23
FY24
0.34
FY25
1.63
480
1.12
533
0.74
502
2.00
412
-
(5 .00)
(1 0.00)
(1 5.00)
(2 0.00)
FY22
FY23
FY24
FY25
Net Debt
Net Debt to EBITDA
Return on Capital Employed (%)
Working Capital Days (days)
14.94%
18.27%
24.33%
24.70%
61
53
73
91*
74
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Return on Capital Employed: Earning before interest and tax/ Capital Employed EBITDA: Profit for the year plus tax expenses plus finance cost plus depreciation and amortization expense less other income Net Debt is excluding IPO Funds of INR 241 Cr. *Includes IPO Funds of INR 241 Cr.(EX- IPO funds WC Days = 74 days)
600.00 500.00 400.00 300.00 200.00 100.00 0.00
22
Borrowing, Working Capital & Credit Rating
Particulars
31-03-2025
31-03-2024
Inc/(Dec)
31-12-2024
Inc/(Dec)
i
s g n w o r r o B
LT Borrowings
ST Borrowings*
Less:
Cash and cash equivalents
Net Debt (ex-IPO Funds)
Less:
IPO Funds
Net Debt with IPO Funds
*- Including Current maturity of long-term borrowing
38.53
604.93
141.45
502.01
241.06
260.95
80.67
562.52
109.85
533.34
0
-42.14
42.41
31.60
-31.33
241.06
533.34
-272.39
Credit Ratings
43.69
699.02
59.80
682.91
393
289.91
-5.16
-94.09
81.65
-180.90
-151.94
-28.96
CRISIL A+/Stable Long Term Credit Rating**
IND A+/ Stable Long Term Credit Rating
CRISIL A1 Short Term Credit Rating**
IND A1+ Short Term Credit Rating
23
Awards and Recognition
Deoli Plant honoured with Prestigious HSE Award for Safety Excellence
FAME National Awards to HSE department
ISEI Excellence Award 2024 for Safety, Health & Environment
ISO recertification from 27001:2013 to 27001:2022.
Awarded the best construction performance special award by Power Grid Corporation of India Limited
Awarded the special category in construction for the year 2014-15 by Power Grid Corporation of India Limited
Awarded the best safety performance for the year 2015-16 by Power Grid Corporation of India Limited
Awarded the best construction performance (Division II Maximum Volume of Work) for the year 2015-16 by Power Grid Corporation of India Limited
Received appreciation for best performance in excise contribution and for extra ordinary contribution in excise by Chief Commissioner of Customs Central Excise and Service Tax, Nagpur Zone
Awarded the best performance safety award for pole and conductor plant by Silvassa Industries Association
Awarded the third position for its contribution in safety implementation for the year 2017-18 by Adani Energy Solutions Limited (formerly known as Adani Transmission Limited)
Awarded with consolation certificate for excellent work in the field of Industrial Safety and Health by Labour Department, Directorate Industrial Safety and Health for our plant in Wardha, Maharashtra
Received appreciation for completion of 500 k-V Transmission line from Aqina – Sheberghan (88 kms) and 220 kV Transmission line from Sheberghan-Mazar-E-Sharif (156 km) under DABS 011/ICB project from Da Afghanistan Breshna Sherkat in Afghanistan
24
Brand Building
225KV D/C Garoua-Maroua Transmission Line Cameroon
Participated in ELECRAMA 2025, Greater Noida
Participation in GRIDCON 2025, Delhi
Participation in Middle East Energy 2025, Dubai
25
Strengthening the Grid for a Greener Tomorrow
At Transrail, we are deeply committed towards developing a 'way of life" which is focused on sustainable development goals. While on the one hand we are striving to reduce our environmental footprint to bring positive social change on the other, we continue to reinforce the highest standards of corporate governance.
Environment At Transrail, we take great pride in ensuring that our business processes have minimal negative impact on the environment. We are committed to adopting numerous environmental strategies to reduce, recycle, and re-use resources effectively.
Social At Transrail we take pride in contributing to society with key focus on Healthcare including preventive healthcare, promoting education and rural development, skill development etc. We partnered with various NGOs with domain expertise and credibility to deliver beneficial results. We at Transrail promote gender diversity and we highly value women contribution to organisational goals.
Governance Ensuring strong corporate governance policies and practices are of prime importance to us at Transrail. It is deeply rooted in our corporate belief that we need to follow these policies so as to meet competency, sustainability and reliability.
26
Transrail’s CSR Impact
We firmly believe in giving back to society and we are actively contributing to the well-being of the communities we serve through two flagship programs of a CSR initiative called “Transrail Aarogya” and “Transrail Saksharta”.
2,412 cataract surgeries
3,918 Eye screening
70 Cancer treatments
2,231 general medical treatment
Initiation of free eye care screening in Jharkhand
226 Specially Abled children & adults supported
CSR
Awarded with “PM SHRI School award” and “Model school award”
Skill education classes are ongoing on Retail & BPO and BFSI
Supportive classes for students
Distribution on educational Material in 20 Govt rural schools at Deoli
27
Thank You Corporate Office Transrail Lighting Limited A Wing, 5th Floor, Fortune 2000, BKC, Bandra East, Mumbai – 400051, India
Investor Relations: Chintan Sudhir Kotak Email: investor.relations@transraillighting.com Website: www.transrail.in
CIN: L31506MH2008PLC179012 NSE : TRANSRAILL BSE : 544317
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