Transrail Lighting Limited has informed the Exchange about Investor Presentation
5th August, 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 Un-audited Financial Results for quarter ended 30th June, 2025
Ref: Regulation 30 read with Schedule III of SEBI LODR
Dear Sir/Madam,
Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (‘Listing Regulations’), please find enclosed herewith the presentation for the Earnings Call which is scheduled on Wednesday, 6th August, 2025, for Un-audited Financial Results for quarter ended 30th June, 2025.
You are requested to take the aforementioned on your records.
For Transrail Lighting Limited
Monica Gandhi Company Secretary and Compliance Officer
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 EARNINGS PRESENTATION Q1 FY26
Corporate Overview
Khteri Narela Transmission Line
2
Transforming Infrastructure
Diversified Business Portfolio
4 Decades of Expertise
Footprint across 59 Countries
Constructed 35,200 + CKM Transmission Lines
Supplied 1.38 Million MT of Towers
Supplied 195,000 + KM of Conductors
Supplied 475,000 + Poles
2,200 + Employees
4 Integrated Manufacturing Facilities
USD 1.8 Bn Unexecuted Order book & L1
17,800 Man Months of Design & Engineering experience
T&D
Civil Construction
Railways
Poles & Lighting
Solar EPC
Order Book (₹ Cr.) as on
Revenue (₹ Cr.)
9,619
10,100
5,908
14,551
14,654
5,308
4,077
2,350
3,152
1,660
FY22
FY23
FY24
FY25
Q1FY26
FY22
FY23
FY24
FY25
Q1FY26
EBITDA (₹ Cr.)
PAT (₹ Cr.)
676
478
206
294
200
65
108
106
327
233
FY22
FY23
FY24
FY25
Q1FY26
FY22
FY23
FY24
FY25
Q1FY26
3 3
Global Footprint
Completed
Ongoing
59 Countries
Africa
27
Asia
16
Europe
North America
South America
4
7
5
4 4
Board of Directors
Digambar Bagde Executive Chairman
Sanjay Kumar Verma Non-Executive Vice Chairman
Randeep Narang
Managing Director & CEO
Raman Rajagopalan Deputy Managing Director
D Suryanarayana Whole-time Director
Shrikant Chaturvedi Non-Executive Director
Vita Dani Non-Executive Director
Vinod Dasari Independent Director
I. S. Jha Independent Director
Ashish Gupta
Independent Director
Ravita Punwani Independent Director
Ranjit Jatar Independent Director
Maj Gen Dr. Dilawar Singh (Retd.) Independent Director
Dr. D S Gangwar IAS (Retd.) Independent Director
5
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 Managing Director & 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.
RAMAN RAJAGOPALAN Deputy Managing Director
D SURYANARAYANA Whole-time Director
RAJESH NEELAKANTAN Chief Strategy Officer & Group CFO
Chandrakant Majgaonkar President – Design & Engineering
Anant Kadiwal Head- Civil Business
Ashok Rawat Head – Pole & Lighting Business
Sonal Raj CHRO
DEEPAK KHANDEWAL Chief Financial Officer
Monica Gandhi Company Secretary
6
Business Overview
Tower Testing Facility, Deoli
7
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
8
Key Financial Highlights
Deoli Tower Factory
9
Consolidated Key Financial Highlights
REVENUE from Operations (₹ Cr.)
81% YoY
1,946
1,660
916
EBITDA (₹ Cr.)
66% YoY
237
120
250.00
200.00
150.00
100.00
50.00
0.00
200
0.8
0.6
0.4
0.2
0
-0.2
-0.4
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
PBT (₹ Cr.)
89% YoY
177
200.00
180.00
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
77
147
0.8
0.6
0.4
0.2
0
-0.2
-0.4
140
120
100
80
60
40
20
0
52
PAT (₹ Cr.)
105 % YoY
127
106
Revenue: Includes other operating revenue EBITDA: Profit for the year plus tax expenses plus finance cost plus depreciation and amortization expense less other income
10
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1-FY26 Order Inflow and Un-executed Orderbook
Order Inflow
Un-executed Order Book
0% 3%
0%
Domestic - International -
79% 21%
4%
1%
Domestic - International -
60% 40%
2%
₹ 1,748 cr. YTD Order Intake (YoY 72%)
₹ 14,654 cr. as on June’25 (YoY 44%)
Power T&D (Incl Substation)
Railways
Civil
Pole & Lighting
Power T&D (Incl Substation)
Railway
Civil
Pole & Lighting
97%
93%
Un-executed Orderbook + L1 of Rs. 15,637 crores as on 30th June 2025
11
Results Summary Q1 FY26 - Consolidated
Particulars (₹ Cr.)
Q1 FY26
Q4 FY25
% Change QoQ
Q1 FY25
% Change YoY
Revenue from Operations
EBITDA
EBITDA margin (%)
Less: Depreciation & Amortisation
Add: Other Income
Less: Interest Expenses
PBT
PBT margin (%)
Taxes
Profit After Tax
Profit After Tax margin (%)
EPS (Basic)
EPS (Diluted)
1,660
200
12%
15
11
50
147
9%
41
106
6%
7.88
7.83
1,946
237
12%
16
15
59
177
9%
50
127
6%
9.97
9.91
-15%
-16%
-10%
-22%
-16%
-17%
-18%
-16%
916
120
13%
13
14
44
77
8%
26
52
6%
4.17
4.17
81%
66%
15%
-18%
13%
89%
59%
105%
12
Business Highlights Q1 FY26
Business Achievements: Successfully commissioned 765 kV DC KPS2- LAKADIA and 765 kV DC KPS1- KPS2 Transmission Line project (Khavda) for Adani.
Successfully commissioned 765kV DC Transmission line project in Khetri Narela, Package 1 for Powergrid.
•
•
• Commissioned 3 lines of 400kv Transmission line project in Solapur, Maharashtra for
Renew.
• Commissioned 132kv Transmission line project in Eswatini (Africa). • • Commissioned 132kV monopoles in Bihar for BSPTCL NHAI.
Installed facade lighting project at GG Elevated flyover in Bhopal.
Other Achievements: • Our credit rating has been upgraded by CRISIL as : Long term AA- / Stable and Short Term A1+ • Tower Manufacturing Plant at Deoli has been awarded 'A Grade' by POWERGRID, recognizing our high standards in quality,
safety, and operations.
• Appreciation Award from PGCIL-WR II for ZERO Accident Achievement. • Honoured with the Corporate Philanthropist of the Year Award for our ‘Saksharta’ Initiatives by Crowdera.
13
Strong and Consistent Financial Performance
Debt to Equity (x)
Net Debt (₹ Cr.) & Net Debt to EBITDA (x)
0.71
0.78
0.56
0.34
0.37
2.00
412
-
(5.00)
(10.00)
(15.00)
(20.00)
1.63
480
1.12
533
0.74
502
0.77
613
700.00 600.00 500.00 400.00 300.00 200.00 100.00 0.00
FY22
FY23
FY24
FY25
Q1FY26
FY22
FY23
FY24
FY25
Q1FY26
Net Debt
Net Debt to EBITDA
Return on Capital Employed (%)
Working Capital Days (days)
14.94%
18.27%
24.33%
24.70%
27.47%
61
53
73
91*
74
76*
69
FY22
FY23
FY24
FY25
Q1FY26
FY22
FY23
FY24
FY25
Q1FY26
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 * FY25 WC Includes IPO Funds of INR 241 Cr.(EX- IPO funds WC Days = 74 days), Q1FY26 WC Includes IPO Funds of INR 234 Cr.(EX- IPO funds WC Days = 69 days)
14
Borrowing, Working Capital & Credit Rating
Particulars
30-06-2025
31-03-2025
Inc/(Dec)
i
s g n w o r r o B
LT Borrowings
ST Borrowings*
Less:
Cash and cash equivalents
Less:
IPO Funds
Net Debt (ex-IPO Funds)
Net Debt with IPO Funds
*- Including Current maturity of long-term borrowing
34.46
696.88
118.27
613.06
234.44
378.62
38.53
604.93
141.45
502.01
241.06
260.95
-4.07
91.95
-23.18
111.05
-6.62
117.67
Credit Ratings
CRISIL AA-/Stable Long Term Credit Rating
IND A+/ Stable Long Term Credit Rating
CRISIL A1+ Short Term Credit Rating
IND A1+ Short Term Credit Rating
Rating upgrade by CRISIL on 5th Aug 2025.
15
Update on CAPEX
CAPEX utilized for:
1
Brownfield Expansion of existing manufacturing plants (Tower, Conductor and Pole)
2
Plant for tower manufacturing
3
Construction equipment (T&P) for various domestic and International projects
Timelines:
Tower
Conductor
Capacity:
Towers
Conductor
Product
Phase 1
Brownfield
By Q2 FY26
By Q1 FY27
Greenfield
By Q4 FY26
NA
Phase 2
Brownfield
By Q1 FY27
By Q2 FY27
Product
Pre - CAPEX
84,000 MT PA
24,000 KM
Post CAPEX (Phase 1+2)
1,96,000 MT PA
49,500 KM
16
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 Modernization 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.
African project funding 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
17
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
18
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
19
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
Deoli Plant awarded 'A Grade' by PGCIL
Capex of Tower & Conductor Plant
20
Manufacturing Units & Tower Testing facility
Tower Factory - Deoli
Tower Factory - Vadodara
Tower Testing Facility
Pole Factory - Silvassa
Conductor Factory - Silvassa
21
ISO certified
NABL Certified
European conformity certified
Glimpse of Completed Projects in Q1 FY26
Eswatini 132kV Transmission Line Project
765kV DC Transmission line project in Khetri Narela, Package 1
400kv Transmission line project in Solapur, Maharashtra
765 kV D/C Transmission lines in Khavda
22
Glimpse of On-going Projects
225KV D/C Garoua-Maroua Transmission Line (Cameroon)
400 kV D/C Transmission Line TaZa Project (Tanzania)
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
23
Awards and Recognition
Appreciation Award from POWERGRID-WR II for ZERO Accidents on project sites
Tower Manufacturing Plant at Deoli awarded 'A Grade' by POWERGRID
Corporate Philanthropist of the Year Award by Crowdera
Namsai and Kathalgudi Substations awarded as best project in NER Region by POWERGRID
00
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
Striving for Global ESG standards
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 Activities for Q1 2025-26
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”.
560 cataract surgeries
2394 Eye screening
25 Cancer treatments
1437 general medical treatment
Initiation of free eye care screening in Jharkhand
230 Specially Abled children & adults supported
163 continuing skill training
course in two center on BFSI, Tally and BPO& Retail
750 students from 8th to 10th std supported with study materials in school
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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