Transrail Lighting Limited has informed the Exchange about Investor Presentation
11th November 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 and half year ended 30th September, 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, 12th November, 2025 at 03:30 p.m., for Un-audited Financial Results for quarter and half year ended 30th September, 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 INVESTOR PRESENTATION Q2 & H1 FY26
Disclaimer
This presentation is issued by Transrail Lighting Limited (the “Company”) for general information purposes only and does not take into account any specific objectives, financial situations or needs of any particular person. It does not constitute, and should not be construed as, an offer, invitation, or solicitation of any kind to sell or issue, or any invitation to subscribe for, purchase or deal in any securities of the Company in any jurisdiction. Nor shall it or any part of it, or the fact of its distribution, form the basis of or be relied upon in connection with any contract or investment decision.
This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, strategy, business development, market position, expenditures and financial results, are forward-looking in nature. These are based on certain assumptions and expectations of future events and are not guarantees of future performance. Actual results may differ materially. The Company does not undertake to update any forward-looking statements that may be made from time to time.
This presentation and its contents are confidential and may not be copied, disseminated or distributed, in whole or in part, directly or indirectly, in any jurisdiction where such distribution is unlawful.
2
Corporate Overview
Deoli Factory
3
Transforming Infrastructure
Diversified Business Portfolio
4 Decades + of Expertise
Footprint across 60 Countries
Constructed 35,400+ CKM Transmission Lines
Supplied 1.42 Million MT of Towers
Supplied 2,04,000+ KM of Conductors
Supplied 5,32.000+ Poles
2,400 + Employees
4 Integrated Manufacturing Facilities
USD 2 Bn Unexecuted Order book & L1
18,200+ 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
15,117
2,350
3,152
5,308
4,077
3,221
FY22
FY23
FY24
FY25
H1FY26
FY22
FY23
FY24
FY25
H1FY26
EBITDA (₹ Cr.)
PAT (₹ Cr.)
676
478
386
206
294
327
233
197
65
108
FY22
FY23
FY24
FY25
H1FY26
FY22
FY23
FY24
FY25
H1FY26
4 4
Vision & Culture Pillars
VISION To be a valued global EPC Company in the Power Transmission, Distribution, Lighting Solutions, Railways, Solar and other infrastructures.
CULTURE We believe that all losses to People, Equipment, Materials and Environment (PEME) result from inadequate system designs, system standards or system compliance. These inadequacies are essentially loss of control that can be attributed to management failure.
We, foster an Integrated Management System oriented culture that is understood, shared and practiced by employees as a part of everyday business. This culture is based on: • Customer focus • Leadership • Involvement of people • Process-oriented approach • Systems approach to management • Continual improvement • Factual approach to decision making • Mutually beneficial supplier relationships
5
Global Footprint
India • Over 300 projects completed, working with all leading developers in India. • Turnkey EPC of Transmission lines of 765 kV, 800 kV HVDC constructed. • AIS & GIS Substations constructed on turnkey basis. • Rural electrification and underground cabling jobs completed. • Factories for towers, conductors, and monopoles. • Diversified presence across Railways, Civil, and Poles & Lighting business.
Africa • Footprint in over 28 African countries across all regions of Africa. • Executing large EPC projects in transmission lines, substations and rural electrification. • Projects funded by global agencies such as World Bank, AfDB, EBID, KfW, and BOAD • Major cross-country transmission lines constructed.
Rest of Asia • Strong presence across SAARC, Southeast Asia, and the Middle East • Executes multiple EPC & supply orders across the region.
Americas • Supply of towers and conductors to North America • Turnkey EPC of Transmission lines and Substations in LAC region. • Solar EPC projects being executed.
Europe • Supply of Towers and Conductors
66
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
7
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
8
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
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
9
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
10
Business Overview
Tower Testing Facility, Deoli
11
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
•
•
•
•
Power T&D monopoles
Stadium lighting
Derrick structures
Railway Portals
• Road gantries and signages •
Flag masts
• Solar streetlights • Decorative poles
Solar EPC (International)
•
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
12
Q2 & H1FY26 Consolidated Key Financial Highlights
REVENUE from Operations (₹ cr.)
EBITDA (₹ cr.) and EBITDA Margins (%)
PAT (₹ cr.) and PAT Margins (%)
▲ 43% YoY
▲ 34% YoY
▲ 65% YoY
y l r e t r a u Q
y l r a e Y f l
a H
1,660
1,561
1,088
Q2FY25
Q1FY26
Q2FY26
▲ 61% YoY
3,221
2,004
H1FY25
H1FY26
250.00
200.00
150.00
100.00
50.00
0.00
450
400
350
300
250
200
150
100
50
0
200
186
139
12.73%
12.03%
11.93%
Q2FY25
Q1FY26
Q2FY26
▲ 49% YoY
259
12.91%
386
11.98%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
50.00% 48.00% 46.00% 44.00% 42.00% 40.00% 38.00% 36.00% 34.00% 32.00% 30.00% 28.00% 26.00% 24.00% 22.00% 20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00%
120
100
80
60
40
20
0
210 200 190 180 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 0
106
91
6.30%
5.80%
55
5.00%
Q2FY25
Q1FY26
Q2FY26
▲ 84% YoY
197
6.10%
107
5.30%
H1FY25
H1FY26
H1FY25
H1FY26
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%
13
H1FY26 Order Inflow and Un-executed Orderbook
Order Inflow
Un-executed Order Book
0% 3%
5%
Domestic - International -
68% 32%
1%
1%
4%
Domestic - International -
61% 39%
₹ 3,740 cr. YTD Order Intake (YoY 66%)
₹ 15,117 cr. as on Sept’25 (YoY 46%)
92%
93%
Power T&D
Civil
Railways
Pole & Lighting
Power T&D (Incl Substation)
Civil
Railways
Pole & Lighting
Un-executed Orderbook + L1 of Rs. 17,799 crores as on 30th September 2025
14
Business Highlights
Business Achievements
International Projects Commissioned: Q2FY26
• •
230 Kv DC Line Rupoor-Dhamrai project in Bangladesh. 138 kV Substation & Transmission line project in Nicaragua (LAC).
Domestic Projects Commissioned in Q2FY26
• • •
765 KV DC Banaskantha-Ahmedabad for Powergrid. 765 kV DC Transmission line project in Khetri Narela, Package 1 Cooling towers at Yadadri (Telangana)
International Projects Commissioned: Q1FY26
• •
132 kV Transmission line project in Eswatini (Africa). 400 kV Rupoor Gopalgang River Crossing Transmission line.
Domestic Projects Commissioned in Q1FY26
• • • •
765 kV DC KPS2- LAKADIA and 765 kV DC KPS1- KPS2 (Khavda) Three lines of 400kv TL project in Solapur, Maharashtra. 132 kV Hazipur Chappra Monopole Transmission Line Project. Cooling Tower Udangudi (Tamil Nadu).
Other Achievements in H1FY26
•
•
•
•
•
Awarded “Most Admired Emerging company in Power Sector” by ET Now Infra Focus awards.
“Certificate of Merit” from National Safety Council of India (NSCI) for Deoli Plant for the year 2025.
Tower plant at Deoli rated 'A Grade' by POWERGRID for quality, safety & operations.
Special Appreciation Awards from PGCIL for 400kV & 765kV D/C line projects.
Received Appreciation Award from PGCIL-WR II for Zero Accident Achievement
• Won Maharashtra Safety Award 2023 for lowest accident rate & longest accident-free period.
•
Honoured as Corporate Philanthropist of the Year for ‘Saksharta’ initiatives by Crowdera.
15
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
16
Manufacturing Units & Tower Testing facility
Tower Factory - Deoli
Tower Factory - Vadodara
Tower Testing Facility
Pole Factory - Silvassa
Conductor Factory - Silvassa
17
ISO certified
NABL Certified
European conformity certified
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
Greenfield
Completion by Q3FY26
By Q4 FY26
By Q1 FY27
NA
Phase 2
Brownfield
By Q1 FY27
By Q2 FY27
Product
Pre - CAPEX
84,000 MT PA
24,000 KM
Post CAPEX (Phase 1 + Phase 2)
1,96,000 MT PA
49,500 KM
18
Progress on Factory Expansion
Brownfield expansion of Tower Factory at Deoli
Brownfield expansion of Tower Factory at Vadodara
19
Glimpse of Completed Projects (Q2 FY26)
765 kV D/C Transmission lines in Khavda
138kV Substation and Transmission Line Project in Nicaragua
400kV D/C Rooppur-Gopalganj Transmission Line
Hazipur Chapra Monopole Project
GG elevated flyover facade lighting project
Cooling tower at Udangudi and Yadadiri
20
Glimpse of On-going Projects
225KV D/C Garoua-Maroua TL (Cameroon)
400 kV D/C Transmission Line TaZa Project (Tanzania)
River crossing Transmission Line Project (Bangladesh)
765KV D/C Merta II - Barmer Transmission Line
10.2 km long Road Bridge over river Kosi (Bihar)
Railway Project Chennai-Gudur
Poles for Bullet Train Project
21
Key Financial Highlights
Wardha Aurangabad Transmission Line
22
Results Summary Q2 & H1FY26 - Consolidated
Particulars (₹ Cr.)
Q2 FY26
Q2 FY25
% Change YoY
H1FY26
H1FY25
% 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)
43%
34%
10%
83%
31%
44%
65%
1,561
186
1,088
139
11.93%
12.73%
15
14
60
125
7.9%
34
91
5.8%
6.78
6.73
13
8
46
87
7.9%
32
55
5.0%
4.44
4.44
3,221
386
2,004
259
11.98% 12.91%
29
25
110
272
8.4%
75
197
6.1%
14.66
14.56
26
22
90
164
8.1%
57
107
5.3%
8.61
8.61
61%
49%
13%
18%
22%
66%
84%
23
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
0.38
2.00
1.63
1.12
0.74
412
480
533
502
-
(5 .00)
(1 0.00)
(1 5.00)
(2 0.00)
0.91
703
800.00
600.00
400.00
200.00
0.00
FY22
FY23
FY24
FY25
H1FY26
FY22
FY23
FY24
FY25
H1FY26
Net Debt
Net Debt to EBITDA
Return on Capital Employed (%)
Working Capital Days (days)
14.94%
18.27%
24.33%
24.70%
25.08%
61
53
73
91*
74
84*
77
FY22
FY23
FY24
FY25
H1FY26
FY22
FY23
FY24
FY25
H1FY26
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.(Post Adjustment WC Days = 74 days), H1FY26 WC Includes IPO Funds & unpaid dividends of INR 123.46 Cr.(Post adjustment WC Days = 77 days)
24
Borrowing, Working Capital & Credit Rating
Particulars (in ₹ Cr)
30-09-2025
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
Credit Ratings
67.46
722.55
87.04
702.97
112.72
590.25
38.53
604.93
141.45
502.01
241.06
260.95
28.93
117.62
-54.41
200.96
-128.34
329.30
Long Term Credit Rating
Short Term Credit Rating
A
A+
AA-
A
AA-
A
AA-
A
A-
AA-
B
A+
B
A+
B
BBB+
AA
C
A1+
C
A1+
C
A+
A1+
CRISIL AA-/Stable
IND A+/ Positive
CRISIL A1+
IND A1+
Rating upgrade by CRISIL on 5th Aug 2025 and India Ratings on 25th Aug 2025
Awards and Recognition
Most admired emerging company in the power sector by ET INFRA FOCUS in September 2025
27
Leadership Engagement and Digital Initiatives
Director's visit to Deoli factory
Director's visit to Khetri Narela project site
SAP RISE adoption
27
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.
We undertook an “Environment Sustainability” project at Silvassa, reaffirming our commitment to ecological conservation and community well-being. The initiative of planting 3000 trees, was inaugurated in the presence of Mr. Anand S. Jadhav, Deputy Conservator of Forests, alongside local authorities, residents, and students.
28
Transrail’s CSR Activities for Q2 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”.
578 cataract surgeries
2384 Eye screening
54 Cancer treatments
2679 general medical treatment
Initiation of free eye care screening in Jharkhand
232 Specially Abled children & adults supported
CSR
❑ 258 continuing skill training
course in two center on BFSI, Tally and BPO& Retail
❑ 852 students from 8th to 10th std
supported with study materials in school
❑ 11250 Children benefitted with
educational support in 20 schools
29
Thank You Corporate Office Transrail Lighting Limited Fortune 2000, Block-G, 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
Linkedin - Free social media icons
Twitter X Logo Images - Free Download on Freepik
Youtube, logo icon - Free download on Iconfinder
30