Capital Goods-Non Electrical Equipment - Engineering - Heavy - General - LargeNSE / BSE
Titagarh Rail Systems Limited (TRSL) was formerly incorporated as 'Titagarh Wagons Limited' on July 3, 1997, which subsequently changed the name of the Company to 'Titagarh Rail Systems Limited' on May 19, 2023. The Company is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Heavy Earthmoving and Mining Equipments, Train Electricals, Steel Castings, Specialised Equipments & Bridges, Ships, Bailey Bridges, EMU, etc. It serves the domestic & export market.
The above said products and services are structured along five broad business lines, Wagon Manufacture, Heavy Earth Moving & Mining Equipment, Foundry Division, Rail Coach Division and Special Projects. The company also entered into production of special purpose wagons to suit the varying needs of customers, such as the Merry-Go-Round (MGR) wagons and Special Wagons for Defence etc. TWL, is the only private company registered with the Ministry of Defence, Government of India to manufacture Bailey bridges and other related accessories in India.
The Company incorporated a subsidiary in the name of 'Titagarh Biotec Private Limited' on July 20, 2004.
The company and JP Morgan Mauritius entered into a cooperation and funding agreement for acquisition, revival and rehabilitation of the sick Cimmco Birla Ltd (CBL) part of the S.K. Birla Group to BIFR Cimmco with the consideration of Rs 35 crore and also entered into a compromise deed' with the unions of Cimmco. TWL entered a Joint Venture Agreement with FreightCar Inc; America entered into for a Joint Venture Company for manufacture of Aluminium Rail Cars. As of March 2008, Titagarh Wagon was entered into the capital market with its Initial Public Offering (IPO) of 23,83,768 shares.
TWL is in the process of expanding its capacities, including setting up Rs 18.7-crore EMU manufacturing unit with a capacity to produce two rakes of EMUs per month. It also plans to invest another Rs 18.84 crore to modernise and expand its two existing plants at Titagarh and Uttarpara in West Bengal, apart from setting up an axle machining and wheel-set assembly facility at a cost of Rs 12.93 crore. Titagarh Wagons Limited aspires to be a leader as a manufacturer of heavy engineering equipment and a world-class service provider for the infrastructure sector, to be known as a dependable and preferred partner for growth in line with a national perspective plan.
Pursuant to Order dated May 17, 2016 of the Hon?ble High Court of Calcutta becoming effective on and from July 13, 2016, the wholly owned subsidiaries, Cimco Equity Holdings Private Limited, Titagarh Marine Limited, Corporated Shipyard Private Limited and Times Marine Enterprises Private Limited were amalgamated with Company.
During the year 2016, the Company along with its wholly owned subsidiary company, Titagarh Singapore Pte Limited formed a subsidiary company in Italy in the name of Titagarh Firema Adler SpA (TFA) and consequently, acquired the business of Firema Trasporti SpA, a designer and manufacturer of metro coaches and semi / high speed trains.
On 22 April, 2017 the Company launched a first wagon, special freight train operation (SFTO) carrying steel coils at Uttarpara unit in West Bengal. It launched the first weighing 1000 Tonnes fuel barge ship for Indian Navy on the 17th May, 2018.
The Hon?ble National Company Law Tribunal (NCLT), Kolkata Bench, by an Order passed on 16th October, 2017 sanctioned the Scheme of Amalgamation of Titagarh Agrico Private Limited (TAPL), a wholly owned subsidiary of the Company with Cimmco Limited w.e.f. the Appointed Date: 1st April, 2016. Upon filing the said Order, TAPL , which was earlier the Company?s subsidiary, amalgamated with Cimmco and accordingly, ceased to be a subsidiary of the Company.
Titagarh Mermec Private Limited, a Joint Venture was set up in India on 18th July, 2018 with equal stake in its equity of Mermec SpA, Italy (Mermec) and Company, for marketing, manufacturing and selling diagnostic and signalling systems for railway infrastructure and auxiliary products and equipment parts in the Territories of India, Nepal, Bangladesh, Myanmar, Bhutan and Sri Lanka.
The Honble National Company Law Tribunal, Kolkata Bench, by an Order dated 30th September, 2020 had sanctioned the Scheme of Amalgamation of Cimmco Limited, the Company's subsidiary, and Titagarh Capital Private Limited, the Company's wholly-owned subsidiary, with the Company which became effective from the Appointed Date of the Scheme i.e., 1st April, 2019.
During the year 2019, the group derecognised the entire assets & liabilities of Company's erstwhile wholly-owned Subsidiary in France, Titagarh Wagons AFR (TWA), w.e.f. 4th June, 2019 being the date when the start of the Rehabilitation Procedure was approved by the said Court.
The Company acquired the shares held by Matiere SAS, France, representing 50% of the paid-up share capital of Matiere Titagarh Bridges Private Limited (MTBPL). As a result, the shareholding of the Company in MTBPL changed from 50% to 100% and MTBPL became a wholly-owned subsidiary of the Company w.e.f. 14th July, 2020.
During November 2020, the Company transferred the investments held by it in subsidiaries, namely Titagarh Firema S.p.A., Italy (TFA) and Titagarh Singapore Pte Ltd, Singapore (TSPL), to Titagarh Bridges and International Private Limited (Formerly known as Matiere Titagarh Bridges Private Limited) (TBIPL), a wholly owned subsidiary of the Company engaged in the business of manufacture of metallic bridges. The first Aluminium Metro train for Pune Metro was flagged off at TFA, Italy, on 30th July, 2021. The Company along with its subsidiary TFA, had signed the first contract for design, manufacture and supply of 34 trains of 3 coaches each for Pune Metro (Maharashtra Metro Rail Corporation Limited).
In 2021-22, the Company launched the first warship vessel for the Indian Coast Guard in co-operation with Garden Reach Shipbuilders and Engineers Ltd. (GRSE). It designed, produced and delivered two prototype metro trains, one for Pune Metro (India) and the other for Catania Metro (Sicily) in 2022.
The wholly owned subsidiary, Titagarh Bridges and International Private Limited (TBIPL) got merged with the Company through Scheme of Amalgamation effective on April 1, 2021 and the assets and liabilities of TBIPL including the shares held by it in Titagarh Singapore Pte. Ltd., Singapore, and Titagarh Firema S.p.A., Italy, was transferred to the Company in 2021-22.
In FY 2022-23, the launching of maiden warship (Fast Patrol Vessel), designed & manufactured in collaboration with GRSE, for the Indian Coast Guard took place in May, 2022. Ocean-Going Passenger & Cargo Ferry Vessel for the Cooperative Republic of Guyana was launched, marking a significant milestone as it represents the Company's maiden shipbuilding venture into the export market. The new Stainless Steel Coach manufacturing unit and the Shipyard at Falta SEZ was inaugurated on July 3, 2022. The consortium of the Company with Bharat Heavy Electricals Limited (BHEL) emerged as the 2nd Lowest Bidder (L2) for Manufacturing cum Maintenance of Vande Bharat Trainsets including Up-gradation of the Government Manufacturing Units & Trainset Depots. In the other mega tender of Indian Railways, the consortium of the Company with Ramkrishna Forgings Limited was the Lowest Bidder (L1) for 'Manufacturing and Supply of Forged Wheels' under the Ministry of Railways, Government of India.
In 2024, Company in consortium with Ramkrishna Forgings Limited (RKFL) incorporated a Joint Venture Company (JVC) in the name and style of 'Ramkrishna Titagarh Rail Wheels Limited' (RTRWL) on June 09, 2023, for execution of the Project - 'Manufacturing and Supply of Forged Wheels'. The fitment trials for traction motor supplied in November, 2022 were completed in June, 2023 and the clearance for bulk supply was received in July, 2023. A private limited company in India in joint venture with Titagarh Firema SpA, Italy, associate of the Company, was incorporated in the name and style of 'Titagarh Firema Engineering Services Private Limited' (TFESPL) on September 16, 2023, for engineering and design related services. A strategic alliance was entered into with Sidwal Refrigeration Industries Private Limited, wholly owned subsidiary of Amber Enterprises India Limited, wherein the Company and Sidwal agreed and invested Rs. 100 Crores each, to acquire equal control in Shivaliks Mercantile Private Limited, to manufacture critical railway components & subsystems used in manufacture of Railway & Metro coaches. The JV-SPV in turn made fresh equity investments into Titagarh Firema SpA, Italy, associate company of TRSL. Company has increased the Titagarh and Bharatpur facilities to 1000 Wagons per month and identified to take unnecessary steps including their automation.
During the FY 2024-25, TRSL launched two new business verticals namely: Shipbuilding and Maritime Systems (SMS) to focus on shipbuilding, ship repair, and related maritime activities; and Signalling and Safety Systems (SSS) at developing and implementing railway signalling, train control, and safety solutions to enhance operational efficiency and safety in railway systems. Company commenced Trainset Production for Bangaluru Metro's Yellow Line, as part of a contract with China Railway Rolling Stock Corporation (CRRC) for the Bangalore Metro Rail Corporation Limited's (BMRCL) Phase 2 Yellow Line project. It ramped up production of traction motors to 100 units per month, boosting India's self-reliance in railways. A new Engineering Centre in Bangaluru has been set up for gaining traction in Titagarh's innovation and design journey. Titagarh Firema Engineering Services Private Limited (TFESPL), which initially incorporated as a joint venture with Titagarh Firema SpA, Italy (TFA), became a subsidiary of the Company effective from February 14, 2025. TRSL in collaboration with Bharat Heavy Electricals Limited (BHEL), established a production line for Vande Bharat Sleeper Trains at Uttarpara facility, following Rs 24,000 Crore Indian Railways contract.
In 2026, 25 BRNA Flat Wagons & 100 Hopper Wagons were supplied to the Dedicated Freight Corridor Corporation of India Limited (DFCCIL) and the Company's first order for the design, manufacture, supply, testing and commissioning of Rail Borne Maintenance Vehicles (RBMV)
for Indian Railways was executed. The Company completed a foundry capacity upgrade to 50,000 metric tonnes per annum, enabling near-complete backward integration for steel castings used in wagon manufacturing. The Company signed agreement with ABB India Ltd for 25kV AC metro propulsion systems for Train Control and Management Systems (TCMS) & localisation of Converters & Traction Motors. TRSL delivered DSC A20, the first indigenously built Diving Support Craft and launched the third indigenously built Diving Support Craft (DSC) in a series of five vessels for the Indian Navy in 2026.
