 | |
| Company type | Public |
|---|---|
| BSE: 532966 NSE: TITAGARH | |
| ISIN | INE615H01020 |
| Industry | Railways Defence Shipbuilding Mining |
| Founded | 1984[1] |
| Founder | Jagadish Prasad Chowdhary |
| Headquarters | Titagarh Towers 756,Anandapur,E.M. Bypass,, India[2] |
Area served | Worldwide |
Key people | |
| Products |
|
Production output | 8,000 wagons[6] (2020) |
| Revenue |  ₹28.22 billion (US$330 million) (2023)[7] |
| ₹1.3 billion (US$15 million) (2023)[7] | |
| Total assets | ₹26.79 billion (US$340.82 million) (2022)[3] |
| Total equity | ₹8.42 billion (US$107.12 million) (2022)[3] |
| Owners | Chowdhary family (47.05%)[8] |
Number of employees | 453[9] (31 March 2021) |
| Subsidiaries |
|
| Website | titagarh |
Titagarh Rail Systems Limited is an Indianrolling stock manufacturer. Established in 1997 as a rolling stock foundry unit, the company's headquarters are situated inKolkata,West Bengal.[11] Titagarh ispublicly traded on both theBombay Stock Exchange (BSE) andNational Stock Exchange (NSE).[12][13]
At first, it used to manufacture railway components. Going forward, it ventured into making entire wagons that would be used for freight. The core operations of the company encompasses providingfreight wagons,semi high-speed trains,metros,transit and propulsion systems, andpassenger coaches for theIndian Railways, as also for export. In addition to the design, manufacture & supply of 102 metro coaches for thePune Metro and an order for 24,177 wagons, the company has been awarded orders by the Indian Railways for the manufacture and maintenance ofVande Bharat trains and wheels for the same under theAtma Nirbhar and Make in India initiatives of theGovernment of India; hence, it is a significant enabler for the railway infrastructure of the country. Beyond its substantial engagement in the railway sector, Titagarh holds business interests in shipbuilding, bridges, and defense.[14][15][16]
Its major rivals in railway division are Alstom, BEML, CAF, etc.
The founder of Titagarh Rail Systems, Jagadish Prasad Chowdhary, commenced his professional journey as an account assistant at a tea estate inDarjeeling, West Bengal. Subsequently, he relocated to Calcutta (now Kolkata) and assumed the role of an accountant at a steel casting company that supplied materials to the Indian Railways. Chowdhary eventually assumed the position ofChief Executive Officer (CEO) of the steel castings company.
In the year 1982, Chowdhary as an entrepreneur acquired the defunct foundry division of the government-owned Britannia Engineering then under liquidation, situated in Titagarh, Barrackpore, West Bengal. Renaming the enterprise as Titagarh Steels Limited (TSL), he commenced production of railway casting components, specifically bogies and couplers & crossings and turned around the operations of the Foundry in a record time. In 1994, Chowdhary was invited to present a rehabilitation plan for the two Paper Mills of the then sick Titagarh Paper Mills Company Limited which were vested in TSL by a Scheme of Rehabilitation by theBoard for Industrial and Financial Reconstruction (BIFR). Subsequently, these Paper Mills were spun off into two separate companies through a Scheme of Arrangement sanctioned by the Hon’bleHigh Court, Calcutta.[6]
Chowdhary founded Titagarh Rail Systems Limited on 3 July 1997 to manufacture railway wagons.[6][17] The company started out with an annual production capacity of 180 wagons.[6]
In July 2010, Titagarh Rail Systems purchased the French rail wagon makerArbel Fauvet Rail (AFR) for €15 million (first overseas acquisition), which had gone intoreceivership in February 2009.[18][19] Titagarh Rail Systems turned around AFR and with the subsidiary's revenue rising from₹99.5 million (US$1.2 million) in 2010–11 to₹1.64 billion (US$19 million) in 2011–12, and the employee headcount almost doubling from 85 to 150.[20] A French commercial court ordered theliquidation of AFR in July 2019. The next month, Titagarh announced that it would exit from AFR. Vice-chairman and managing director, Umesh Chowdhary, stated that AFR had been making losses of €4–5 million a year for the past three years due to general economic factors, and would have required more capital to reach profitability. Titagarh Rail Systems had invested₹1 billion (US$12 million) in AFR since acquiring the company.[21]
Titagarh Rail Systems acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for theIndian Navy. Corporated Shipyard won its first defence contract in 2017.[22][23]
In 2015, Titagarh Rail Systems acquired the brand name andknow-how of French cast steel bogie manufacturer Sambre et Meuse.[24] On 16 July 2015, Titagarh acquired a 90% stake in Italian rail equipment firmFirema Trasporti for an estimated€25 million. The remaining 10% stake was held by Italian company Adler Plastics SpA.[25][26] In June 2017, Titagarh announced that it had acquired the 10% stake from Adler Plastics for an undisclosed amount.[27][28] The company was subsequently renamed as Titagarh Firema SpA. Titagarh Firema designs metro rail coaches and manufactures them at its factories atCaserta,Spello andTito.[29]
In May 2016, Titagarh Rail Systems formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.[30][31] Titagarh Rail Systems acquired Matiere's stake in July 2020, making it a wholly owned subsidiary.[32][33]
In 2019, Titagarh Rail Systems was awarded the contract to supply 102 aluminium bodied metro rail coaches for thePune Metro byMaha Metro.[34] While 3 of the total 34 rakes would be manufactured at the Firema plant inItaly, the remaining 31 trainsets would be manufactured at TRSL's facility inUttarpara, Kolkata.[35]
In April 2023, the company secured a₹3.5 billion (equivalent to₹3.9 billion or US$46 million in 2023) contract to supply rolling stock for theAhmedabad Metro.[36]
In February 2024, the company secured a₹1.7 billion (US$20 million) contract for supplying 250 specialized wagons to theMinistry of Defence.[37]
In March 2024, the company secured a₹19.09 billion (US$230 million) contract for supplying 4463 BOSM Wagons to theMinistry of Railways.[38]
As of May 2025,[update] the company was looking for to construct a greenfield shipyard to construct larger ships, both naval and commercial.[39]
Titagarh Rail Systems Limited reported a total income of₹38.53 billion (US$460 million) during the financial year ended 31 March 2024 as compared to₹27.8 billion (US$330 million) during the financial year ended 31 March 2023. The company posted a net profit of₹2.97 billion (US$35 million) for the financial year ended 31 March 2024 as against a profit of₹1.03 billion (US$12 million) for the financial year ended 31 March 2023.[40][3]
