₹18,000 Cr Order Book: Transmission stock jumps 10% after reporting robust Q3 results

SYNOPSIS: This EPC company delivered a strong Q3 FY26 performance with robust revenue growth, higher profitability and margin expansion, supported by healthy Power T&D-led execution, rising order inflows, a strong order book and ongoing capacity expansion.

Shares of one of the leading Indian EPC companies with a focus on power T&D with integrated manufacturing facilities for lattice structures, conductors and monopoles, surged more than 11 percent on BSE, after reporting strong Q3 FY26 results and a total un-executed order book of Rs. 18,216 crore.

With a market cap of Rs. 7,270 crores, shares of Transrail Lighting Limited closed in the green at Rs. 541.5 on BSE, up by around 10 perent, compared to its previous closing price of Rs. 493.65. The stock has delivered positive returns of over 6 percent since its listing, but has fallen by nearly 3 percent in the last one month.

Financials

Transrail Lighting Limited announced the financial results for the third quarter of FY26 on Monday after market hours, as per the latest regulatory filings with the stock exchanges. During the quarter, execution remained strong, and the Transmission & Distribution (T&D) segment continued to anchor the company’s overall growth momentum.

For Q3 FY26, Transrail posted a consolidated revenue from operations of Rs. 1,796 crores, reflecting a sequential growth of around 15 percent QoQ compared to Rs. 1,561 crores in Q2 FY26. On a year-on-year basis, revenue grew by nearly 32 percent from Rs. 1,358 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 110 crore, indicating an increase of around 21 percent QoQ from Rs. 91 crores in Q2 FY26, and a significant rise on a year-on-year basis by about 18 percent from Rs. 93 crores reported in Q3 FY25.

Further, operating performance improved significantly during the quarter, EBITDA rose sharply to Rs. 228 crore from Rs. 180 crore in Q3 FY25, registering a growth of nearly 27 percent YoY. The EBITDA margins for the quarter stood at 12.7 percent, reflecting an improvement of 77 bps from 11.9 percent over the previous quarter.

Commenting on the results, Mr. Randeep Narang, MD & CEO, stated that the company continued to witness healthy order inflows during the period, led by the core Power T&D segment in India and overseas, alongside increasing traction across all verticals. He highlighted that execution remained a key priority, with teams accelerating priority projects and maintaining strong delivery discipline. 

According to him, the growth in revenue and profitability reflects enhanced business processes and operational efficiencies. Backed by a strong order book and operational competence, he expressed confidence in the company’s ability to sustain growth momentum in the coming quarters.

Order Book

During the first nine months of FY26, the company reported a year-to-date order inflow of Rs. 5,135 crore, reflecting a growth of about 9 percent YoY. The inflows were primarily driven by the Power T&D segment, which accounted for nearly 89 percent of the total, followed by civil works (5 percent), railways (2 percent), and pole & lighting projects (4 percent). Geographically, domestic orders formed around 55 percent of the inflow, while international orders contributed the remaining 45 percent.

As of December 2025, the un-executed order book stood at Rs. 14,733 crore, marking a strong year-on-year increase of around 28 percent. Overall, the total un-executed order book, including letters of intent (LoI) worth Rs. 3,483 crore, stood at Rs. 18,216 crore as of 31st December 2025.

The company’s capex is being deployed across three key areas to support growth and execution. This includes brownfield expansion of existing manufacturing facilities for towers, conductors and poles; the setting up of a new tower manufacturing plant; and construction equipment (T&P) for multiple domestic and international projects.

As part of this capex programme, tower capacity is expected to increase from 84,000 metric tonnes per annum to about 1.96 lakh MTPA post capex, while conductor capacity is planned to rise from 24,000 km to nearly 49,500 km.

On the execution timeline, tower-related brownfield expansion under Phase 1 is targeted for completion by Q4 FY26, with around 70 percent already completed, while the greenfield phase is also scheduled by Q4 FY26. The subsequent brownfield Phase 2 for towers is expected to be completed by Q1 FY27. For conductors, Phase 1 expansion is targeted by Q1 FY27, followed by Phase 2 completion by Q2 FY27.

Transrail Lighting Limited is a prominent engineering, procurement, and construction (EPC) company, specialising in the integrated manufacturing of lattice structures, conductors, and monopoles. Its operations are organised across key verticals, including Power T&D, including transmission lines, substations, distribution networks, and underground cabling; civil construction, poles and lighting, railways and solar EPC.

As part of the Power T&D business, Transrail has large-scale manufacturing facilities in India for Galvanised Lattice Towers, Overhead Conductors and Galvanised Monopoles in addition to a well-accredited Tower testing facility.

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