Management Meet Takeaways

研报英文原文证据摘录

Management Meet Takeaways

ue a) wagon leasing to broaden its product offering and b) potential O&M opportunities.

Titagarh (TITAGARH IN)While a potential balance sheet/leverage risk is a key monitorable, management indicates

M. Cap (Rs bn) 113

that leasing is intended only to add new customers, with guardrails in place. The wheel FY26-30E EPS CAGR (%) 44

manufacturing plant remains on track for 1HFY27E commissioning. FY27E P/E (x) 54

Target P/E (x) 30

Non-core businesses gaining traction: Titagarh is building a Rs6bn shipyard in Falta, West Wheel JV Value to PT (%) 4.9

Bengal, supported by a 28% capital subsidy under the Shipbuilding Financial Assistance PT (Rs) 990

Scheme. The company has Rs5bn of orders and is exploring technology partnerships and . % Upside 17 Source: Jefferies estimates

potential JVs to strengthen capabilities. Recent Research

Maintain Buy: We forecast a 44% FY26-30E EPS CAGR, driven by a sharp PRS ramp-up and Rolling Stock: Switching Tracks; Initiating

~70bps EBITDA margin expansion. We expect RoEs to double to ~14% by FY28E, aided by on Titagarh at Buy, Jupiter at UNPF

higher utilization and limited incremental capex. Our Rs990 PT values the core business at 30x

Mar-28E EPS and the upcoming wheel JV at 2.5x investment value. Key risks: Delays in wagon Titagarh: Quarter a beat; Execution uptick

orders/wheel supply from Indian Railways and execution slippages. should drive re-rating from here

Exhibit 1 - Titagarh: Financial Summary

(Rs mn) FY24 FY25 FY26 FY27E FY28E FY29E

Net Sales 38,533 38,678 31,858 40,836 78,765 78,138

EBITDA 4,519 4,330 3,514 4,482 8,380 9,001

EBITDA (%) 11.7 11.2 11.0 11.0 10.6 11.5

Adjusted PAT 2,804 2,030 1,668 2,129 4,291 4,881

EPS (Rs) 20.5 14.8 12.2 15.6 31.4 35.7

EPS Growth (%) 138.2 (27.6) (17.8) 27.6 101.6 13.8