Front Wave Research

Deep-dive

Titagarh Rail — riding India's metro wave

Initiating coverage on the rail-capex compounder

14 Sept 2025·TITAGARH·Buy·Capital Goods

The thesis

Titagarh's freight-wagon legacy plus its metro & Vande Bharat order book make it a multi-cycle compounder on Indian rail capex, with order-book visibility through FY28.

The build

  • Wagons: the cash engine — steady, contracted, unglamorous
  • Metro coaches: the growth engine — city after city entering procurement
  • Vande Bharat: the optionality — margin mix improves with every tranche

Where we stand

Buy. Execution is the watch-item — this is a delivery story now, not an order-win story.

Pass it on

Know someone tracking TITAGARH? Research travels further than tips do.

Front Wave Research LLP · SEBI Registered Research Analyst · INH000018407. This note is research, not investment advice. Investments in securities markets are subject to market risks. Read all related documents carefully before investing.

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