The Delhi Metro Rail Corporation (DMRC) floated a ₹923.62 crore tender on 16 October 2026 for 60 metro coaches for Hyderabad metro. According to reports from The Financial Express, the contract includes design, manufacturing, supply, commissioning and 15 years of comprehensive maintenance. The deadline for submitting bids is 13 January 2027, creating significant opportunities for Indian railway rolling stock manufacturers. Hyderabad Metro Phase 1 officially transferred to state control on April 29, 2026, with Phase 2 expansion now cleared for joint state-centre operations at ₹24,269 crore for 76.4 km across five corridors. The latest developments show Hyderabad Metro Phase 2 DPR approved in May 2026: 122.9 km, 7 corridors, ₹38,595 crore, expanding the network significantly.
BEML has established itself as a leading metro coach manufacturer, having crossed the 2,100-coach manufacturing milestone in May 2025. As reported by The Financial Express, the company supplies trains to networks including Delhi, Bengaluru, Mumbai and Kolkata, with metro coaches currently having an indigenisation level of around 65%. In FY26, BEML secured a ₹5,400 crore contract from NHSRCL for high-speed rolling stock and maintenance on the Mumbai-Ahmedabad corridor, along with a ₹180.6 crore order for additional Vande Bharat Sleeper trainset.
Titagarh Rail Systems has demonstrated strong growth in passenger rail systems, with PRS revenue increasing 111% year-on-year to ₹539.3 crore in FY26 from ₹255.5 crore. According to The Financial Express, the company holds a ₹2,481 crore contract for 132 coaches for Mumbai Metro Line 5 and a ₹430 crore Pune Metro extension order covering 12 trainsets. The company plans to expand annual passenger coach capacity from 300 to over 850 units by 2029-30 through its Uttarpara facility.
BEML's FY26 revenue increased 8.2% year-on-year to ₹4,351 crore, though net profit declined 50% to ₹147 crore due to provisions exceeding ₹257 crore. As reported by The Financial Express, BEML's EV/EBITDA stands at 42.3 times against a historical median of 29 times. Titagarh's FY26 standalone revenue declined 16.1% to ₹3,143.6 crore, but net profit increased 95.8% to ₹150.7 crore. Both companies' shares have declined in the past year - BEML by 15.3% and Titagarh by 21.2%.
According to The Financial Express, both companies have established manufacturing capabilities and completed deliveries, positioning them better than competitors without comparable execution records. However, neither company is assured of securing the Hyderabad metro tender, as competitive bidding, technical approvals, and supply chain constraints could affect future earnings. Investors should focus on coach delivery volumes, operating margins, and returns on capital rather than headline order values to determine which manufacturer will benefit most from India's expanding metro network. The latest developments show Lucknow Metro Phase 1B (East-West Corridor) begins 2026, allocates ₹1,450 crore, indicating continued metro expansion across multiple cities.
