Transrail Lighting has received a 'buy' rating from Antique Stock Broking despite the stock declining 13.5% in 2026. The brokerage initiated coverage with a target price of ₹851, indicating a massive 76.5% surge from the stock's Tuesday closing price of ₹482. According to LiveMint, Antique Stock Broking sees a reversal opportunity as the company is well-positioned to capitalize on the structural and multi-year power T&D investment cycle, supported by rising renewable capacity, increasing power demand, grid modernization, and growing need for high-voltage transmission infrastructure. The stock had previously reached a record high of ₹855.80 but declined to a record low of ₹400.65 in September, closing 2025 with modest gains of 3.12%.
Transrail Lighting maintains a robust order book of ₹16,035 crore at June-end, comprising ₹15,635 crore of confirmed orders and about ₹400 crore of L1 orders. The company's steady order inflows stood at ₹85 billion in FY26, which is well diversified across geographies with international orders accounting for 39%, thereby reducing dependence on the domestic market. As reported by LiveMint, the company has secured fresh orders worth ₹1,034 crore in Q1 FY27 and has bids worth more than ₹20,000 crore under consideration. For FY27, it is targeting ₹10,000-11,000 crore of fresh orders. The backlog was 59% domestic and 41% international, with the company securing ₹574 crore worth of orders on September 30 and the latest ₹412 crore order win in its core Transmission and Distribution business.
In its core business, Transrail Lighting's tower manufacturing capacity has more than doubled from 84,000 tonnes per annum to 172,400 tonnes and is targeted to reach 196,000 tonnes during FY27. Conductor capacity has risen 70% to 40,800 km per annum and is expected to reach 49,500 km by FY27-end. The company holds a manufacturing capacity of 184,400 MTPA for towers and 40,800 KMPA for conductors. According to LiveMint, over FY22-26, the company delivered robust performance with a topline CAGR of 31%, while EBITDA margin expanded by 310 basis points, resulting in EBITDA/PAT CAGR of 41%/58% respectively. The company has reduced working capital days to 80 (vs. 104 days in FY22), with cumulative operating cash flow generated over FY22-FY26 standing at ₹11.6 billion.
Transrail Lighting reported Q1 FY27 revenue of ₹1,736 crore, up 5% from ₹1,660 crore a year earlier. EBITDA stood at ₹203 crore, with a margin of 11.7%, while profit after tax increased about 3% to ₹108 crore. The company is preparing for a potential ₹600-crore qualified institutional placement (QIP) as it looks to scale its domestic and international operations. Based on its full-year guidance, revenue will need to grow roughly 25-28% over the remaining nine months, requiring execution of its ₹16,035-crore order book. The company expects profitable growth, citing increased manufacturing capacities and favourable market conditions in both domestic and international T&D sectors. Antique Stock Broking believes the company is on course for healthy growth trajectory aided by favourable power T&D capex tailwinds, healthy tender pipeline, and doubling of manufacturing capacity.
The company operates across six continents and over 63 countries spanning five continents, targeting international opportunities through EPC projects and engineered products including towers, conductors and monopoles. The government's approval of Phase III of the Green Energy Corridor would strengthen India's power infrastructure and support the evacuation of 900 GW of non-fossil fuel-based power. According to LiveMint, the company is witnessing a healthy bidding pipeline across India and overseas markets, providing strong opportunity to replenish the order book and sustain growth beyond existing execution visibility. The board has approved ₹203 crore of additional capex, including about ₹169 crore for construction equipment, while the company is targeting international opportunities through EPC projects and engineered products including towers, conductors and monopoles, while hiring specialists to pursue data-centre and BESS opportunities.
