• Freight wagon outlook: The company expects to maintain its historical 20–25% market share in upcoming railway wagon orders, with capacity ready to ramp from current production of 600–700 wagons per month up to 1,000 wagons per month upon new order inflows.
• Vande Bharat timeline: Delivery of the first 16-car Vande Bharat train is on target for late Q3 or early Q4, with 10 car body shells already produced and currently undergoing furnishing.
• Margin expansion targets: Freight margins will remain steady at around 12%, while passenger rail EBITDA margins are projected to expand from 12–13% to 15–16% by FY28–FY29 as in-house propulsion integration is completed.
• Passenger execution & wheelsets: Titagarh is targeting production of 200 passenger coaches this year, while long-standing wheelset supply constraints are expected to be permanently resolved once its joint venture plant with Ramkrishna begins operations.
• Naval business expansion: Titagarh Naval Systems currently holds an order book of around ₹500 crore and is setting up a new facility south of the Howrah Bridge to expand capacity to 18–20 vessels annually.