• Rail demand outlook: Demand for passenger rail systems—including metros and Vande Bharat—remains strong, while freight wagon demand is expected to ramp up to meet national freight targets of 3,000 million tons. The company is also investing heavily to enter the high-speed rail corridors announced in the Union budget.
• Wheelset manufacturing timeline: Component supply constraints are bottoming out, with trial production starting soon at the joint venture facility with Ramkrishna Forgings and commercial production expected by June to provide a permanent freight wheelset solution.
• Cost inflation insulation: Titagarh is insulated from raw material inflation because most customer contracts include price variation clauses that pass cost fluctuations back-to-back on an annual basis.
• Vande Bharat prototype: The company plans to launch the prototype for its Vande Bharat sleeper train by Q3 of the current financial year.