• Freight wagon guidance: Titagarh expects a production run rate of 600–700 wagons per month this year, which could expand to 1,000 wagons per month (generating ₹4,000–4,500 crore in annual revenue) if awaited railway tenders are released.
• Passenger coach execution: The company is targeting 180–200 passenger coaches this fiscal year, with production scaling to a run rate of 20–25 cars per month in Q2. Metro orders are fully booked through FY28 and Vande Bharat orders through FY30–31.
• Operating margin outlook: Margins across both businesses are guided at approximately 12% through FY27–FY28. An additional 4% margin expansion is expected in FY29–FY30 once backward integration and in-house propulsion systems are deployed.
• Wheel forging joint venture: Trial production has commenced at the Ramkrishna Forgings JV plant, with sample wheel supplies starting in Q2. Initial capacity is targeted at 45,000–50,000 wheels in year one before scaling to 2,20,000 wheels over 2–3 years at expected margins of 18–20%.