• Passenger rail execution: Segment revenue surpassed 30% of total revenue with record quarterly dispatches of 30 cars, with plans to ramp up execution to 45–50 cars per quarter. Management expects passenger rail to eventually comprise 60–70% of standalone business, supported by an existing order book of over 1,700 coaches.
• Passenger margin guidance: Sustainable operating margins for passenger rail are projected at 11–12% until in-house propulsion manufacturing begins around FY28–29. Recent margins of 15% were inflated due to the execution mix of conversion-only contracts like the Bangalore Metro.
• Shipbuilding subsidiary expansion: Titagarh Naval Systems is investing ₹610 crore into a new Falta shipyard with a 25% government capital subsidy, set to be ready in 12–18 months. The facility will have the capacity to build 16–20 specialized vessels annually, targeting ₹1,800–2,000 crore in revenue by FY30.
• FY30 capacity outlook: Total revenue potential is targeted to reach ₹14,000–18,000 crore by FY30 across business verticals at full capacity utilization. This includes ₹8,000–10,000 crore from passenger rail (1,000 coaches), ₹4,000–5,000 crore from freight (12,000 wagons), and up to ₹2,000 crore from shipbuilding.