### **Overview** Transrail Lighting Limited (TLL) is a leading Indian integrated Engineering, Procurement, and Construction (EPC) company specializing in power transmission and distribution (T&D), with over **40 years of industry experience**. Originally incorporated in 1984 as Transrail Engineering Company Limited, the company transitioned into a full-fledged T&D player in 2016 following the acquisition of Gammon India Limited’s T&D business and a 75% equity stake transfer to its promoter, **Ajanma Holdings Private Limited**. Headquartered in Mumbai, India, Transrail operates globally across **60 countries** on five continents, executing large-scale infrastructure projects in power, railways, civil construction, and renewable energy. The company employs over **2,400 people** and maintains a strong presence in both domestic (India) and international markets, particularly in Africa, Asia, Europe, and the Americas. --- ### **Core Business Verticals** Transrail’s operations span six primary business segments: 1. **Power Transmission & Distribution (T&D)** – 90–92% of revenue 2. **Renewables (Solar EPC)** 3. **Civil Construction** 4. **Railways** 5. **Poles & Lighting** 6. **Substations** The EPC segment dominates revenue, while product manufacturing (e.g., towers, conductors) contributes only 2–5%, underscoring its project-centric model. --- ### **Manufacturing & Integrated Capabilities** Transrail is one of the few companies globally with **fully backward-integrated, in-house manufacturing** for key T&D components: - **Galvanized lattice towers**: Current capacity of 84,000 MT/year, expanding to **196,000 MT/year** by Q1 FY27. - **Overhead conductors**: Current capacity of 24,000 km/year, increasing to **49,500 km/year** by Q2 FY27. - **Galvanized monopoles and poles**: Production up to 25,000 TPA. The company operates **four large-scale manufacturing facilities** in India, including advanced galvanizing plants with machinery from Italy and the UK. Its facilities are CE-certified and **NABL-accredited**, ensuring compliance with international standards. It also owns a **state-of-the-art in-house tower testing facility in Deoli, Wardha**, capable of testing towers up to **1,200kV and 85 meters in height**, with over 500 towers tested to date. This makes Transrail the **only player in India** with integrated design, manufacturing, and testing capabilities for high-voltage transmission systems. --- ### **Project Execution & Market Presence** - **Transmission Lines**: Has executed **over 35,200 circuit km (CKM)**, including lines up to 1,200kV and 800kV HVDC. - **Conductors Supplied**: Over **195,000 km**. - **Projects Executed**: Over **200 projects** in 60 countries. The company delivers **turnkey EPC solutions** for: - High-voltage transmission lines (up to 1,200kV AC and 800kV HVDC) - Substations (AIS and GIS up to 400kV), including mobile, hybrid, and renewable substations - Rural electrification and underground cabling - Railway electrification (OHE, signaling, metro portals) - Solar EPC and BESS solutions - Civil infrastructure: Bridges, tunnels, cooling towers, and elevated roads **Flagship Projects**: - Construction of India’s **longest river bridge (10 km)** over the Kosi River in Bihar. - Commissioning of **India’s tallest natural draft cooling tower (199 meters)** at Yadadri. - **80MW DC solar PV project in Jamaica**, its first international solar EPC order, including a substation. - Supply of steel masts and fencing for the **Mumbai–Ahmedabad High-Speed Rail (Bullet Train) project**. - Execution of the **800kV HVDC KPS-2 to Nagpur transmission line** and a 400kV DC line in Nepal. --- ### **Financial & Order Book Highlights (FY2024–25)** - **Record Order Book**: ₹15,915 crore (~2.5 years of revenue visibility) - Domestic: ~60% of revenue - International: ~40% of revenue - Power T&D constitutes **92%** of the portfolio - **Revenue Breakdown**: - Domestic T&D: ₹1,550 crore (+16% YoY) - International T&D: ₹3,016 crore (+45% YoY) - Civil Construction: ₹448 crore (+19% YoY) - Poles & Lighting: ₹193 crore - **International Unexecuted Order Book**: ₹6,508 crore - **Pending Bids**: ~₹8,000 crore - **Future Bidding Pipeline**: Plans to bid ₹25,000 crore in next 3–4 months - **CAPEX Plan**: ₹376 crore planned (₹327 crore approved), to fund: - New tower manufacturing plant - Brownfield and greenfield expansions - Construction equipment and tools --- ### **Strategic Expansion Initiatives** #### 1. **Manufacturing Expansion (Phased)** - **Phase I (Q3 FY26 – Q1 FY27)**: - Brownfield upgrades to existing plants - Tower capacity expansion to 110,000–140,000 MT/year - Conductor capacity to ~35,000 km/year - **Phase II (Q1–Q2 FY27)**: - Full expansion to **196,000 MT/year (towers)** and **49,500 km/year (conductors)** - Commissioning of new tower plant in Maharashtra #### 2. **Solar EPC Focus (International)** - Strategic pivot toward **international solar EPC** in markets like **Africa, Caribbean, and Bangladesh**. - Avoiding domestic solar EPC due to competitiveness. - Capabilities include **end-to-end EPC services for 100MWp projects** and **BoS solutions up to 300MWp**, including BESS and solar+BESS hybrids. - One major project secured (80MW Jamaica), with focus on leveraging T&D expertise for solar grid interconnectivity. #### 3. **Acquisitions & Strategic Moves** - Acquired **CEDEC**, a manpower services firm (2019), as SPV to bid for **Bridge & Hydro** projects. - In **preliminary talks** to acquire a portion of **Gammon Engineers & Contractors (GECPL)** under IBC resolution, to enhance large civil EPC capabilities. - Acquisition expected to be funded via **internal accruals**, with minimal impact on leverage. --- ### **Financial & Operational Strengths** - **Backward Integration**: Self-manufactures **65–70% of contract value** in T&D projects; **96% of towers and conductors** produced in-house. - **Capacity Utilization**: Manufacturing plants operate at **95–100% utilization**. - **Working Capital Efficiency**: 74-day working capital cycle. - **Margins**: EBITDA margin guidance of **12–12.5%**, supported by selective bidding and improved domestic project quality. - **Revenue Guidance**: Expected growth of **22–25%** for the year. - **Credit Profile**: **CRISIL A+/Stable** rating (upgraded in May 2025), 24.7% ROCE, **0.34x net debt-to-equity ratio**. --- ### **Geographic & Risk Management Strategy** - **Domestic Bidding**: 70–80% government projects, selective private sector focus. - **International Bidding**: Only in T&D, exclusively with **multilateral funding agencies** (e.g., World Bank, ADB) to mitigate political and payment risks. - **Risk Mitigation**: Uses a **robust risk matrix** covering geopolitical, regulatory, and subcontractor risks before bidding. - **Geographic Diversification**: - Africa: 27 projects - Asia: 16 (including Bangladesh, Philippines, Nepal) - Americas: 12 (Jamaica, etc.) - Europe: 4 - India: 1 active project --- ### **Subsidiaries & Joint Ventures** Transrail operates through a global network of subsidiaries: - Transrail International FZE (UAE) - Transrail Structures America INC (USA) - Transrail Lighting Nigeria Ltd - Transrail Lighting Malaysia SDN BHD - Transrail Contracting LLC (Saudi Arabia) **Key Joint Ventures**: - Transrail-FECP JV (Nigeria) - Transrail Hanbaek Consortium - REPL-TLL JV, METCON-TLL JV - TLL-ALTIS JV These JVs facilitate market entry and local execution in high-potential international markets. --- ### **Sustainability & Innovation** - Focus on **HTLS (High-Temperature Low-Sag) conductors** to reduce transmission losses. - In-house engineering uses advanced software: **PLS Tower, Bocad, Staad Pro, AGI 32, AutoCAD 3D**. - Over **17,500 man-months of cumulative design experience**. - Expanding into **rural electrification**, providing last-mile connectivity solutions in India and abroad.