Introduction:
List of Breakout Stocks – Transrail Lighting Ltd. is one of India’s leading EPC (Engineering, Procurement & Construction) companies, known for its expertise in power transmission, railway electrification, and infrastructure development. With a strong global footprint across 58+ countries and over 35 years of experience, Transrail has become a trusted name in delivering turnkey solutions for power and transport infrastructure.
The company specializes in high-voltage transmission lines, substations, overhead electrification for Indian Railways, and smart lighting projects. What sets Transrail apart is its in-house manufacturing of towers, poles, and conductors, enabling better control over quality, cost, and timelines. As India accelerates investments in infrastructure, Transrail’s robust order book, rising revenue, and efficient execution place it firmly on the radar of long-term investors and market analysts.
Whether you’re tracking breakout stocks in the infrastructure sector or exploring strong EPC companies in India, Transrail Lighting is a high-potential player worth watching.
Here’s a detailed fundamental overview of Transrail Lighting Ltd. based on the latest available data and market insights which would support its Breakout Stocks list.
🏢 Company Snapshot
Transrail Lighting Ltd is an EPC (Engineering, Procurement & Construction) firm with expertise in power T&D, railway electrification, civil infrastructure, and lighting & pole systems. The company operates across 58 countries and boasts four manufacturing plants catering to towers, conductors, and poles. (Reddit)
🧾 Order Book & Pipeline
- ₹ 15,643 Cr total order book (~49% domestic, 51% international)
- L1 orders of ₹ 4,144 Cr pending conversion
- Recent wins of ₹ 2,752 Cr; YTD order inflow ~₹ 7,400 Cr — up ~90% YoY. (Reddit)
📊 Recent Financials (Q3 FY25 vs Q3 FY24)
- Revenue: ₹ 1,357.6 Cr (+62% YoY)
- EBITDA: ₹ 179.8 Cr; Margin ~13.24% (+80% YoY)
- PAT: ₹ 93.2 Cr (+92%)
- Debt-to-Equity Ratio: ~0.42× (Reddit)
Half‑Year Highlights (Mar 2025 vs Sep 2024)
- Total Income: ₹ 3,303.6 Cr
- PBT: ₹ 301.1 Cr
- PAT: ₹ 217.9 Cr; Basic EPS: ₹ 16.23 (vs ₹ 8.61) (Moneycontrol, Reddit)
FY 2024–25 Annual Numbers
- Net Sales: ₹ 5,212 Cr (vs ₹ 4,009 Cr in FY 24)
- Substantial growth across years: sales rose steadily from ₹ 2,139 Cr in 2021 to ₹ 5,212 Cr in 2025. (Moneycontrol)
📉 Efficiency & Working Capital
From FY 2020 to FY 2025 (consolidated):
- Cash Conversion Cycle (CCC) improved steadily from –116 days to –165 days by 2025
- Working Capital Days range: 28 to 52 days
- ROCE: 30% (Mar 21) → 35% (Mar 24) → ~31% (Mar 25) (Screener)
📈 Stock Momentum & Market Sentiment
- Stock surged 58% in 3 months, with 36% rally since May 23, 2025, driven by double‑digit quarterly growth and a strong order pipeline. (The Economic Times)
- Credit rating upgrades from CRISIL on long‑term bank facilities announced in January 2025. (Reddit)
⚠️ Risks & Considerations
According to publicly shared user insights and analysis:
- Bartred exposure: ~35% of order book tied to Bangladesh, raising geopolitical and payment risks. (Screener, Reddit)
- Litigation cases: Certain pending legal disputes (~₹ 61 Cr) could impact future cash flows. (Reddit)
✅ Strengths & Challenges at a Glance
| Strengths | Risks / Challenges |
|---|---|
| Rapid revenue and PAT growth, with strong ~60% YoY gains | High international (Bangladesh) exposure |
| Robust order pipeline & conversion momentum | Legal / litigation risk (~₹ 61 Cr) |
| Improving working capital days and strong ROCE (~30‑35%) | Execution risk in EPC market |
| Backward integration with in‑house manufacturing | Competitive bid process and working capital intensity |
🔍 Peer Group Overview
Listed peers include KEC International, Kalpataru Projects International, Skipper Ltd., Patel Engineering, and others (mint).
⚙️ Key Metrics Comparison
Valuation & Returns (as of mid‑2025)
| Company | P/E × | EV/EBITDA × | ROCE (%) | ROE (%) |
|---|---|---|---|---|
| Transrail Lighting | ~26–29 | ~13–15 | ~24–34 | ~17.8–25.3 |
| KEC International | ~41–42 | ~17–18 | ~16 | ~8.8–10 |
| Kalpataru Projects | ~33–35 | ~11–12 | ~16 | ~10.4 |
| Skipper Ltd. | ~61–75 | (not disclosed) | ~20.3 | ~9.0 |
| Patel Engineering | ~18 | — | ~13.9 | ~7.5 |
| Bajel Projects | ~129 | — | ~6.2 | ~0.9 |
| (NDTV Profit, mint) |
- Transrail’s P/E ratio (~25–29×) ranks below KEC and Skipper but above Patel and Bajel.
- Its EV/EBITDA (~13–15×) is mid-range—higher than Kalpataru but lower than KEC.
- ROCE (~24–34%) and ROE (~17–25%) outpace most peers, reflecting higher capital efficiency and profitability.
📈 IPO Era Comparison
At listing, Transrail reported:
- EPS: ₹17.37
- ROCE: 24.33%
- ROE: 24.41%
- P/E: ~24.9×
- Debt-to-equity: ~0.56×
These metrics exhibited stronger performance relative to peers like KEC (P/E ~74×, ROE ~8.8%) and Kalpataru (P/E ~42×, ROE ~10.4%) (Finance Saathi, MarketsMojo, Reddit).
🛠 Business Footprint & Competitive Edge
- Transrail specializes in power T&D, railway electrification, poles & lighting, backed by full backward integration in manufacturing and global execution capabilities across 58+ countries (Reddit).
- KEC International is a large-scale EPC player with diversified infrastructure verticals (solar, cables, civil works) across geographies, part of RPG Group (en.wikipedia.org).
- Kalpataru Projects is active in T&D and infrastructure with strong project execution but lower margins (mint).
✅ Why It Stands Out
- Higher margins and capital efficiency: Transrail’s ROCE/ROE are significantly stronger.
- Valuation edge: Moderate P/E and EV/EBITDA multiples indicate room for upside relative to high‑multiple peers like KEC.
- Diversified order book: Balanced mix of domestic & international, with solid conversion potential (Reddit).
⚠️ Risks to Watch
- Competitive pressure: EPC contracts are tender-based and may result in margin compression if aggressively priced .
- Execution & regional exposure risks, such as Bangladesh (
35% orderbook), and pending litigation (₹61 Cr) mentioned by users (Reddit).
📌 Bottom Line
Transrail Lighting offers an attractive balance of strong profitability, reasonable valuation, and solid growth potential. Compared to larger EPC peers, it delivers better capital returns while trading at mid-tier multiples—making it a competitive option in the infrastructure space.
If you’d like further:
- Financial ratio charts over time
- Valuation scenarios vs industry
- Segment-wise peer deep dive (e.g. railway EPC vs power T&D)
🧠 Final Takeaway
Transrail Lighting is positioned for robust growth—propelled by strong execution in T&D and railway projects, expanding order book, and improving margins. However, institutional investors should factor in international exposure risks, pending litigations, and working capital management.
