Transmission Stock in Focus After Announcing Q4 Results and ₹11,000 Cr Orders

Synopsis: Transmission stock shares fell 7% after Q4FY26 PAT declined 24% YoY. Despite weak quarterly results, the company reported strong FY26 growth, a robust Rs. 16,361 crore order book, and guided for 20–22% revenue growth in FY27.

The shares of this company are engaged in power transmission and distribution infrastructure and it undertakes projects involving transmission lines, substations, rural electrification, and etc are in the spotlight after the company is eyeing Rs. 10,000–11,000 crore of new orders this year.

With a market capitalisation of Rs. 6,583 cr, the shares of Transrail Lighting Ltd were trading at Rs. 490.40 per share, declining over 7% in today’s market session, making a low of Rs. 480, down from its previous close of Rs. 518.90 per share.  

Guidance 

For FY27, the company expects revenue growth of around 20–22%, supported by a strong order pipeline and robust transmission & distribution (T&D) demand, which contributes nearly 85–90% of its total order book. 

The company anticipates securing fresh orders worth Rs. 10,000–11,000 crore during the year and targets nearly 25% growth in its overall order book. Management expects EBITDA margins to remain around 11%, factoring in geopolitical uncertainties. 

Additionally, annual capex is projected at nearly Rs. 225 crore, to be funded entirely through internal accruals, while debt levels are expected to remain stable between Rs. 225–250 crore. The company is also aiming to maintain working capital days below 80 days. 

Financial performance 

In Q4FY26, Transrail Lighting Ltd reported a subdued quarterly performance compared to Q4FY25. Revenue from operations declined 4% YoY to Rs. 1,863 crore from Rs. 1,946 crore, while EBITDA fell 13% to Rs. 207 crore from Rs. 237 crore. EBITDA margin narrowed to 11.1% from 12.2%. Operating Profit Before Tax (PBT) dropped 19% YoY to Rs. 144 crore from Rs. 177 crore, and Profit After Tax (PAT) declined 24% to Rs. 97 crore from Rs. 127 crore, with PAT margin reducing to 5.1% from 6.5% in the year-ago quarter.

For the full year FY26, the company delivered strong growth over FY25. Revenue from operations increased 30% YoY to Rs. 6,880 crore from Rs. 5,308 crore, while EBITDA rose 21% to Rs. 820 crore from Rs. 676 crore. Operating PBT grew 25% to Rs. 584 crore from Rs. 467 crore, and PAT climbed 28% YoY to Rs. 421 crore from Rs. 329 crore. The company maintained healthy profitability during the year, supported by strong execution across infrastructure and transmission projects.

Order Book 

It reported a strong order inflow of Rs. 8,520 crore during FY26, highlighting sustained demand across its core business segments. The Power Transmission & Distribution (T&D) segment remained the key growth driver, contributing 89% of the total order intake, followed by Civil at 6%, Pole & Lighting at 3%, and Railways at 2%. The company maintained a balanced business mix with 63% domestic and 37% international orders, reflecting diversified geographical exposure.

As of March 2026, Transrail’s unexecuted order book stood at Rs. 16,313 crore, while the total unexecuted order book, including L1 orders, reached Rs. 16,361 crore. The order backlog was largely dominated by the Power T&D segment with a 92% share, followed by Civil at 5%, Railways at 2%, and Pole & Lighting at 1%. The order book mix remained well balanced between domestic (61%) and international (39%) markets, reducing concentration risk and providing strong revenue visibility for FY27 and beyond.

Transrail Lighting Ltd is an engineering, procurement, and construction (EPC) company primarily focused on power transmission and distribution infrastructure. The company undertakes projects involving transmission lines, substations, rural electrification, and civil infrastructure, while also manufacturing transmission towers, monopoles, and lighting poles.

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