Titagarh Rail Systems Limited
TypePublic
BSE: 532966
NSE: TWL
ISININE615H01020
IndustryRailways
Defense
Shipbuilding
Mining
Founded1984[1]
FounderJagadish Prasad Chowdhary
HeadquartersTitagarh Towers 756, Anandapur, E.M. Bypass,
Kolkata, West Bengal
,
India[2]
Area served
Worldwide
Key people
  • Jagadish Prasad Chowdhary
    (Chairman)[3]
  • Prithish Chowdhary
    (Non-executive Director) [4]
  • Umesh Chowdhary
    (Managing Director) [5]
Products
  • Freight wagons
  • Locomotives
  • Rolling stock
  • Mining equipment
  • Navalships
Production output
8,000 wagons[6] (2020)
RevenueIncrease ₹2,822.17 crore (US$350 million) (2023)[7]
Increase ₹130.20 crore (US$16 million) (2023)[7]
Total assetsIncrease ₹2,678.90 crore (US$340 million) (2022)[3]
Total equityIncrease ₹842.27 crore (US$110 million) (2022)[3]
OwnersChowdhary family (47.05%)[8]
Number of employees
453[9] (31 March 2021)
Subsidiaries
  • Titagarh Firema
  • Cimmco Limited[10]
  • Titagarh Marine Limited
Websitetitagarh.in

Titagarh Rail Systems Limited, formerly known as Titagarh Wagons Limited, is a prominent Indian rolling stock manufacturer in the private sector. Established in 1984 as a rolling stock foundry unit, the company's headquarters are situated in Kolkata, West Bengal.[11] Titagarh is listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).[12][13]

In 1997, the founder decided to add a bit more value to his propositions. He ventured into making entire wagons that would be used for freight, before that it used to manufacture railway components.The core operations of the Company encompass providing comprehensive rail mobility solutions, including Freight Wagons, Semi High-Speed Trains, Metros, Transit and propulsion Systems, and Passenger Coaches for the Indian Railways and for the export markets as well . In addition to the design, manufacture & supply of 102 Metro Coaches for Pune Metro and the largest ever order for procurement of 24177 Wagons which are under execution, the Company has been awarded prestigious orders by the Indian Railways for the manufacture and maintenance of Vande Bharat Trains and Wheels for the same under the Atma Nirbhar and Make in India initiatives of the Government of India and is a significant enabler for railway infrastructure of the country. Beyond its substantial engagement in the railway sector, Titagarh holds business interests in shipbuilding, bridges, and defense .[14][15][16]

Overview

Context

The founder of Titagarh Rail Systems, Shri. Jagadish Prasad Chowdhary, commenced his professional journey as an account assistant at a tea estate in Darjeeling, West Bengal. Subsequently, he relocated to Calcutta (now Kolkata) and assumed the role of an accountant at a steel casting company that supplied materials to the Indian Railways. Through his dedication and hard work, Mr. Chowdhary ascended the corporate ladder and eventually assumed the position of Chief Executive Officer (CEO) of the steel castings company.


In the year 1982, Mr. Chowdhary as an entrepreneur acquired the defunct foundry division of the government-owned Britannia Engineering then under liquidation, situated in Titagarh, Barrackpore, West Bengal. Renaming the enterprise as Titagarh Steels Limited (TSL), he commenced  production of railway casting components, specifically bogies and couplers & crossings and turned around the operations of the Foundry in a record time. In 1994, Mr. Chowdhary was invited to present a rehabilitation plan for the two Paper Mills of the then sick Titagarh Paper Mills Company Limited which were vested in TSL by a Scheme of Rehabilitation by the Board for Industrial and Financial Reconstruction (BIFR). Subsequently these Paper Mills were demerged into two separate companies through a Scheme of Arrangement sanctioned by the Hon’ble High Court, Calcutta.[6]

Development

Chowdhary founded Titagarh Wagons Limited on 3 July 1997 to manufacture railway wagons.[6][17] The company started out with an annual production capacity of 180 wagons.[6]

In July 2010, Titagarh Wagons purchased the French rail wagon maker Arbel Fauvet Rail (AFR) for EUR 15 million (first overseas acquisition), which had gone into receivership in February 2009.[18][19] Titagarh Wagons turned around AFR and with the subsidiary's revenue rising from ₹9.95 crore (US$1.2 million) in 2010-11 to ₹163.51 crore (US$20 million) in 2011-12, and the employee headcount almost doubling from 85 to 150.[20] A French commercial court ordered the liquidation of AFR in July 2019. The next month, Titagarh announced that it would exit from AFR. Vice-Chairman and Managing Director, Umesh Chowdhary, stated that AFR had been making losses of 4-5 million euros a year for the past three years due to general economic factors, and would have required more capital to reach profitability. Titagarh Wagons had invested ₹100 crore (US$13 million) in AFR since acquiring the company.[21]

Titagarh Wagons acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for the Indian Navy. Corporated Shipyard won its first defence contract in 2017.[22][23]

In 2015, Titagarh Wagons acquired the brand name and know-how of French cast steel bogie manufacturer Sambre et Meuse.[24] On 16 July 2015, Titagarh acquired a 90% stake in Italian rail equipment firm Firema Trasporti for an estimated €25 million. The remaining 10% stake was held by Italian company Adler Plastics SpA.[25][26] In June 2017, Titagarh announced that it had acquired the 10% stake from Adler Plastics for an undisclosed amount.[27][28] The company was subsequently renamed as Titagarh Firema SpA. Titagarh Firema designs metro rail coaches and manufactures them at its factories at Caserta, Spello and Tito.[29]

In May 2016, Titagarh Wagons formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.[30][31] Titagarh Wagons acquired Matiere's stake in July 2020, making it a wholly-owned subsidiary.[32][33]

In 2019, Titagarh Firema was awarded the contract to supply 102 aluminium bodied metro rail coaches for the Pune Metro by Maha Metro.[34] While 3 of the total 34 rakes would be manufactured at the Firema plant in Italy, the remaining 31 trainsets would be manufactured at TWL's facility in Uttarpara.[35]

In April 2021, the company secured a ₹3.5 billion contract to supply rolling stock for the Ahmedabad Metro.[36]

Financials

Titagarh Rail Systems Limited reported a total income of Rs.2822.17 crores during the financial year ended March 31, 2023 as compared to Rs.1485.23 crores during the financial year ended March 31, 2022. The company posted a net profit of Rs.130.20 crores for the financial year ended March 31, 2023 as against a loss of Rs.0.32 crores for the financial year ended March 31, 2022.[37][3]

Subsidiaries

  • Cimmco Limited (India)[38]
  • Titagarh Firema SpA (Italy)[38]
  • Titagarh Marine (India)[23]
  • Matiere Titagarh Bridges(India)[33]

Former subsidiaries

Joint ventures

  • Titagarh Rail Systems Limited-Ramkrishna Forgings JV: Ramkrishna Forgings and Titagarh Wagons consortium emerged as the lowest bidder for manufacturing and supply of approximately 1.6 million forged wheel discs for different rolling stocks of Indian Railways over a period of 20 years at about 80,000 wheels per annum.[39][40] The contract is worth Rs.12,226 crore. The Rs.1000cr manufacturing facility for fulfilment of this order is to be the second largest in Asia, with an annual production capacity of more than 2 lakh wheels.[41]
  • Titagarh Rail Systems Limited-BHEL JV: BHEL-Titagarh Wagons Ltd. consortium won the order for 80 Vande Bharat Trains in one of the biggest railway tenders for manufacturing- cum-maintenance of Vande Bharat Trains. Total order value for the consortium is estimated to be approximately Rs.25,000 crore.[42] It comprised the supply of train sets for Rs.9,600 crore and balance amount is to be for the maintenance of the same for a period of 35 years.[43][44]
  • Titagarh Rail Systems Limited-CRRC JV: CRRC Nanjing Puzhen Co Ltd a subsidiary of CRRC bagged the contract from Bangalore Metro Rail Corporation Ltd to supply 216 metro cars in December 2019. The order was worth Rs.1,578 crore.[45] The contract mandated that the Chinese company should either set up a factory in India or tie-up with an Indian company to manufacture 90% of the car. Following its inability to acquire land to set up a manufacturing base on its own, CRRC entered into a tie-up with Titagarh Wagons for the manufacturing and supply of 34 train sets from TWL's facility in Uttarpara.[46][47]

Products and services

An aluminium trainset made by Titagarh Rail Systems Limited for the Pune Metro.
  • Railway freight: Rolling stock, components (bogies, couplers, locomotive shells, gears);
  • Railway transit: Rolling stock (electric locomotives, EMU trainsets, DEMU trainsets, metros, light rail transports, body shells, bogies, propulsion & electrical equipment);
  • Shipbuilding: Coastal research vessels, naval vessels, passenger ships, tugs, inland vessels;
  • Other engineering services: Bailey bridges, defence

See also

References

  1. ↑ "Titagarh Wagons Ltd.: Company Details".
  2. ↑ "Contact". titagarh.in. Retrieved 14 May 2022.
  3. 1 2 3 4 "TITAGARH WAGONS LIMITED 2022 ANNUAL REPORT" (PDF). bseindia.com. Retrieved 26 June 2023.
  4. ↑ "Board Members". titagarh.in. Retrieved 18 June 2022.
  5. ↑ "Board Members". titagarh.in. Retrieved 14 May 2022.
  6. 1 2 3 4 Bose, Sajal (17 November 2020). "Titagarh Wagons bets big on mobility". Business India. Retrieved 15 May 2022.
  7. 1 2 "Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores". EquityBulls. 24 May 2023. Retrieved 25 May 2023.
  8. ↑ "Shareholding Pattern" (PDF). titagarh.in. Retrieved 14 May 2022.
  9. ↑ "Annual Report 2020-21" (PDF). titagarh.in. Retrieved 14 May 2022.
  10. ↑ "Our Group Companies | Titagarh". titagarh.in. Retrieved 14 May 2022.
  11. ↑ "Rebranding Announcement | Titagarh Wagons to focus on rail-related solutions, rebrands as Titagarh Rail Systems". cnbctv18.com. 25 May 2023. Retrieved 25 May 2023.
  12. ↑ "Rs 93 to Rs 498: This railway stock scaled all-time high within a year". Business Today. 20 June 2023. Retrieved 23 June 2023.
  13. ↑ "Titagarh Rail Systems up 2095% from March 2020 low but Antique expects another 55% upside; here's why". Mintgenie. Retrieved 23 June 2023.
  14. ↑ "Titagarh Wagons Limited". Business Standard. Retrieved 19 November 2018.
  15. ↑ "Wagon maker Titagarh forays into shipyard business". DNA India. Retrieved 19 November 2018.
  16. ↑ https://titagarh.in/service/engineering/defence
  17. ↑ "Titagarh Wagons > Company History". www.moneycontrol.com. Retrieved 15 May 2022.
  18. ↑ "Titagarh Wagons buys French company in first overseas buy". mint. 12 July 2010. Retrieved 15 May 2022.
  19. ↑ "Titagarh Wagons buys French co in first overseas buy". Reuters. 12 July 2010. Retrieved 15 May 2022.
  20. ↑ "Forbes India - Titagarh Wagons' French Success". Forbes India. Retrieved 15 May 2022.
  21. 1 2 PTI (26 August 2019). "Titagarh Wagons to move out from French arm Arbel Fauvet Rail". www.thehindubusinessline.com. Retrieved 15 May 2022.
  22. ↑ Bose, Pritam Ranjan (2 April 2018). "From metro coaches to warships, Titagarh hits the fast track". The Hindu Business Line. Mumbai. Retrieved 19 November 2018.
  23. 1 2 Ghaswalla, Amrita Nair (15 June 2017). "Titagarh Wagons switches track to build ships". The Hindu Business Line. Kolkata. Retrieved 19 November 2018.
  24. ↑ "Titagarh Freight | Titagarh". titagarh.in. Retrieved 15 May 2022.
  25. ↑ Bureau, BS B2B (16 July 2015). "Titagarh Wagons buys Italy-based Firema Trasporti". Business Standard India. Retrieved 15 May 2022.{{cite news}}: CS1 maint: numeric names: authors list (link)
  26. ↑ Paul, Aniek (16 July 2015). "Titagarh Wagons concludes acquisition of Italy's Firema Trasporti". mint. Retrieved 15 May 2022.
  27. ↑ Market, Capital (20 June 2017). "Titagarh Wagons acquires 10% stake in Titagarh Firema Adler SpA". Business Standard India. Retrieved 15 May 2022.
  28. ↑ "Titagarh Wagons buys out Italian partner in coach-making venture". www.thehindubusinessline.com. 31 July 2017. Retrieved 15 May 2022.
  29. ↑ "European ops will take 12–18 months to turn profitable: Umesh Chowdhary, Titagarh Wagons". Economic Times. 24 August 2018. Retrieved 19 November 2018.
  30. ↑ "Titagarh wagons with French Matiere in 50:50 venture to make and sell metallic bridges". The Economic Times. Retrieved 15 May 2022.
  31. ↑ Bureau, BS B2B (30 May 2016). "Titagarh Wagons forms JV with French firm Matiere". Business Standard India. Retrieved 15 May 2022.{{cite news}}: CS1 maint: numeric names: authors list (link)
  32. ↑ "Titagarh Wagons acquires 50 pc stake of French JV partner Matiere in MTBPL". The Times of India. PTI. 15 July 2020. Retrieved 15 May 2022.
  33. 1 2 PTI (15 July 2020). "Titagarh Wagons buys 50 per cent stake of French jt venture partner Matiere in MTBPL". www.thehindubusinessline.com. Retrieved 15 May 2022.
  34. ↑ Dixit, Sameer; Srivastava, Ritesh K (15 August 2019). "Indian multinational Titagarh Firema wins bid for supply of 102 Aluminium bodied metro rail coaches". Zee News. Retrieved 15 August 2019.
  35. ↑ "Titagarh Wagons rolls out first Pune Metro train". www.telegraphindia.com. Retrieved 12 January 2022.
  36. ↑ "Titagarh Rail Systems wins Rs 3.5 bn contract for Ahmedabad Metro". Construction World. April 2021. Retrieved 2 September 2023.
  37. ↑ "Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores". EquityBulls. 24 May 2023. Retrieved 26 May 2023.
  38. 1 2 "Subsidiary list". Retrieved 25 February 2019.
  39. ↑ "Ramakrishna Forging: Titagarh Wagons emerge lowest bidder in forged wheels project". The Times of India. 15 March 2023. ISSN 0971-8257. Retrieved 7 June 2023.
  40. ↑ "Make In India: Titagarh Wagons-Ramkrishna Forgings consortium to set up largest wheel manufacturing plant in Asia". Financialexpress. 15 May 2023. Retrieved 7 June 2023.
  41. ↑ "Ramkrishna-Titagarh consortium scouting for 'optimal' sites for train wheel plant". The Economic Times. 15 May 2023. ISSN 0013-0389. Retrieved 7 June 2023.
  42. ↑ Bureau, ABP News (12 April 2023). "BHEL-Led Consortium Bags Order For Supplying 80 Vande Bharat Trains". news.abplive.com. Retrieved 7 June 2023.
  43. ↑ "TWL-BHEL to mfg Vande Bharat sets". The Times of India. 3 March 2023. ISSN 0971-8257. Retrieved 7 June 2023.
  44. ↑ PTI (2 March 2023). "Titagarh-BHEL consortium sets Vande Bharat trains' contract value close to Rs 25,000 crore: Official". ThePrint. Retrieved 7 June 2023.
  45. ↑ "Chinese firm to manufacture 216 Bengaluru metro coaches". Deccan Herald. 21 July 2022. Retrieved 7 June 2023.
  46. ↑ "Chinese firm retains contract for 216 Namma Metro coaches". The New Indian Express. Retrieved 7 June 2023.
  47. ↑ "CRRC tie-ups with Titagarh Wagons to supply 216 coaches for Bangalore Metro Phase 2". Urban Transport News. Retrieved 7 June 2023.
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