₹6,367 Cr order book, margins wobble, wagons roar back—management swears the tough part is over
1. Opening Hook
Just when investors were getting used to blaming everything on “macro headwinds,” Texmaco decided to blame… wheelsets and US tariffs. Classic. Q1 FY26 was painted as the industry’s dark age, but Q2 suddenly looks like a Bollywood comeback—dramatic pause, swelling background score, and 28.5% jump in wagon deliveries.
Yes, revenue dipped YoY, margins blinked nervously, and exports hit a tariff wall. But management insists this was the “messy middle,” not the ending. Orders kept flowing, wagons rolled out faster, and partnerships multiplied like joint ventures in a PSU tender season.
Stick around. The real spice is in exports, electrification, and whether this ₹6,367 Cr order book actually converts into cash—or just prettier PowerPoint slides.
2. At a Glance
- Revenue ₹1,258 Cr – Down YoY, but QoQ sprinted like it found Red Bull.
- EBITDA ₹132 Cr (10.5%) – Margins recovered; Q1 clearly had stage fright.
- PAT ₹64 Cr – Profits returned, slightly bruised but alive.
- Wagons 2,334 units – From disaster to rebound in one quarter.
- Order Book ₹6,367 Cr – Big enough to make bears temporarily nervous.
3. Management’s Key Commentary
“Revenues were partially impacted due to short supply of wheelsets, now normalised.”
(Translation: Supply chain said ‘LOL’ in Q1, behaved in Q2.) 😏
“US tariffs halted export sales in the Foundry Division.”
(Translation: Geopolitics strikes again—this time with customs paperwork.)
“We delivered 2,334 freight cars, a rebound of 28.5% QoQ.”
(Translation: Told you Q1 was ugly. Please forget it ever happened.)
“New orders across freight wagons and traction systems reinforce execution focus.”
(Translation: Orders are coming; now please trust us to execute.)
“MoU with Hörmann Vehicle Engineering brings German engineering excellence.”
(Translation: Imported brains, Indian factories—aspirational combo.) 🚄
“2×25
