1. At a Glance – Blink and You’ll Miss the Volatility
Integra Engineering India Ltd is one of those classic smallcap railway ancillaries that looks boring on the surface but starts throwing curveballs the moment you open the quarterly tab. Market cap around ₹611 crore, stock price chilling near ₹178, and a P/E of ~38 — not exactly “cheap railway PSU vibes”. The company proudly flashes a ROCE of 24.4% and ROE of 21.5%, which screams capital efficiency, but the latest quarter quietly coughed up a -43% YoY profit decline.
Q3 FY26 revenue came in at ₹42.21 crore, down nearly 10% YoY and QoQ, while PAT slid to ₹3.46 crore. Yet, over the long term, Integra has clocked a 21%+ sales CAGR and 26%+ profit CAGR over five years. Basically, long-term investors are smiling in Switzerland, short-term traders are sweating in Mumbai.
So what’s going on? Is this a temporary execution hiccup, railway tender lumpiness, or the market finally questioning a 38x multiple on a sheet-metal-and-wiring business? Let’s open the control cabinet.
2. Introduction – Swiss Parents, Indian Railways, Desi Mood Swings
Founded in 1987, Integra Engineering India Ltd is a subsidiary of Integra Holding AG, Switzerland. Translation: the promoter doesn’t care about daily BSE candles, but Indian retail absolutely does. The company sits deep inside the railway and rolling stock supply chain, supplying propulsion system components, control panels, metro interiors, and signalling products to OEMs like Alstom, Siemens Mobility, Medha Servo, BHEL, and CG Power.
This is not a tender-flipping trader. Integra designs, manufactures, and assembles — sheet metal, wiring harnesses, electro-mechanical solutions, and railway control systems. It is also RDSO-approved, which in railway land is equivalent to having a VIP entry pass.
But here’s the twist: railway suppliers don’t grow linearly. Orders are chunky, execution is lumpy, and
margins swing with project mix. When things go right, ROCE explodes. When one project delays, quarterly PAT looks like it fell off a train. Q3 FY26 was one such reminder.
3. Business Model – WTF Do They Even Do?
Imagine Indian Railways ordering a 9,000 HP locomotive. Now imagine the chaos of electronics, converters, cabinets, relays, wiring, interiors, and panels inside it. Integra lives there.
The company operates across four broad buckets:
• Propulsion & Power Electronics – Traction converters, auxiliary converters, vehicle control units, hotel load converters
• Railway Panels – TCC, ECC, EDC cabinets for EMU systems
• Metro Interiors – Walls, ceilings, partitions, luggage racks, cab interiors, driver desks
• Railway Control & Signalling – Relays (M2M/M2C), LED signals, FACS, wire harnesses
Revenue is ~94% from products, services are negligible, exports are just 4%, and domestic railways dominate. This is a classic “Make in India, Sell to Railways & OEMs” story with high entry barriers but zero glamour.
4. Financials Overview – The Numbers Don’t Lie, They Just Troll
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 42.21 | 46.77 | 41.04 | -9.75% | +2.8% |
| EBITDA (₹ Cr) | 6.64 | 10.06 | 6.49 | -34.0% | +2.3% |
| PAT (₹ Cr) | 3.46 | 6.11 | 3.47 | -43.4% | -0.3% |
| EPS (₹) | 1.01 | 1.78 | 1.01 | -43.3% | Flat |
Annualised EPS (Q3 rule):
Average of Q1,
