1. At a Glance
Texmaco Rail, the Adventz Group’s pet project, is India’s largest wagon supplier — basically the guy who keeps Indian Railways running while you keep cursing trains for being late. From wagons to hydro-mechanical equipment, to steel castings, they do everything heavy and metallic, except maybe Salman Khan’s dumbbells. The company delivered 10,612 wagons in FY25 (vs. just 3,073 in FY23), has an order book of ₹7,000 Cr, and still managed to see its stock fall 42% in a year. Truly, Indian investors love drama more than results.
2. Introduction
Picture this: You’re a company making 1 out of every 4 wagons that chugs on Indian tracks. Your factories span 309 acres, your clients list reads like India Inc’s who’s who (SAIL, NTPC, Adani, Grasim, Ultratech, BPCL). You’re exporting to the U.S., Australia, and Eurasia (which is not a Game of Thrones kingdom but real markets). You’ve got JVs with the French (Touax), Americans (Wabtec, Trinity), Europeans (Nevomo), and Koreans (Sampyo Rail). Basically, Texmaco is running a United Nations summit inside Howrah.
And yet, the market says: “Beta, your ROE is 9.35%, ROA 5.5%, and your stock is trading at 26x earnings — ab thoda dhang se kamao.”
This is where Texmaco stands: orders galore, partnerships in place, but the financials still struggling to catch up.
3. Business Model (WTF Do They Even Do?)
Texmaco is essentially a 3-engine train:
- Freight Cars (84% FY25 revenue) – The big boy. Tank wagons, hopper wagons, stainless steel wagons, and commodity-specific carriers. Think Ola, but for coal and cement. They’ve made 50,000+ wagons so far and supply 1 out of 4 running on Indian tracks.
- Rail & Green Energy Infra (9%) – EPC contracts for railway tracks, signaling, and telecom. Being transferred into a subsidiary (Belgharia Engineering Udyog Pvt Ltd). In short: they lay the track for their own wagons to run. Genius jugaad.
- Electrical Infra (7%) – Railway electrification, transformers, substations. Because diesel is so 1990s.
Also, don’t forget their foundry division — where they make railway castings and export them. Only Indian company certified by the Association of American Railroads. Yes, Amreeka trusts Howrah-made steel.
4. Financials Overview
Here’s the quarterly scorecard (Q1 FY26 vs last year & last
