Titagarh Rail Systems Limited (TITAGARH.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-103.0%

-₹20.87

vs ₹687.30 price

Levered DCF

₹295.57

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	63.03×	38.89×	41.72×	24.1×	-3,685.45×	-34.8×	-8.41×	-28.5×
P/B	3.16×	4.33×	5.38×	3.26×	1.44×	0.62×	0.38×	1×
P/S	2.43×	2.78×	3.1×	1.13×	0.83×	0.34×	0.16×	0.52×
EV / EBITDA	23.6×	22.34×	24.99×	11.22×	11.62×	12.21×	7.11×	14.9×
Gross margin	22.1%	21.3%	13.2%	11.5%	14.6%	9.8%	10.4%	13.2%
Operating margin	9.3%	10.9%	16.7%	8.7%	10.2%	3.5%	7.6%	9.7%
Net margin	3.9%	7.1%	7.4%	4.7%	-0.0%	-1.0%	-1.9%	-1.8%
Current ratio	1.81×	1.99×	2.72×	1.03×	1.19×	1.55×	1.72×	1.32×
Debt / equity	0.25×	0.25×	0.07×	0.37×	1.09×	1.01×	0.95×	1.1×
Interest coverage	4.2×	5.76×	8.77×	2.99×	2.62×	0.65×	1.53×	2.33×
Dividend yield	0.2%	0.1%	0.1%	0.0%	0.0%	0.0%	1.5%	0.5%
Payout ratio	10.9%	3.9%	2.2%	0.0%	-8.3%	-0.1%	-12.2%	-14.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.0%	11.1%	12.9%	13.5%	-0.0%	-1.8%	-4.5%	-3.5%
Return on invested capital	5.9%	9.5%	17.7%	11.4%	4.9%	2.8%	7.8%	8.9%
Return on assets	3.0%	7.3%	8.9%	5.6%	-0.0%	-0.6%	-1.5%	-1.1%
Free cash flow yield	-0.7%	-3.4%	-0.7%	-1.3%	-8.8%	-10.2%	13.1%	-28.4%
Earnings yield	1.6%	2.6%	2.4%	4.1%	-0.0%	-2.9%	-11.9%	-3.5%
Enterprise value	₹82.1B	₹113.6B	₹117.8B	₹34.4B	₹21.2B	₹12.9B	₹9.9B	₹16.1B
Net debt / EBITDA	1.33×	1.18×	-0.35×	0.97×	4.99×	7.27×	5.04×	7.38×
Cash conversion cycle (days)	149	117	82	72	101	162	135	127