Titagarh Rail Systems Ltd (TRSL), a key player in India’s rail manufacturing sector, has reiterated its focus on innovation, automation, and customer-driven growth as it seeks to contribute meaningfully to the country’s rail infrastructure expansion under the government’s Make in India and Aatmanirbhar Bharat programs.
In a message to shareholders included in the company’s latest annual report, Vice Chairman and Managing Director Umesh Chowdhary reflected on TRSL’s journey, describing it as one shaped by major milestones. He underscored the importance of innovation in today’s dynamic manufacturing environment, stating that TRSL has actively adopted automation to improve engineering accuracy and operational efficiency.
These advancements, he noted, have helped the company adapt to shifting customer expectations and broaden its role in both freight and passenger transport segments. Mr Chowdhary further stressed that TRSL’s ongoing success is not only about delivering shareholder value but also about fulfilling its broader responsibility to serve society and the nation.
TRSL, currently India’s largest producer of railway wagons, has extended its capabilities to include metro train systems, propulsion technologies, and passenger train manufacturing. A major step in this direction was the company securing a ₹24,000 crore contract to supply 80 Vande Bharat sleeper trains—one of the most high-profile deals in the Indian rail sector—solidifying its position as a complete mobility solutions provider.
At the same time, TRSL has flagged a possible financial impact linked to its Italian associate, Titagarh Firema SpA, which has encountered liquidity challenges. A payment dispute with a major customer pushed Firema into financial trouble, leading it to file for restructuring under Italy’s Crisis Code – ComposizioneNegoziatadellaCrisi (CNC) on May 14, 2025.
TRSL’s auditors, in the company’s annual report, noted that the financial instability of Firema could affect the value of TRSL’s investment in the associate. While the exact impact on TRSL’s carrying value—₹112.73 crore on a standalone basis and ₹74.58 crore in consolidated accounts—is yet to be assessed, the situation remains under watch.
Firema, which TRSL acquired in 2015 to enter the European market and gain metro train expertise, continues to act as a strategic centre for technology. Despite its restructuring, it remains involved in projects related to EMU and metro systems, propulsion components, and exports such as traction converters for Italy’s Regione Lazio commuter network. TRSL’s ownership in Firema has declined over time, from full control at the time of acquisition to a 25.43% stake by 2024, following capital infusions from Invitalia (Italy’s state-owned investment agency) and other partners.
Titagarh Rail Systems Limited is a leading player in the rail and infrastructure sector, engaged in the design, manufacture, and supply of rolling stock, metro coaches, wagon components, and heavy engineering equipment. With state-of-the-art facilities and a focus on innovation, TRSL serves both domestic and international markets, contributing to the development of modern, efficient, and sustainable transportation solutions.
