Key Metrics of Texmaco Rail & Engineering Limited
About Texmaco Rail & Engineering Limited
Sectors
Company details
- Registered office
- Belgharia, Kolkata, In-wb, 700056
- Listed
- NSE: TEXRAIL · ₹98.50
Operational Areas of Texmaco Rail & Engineering Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 Jul 2026 | CARE | Reaffirmed | A | A1 | Stable | ₹4,400 Cr | View |
| 04 Jul 2025 | CARE | Other | — | — | — | — | View |
| 08 Jan 2025 | CARE | Other | — | — | — | — | View |
| 05 Aug 2024 | CARE | Other | — | — | — | — | View |
| 05 Jul 2024 | CARE | Other | — | — | — | — | View |
| 26 Mar 2024 | CARE | Other | — | — | — | — | View |
| 05 Jan 2024 | CARE | Other | — | — | — | — | View |
| 11 May 2023 | CARE | Reaffirmed | BBB+ | A3+ | Stable | ₹2,931 Cr | View |
| 28 Mar 2023 | CARE | Revised (from A-) | BBB+ | A2 | Stable | ₹2,788 Cr | View |
| 05 Jul 2022 | CARE | Reaffirmed | A- | A2 | Negative | ₹5,018 Cr | View |
| 07 Jul 2021 | CARE | Reaffirmed | A- | A2 | Negative | ₹5,002 Cr | View |
| 17 Sep 2020 | CARE | Reaffirmed | A- | A2 | Stable | ₹2,639 Cr | View |
| 26 Jun 2020 | CARE | Revised (from A+) | A- | A2 | Stable | ₹5,177 Cr | View |
| 25 Mar 2020 | CARE | Reaffirmed (from A+) | A+ | A1 | Stable | ₹5,330 Cr | View |
| 04 Nov 2019 | CARE | Reaffirmed | A+ | A1+ | Stable | ₹4,822 Cr | View |
| 08 Jan 2019 | CARE | Reaffirmed (from AA) | A+ | A1+ | Stable | ₹2,081 Cr | View |
Credit strengths (CARE, Jul 2026)
+ Experienced promoters with demonstrated fund support
TexRail is part of the Saroj Kumar Poddar faction of the K. K. Birla group, which was subsequently rechristened as Adventz Group. Adventz is an established business group in the country having interests in fertilisers, chemicals, financial services, real estate, and sugar. Promoters have significant business experience and demonstrate support to TexRail by infusion of funds as equity and unsecured loans, when required. This support is expected to continue going forward as well.
+ Technical tie-ups and backward integration
TexRail has long-standing presence in the railway wagon industry, being largest player in the domestic wagon manufacturing industry with present annual capacity to manufacture 15,400 wagons (including 2,400 wagons in its subsidiary Texmaco Nymwag Rail and Components Private Limited commissioned in April 2026). Over the years, it has added capacity for manufacturing hydro- mechanical equipment, heavy steel structures, and process equipment. The company has strong backward integration, with in-
+ Satisfactory order book with increasing orders from private sector players
TexRail’s order book declined to ₹5,408 crore as on March 31, 2026 (₹6,951 crore as on March 31, 2025). While orders from Indian Railways have reduced, the increase in privatesector and export orders has supported its order book. In Q1FY27, the company has secured a large international contract in South Africa worth over ₹4,000 crore, which includes supplying 2,200 wagons and 30 diesel locomotives by FY28. Given the high working capital intensity in civil work dominated orders, the company has r
+ Healthy financial performance despite moderation witnessed in FY26
The company reported moderation in TOI, despite maintaining a sizeable scale of operations.In FY26, TOI declined by 14% year- on-year (y-o-y) considering lower sales volumes in steel foundry and wagons divisions (which declined by 21% y-o-y). This was primarily due to wheelset supply constraints impacting wagon production across the industry and export-related challenges in the foundry segment. Consequently, the company’s PBILDT margin also moderated slightly to 8.92% in FY26 (PY: 9.34%).
+ Healthy capital structure despite moderation in debt coverage indicators
TexRail’s consolidated debt stood at ₹1515 crore as on March 31, 2026 (₹1,537 crore as on March 31, 2025). While the debt remained stable y-o-y, the creation of contingency provision in FY26, impacted the net-worth leading to a moderation in overall gearing ratio to 0.65x as on March 31, 2026 (0.56x as on March 31, 2025). Despite this, the gearing continues to remain comfortable. Its TD/PBILDT also moderated to 3.88x as on March 31, 2026, from 3.23x as on March 31, 2025, because of moderation in
Credit challenges
− Elongated receivables leading to moderate return indicators
TexRail’s nature of business entails considerable dependence on working capital requirements in form of fund-based and non- fund-based borrowings. Debtors (including retention money) stood at ₹1,248 crore as on March 31, 2026 (₹ 1,366 crore as on March 31, 2025). Debtors majorly relate to the freight car division, where the company is executing wagon orders for railways. Unbilled debtors, mainly pertaining to Infra – Rail & Green Energy (KRNL) and Infra – Electrical (BPPPL) division, increased f
Could lead to an upgrade
• Improvement in return on capital employed (ROCE) above 12% on a sustained basis,with improvement in scale of operations and operating margin. • Improvement in coverage indicators with total debt to profit before interest, lease rentals, depreciation, and taxation (TD/PBILDT) going below 2.5x on a sustained basis. • Efficient management of working capital requirement and improvement in operating cycle.
Could lead to a downgrade
• Substantial decline in total operating income (TOI) or decline in operating profitability (PBILDT margin less than 7%) on a sustained basis. • Deterioration in coverage indicators with TD/PBILDT going above 4.5x on a sustained basis. • Significant deterioration in average collection period. 1Complete definition of ratings assigned are available at www.careratings.comand other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd. Press Release
Agency-reported financials (CARE, 26 Mar 2024)
| Metric | 9MFY24 |
|---|---|
| Total operating income | ₹2,358 Cr |
| PBILDT | ₹180 Cr |
| PAT | ₹54.49 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 1.71× |
| EBITDA margin | 7.6% |
| Implied interest cost (EBITDA ÷ coverage) | ₹105 Cr |
| PAT margin | 2.3% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹1,380 Cr | — | A (Stable) | Reaffirmed | CARE |
| Long-term Short-term bank facilities | Working capital & bank lines | — | ₹2,950 Cr | — | A / A1 (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹70.0 Cr | — | A1 | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹2,950 Cr | CARE A; Stable / CARE A1 |
| Cash Credit | ₹1,065 Cr | CARE A; Stable |
| Commercial Paper (Carved out) | — | Withdrawn |
| Forward Contract | — | Withdrawn |
| Short Term | ₹70.0 Cr | CARE A1 |
| Term Loan | ₹315 Cr | CARE A; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Bandhan Bank Ltd. |
| Fund-based - LT | Cash Credit | Bank of Baroda |
| Fund-based - LT | Cash Credit | Doha Bank |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Proposed |
| Fund-based - LT | Cash Credit | RBL Bank Limited |
| Fund-based - LT | Cash Credit | SBM Bank (India) Ltd. |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Cash Credit | UCO Bank |
| Fund-based - LT | Term Loan | Bandhan Bank Ltd. |
| Fund-based - LT | Term Loan | ICICI Bank Ltd. |
| Fund-based - LT | Term Loan | State Bank of India |
| Fund-based/Non-fund-based | Short Term | DBS Bank India Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bandhan Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Bank of Baroda |
| Non-fund-based - LT/ ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IDFC First Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | IndusInd Bank Ltd. |
| Non-fund-based - LT/ ST | BG/LC | Proposed |
| Non-fund-based - LT/ ST | BG/LC | RBL Bank Limited |
| Non-fund-based - LT/ ST | BG/LC | SBM Bank (India) Ltd. |
| Non-fund-based - LT/ ST | BG/LC | State Bank of India |
| Non-fund-based - LT/ ST | BG/LC | UCO Bank |
| Non-fund-based - LT/ ST | BG/LC | Yes Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 76% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 55% chance the next rating action is stable or better
- Current rating A (investment grade)
- Working-capital limits 41% utilised on average
Rated limits by facility
Timeline
From the report
Average fund-based working capital limit utilisation stood comfortable at ~41% for 12 months ended March 2026.
From the report
Improved debt coverage indicators despite increased debt level TexRail’s consolidated debt increased from ₹1,101.97 crore as on March 31, 2024, to ₹1,537.23 crore as on March 31, 2025 (₹1,511.43 crore as on March 31, 2023), because of inclusion of debt from newly acquired JRIL, and new term debt of ₹300 crore sanctioned for meeting working capital requirement in line with significant growth in its scale of operations .
From the report
Average fund-based working capital limit utilisation stood comfortable at ~67% for 12 months ended March 2025.
From the report
Improved debt coverage indicators despite increased debt level TexRail’s consolidated debt increased from ₹1,101.97 crore as on March 31, 2024, to ₹1,560.08 crore as on September 30, 2024 (₹1,511.43 crore as on March 31, 2023), because of inclusion of debt from newly acquired JRIL, and new term debt of ₹300 crore sanctioned for meeting working capital requirement.
From the report
Liquidity: Adequate The company has adequate liquidity position with surplus liquidity of ₹259 crore as on September 30, 2024, built from equity infusion in FY24 (₹50 crore through preferential allotment and QIP issue of ₹1,000 crore with net proceeds of ₹979 crore).
From the report
The company further issued convertible warrants of ₹150 crore in April 2024 (of which ₹37.50 crore has been received in April 2024).
From the report
Average fund-based working capital limit utilisation stood comfortable at ~69% for 12 months ending October 2024.
From the report
The ratings also factor in the improved liquidity profile post sizeable equity infusion in FY24 through preferential allotment and QIP issue (aggregating to ₹1,050 crore).
From the report
The company also issued convertible warrants of ₹150 crore in April 2024 (out of which ₹37.50 crore has been received in April 2024).
From the report
Liquidity: Adequate The company received equity infusion in FY24 (₹50 crore through preferential allotment and QIP issue of ₹1,000 crore with net proceeds of ₹979 crore).
From the report
Out of the equity infusion, the company has utilised around ₹531 crore for debt reduction and working capital requirements while it is left with the rest as balance liquidity as on March 31, 2024.
From the report
The average fund-based working capital limit utilization stood at around 75% during the last 12 months ended May 2024.
From the report
The ratings also factor in the improved liquidity profile post sizeable equity infusion in FY24 through preferential allotment and QIP issue (aggregating to ₹1,050 crore).
From the report
The company also issued convertible warrants of ₹150 crore in April 2024 (out of which ₹37.50 crore has been received in April 2024).
From the report
Out of the issue proceeds, TexRail has utilised ₹251 crore to retire its high-cost debt and ₹250 crore for its working capital requirement and ₹39 crore towards general corporate purposes.
From the report
Liquidity: Adequate The company received equity infusion in FY24 (₹50 crore through preferential allotment and QIP issue of ₹1,000 crore with net proceeds of ₹979 crore).
From the report
Out of the equity infusion, the company has utilised around ₹531 crore for debt reduction and working capital requirements while it is left with the rest as balance liquidity as on March 31, 2024.
From the report
The average fund-based working capital limit utilization stood at around 75% during the last 12 months ended May 2024.
From the report
The ratings continue to derive comfort from the improved liquidity profile post sizeable equity infusion in October 2023 and November 2023 through preferential allotment (₹50 crore) and QIP issue (₹750 crore) respectively.
From the report
Out of the equity infusion, the company has utilised around ₹501 crore for debt reduction and working capital requirements while it is left with the rest as balance liquidity as on March 15, 2024.
From the report
The average fund-based limit utilization stood at around 80% during the last 12 months ended February 2024.
From the report
Rationale and key rating drivers The revision in the short-term rating assigned to the bank facilities of Texmaco Rail & Engineering Limited (TexRail) takes into account the improved liquidity profile post sizeable equity infusion in October 2023 and November 2023 through preferential allotment (₹50 crore) and QIP issue (₹750 crore) respectively.
From the report
Out of the issue proceeds, TexRailhas utilised ₹190 crore to retire its high-cost debt and ₹100 crore has been utilised for its working capital requirement while the remaining amount being parked in liquid mutual funds.
From the report
Out of the equity infusion, the company has utilised around ₹290 crore for debt reduction and working capital requirements while it is left with the rest as balance liquidity as on December 28, 2023.
From the report
The company proposes to utilise ₹100 crore for capex, ₹251 crore for its debt reduction, ₹300 crore for working capital requirements and rest ₹133 crore for General corporate purposes out of the total issue proceed of ₹783 crore (net).
From the report
The unsecured loans amounting to ₹105.79 crore infused by the promoters till FY22 have been treated as quasi equity as the same are subordinated to bank debt.
From the report
The company has debt repayment obligation of about ₹51 crore in FY24 against which it is expected to generate sufficient cash accruals.
From the report
The average fund-based limit utilisation stood at around 84% during the last 12 months ended March 2023.
From the report
In 9MFY23, ₹53 crore was infused in the form of unsecured loans.
From the report
The unsecured loans amounting to ₹105.79 crore infused by the promoters till FY22 have been treated as quasi equity as the same are subordinated to bank debt . 2 CARE Ratings Ltd.
From the report
The company has debt repayment obligation of ₹26 crore in FY23 (out of which ₹17 crore has already been repaid till December 2022) against which the company is expected to generate sufficient cash accruals.
From the report
The average fund-based limit utilisation stood at around 83% during the last 12 months ended December 2022.
From the report
In 9MFY23, ₹53 crore was infused in the form of unsecured loans.
From the report
A part of the unsecured loans already outstanding from thepromoters (about Rs.104 crore) was converted into equity under the issue and a fresh infusion of about Rs.61 crore was made in the company.
From the report
Furthermore, the company has raised a long-term corporate loan of Rs.100 crore in Q1FY23 to meet the long-term working capital requirement.
From the report
Press Release Moderate capital structure and debt coverage indicators : The overall debt of TexRail on a consolidated basis continued to remain high at Rs.930.82 crore as on March 31, 2022 (Rs.1,013.28 crore as on March 31, 2021 ) with significant working capital borrowings availed to finance the high debtors level .
From the report
To meet the working capital requirement, the company raised Rs.164.5 crore through its planned rights issue in FY22 out of which Rs.104 crore was through conversion of unsecured loans infused earlier by the promoters.
From the report
Liquidity: Adequate The company has adequate liquidity with free cash and bank balance of Rs.58 crore as on March 31, 2022.
From the report
The company has term debt repayment obligation of Rs.26.48 crore in FY23 against which the company is expected to generate sufficient cash accruals; albeit cash flow from operations would be dependent upon its working capital intensity level.
From the report
The average fund-based limit utilisation stood at around 76% during the trailing 12 months ended March 2022.
From the report
However, the ratings draw comfort from the significant amount of funds infused by the promoters in the form of unsecured loans (Rs.195 crore outstanding as on March 31, 2021) to meet working capital requirement.
From the report
Pursuant to the same, unsecured loans of Rs.79 crore infused earlier were converted into equity during the year.
From the report
To raise further equity, the Board of the company has now approved Rights issue for an amount of upto Rs.175 crore.
From the report
A part of the unsecured loans already outstanding from the promoters (about Rs.90-100 crore) would be converted into equity under the issue and a further infusion of about Rs.50 crore is expected.
From the report
Liquidity: Adequate The company is expected to generate sufficient cash accruals to meet term debt repayment obligations of Rs.30.92 crore in FY22 (including Covid loan repayments).
From the report
The average fund-based working capital limit utilization was high at about 93% for last 12 months ended May 2021.
From the report
The company had liquidity of around Rs.58 crore as on March 31, 2021 in the form of cash & current account balances (Rs.22.06 crore) and remaining in mutual funds (Rs.35 crore). 3 CARE Ratings Limited Press Release Analytical approach: Consolidated financials of TexRail on account of operational and financial linkages with subsidiaries/JVs.
From the report
An amount of Rs.50 crore has already been infused as part of preferential allotment in August 2020 and the balance is expected to be infused in October 2020.
From the report
The company has term debt repayment obligation of Rs.21.50 crore from Q2FY21 to Q4FY21.
From the report
The average utilisation of working capital limits was high at about 97% during the last few months.
From the report
Furthermore, the promoters have infused unsecured loans of Rs.103 crore upto June 30, 2020 to support liquidity.
From the report
The planned Rights issue of the company to raise equity of around Rs.200 crore to support liquidity has been delayed till September 2020 and now the company expects to raise Rs.150 -200 crore.
From the report
Accordingly, the raising of long term debt of about Rs.300 crore, which was planned after the equity infusion, is also delayed.
From the report
The company has received enhancement of Rs.165 crore and the timely release of balance enhanced limits and other sources of funds is crucial from liquidity perspective.
From the report
The company has term debt repayment obligation of Rs.14.2 crore in FY21.
From the report
The company had cash and cash equivalents of Rs.15.92 crore as on March 31, 2020.
From the report
The average maximum utilisation of working capital limits was high at about 80-90% during the last few months.
From the report
Furthermore, the promoters have infused unsecured loans of Rs.67 crore as on March 31, 2020 to support liquidity.
From the report
The company had firm plans of raising equity of around Rs.200 crore through a Right issue and also raise long term debt of about Rs.300 crore thereafter, as approved by the Board to meet the long term working capital requirements.
From the report
However, the liquid investments decreased considerably to Rs.71.03 crore as on March 31, 2019 from Rs.186.23 crore as on March 31, 2018 to fund the increase in working capital requirement.
From the report
The company has received enhancement of Rs.165 crore and the timely release of balance enhanced limits is crucial from liquidity perspective.
From the report
The company had cash and cash equivalents (standalone) and liquid investments of Rs.56.84 crore as on February 26, 2020.
From the report
The average maximum utilisation of working capital limits was high at about 97% during the last months ended January’2020.
From the report
Two Thousand Four Total Hundred Ten Crore and Ninety Nine Lakh only) Commercial Paper (CP)* - - Withdrawn *carved out of the sanctioned fund based working capital limits of the company Details of instruments/facilities in Annexure-1 Detailed Rationale and Key Rating Drivers The ratings assigned to Texmaco Rail & Engineering Limited (TexRail) continue to draw strength from the experience of the promoters, long track record of the company, leadership position in domestic wagon segment, diversified operations in the railways segment and Joint Venture (JV) with leading technology & engineering and
From the report
However, the liquid investments decreased considerably to Rs.71.03 crore as on March 31, 2019 from Rs.186.23 crore as on March 31, 2018 to fund the increase in working capital requirement.
From the report
Timely release of enhanced limits is crucial from liquidity perspective.
From the report
The company had cash and cash equivalents (standalone) of Rs.22.15 crore and liquid investments of Rs.34.15 crore as on September 30, 2019.
From the report
Two Thousand and Eighty One crore only) Commercial Paper CARE A1+ 100 Reaffirmed (CP)* (A One Plus) *carved out of the sanctioned fund based working capital limits of the company Details of instruments/facilities in Annexure-1 Detailed Rationale and Key Rating Drivers The revision in the long term rating assigned to Texmaco Rail & Engineering Limited ( TexRail) takes into account the increased working capital intensity of operations resulting in significant increase in operating cycle in FY18 (refers to the period April 1 to March 31) and significant reduction in the amount of unencumbered liq
From the report
Following the increased working capital requirement, the unencumbered liquid investments available with the company reduced to Rs.141.92 crore as on Sep.30, 2018 as compared to Rs.337.76 crore as on Mar.31, 2017.
From the report
The company had cash and cash equivalents (standalone) of Rs.12.73 crore as on September 30, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Texmaco Rail & Engineering Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| LENSKART SOLUTIONS LIMITED | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | New Delhi, Delhi, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
| TENNECO CLEAN AIR INDIA LIMITED | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Tamil Nadu, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 SANSERA ENGINEERING LIMITED |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
| BAJEL PROJECTS LIMITED | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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