Transrail

What Transrail does

Transrail Lighting Limited is a publicly listed Indian turnkey EPC company (BSE: 544317, NSE: TRANSRAILL) headquartered in Mumbai that delivers integrated power transmission and distribution infrastructure alongside adjacent civil, railway, solar and lighting projects. Its core offering covers design, engineering, manufacturing, procurement, construction and commissioning of transmission lines up to 1200kV (including HVDC up to 800kV), AIS and GIS substations up to 765kV, and associated civil works, with the firm's own NABL-accredited tower testing facility at Deoli serving as a quality gate. Backward integration is a defining structural feature: five integrated plants in Wardha, Vadodara, Silvassa (two sites) and the newly expanded Butibori facility produce galvanized lattice towers, overhead conductors including HTLS variants (HVCRC under license from Epsilon Composite, Gap-type, STACIR, ACSS, AL-59), monopoles, and luminaires, contributing 65-70% of contract value in-house and giving the company control over cost, quality and lead times.

The business model is project-driven and bid-based: Transrail competes on L1 (lowest bidder) tenders from government utilities, state electricity boards, central ministries (Railways, NHAI) and international clients across 63 countries, with contracts typically spanning 12-36 months and revenue recognized over time as projects execute. Diversification spans six EPC verticals (Transmission Lines, Substations, Solar EPC, Railways, Civil Construction, Poles & Lighting) and a separate products revenue stream exporting conductors to 45+ countries. Commercial risk is concentrated in long-cycle government procurement; pricing is opaque and quote-based with no public rate card. The go-to-motion is enterprise field sales executed through direct tendering and relationship-driven repeat business, supplemented by exposure at industry events such as ELECRAMA, GRIDCON and Middle East Energy.

FY26 financials illustrate the scale and momentum: ₹6,880 crore revenue (30% YoY growth), ₹820 crore EBITDA (21% YoY), ₹421 crore operating PAT (28% YoY), ₹817 crore operating cash flow (nearly doubled), and an unexecuted order book of ₹16,361 crore including L1 positions (12% YoY). The company employs 2,700+ people, runs five integrated manufacturing facilities with total tower capacity now at 172,400 MTPA, and operates wholly-owned subsidiaries in Nigeria, UAE, the Middle East, the Americas and Malaysia. Five wholly-owned regional entities (Transrail Lighting Nigeria Ltd, Transrail International FZE, Transrail Contracting LLC, Transrail Structure America LLC, Transrail Malaysia SDN BHD, plus the newer Transrail Trading LLC) anchor the international footprint. Leadership comprises Digambar Bagde as Executive Chairman, Randeep Narang as Managing Director & CEO, Deepak Khandelwal as CFO, Sanjay Verma as Vice Chairman, and Monica Gandhi as Company Secretary & Compliance Officer; the promoter group is led by Ajanma Holdings Private Limited with 27 listed entities and individuals. CRISIL has upgraded the credit profile to AA-/Stable (long-term) and A1+ (short-term). Material watchpoints include a March 2026 search-and-seizure operation at company premises and CFO succession transition disclosed in mid-2025.

Name

Transrail

Legal name

Transrail Lighting Limited

Website

https://transrail.in

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Transrail Lighting Limited is a Mumbai-based, publicly listed Indian turnkey EPC contractor that designs, manufactures and constructs power transmission lines up to 1200kV, substations, and civil, railway, solar and lighting infrastructure for government utilities and international clients across 63 countries.

Ownership category

akta.pro rank

Product category

Power Transmission and Distribution EPC Services

NAICS

Power and Communication Line and Related Structures Construction (237130), Electric Power Transmission, Control, and Distribution (22112), Electric Bulk Power Transmission and Control (221121), Electric Power Generation, Transmission and Distribution (2211)

SIC

Water, Sewer, Pipeline, Comm & Power Line Construction (1623), Switchgear & Switchboard Apparatus (3613), Electric Services (4911)

akta.pro primary industry

Transmission line EPC & construction (overhead) (EUADAKAA)

akta.pro secondary industries

Substation Systems & Integration (EPC, Engineering, Protection, Commissioning) (IMAGAAAC), Substation EPC (AIS/GIS) & Switchyard Construction (EUAEABAC), Transmission Line Construction (Overhead & Underground) (IMAFAHAA)

Keywords

• Power transmission EPC
• Transmission line construction
• Substation engineering
• Tower manufacturing
• HTLS conductor supply

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Power T&D EPC Contracts: Engineering, procurement and construction contracts for transmission lines and substations. Revenue is recognized over time as projects are executed, typically spanning 12-36 months. This is the core revenue driver contributing majority of revenues.
2. Product Manufacturing and Supply: Manufacturing and supply of galvanized lattice towers, overhead conductors (including HTLS), and galvanized monopoles. Self-manufactured products contribute 65-70% of contract value. Products are also exported to over 45 countries.
3. Civil Construction: Turnkey civil construction services including bridges, tunnels, elevated roads, and cooling towers. Notable project includes India's longest river bridge on Kosi river in Bihar under Bharatmala project.
4. Railways EPC: Railway infrastructure services including overhead electrification, signaling systems, track linking, and earthwork for national projects.
5. Solar EPC: End-to-end solar power project solutions including design, engineering, procurement and construction of solar PV projects up to 100MWp and balance of system projects up to 300MWp.
6. Poles & Lighting: Manufacturing and supply of poles (high masts, street poles, traffic lights, stadium lighting, solar streetlights) and luminaires. Operates as both manufacturer and SITC (supply, installation, testing and commissioning) service provider.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Transrail Lighting Limited is a turnkey EPC (Engineering, Procurement, and Construction) company that delivers power transmission and distribution infrastructure for utilities, governments, and private developers. Its offerings span design, engineering, manufacturing, construction, and commissioning of transmission lines up to 1200kV, AIS and GIS substations up to 765kV, solar PV projects, railway electrification, civil construction, and poles & lighting, supported by in-house manufacturing of towers, conductors, monopoles, and luminaires.

Product overview

Transrail is a turnkey EPC (Engineering, Procurement, and Construction) company with integrated manufacturing capabilities, primarily focused on power transmission and distribution. The company operates a portfolio of six interconnected service lines—Transmission Lines, Substations, Solar EPC, Railways, Civil Construction, and Poles & Lighting—that work together to deliver comprehensive infrastructure solutions. Backward integration is achieved through four manufacturing products: Transmission Towers (up to 1200kV), Conductors (including HTLS variants up to 800kV), Monopoles (up to 400kV), and Luminaire lighting solutions. Self-manufactured products contribute 65–70% of contract value, enabling cost control and quality assurance across EPC projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Transmission Lines (EPC) Turnkey design, engineering, manufacturing (of towers, monopoles and conductors), procurement, construction and commissioning of transmission lines up to 1200kV including HVDC lines up to 800kV, delivered for government utilities, private power developers, and international transmission companies.
• Substations (EPC) Turnkey EPC solutions for high-voltage AIS (Air-Insulated Switchgear) and GIS (Gas-Insulated Switchgear) substations up to 765kV, including hybrid, renewable, distribution, mobile substations, bay extension and augmentation work, for power utilities and industrial customers.
• Solar EPC End-to-end solutions for solar power projects including design, engineering, procurement, construction of solar PV projects up to 100MWp, balance of system projects up to 300MWp, Battery Energy Storage Systems (BESS), hybrid projects, pooling substations and grid connectivity, for solar developers, utilities and industrial consumers.
• Railways EPC Comprehensive railway infrastructure solutions including overhead electrification (OHE), signaling and telecommunication services, track works, earthwork, and composite railway works for Indian Railways, RVNL, and other railway infrastructure entities.
• Civil Construction Turnkey civil infrastructure projects including bridges, tunnels, elevated roads, and cooling towers, executed for government agencies and private developers requiring large-scale infrastructure construction, including projects under India's Bharatmala initiative.
• Poles & Lighting (SITC) Manufacturing and Supply, Installation, Testing and Commissioning (SITC) services for poles and lighting infrastructure including high masts, streetlights, stadium lights, traffic lights, T&D monopoles, railway portals, road gantries, signages, and decorative poles for municipal corporations, state governments, sports venues, and infrastructure developers.
• Transmission Towers Full range of transmission towers from 66kV to 800kV (Single Circuit, Double Circuit, Multi-Circuit Towers) suitable for Twin, Triple, Quad or Hex Conductor configurations, including HVDC towers up to 1200kV, manufactured in-house and sold to utilities and EPC contractors globally.
• Conductors Wide range of overhead power conductors including AAC, AAAC, ACSR, ACSR/AW, ACAR, and high-performance HTLS conductors such as HVCRC, Gap conductors, AL59, STACIR, ACSS for voltage levels from 11kV to 800kV, manufactured in Silvassa and exported to over 45 countries.
• Monopoles Turnkey solutions for design, engineering, manufacturing, and testing of transmission monopoles up to 400kV, along with applications such as high masts, streetlights, solar streetlights, distribution monopoles, and stadium masts, supplied to utilities and infrastructure developers.
• Luminaire Comprehensive range of outdoor lighting solutions including streetlights, solar street lights, floodlights, high masts and stadium mast structures built for durability and performance in diverse environmental conditions, supplied to municipal, infrastructure, and event-venue customers.

Quantifiable outcome

• 30% revenue growth in FY26 to ₹6,880 crore
• +5 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Epsilon CompositecoreTechnology or IntegrationTechnology licensing partnership for manufacturing HVCRC (High Voltage Composite Reinforced Conductors) with carbon core technology. Transrail manufactures these high-performance conductors under license for various voltage levels and applications.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• KEC International: KEC International is one of India's largest T&D EPC companies globally, with transmission lines, cables, and substation businesses. Directly comparable to Transrail's core transmission line and substation EPC offering, serving similar utility customers.
• Kalpataru Projects International: Kalpataru is a diversified EPC player with a sizable T&D business alongside railways, oil & gas, and buildings. Overlaps directly with Transrail's transmission line EPC, railway electrification, and civil construction verticals.
• Skipper Limited: Skipper manufactures transmission towers and poles and executes T&D EPC projects for utilities. Highly comparable as both a tower manufacturer and T&D contractor competing for the same set of utility tenders.
• Tata Projects: Tata Projects is one of India's largest EPC contractors with significant T&D, transmission, and infrastructure exposure. Directly competes with Transrail on utility-scale and large infrastructure tenders in India.
• Apar Industries: Apar Industries is a leading Indian conductor and transformer oil manufacturer serving T&D utilities globally. Overlaps with Transrail's conductor manufacturing business and competes in supplying HTLS and specialty conductors to the same utility customers.

Broad incumbents

• Larsen & Toubro (L&T): L&T is India's largest engineering and construction conglomerate with T&D, substation, and infrastructure EPC capabilities. Competes with Transrail on large-scale transmission projects as part of its broader infrastructure portfolio, with deeper balance sheet and execution muscle.
• Bharat Heavy Electricals Limited (BHEL): BHEL is a state-owned heavy electrical equipment manufacturer and EPC contractor with substations, transformers, and power generation capabilities. Overlaps with Transrail's substation EPC and power equipment supply businesses.
• Siemens Limited India: Siemens India provides substation equipment, switchgear, and grid solutions as part of its broader industrial portfolio. Competes with Transrail's substation EPC business, particularly on AIS/GIS substations up to 765kV.
• ABB India: ABB India manufactures switchgear, substations, and power distribution equipment serving the same utility customers as Transrail. Competes in the high-voltage substation segment where both companies are active participants.

Emerging players

• Sterling and Wilson Renewable Energy: Sterling and Wilson specializes in solar EPC and balance-of-system projects globally. Overlaps with Transrail's Solar EPC vertical, particularly in the utility-scale and BESS segments where both companies bid on similar tenders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@transrail-lighting
• LinkedInlinkedin.com/company/transrail-lighting
• Xx.com/transraill

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Transrail