What Georgian Railway does

JSC Georgian Railway is the state-owned national railway operator of Georgia, 100% held by the Georgian Partnership Fund (the country's sovereign wealth fund) and Georgia's largest employer with 12,000+ staff. The company is structured around three business units — Infrastructure, Freight Operations, and Passenger Transportation — and four wholly-owned subsidiaries: GR Logistics and Terminals (logistics and terminal services), GR Property Management / Jiar Qoneba (non-core real estate and rolling stock asset management since 2009), Georgian Railway Transit / GR Transit (liquid cargo such as crude oil and petroleum products from Gardabani station to Black Sea terminals), and Borjomi-Bakuriani Railway (heritage narrow-gauge 'Kukushka' line, designated cultural heritage monument since 2017).

The underlying asset base is a 1,992 km rail network, of which approximately 90% is electrified (1,108 km operational electrified length), with 74 stations on electrical centralization, semi-automatic blocking across 1,039 km, auto-blocking on double-rail sections, and 610 km of backbone optical fiber plus IP telephony and video monitoring. Passenger services run on domestic and international routes (Tbilisi-Batumi, Tbilisi-Yerevan, Tbilisi-Zugdidi, Tbilisi-Poti, Tbilisi-Borjomi, Kutaisi-Batumi) using Stadler Kiss electric trains acquired 2016-2017 from Switzerland. Digital customer interfaces include the cargo.railway.ge electronic freight document and customs platform, gr.com.ge ticket portal, and iOS/Android mobile apps. ISO 9001:2015 certification has been held since 2017.

Revenue is generated across three streams. Freight transportation (multi-profile wagon, container, refrigerated, rail ferry, and liquid cargo transit) is the largest, with freight turnover of 3,922 million ton-km in 2024 (slightly down from 4,164 in 2022). Passenger transportation includes domestic and international services with regulated tariffs (international tickets priced in Swiss francs based on bilateral South Caucasus Railway agreements; domestic tickets in Georgian Lari with a 0.50 GEL commission fee and 1 GEL internet service fee). Property management contributes licensing/lease income from non-core real estate (stations, depots, land) and 2,231 rolling stock units via eauction.ge. Transit tariffs are governed by international agreements (MTT, ETT) and published annually. Distribution runs through station service centers, ticket offices, and digital platforms, targeting international transit operators (Uzbekistan, Turkmenistan, Azerbaijan, China via Middle Corridor), domestic passengers, and cargo customers including oil transit companies. Disclosed revenue was 648,337 thousand GEL in 2024 with a 34.02% adjusted EBITDA margin.

Name

Georgian Railway

Legal name

JSC Georgian Railway

Website

https://railway.ge

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Georgian Railway is a state-owned national railway operator providing freight transit, passenger rail, and infrastructure management across Georgia and the Middle Corridor connecting Central Asia, China, and Europe. It operates a 1,992 km network with 90% electrification and is Georgia's largest employer.

Ownership category

akta.pro rank

Product category

Rail Transportation Services

NAICS

Line-Haul Railroads (482111), Rail Transportation (4821), Support Activities for Rail Transportation (488210)

SIC

Railroads, Line-Haul Operating (4011), Railroad Switching & Terminal Establishments (4013), Arrangement Of Transportation Of Freight & Cargo (4731)

akta.pro primary industry

Unit Train & Dedicated Contract Rail Services (TLADACAK)

akta.pro secondary industries

Rail Transportation of Crude & Refined Products (EUALADAI), Rail Terminal Switching, Shunting & Yard Locomotive Services (TLAJAFAF), Domestic Rail Freight Forwarding (TLACADAA)

Keywords

• Rail freight transport
• Passenger rail services
• Transit corridor logistics
• Railway infrastructure management
• Multimodal cargo shipping

Headquarters

HQ city

Tbilisi

HQ country

Georgia

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Freight Transportation: Revenue from multimodal cargo transportation services across domestic and international routes, including container shipping, bulk cargo, and transit freight
2. Passenger Transportation: Revenue from passenger rail services including local, regional, and international routes (Tbilisi-Yerevan, Tbilisi-Batumi)
3. Property Management: Income from leasing and managing non-core real estate and mobile property owned by Georgian Railway

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Georgian Railway operates passenger and freight rail services across Georgia and international corridors, utilizing a 1,992 km railway network (90% electrified) including Stadler Kiss passenger trains for domestic and international routes, and multimodal freight (wagon, container, refrigerated, liquid cargo) services. The company also operates four wholly-owned subsidiaries handling logistics and terminal operations, property management, liquid cargo transit, and a heritage narrow-gauge railway.

Product overview

Georgian Railway JSC is a state-owned strategic railway company consisting of three business units — Infrastructure, Freight Operations, and Passenger Transportation — along with four wholly-owned subsidiaries: GR Logistics and Terminals (logistics and terminal services), GR Property Management (real estate and mobile property management), Georgian Railway Transit (liquid cargo transit from Gardabani to Black Sea terminals), and Borjomi-Bakuriani Railway (heritage narrow-gauge tourist rail). The product portfolio spans the core rail network (1,992 km, 90% electrified) with associated safety and telecommunications systems, freight transportation via wagon/container/refrigerated/liquid cargo services, and passenger rail services on domestic and international routes using Stadler Kiss trains. Digital access is provided through the cargo.railway.ge freight management platform (electronic document processing, wagon dwell tracking, customs clearance), the gr.com.ge passenger ticket portal, and mobile applications on iOS and Android.

Differentiator

Problem solved

Functional benefit

Brands

• GR Logistics and Terminals: Subsidiary company handling logistics and terminal operations for railway cargo
• GR Property Management
• GR Transit
• GR Borjomi-Bakuriani Railway (Kukushka)

Products and services

• Passenger Rail Services Passenger rail services on domestic and international routes (Tbilisi–Batumi, Tbilisi–Yerevan, Tbilisi–Zugdidi, Tbilisi–Poti, Tbilisi–Borjomi, Kutaisi–Batumi) using Stadler Kiss electric trains, with tickets available via offices, online, mobile app, and pay boxes.
• Freight Transportation Services Multi-profile freight transport including wagon and container shipping, refrigerated transport, rail ferry, and liquid cargo transit, supported by station services, cargo handling, storage, and locomotive provision.
• GR Logistics and Terminals Wholly-owned subsidiary providing logistics and terminal services, offering multimodal transport facilitation and terminal operations support for cargo clients.
• GR Property Management Wholly-owned subsidiary managing Georgian Railway's non-core real estate (stations, depots, land) and mobile property (2,231 railway rolling stock units), including leasing through eauction.ge.
• Georgian Railway Transit (GR Transit) Wholly-owned subsidiary expediting crude oil, oil products, and other liquid transit cargoes from Gardabani station to Black Sea terminals, with offices in Tbilisi, Batumi, and Kulevi.
• Borjomi-Bakuriani Railway ('Kukushka') Heritage narrow-gauge railway line serving local residents, resort visitors, skiers, and tourists with two daily round trips; features the Eiffel-designed Tsemi-Tsaghveri bridge.

Quantifiable outcome

• Rail travel efficiency increase by 37% after modernization
• +6 more outcomes

Named customers6 records

Segments3 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

Four partnerships are on record, tiered core.

• Ministry of Railway Transport of TurkmenistancoreStrategic or Co-development Partner · 17 July 2026Memorandum of understanding expanding cooperation in railway connectivity, maritime transport safety, and specialist training. Aims to develop transport links connecting Central Asia with Europe via Caspian Sea and Black Sea.
• Government of UzbekistancoreStrategic or Co-development Partner · 6 July 2026Uzbekistan establishing own port infrastructure in Georgian sea ports. Expanded tariff discounts from Georgian Railways for container shipping along CASCA+ route. Consortium of freight forwarding companies implementing port project. Over 60% of Uzbek road carriers rely on Georgian route.
• China Railway 23rd Bureau GroupcoreImplementation/ SI/ Consulting Partner · 26 December 2025Construction contractor for Georgian Railway Modernisation Project. Executed 43.9 km railway section between Zestaponi and Khashuri. Project supported 1,000 local workers during construction.
• Azerbaijan RailwayscoreStrategic or Co-development PartnerAgreement to triple Baku-Tbilisi-Kars Railway freight capacity from 1.7 million to 5 million tons annually as part of Middle Corridor development.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Türkmendemirýollary (Turkmenistan Railways): State-owned railway of Turkmenistan and a strategic MOU partner for expanding Caspian–Black Sea connectivity. Comparable as a regional rail operator critical to Middle Corridor cargo origination.
• Kazakhstan Railways (KTZ): National rail operator of Kazakhstan and the largest freight mover out of Central Asia. Directly comparable on the Trans-Caspian corridor, on which Georgian Railway is the downstream Caspian-to-Black-Sea segment.
• Azerbaijan Railways (ADY): National railway operator of Azerbaijan and direct Middle Corridor partner via the Baku-Tbilisi-Kars Railway. Comparable as a state-owned freight and passenger rail operator in the Caucasus sharing trilateral capacity commitments with Georgian Railway.
• JSC Uzbekistan Railways: State-owned national railway of Uzbekistan and a primary transit cargo feeder to the Middle Corridor. Comparable as a sovereign rail operator and bilateral MOU partner, with overlapping freight forwarding and tariff discount structures.

Broad incumbents

• Russian Railways (RZD): The largest rail operator in the region and the primary competitor via the Northern Corridor. Comparable as a state-owned national rail monopoly with freight, passenger, and infrastructure operations at much greater scale.
• DB Cargo (Deutsche Bahn): Largest European rail freight operator and a likely downstream handler of Middle Corridor volumes arriving from Georgian Railway. Comparable as a state-adjacent freight rail business with significant modal-shift ambitions.
• Turkish State Railways (TCDD): National railway of Turkey and a downstream connector for Middle Corridor freight to Europe. Comparable as a larger state-owned regional rail operator with significant freight and passenger volumes plus ongoing modernization.

Regional players

• PKP Cargo (Poland): Largest rail freight operator in Poland and a European gateway for containerized transit cargo. Comparable as a state-influenced freight rail carrier with modernization challenges and exposure to Eurasian corridor volumes.
• Ukrzaliznytsia (Ukrainian Railways): State-owned national rail operator of Ukraine, paralleling Georgian Railway in operating age, scale, and freight diversification. Comparable as a legacy state-owned rail carrier with modernization needs and volatile freight through geopolitics.

Emerging players

• Azerbaijan Caspian Shipping Company (ASCO): State-owned Caspian shipping and logistics operator providing multimodal feeder services to the Middle Corridor. Comparable as a complementary, not competing, logistics platform that supports Georgian Railway's transit flows.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/GeoRailway
• LinkedInlinkedin.com/company/georgianrailway

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 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 Georgian Railway