What Transmashholding does

Transmashholding (TMH) is Russia's largest railway rolling stock manufacturer and one of the world's top-five rail equipment companies by market position. Founded in 2002 to consolidate fragmented Russian rail engineering assets, TMH operates an integrated portfolio spanning mainline and industrial locomotives (diesel, electric, gas-diesel), electric and diesel multiple units including the fully-domestic Ivolga platform, metro cars (Moscow-2024, Baltiets), passenger railroad cars, freight wagons, engines and power generation equipment, and digital traffic management systems. Manufacturing spans eight or more Russian plants — Tver, Bryansk, Novocherkassk, Kolomna, Demikhovo, Penza, Mytishchi — backed by a 1,200+ engineer engineering subsidiary (TMH Engineering) across nine cities and an R&D center (CPT) running approximately 200 active research projects.

TMH generates revenue primarily through project-based hardware sales to state-owned railway operators (Russian Railways is the largest customer, followed by metro systems in Moscow, St. Petersburg, and Novosibirsk) via multi-year government procurement contracts. Secondary streams include managed services and aftermarket lifecycle support through subsidiaries LokoTech and MVM-Service, spare parts supply, turnkey fleet management (park under key), locomotive leasing via TMH PRO, and diesel/gas engines and distributed power generation equipment via TMH Energy Solutions. International go-to-market combines direct sales with state railways in CIS countries and Egypt plus joint-venture localization in India (Kinet Railway Solutions with RVNL for Vande Bharat Sleeper trainsets under a 35-year service contract) and Uzbekistan (EP5N assembly at TVSRZ by 2027). The company is privately held, with Rosatom as a co-shareholder alongside the General Director.

TMH's revenue model is B2B and B2G enterprise field sales executed via direct engagement with ministries and railway operators under the Russian national procurement regime, with no consumer pricing or public channel. Pricing is negotiated per contract within multi-year delivery frameworks. The company has issued exchange-traced bonds on Moscow Exchange (3-year, 20 billion rubles issued in June 2025) but has no public equity listing. Service robotics, hydrogen traction, and lightweight car body construction are active R&D priorities, and a 2025-2028 technology strategy designates NEVZ and TVZ as driver enterprises to set development vectors across the group.

Name

Transmashholding

Legal name

АО «ТМХ»

Website

https://tmholding.ru

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Transmashholding is Russia's largest railway rolling stock manufacturer, producing locomotives, metro cars, electric and diesel trains, passenger cars, and engines for state railway operators and urban transit systems across more than 30 countries via direct sales and joint ventures.

Ownership category

akta.pro rank

Product category

Railway Rolling Stock Manufacturing

NAICS

Railroad Rolling Stock Manufacturing (336510), Support Activities for Rail Transportation (48821)

SIC

Railroad Equipment (3743), Engines & Turbines (3510)

akta.pro primary industry

Rail Construction & Maintenance-of-Way Vehicle Manufacturing (IMACAFAJ)

akta.pro secondary industries

Traction Motor, Generator & Electrical Rotating Equipment Repair (TLAKAIAE), Urban Rail Rolling Stock Operations & Maintenance (Train Ops/Depots) (THAIABAG)

Keywords

• Railway rolling stock manufacturing
• Locomotive engineering
• Metro car production
• Rail traction systems
• Rail equipment supply

Headquarters

HQ city

Moscow

HQ country

Russia

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Rolling Stock Manufacturing & Sales: Core revenue from design, manufacturing, and sale of locomotives, electric/diesel trains, metro cars, passenger cars, and special rail vehicles to state railways and industrial operators. Revenue is project-based with multi-year delivery contracts.
2. Aftermarket Services & Lifecycle Maintenance: Full lifecycle service contracts including maintenance, spare parts, and support for rolling stock over its operational lifetime. Includes park under key (turnkey fleet management), service contracts, and digital motion control systems.
3. Component and Spare Parts Supply: Supply of spare parts, components, and subassemblies to railway operators and industrial enterprises for maintenance and repair of rolling stock.
4. Engineering & R&D Services: Engineering services including 2D, 3D modeling, interactive visualization (VR/AR), and repair documentation development for the full product lifecycle.
5. Locomotive Rental (TMH PRO): TMH Industrial Solutions subsidiary provides locomotive rental and sharing services for commercial markets.
6. Distributed Power Generation Equipment: Sale of medium-speed diesel and gas engines for power generation, including containerized modular power stations, and diesel-generator sets for nuclear power plant backup power.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Transmashholding (TMH) designs, manufactures, and services railway rolling stock and urban rail vehicles — including mainline and shunting locomotives (electric, diesel, and gas-diesel), metro cars, electric and diesel multiple units, passenger railroad cars, and freight wagons. The company also produces diesel and gas engines, traction motors, and integrated drive systems for rail, marine, and stationary power applications, and provides full lifecycle maintenance, digital traffic management, and turnkey fleet management services to railway operators and industrial customers.

Product overview

Transmashholding (TMH) is a major Russian railway rolling stock manufacturer offering a comprehensive portfolio of products and services. The core product lines include mainline and industrial locomotives (diesel, electric, and gas-diesel variants), metro cars (including Moscow-2024 and Baltiets models), electric and diesel multiple units (such as the domestically-produced Ivolga platform), passenger railroad cars, and specialized freight wagons. TMH provides integrated services encompassing design and engineering through TMH Engineering, manufacturing, maintenance and lifecycle service contracts through specialized service companies, digital traffic management systems through TMH Intelligent Systems, and comprehensive testing capabilities through dedicated research institutes. The company also manufactures engines and power generation equipment for rail, marine, and distributed energy applications. Recent international projects include the Vande Bharat Sleeper train joint venture in India (Kinet Railway Solutions with RVNL) and localization of EP5N electric trains in Uzbekistan. TMH operates across more than 30 countries and has established centers of competence throughout Russia for components, casting, and assembly.

Differentiator

Problem solved

Functional benefit

Brands

• Иволга (Ivolga): Urban-type electric train platform, first fully domestically designed electric train in Russia, produced at Tver coach factory, fully included in the Russian industrial products registry.
• Аврора
• Москва-2024
• Балтиец
• Vande Bharat Sleeper

Products and services

• Locomotives Mainline and industrial locomotives including diesel, electric, and gas-diesel variants for freight, passenger, and shunting operations on railways. Produced across Bryansk, Kolomna, and Novocherkassk plants.
• Metro Cars Metro train cars produced by Metrovagonmash, including the Moscow-2024 model with wide doors for high passenger throughput and the Baltiets model designed for St. Petersburg Metro.
• Electric and Diesel Trains Electric multiple units (EMU) and diesel trains including the Ivolga urban platform, EP2DM suburban trains, and EP5N trains for export markets. Produced at Demikhovo and Tver plants.
• Passenger Cars Passenger railroad cars including new-generation T-gauge wide passage compartments and various comfort classes, manufactured at Tver Car Building Works (TVZ).
• Special Cars Specialized rolling stock for industrial applications including container platforms and freight wagons.
• Engines and Power Plants Diesel engines (D49, D50, D300, D500 families), gas-diesel engines, turbocompressors, generator sets, and modular power stations for rail, marine, and distributed energy applications.
• Vande Bharat Sleeper Train Long-distance overnight sleeper train developed by the RVNL-TMH-LES joint venture Kinet Railway Solutions for Indian Railways; design awarded Red Dot international prize in June 2026.
• Aftermarket Service and Lifecycle Maintenance Full lifecycle maintenance, repair, spare parts supply, and turnkey fleet management (park pod kluch) for rolling stock through service subsidiaries LokoTech and MVM-Service.
• Locomotive Rental and Leasing Locomotive leasing and sharing services for commercial markets, offered through the TMH PRO subsidiary.
• Traffic Management and Digital Solutions Digital systems for railway traffic management and train control, intelligent transport systems, autonomous driving technologies, and VR/AR visualization through TMH Intelligent Systems subsidiary.

Quantifiable outcome

• Ivolga platform fully included in Russian industrial product registry, confirming compliance with state localization requirements
• +6 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature8 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Rail Vikas Nigam Limited (RVNL)coreStrategic or Co-development PartnerTMH and RVNL established a joint venture (Kinet Railway Solutions) for manufacturing and maintenance of Vande Bharat Sleeper trainsets for Indian Railways. The JV received a contract for 120 trainsets (1,920 coaches) under a 35-year service commitment. TMH's Indian JV completed its first car body at Marathwada Rail Coach Factory in April 2026.
• Skolkovo FoundationminorStrategic or Co-development PartnerTMH launched the TMH: New Vision startup accelerator with the Skolkovo Foundation in May 2021 to source innovative technologies and solutions from external startups and researchers for integration into TMH rolling stock and systems.
• PK Transportnye Sistemy (PK TS)coreTechnology or IntegrationPK TS is a leading Russian developer and manufacturer of urban electric transport (trams, trolleybuses, electrobuses). TMH's urban transport subsidiary (TMH Gorodskoy Transport) partners with PK TS for on-ground urban transport products and services within the TMH group offering.
• Leading Russian Universities and Research InstitutesminorStrategic or Co-development PartnerTMH CPT collaborates with seven universities (including Bryansk State Technical University, Peter the Great St. Petersburg Polytechnic University, Omsk State Transport University) and over 40 research organizations for applied research in railway technologies, materials science, and manufacturing.
• Element Group (India)minorStrategic or Co-development PartnerDuring Andhra Pradesh IT Minister Nara Lokesh's visit to Russia, Element Group was invited to consider establishing electronic components assembly in Visakhapatnam, semiconductor facility in Nellore, and robotics services in Sri City alongside discussions about TMH's railway manufacturing in India.

Scale indicators15 records

Recent moves13 records

Expansion highlights6 records

Others

• Mytishchi Machine-Building Plant (Metrowagonmash peer): TMH's own subsidiary Metrovagonmash is itself a notable metro car manufacturer. As a peer reference, comparable international metro-only specialists include China's CRRC Changchun and Bombardier (now Alstom) — included here to acknowledge that TMH's metro car business directly competes with these dedicated metro OEMs.

Direct peers

• Alstom: Global rail equipment leader providing locomotives, metros, high-speed trains, signaling, and services. Highly comparable to TMH across rolling stock, lifecycle services, and digital rail offerings, with similar full-lifecycle business model.
• Škoda Transportation: Czech manufacturer of locomotives, EMUs, metros, and trolleybuses with strong presence in Central/Eastern Europe and CIS markets. Closely comparable to TMH on product portfolio overlap and CIS-region market positioning.
• Progress Rail (Caterpillar): Caterpillar's rail subsidiary manufacturing locomotives, freight cars, and rail services. Comparable to TMH in diesel locomotive manufacturing, freight rolling stock, and lifecycle service contracts, especially for industrial and freight customers.
• Hyundai Rotem: South Korean manufacturer of rolling stock (metros, high-speed, locomotives) and defense vehicles. Comparable to TMH in metro and EMU product lines, with similar state-aligned ownership structure and export-driven growth strategy.
• Stadler Rail: Swiss rolling stock manufacturer specializing in regional trains, locomotives, metros, and trams. Comparable to TMH in metro/EMU product lines, lifecycle service contracts, and B2G/B2B sales to national and regional rail operators.
• Construcciones y Auxiliar de Ferrocarriles (CAF): Spanish rolling stock and rail services company producing metros, commuter trains, locomotives, and buses. Comparable to TMH as a multi-product rail OEM with strong international footprint and integrated services business.

Broad incumbents

• Wabtec Corporation: US-based rail equipment and services provider focused on locomotives, freight components, and digital solutions. Comparable to TMH's aftermarket service, freight wagon components, and digital rail offerings rather than passenger rolling stock.
• CRRC Corporation: The world's largest rolling stock manufacturer by volume, offering locomotives, EMUs, metro cars, and rail equipment globally. Directly comparable to TMH as a full-line rolling stock OEM with state-aligned ownership and a comprehensive product portfolio.
• Siemens Mobility: Major rail OEM within Siemens, offering locomotives, trains, rail automation, and digital services. Comparable to TMH as a diversified rail technology provider with strong R&D, signaling/digital capabilities, and global project execution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/watch?v=OR3xJ9S2rR4
• Xx.com/tmh_russia
• Facebookfacebook.com/transmashholding
• LinkedInlinkedin.com/company/transmashholding

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries20 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 Transmashholding