Transrail sees strong T&D growth backed by Rs 16,361 crore order book
Transrail Lighting Limited has outlined its growth plans for the power transmission and distribution (T&D) segment, which contributes around 90% of the company’s total revenue. During its earnings call held on May 27, 2026, the company projected revenue growth of 20% to 22% for FY27, supported by an unexecuted order book of approximately Rs 16,361 crore, including L1 orders.
The company stated that the domestic T&D bidding pipeline currently stands at Rs 80,000 crore to Rs 1,00,000 crore, while the international pipeline is estimated at around Rs 50,000 crore. Transrail said it expects to secure a market share of 10% to 12% from these opportunities.
For FY27, the company has guided for fresh order inflows of Rs 10,000 crore to Rs 11,000 crore. Management stated that the company has already bid for projects worth around Rs 10,000 crore during the first quarter of FY27 and is awaiting results.
Manufacturing expansion
Transrail said it substantially expanded its tower manufacturing capacity during FY26 through brownfield and greenfield projects, resulting in more than doubling of installed capacity.
By the end of the first half of FY27, the company plans to complete Phase 1 of the capital expenditure programme announced during its initial public offering (IPO) in May 2025. This will increase tower manufacturing capacity to 1,96,000 metric tons, while conductor manufacturing capacity will rise from 24,000 kilometres to 49,500 kilometres.
The Board of Directors also approved an additional capital expenditure of Rs 203 crore on May 26, 2026, primarily for construction equipment and productivity enhancement.
Execution and margins
Transrail has guided for an earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of around 11% for FY27, compared to 11.92% achieved in FY26.
The company said geopolitical disruptions continue to affect global supply chains, leading to shipment delays, higher insurance costs, and fuel price inflation. Around 30% to 35% of contracts include price variation clauses, enabling partial pass-through of cost escalations.
Management stated that project execution timelines have been affected in some cases, though deferred revenues are expected to shift to subsequent quarters.
International T&D projects
The company continues to focus on projects funded by multilateral development banks as part of its risk management strategy.
During FY26, Transrail expanded into Abu Dhabi, Tunisia, Djibouti, and Botswana. Africa accounts for around 20% of the order book, while Bangladesh contributes 3% to 4%. The company stated that Phase 2 of the Bangladesh river crossing transmission line project is expected to be completed within the next three to four months.
According to management, the diversified order book across domestic and international T&D markets provides revenue visibility for more than two years.
Sector outlook
Transrail said the power transmission sector is entering a multi-year investment cycle driven by renewable energy integration, increasing electricity demand, grid modernisation, and upcoming high-voltage direct current (HVDC) projects.
The company highlighted that more than 2,00,000 kilometres of transmission lines are expected to be added over the next five years, with sector investments projected to exceed Rs 9,00,000 crore.
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