Texmaco Rail and Engineering Ltd (NSE: TEXRAIL) Q3 2026 Earnings Call dated Feb. 09, 2026
Corporate Participants:
Kishore Kumar Razgariya — Chief Financial Officer
Sudipta Mukherjee — Managing Director
Indrajit Mookerjee — Executive Vice-Chairman
Analysts:
Sucrit Patil — Analyst
Bala Subramanian — Analyst
Rajesh BhandariRajesh Bhandari — Analyst
Sunan Bunyar — Analyst
Parvez Akhtar Qazi — Analyst
Sandeep Mukherjee — Analyst
Darshan Saveri — Analyst
Hari Kumar — Analyst
Harsh Seth — Analyst
Presentation:
operator
Sa. Sa. Sa. Sat. Ladies and gentlemen, Good day and welcome to Texmaco Rail and Engineering Limited Q3FY26 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Harsh Seth from ICICI Securities Limited. Thank you. And over to you sir.
Harsh Seth — Analyst
Yeah. Thanks Atuja. Good evening. On behalf of ICICI securities, we welcome you all to the Q3FY26 earnings con call of Texmaco Rail and Engineering Limited. Today we have with us from the management Mr. Indrajit Mukherjee, Executive Director and Vice Chairman. Mr. Sudipta Mukerji, Managing Director and Mr. Kishore Rajgaria, Chief Financial Officer. Without much delay, I’ll now hand over the call to the management for opening remarks which will be followed by the Q and A. Thank you. And over to you sir.
Indrajit Mookerjee — Executive Vice-Chairman
Thank you. I’m Indrajit Mukherjee, Executive Director and Vice. Chairman of Texaco Rail and Engineering Limited. I am meeting you this evening in the backdrop of a few significant events in the macroeconomics of India. The GDP growth has exceeded the projection and future looks to be promising. Manufacturing indices in most of the sectors have shown an increase. And the financial budget which has been passed on which was placed on 1st of February has been very promising. With specific reference to the railway budget which has got an increase of almost to the extent of about 10 to 12%. And also it indicates a long term.
Indrajit Mookerjee — Executive Vice-Chairman
Structural growth. Through infrastructure development, through safeties and through many other areas where we play or where we are going to play. And in addition to that there are two milestone back to back FTAs with the two superpowers of the world that is European Union and the US. The culmination of these indicates humongous growth opportunities in manufacturing segment. And we expect to be one of them. To be beneficiary and reaping on this. While our managing director Mr. Sudipta Mukherjee.
operator
Sorry to interrupt you sir. We are unable to hear you clearly. Am I. Am I audible now?
operator
No, sir. Still there is some kind of a disturbance. We are unable to hear you clearly.
Indrajit Mookerjee — Executive Vice-Chairman
Okay, so what we do.
operator
This is better. Yes, now it is better. Please go ahead.
operator
Okay, so do I have to repeat or we are okay? You may go ahead, sir.
Indrajit Mookerjee — Executive Vice-Chairman
Okay, so I am not repeating the macro position that I have said. But I would like to start by saying that culmination of all these factors throw open a humongous growth opportunity throw open humongous growth opportunities for the manufacturing segment in India and we are going to be a part of it. While Our Managing Director Mr. Sudipta Mukherjee will present the third quarter results which are commendable under the challenging circumstances that the rail segments have passed through for various reasons. We are also looking at various tangible short term and long term growth opportunities to gradually make ourselves more prone to the cyclicity of our core business.
And this all will come up in Mr. Mukherjee’s narration. I want to very clearly amplify that I am not meaning that we are moving away from freight business. On the contrary, we are making our business more robust with world class manufacturing of wagons with world class design. We want to be a global player. We are happy to announce that we are in final stages of discussion with a few world famous global majors in this area and we are also strengthening our leasing business to attract private players. I think these are some of the very significant improvements which will come in course of time to strengthen our position in the core area in addition to other businesses which we will indicate to you.
So this would basically be our plan for going forward our way forward. I wish you will understand that a lot of hard work has gone in by our management team to turn out to continue to be the highest manufacturing company in the freight wagons and with the highest market share. We expect to deliver much more as time passes with these few words. Now we have to get into the actual numbers of third quarter and I would request Mr. Mukherjee, Sudipta Mukherjee Managing Director to take this with you and then we our team will be very happy to face any question and answers.
Thank you.
Sudipta Mukherjee — Managing Director
Thank you Indrajit. Thank you. Good evening everybody. While in my deliberations I would like to touch upon the various key aspects of the results as well as the way forward we have envisaged for Textmarko 2.0. So coming to the quarter for the quarter of FY26 the company reported a revenue from operations of Rupees 1042 crores. While this reflects a moderation compared to the same period last year, the performance needs to be viewed in the context of transient supply side disruptions and external headwinds affecting the sector and overall. As you all know, considering the overall turmoil in the Global scenario and EBITDA for the quarter stood at 102 crores while profit after tax was 42 crores for the nine months ended FY26 Revenue from operations amounted to rupees 3210 crores and EBITDA for the nine month period has been 313 crores with an EBITDA margin of around 9.7% while profit after tax stood around 136 crores.
These results capture the cumulative impact of operational challenges encountered during the year and particularly of course last couple of quarters across wagon manufacturing segment and also you know that export business has also suffered due to the uncertain global scenario. The moderation in revenue during the quarter was primarily driven by lower wagon production levels in terms of the numbers of wagons produced arising from continued wheelset availability constraints across various types of wagon we were producing and of course a challenging export environment because last three quarters we did not have anything to execute for the exports which are actually commencing in this quarter.
The fourth quarter of the financial year reduced turnover in the bright power division also impacted quarterly revenues because in such a segment you know that quarter to quarter it cannot go up, it has its own cycle. While revenues were impacted, the company maintained its cost discipline and operational efficiencies and fixed costs remained largely stable. As a result, EBITDA and PBT margins reflected short term operating leverage pressures without any structural deterioration in business fundamentals. On the operation front, Texmaco delivered 2027 wagon during Q3 FY26 while the foundry division recorded volume of 7,646 metric tons. For the nine month period ended, FY26 freight car delivery stood as 6,176 units with the foundry division achieved cumulative sales of 25,326 metric tons.
The reduction in wagon deliveries of approximately 20% 20 to 25% compared to the corresponding period last year is largely attributable to ongoing wheel set availability challenges which we faced from the quarter one which are now of course progressively easing, but not to the extent where we can improve it further. But of course the Texmaco mix of wagons remain favorable and from the present quarter there would be more numbers in private and as well as the export. The foundry export business continued to face near term pressures during the quarter. While you all know that there was a US tariff pressure on us which resulted into 30% less export volumes compared to the corresponding quarter of the last year.
Despite these external headwinds, average realization per wagon has improved over the past two quarters supported by a richer product portfolio, superior design integration and and a more favorable product mix with a cost discipline reinforcing our margin stability. Now as I was mentioning about text macro 2.0 and to have a kind of vision in the way forward to have a 2x tex macro created in terms of top line with a higher EBITDA margin in the coming three years. So we have made a strategic plan towards moving to that and the strategy is of course to strengthen the core businesses in and around our foundry business which have started looking good as well as strengthening the present freight rolling stock portfolio with reaching newer customers and as Mr.
Mukherjee has mentioned that putting more impetus into the leasing business which we are restructuring we want to get into in the following segments in the future which is related to the financial outlay or the focus areas of the government in railway segment including safety which talks about coverage we are planning to getting into propulsion system and also into the urban mobility and metro and emu coach manufacturing including looking into the wheel set and of course there are few others breakaway businesses other than being in the railway segment which also may include a kind of iron going into iron pellet manufacturing and going into segments of mines as on 31st of December 2025 the company’s order book stood at 5661 crores providing a strong execution visibility for the coming quarters.
The order book includes a balanced mix of projects across freight mobility, rail electrification and urban transit infrastructure offering stability and diversity and a robust foundation for a sustainable growth. As production normalizes, the operating environment for the rail sector continues to remain supportive. The Union Budget 2026-27 you all know allocated a record 2.93 lakh crores and with the segments of emphasis has remained in the infrastructure which also include the electrification and lot of outlay in terms of track capacity enhancement including upward movement in mobility rolling stock segment. These focus areas are expected to translate into sustained public investment across the network expansion of high density routes.
The policy environment aligns closely with Texmaco’s strategic priorities as we love to see it as Texmaco 2.0 and with our strong action plan in the coming days which we will detail time to time to you over a period of year, we hope we’ll be able to create and fulfill our dream of making a 2x of today’s size in coming three to five years time. On the ESG front, Texmaco remains deeply committed to sustainability and responsible operations. During the year we commissioned a 10 megawatt solar power installation at our ULA foundry in Raipur, significantly reducing our carbon footprint and and advancing our renewable energy adoption.
Additionally at our Bulgaria foundry in Kolkata we have successfully converted a high tension line furnace converted into LDO to LPG which will lead to a further meaningful reduction in carbon emissions and also improving efficiency. In recognition of our operational practices and governance framework, CRISIL upgraded Texmaco’s ESG rating from 50 to 51, placing it in the Adequate Risk category. ESG Risk Assessments and Insights also assigned an ESG score of 43, reflecting a consistent progress across environmental, social and governance parameters the management have pursued very consciously. Looking ahead, texmaco remains firmly focused on executing its growth strategy through an integrated operational base, strategic partnerships and continuous innovation as we leverage our operational strengths, expanding capabilities and global collaborations.
We remain committed to disciplined execution, operational excellence, safety and adherence to global standards, with a strong emphasis on rail electrification, metro rail freight mobility and next generation. We are for all our stakeholders across Indian and international markets and try to make it a company admirable entity to provide railway solutions and beyond. Thank you very much and would be happy to answer any questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one from the Touchstone telephone. If you wish to remove yourself from the question queue, you may press STAR and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Sukrit Patil from my side Fintrade Private Limited. Please go ahead.
Sucrit Patil
Good evening to the team. I have two questions. My first question to Mr. Sudipta is looking ahead, how do you see Texmaco balancing between expanding wagon manufacturing, diversifying into engineering projects and protecting the profitability as demand from railways and infrastructure evolves. What will guide your decision on which of these areas should get the strongest focus in the coming quarters? That’s the first question. I’ll ask my second question after this. Thank you.
Indrajit Mookerjee
Thank you. Mr. Patil, as we have tried to explain to you, I will be more direct in this. So in terms of capacity we have been delivering highest number of wagons to Indian railway so far and we can produce around 12 to 15,000 wagons including various models. But this product mix were predominantly of course for a long term contract from railways remained more focused towards the Indian railway. But we are consciously working to improve our KITI beyond. I mean in the Indian railway while we remain the highest supplier but also trying to make a better mix of private and other export wagons.
And other than that foundry will remain a strong focus for us because you know that we have been one of the company who are the largest exporter of foundry goods which were little bit of into trouble due to tariff issues couple of quarters. But I’m happy to let you know that the supply has already resumed this quarter and we feel that we can multiply at least two times in the coming three to four quarters time. While I say the figure, historically we used to export around 5,000 metric ton. Now the asking rate or the schedule we have got of Supply is around 7,500 metric ton and we are in a process of working to take it towards 20,000 metric ton which is a significant growth in terms of the foundry, Our electrical infra and other infrastructure division where the government outlay of fund is huge is turning around and we look forward to have a very significant meaningful growth with higher EBITDA in the coming quarters.
Other than that, as few pointers I have mentioned to you that the company has made a I mean we have worked hard to make certain strategies in and around wheel set, the passenger mobility and also the safety where the government fund outlay is I mean consistent and rising. So those will be our area of focus and make it into implementation and quickly make a plan to turn into kind of turnover generating machine. Other than we are getting into Global Capability center which is backed by huge capability expansion in way of improving on the providing the service of design and working for the company as well as beyond that we want to start that in next two quarters.
We believe we have got some orders it will start generating income for the company and of course we are also going for some breakaway businesses that we have thought of into the areas of iron pellets and mines which will also give us an opportunity to connect our end customer who eventually buys rolling stock. And these are the areas we feel are of significant growth areas and we have our plan ready to generate income from it very quickly in few quarters time.
Sucrit Patil
Thank you. My second question to Mr. Kishore is along the same lines again as Texmaco plans for the next few quarters. Which financial signals or metrics will be most important in guiding your decision on cost control, working capital and capital allocation for the newer projects? How do you see these levers shaping the company’s ability to protect the margins and deliver sustainable value as the railway and engineering business grows?
Indrajit Mookerjee
Yeah, we are continuously working on cost control and cost improvement. Even if you have seen our direct cost is slightly improving. So we are reducing the cost and going forward we will be looking up on the businesses with better margins.
Sucrit Patil
Can you just share some more insight on how are you managing this? Want to just understand that particular thing?
Indrajit Mookerjee
Yeah, we are focusing on our major purchases and we are having better control, better monitoring, better negotiations and reducing our purchase cost. And apart from that we are also trying to moderate our fixed cost wherever possible.
Sucrit Patil
Thank you and best wishes.
Indrajit Mookerjee
Thank you.
operator
Thank you. The next question is from the line of Bala Subramanian from Marihan Capital. Please go ahead.
Bala Subramanian
Good evening sir. Thank you so much for the opportunities. Sir, we are planning to get into propulsion systems, EMO and brakes and all. And I just want to understand what kind of investments we are going to make it. We are going to do it alone or we are planning with the partnership or JV to enter into these areas get more clarity on that.
Indrajit Mookerjee
So a few things. I mean the things are on a progressive stage. But right at this moment I cannot be definite to you. But maybe before the next final next call few of these will be clear and will be communicated. Of course somewhere we need a collaboration which we are actively working and somewhere we have a organic advantage. And while we are planning all of this we have kept our mind very clear that there will not be disproportionate outlay of capexes beyond our capacity. But it will be very sensible, robust and justified and will ensure the bringing back to the value to the shareholders or EBITDA improvement on a best possible quickest way.
So we have some innovative plans in mind. We’ll come back to you time to time. You will get get to know very soon.
Bala Subramanian
Okay sir. So I think our order book of 5661 crore and like what is the breakup like in terms of rolling stock rail infra and non rail segments and for government tenders earlier it’s estimated Q4 or next Q1 Q1 FA27 and it is in pipeline or we can expect more delays on that government tender side and the tender is delayed because of wheel set supply issues.
Indrajit Mookerjee
I just get you the last point of it that whether the tender is delayed due to wheel set or not. I don’t think so but it is more of a. It would be very difficult for me to comment that why it is delayed. We are very confident that railway requires specific wagons based on their mission to have higher model share of railways. And we. We have no other option but to go for. But we were expecting last couple of quarters but we still believe that it will be very soon coming in and will set cannot be constant for this.
Bala Subramanian
So the breakup of order book on task of rolling stock.
Bala Subramanian
Explaining to you.
Indrajit Mookerjee
Yeah. Regarding the wagon orders we have about 30003000 numbers of backup from Indian Railway about 1400 private and 600 for export. So about 4900 numbers of accounts. We are having orders in hand. Apart from that we have for our rail electrification 1500 crores worth of orders and real infra 511 crore.
Bala Subramanian
Okay sir. Sir, my last question. We have partnership with like Harman Germany. I just want to understand how we are going to leverage global rolling stock design and manufacturing and what is the addressable market for passenger mobility solutions. And like what is our internal target to capture those opportunities.
Indrajit Mookerjee
So these are all building block initiatives Texmaco was working for. Working with a conscious mind to build the capability within the organization and to serve in a better state. So Harman is a company, you know, they are as a design solution provider, right from bogie to passenger train. So this helps us to get into the business with much more confidence that we have a globally acclaimed company supporting us in the initiative. At the same time we expect that this will feature kind of revenue generation in terms of our global capability center which we are working.
operator
I’m sorry to interrupt you Mr. Bala Subramanian. They are unable to hear you sir. Hello.
Bala Subramanian
Oh yes. Hello. I’m audible.
operator
Yes, now you are.
Bala Subramanian
Yeah. Sir, under the private vegan side like we could like share some sense on which are the sectors we are getting demand from Especially for private weekends. It’s like cement, steel. We got like more details especially on the private vehicle side.
Indrajit Mookerjee
So your company is the most equipped company to make most number of varieties and serves all segments like as you have very rightly mentioned, cement, steel, coal, container, petroleum, gas. If you talk an automobile and if you talk about that which are the sectors which has a demand on private in India. We find it in steel, cement and automobile currently. And also I’m happy to let you know that two types of multimodal wagons have come up in the Indian market. And that is a freight, multi purpose wagon and container multipurpose wagon. And today Texmaco is the only company who has produced successfully the prototypes and supplied for the design validation of that wagon.
FMP already has started generating revenue for Texmaco and the cmp. We expect a huge market and a policy to come around and is also going to be of heavy demand. So one is the two multimodal type. Another is automobile, steel and cement. These are the areas we feel are going to grow significantly. And also the container train wagons.
Bala Subramanian
Got it sir. Thank you.
operator
Thank you. The next question is from the line of Rajesh Bhandari from Nakura engineers. Please go ahead.
Rajesh BhandariRajesh Bhandari
Good evening sir. You had mentioned that our order book is 5661cr in which you said wagons 30001400 and 600 for export. 1500 crore.
Indrajit Mookerjee
No, no. Our total wagon order is 2,200 crores.
Indrajit Mookerjee
Yeah. And then apart from that I said we have bright rail electrification about 1800 crore crores, 511 crores and others is about thousand crores.
Rajesh BhandariRajesh Bhandari
Oh, okay, okay, okay.
Kishore Kumar Razgariya
We are hopeful as I have mentioned in relation to our foundry business in US. So we find is in line with our ambition or target for which we were working last more than a year. So this is going to help us definitely in terms of making it taking the foundry business to a different profit center and multiply our revenues. And also you know that we have a European joint venture for wagon manufacturing. And we are also now getting into a kind of work related to refurbished locomotive while we give a service to our overseas customers.
So there are a lot of opportunities with Europe in terms of component and also in our growth business. As I have mentioned text Macro 2.0. The items which I have mentioned may have a significant role of some European companies to work with us in the ecosystem. Turnover will go double for text macro. I would like to say that we should be as I say that the ambition is of course to make it 2x in next 3 to 4 years time. But the actions we will see all of this around within next financial year’s time. Situation comes to Dragisar.
Kishore Kumar Razgariya
So far the government supplies are concerned it is consistently getting better. But there are certain surprises which of course putting us in a difficult situation sometime. But I hope that it will continue to grow in terms of the railway is concerned. And while we are focusing on improving our product mix of non railway customer and we feel that’s how texmaco will take care and solidify itself position and for improved rolling stock. I mean freight rolling stock wagon next.
Indrajit Mookerjee
Next two quarters will be better. I think better because one of the better thing is that we are starting our export wagon from the present current quarter again. So this is a good ray of hope. And there is a good pipeline in the horizon which is making us feeling better and confident that we are moving in the right direction. Technology 650 crores. Interest. Have we earned anything because of on this general technology for wagons.
Indrajit Mookerjee
It’s not about Jindal technology. We bought it for synergies which we have always mentioned that other than Texmaco that is one of the company who were working on newer new designs of wagon and it had certain specific niche areas in which it was working. And I can say you that being part of Texmaco and it has further flourished. And we have few leadership position today. Like in the automobile wagon in certain steel wagons. And it is quite right on track. And the expansion which we had planned in and around it is definitely in the right direction.
And the EBITDA percentages also we are earning from that is better. So we are avoiding to make any per se the railway wagon from there. But it has also added a flexible flexibility in terms of our getting orders for private and export market and delivery. Complex solutions.
Rajesh BhandariRajesh Bhandari
Are we into Metro coach also?
Indrajit Mookerjee
We are planning to get in. It is on the agenda. But we are already doing furnishing. So we have a furnishing company now. We have a design collaboration. We are getting into the bogey part of it. We are planning to go into the manufacturing of the passenger coaches also. So like. Like is doing. Difficult for me to answer this. He’s not like anybody. I can say that our model is different. We can. We can say what we are doing. It’s very difficult. Yeah. Yeah.
Rajesh BhandariRajesh Bhandari
Got it, sir. Got it. Got it. Got it. Got it.
Indrajit Mookerjee
One of your questions which you asked about Jindal Kishore has an answer. In last 21 months we have earned profit before tax of 230. See after paying interest.
Rajesh BhandariRajesh Bhandari
Okay. Okay.
Indrajit Mookerjee
Okay. So it looks like to be a very good buy. That is the indication. Passenger coach and all that. We are taking action to work around it. Rajeshi. As. 26, 27 financial year. Let us keep our finger crossed with. To your best wishes. Let’s. Let’s try it.
Rajesh BhandariRajesh Bhandari
Thank you. Thank you. Thank you. I’m done.
operator
Thank you. Participants, who wishes to ask a question, please press star and 1. The next question is from the line of Sunan Bunyar, an individual investor. Please go ahead.
Sunan Bunyar
Hello, sir. Good evening. Sir. I have only one question in my mind. So. Over the last six financial year my company is having cumulative ebitda of around 1625 crore. But cumulative operating cash flow is only around 50 crore. Sir. So in simple terms we can see that EBITDA is growing but not the cash is. So in future what strategies my company is taking so that we can reflect. We can see the reflection of more operating cash flow compared to ebitda. That is my question.
Indrajit Mookerjee
If you have seen in previous six years. So our turnover was very low. So we have increased our volume and also our requirement for working capital. And this you have seen. We have acquired Technical west and all. So that is why in past you are seeing most of the EBITDA we have used. And our remaining cash flow is low. But going Forward we will be getting benefits out of this. So operating cash flow will improve.
operator
Does that answer your question, Mr. Simon? As there is no response from the participant, we’ll move to the next question which is from the line of Parvez Qazi from Nuvama Group. Please go ahead.
Parvez Akhtar Qazi
Hi, good evening sir. Thanks for taking my question. A couple of questions from my side first, I mean the wheel set issue is now going on for more than a year. So currently, I mean against your desired or against your demand, what is the quantum that you are getting from the government? And are we getting 70% of our demand? 80%, 90%? Where exactly is that number currently?
Indrajit Mookerjee
So it’s if you see that as per the asking rate of the government wagon supply, it it matches. But as per the asking rate or the performance company has shown, so in that level it would be in the range of 60 to 65%.
Parvez Akhtar Qazi
Got it. And secondly, your views on wagon tendering from railways, would you expect something to come in let’s say first half of FY27 or do you think this can spill over to the second half of FY27?
Indrajit Mookerjee
That will be completely a guesswork. But my heart and head says both in a combined way that it should come up. Because you see that we as a country and railway is very bullish about improving the freight performance, which honorable minister has also remarked that railway wants to improve. And while we have various challenges of track congestion and all of these, so many things are coming up. But we feel that to meet up the modal share it is absolutely necessary to get into the finalization of the tenders and which is also the quantity is such whatever is required as per our understanding of the requirement to reach to 45% plus model share is not going to be small.
So it will be consistent over the next five to seven years. And of course, quite rightly, in the last budget the focus was on decongesting the track and creating capability. It is understandable but quite substantial work. I think more than 97% is the near approximately the achievement of the budget. So we are hopeful that now it will come very soon. And I mean of course it is little, little seems little overdue, but yes, it should come many times soon, but three months or one month is very difficult for me to say or guess.
Parvez Akhtar Qazi
Sure, thanks and all.
Kishore Kumar Razgariya
The one thing Parvej I would like to add is that there is a good traction going on on the private sector, as one gentleman has pointed out, because you know that to continue the momentum we need to improve on the logistic efficiency of cement, steel and all of this and auto, auto, car. I mean we are finding a great traction and we feel along with the public spending money there will be lot of investments expected. Right. Starting from this year to the coming years from the private sector on wagon purchase. That’s why we are also focusing very consciously on our improving the capability of our laser.
Parvez Akhtar Qazi
Sure, sir. Thanks and all the way.
Indrajit Mookerjee
Thank you.
operator
Thank you. Next question is from the line of Sandeep Mukherjee from SKP securities limited. Please go ahead.
Sandeep Mukherjee
Yes, sir. Thanks for taking my question. Sir, my first question is like what is the nine month production volume at Jindal? You have the bifurcation. Just a second.
Indrajit Mookerjee
Yeah. It’s about 900 wagons for the nine months, sir. Yeah, yeah, nine months. We were doing all specialized wagons there and with a. Which are in nature of automobile wagons and some of the specialized steel rakes. So we cannot judge a performance in terms of the number of wagons produced. It is like something special.
Sandeep Mukherjee
Right, sir. And sir, my next question is like what is the nine month capex spend and next year target for the capex. Nine months. We have spent about 40 crores till now. And 40 crores is under commitment. This is. No, this is for the nine months. I am saying next year we are working on.
Indrajit Mookerjee
So we would spend this year projected about 75, 80 crores in that range.
Indrajit Mookerjee
Okay. Okay, sir. And what is the total date on the books as of 9 months? Yeah, that front sure. It’s about 800 crores. 800 crores. And sir, finally if I have heard you correctly sir, the order book split is like 4400 wagons in total. And for electrification it’s 1500 crores. Yeah. Wagon. I said it’s about 4900 in number of wagon. And in volume it is 2140 crores in value. Yeah. And sir, electrification is around 1500. 1800. 1800 crores. 1800 crores. And. And Kalindi is around 5511 crores. Yeah. Okay, sir. Okay. Thank you sir.
operator
Thank you. The next question is from the line of Darshan Saveri from Crown Capital. Please go ahead.
Darshan Saveri
Hello.
operator
Yes, please go ahead, sir.
Indrajit Mookerjee
Hello.
Darshan Saveri
Yeah, hi. Thank you so much for taking my call. Good evening Stream. So just wanted to, you know, understand like how do we see FY27 as like assuming the mega order from railway doesn’t, you know, fruitify in the first half at least. So how do we see our, you know, run rate going on? Because we have a decently sized order book right now. But that I think slowly has now, you know, Our order like that would not even cover our full year’s revenue right from the the way we are going right now. So just wanted to understand sir, like how do we see FY27 as because even if the mega order comes, we’ll not be able to execute a lot of it in FY27, right? So just wanted to know sir, in terms of revenue and margin, how do we see that?
Indrajit Mookerjee
So we have a order book in terms of freight rolling stock in this asking rate is nearly for two quarters in the pipeline of course we find there is enough traction to have anything near a two quarter capability. Beyond that we expect there would be certain orders which will be little long term which will spread over the next financial year. And in the next financial year other than the rolling stock, we find that our foundry will come up in different league so far the supplies or turnover or contribution to the bottom line is concerned as well as we also are very confident that our infrastructure division will come up with greater top line and better bottom line and also few of the new businesses will start generating money which is in focus.
So we will be progressively reporting to you and we are confident about this.
Kishore Kumar Razgariya
Yeah, we don’t expect that our wagon productions will come down because we will keep on getting orders. Right now as Sudiptu says that we have part of the half of the year we already are covered and I’m sure we will get some more orders and our leasing business is being restructured so we’ll have lots of private. We have a great opportunity on private orders. We already have export orders which are not there I think in this, not in this book. So in this book it is not there. So we will have some export order which in the pipeline we haven’t got the confirmed order but it’s in the pipeline.
So we see that wagon numbers will remain same. But in addition to that we have special efforts by which the foundry business will go up which is foundry acts as casting, not foundry as backward integration. So this foundry is as a profit center. So we expect that volume will go up because there are customers getting lined up. Some of it will be export also. In addition to that as Mr. Mukherjee has already mentioned that there will be some non conditional which I will not say non core but I would say that other segments in which we are also developing.
So that will take about five, six months. So by this time we have the wagon orders and more already we have the wagon orders for next six months or so. So we’ll have new wagon orders, new diverse business. So I don’t expect that we will be doing anything worse.
Darshan Saveri
Okay, okay. So even at, you know, if the order flows are, you know, delayed by the inter railways we expect FY27 to be able to at least match FY26. If that’s something that you know projective right now. But I. I can only give you an projection. We can’t give you numbers. But the projection. I’m just asking maybe qualitatively also. Like even if you are not qualitatively. It’S a challenging time, but we will make it. I say.
Indrajit Mookerjee
Yes sir. And so just wanted to ask like have it released a presentation for this quarter? Because when we joined the call, I couldn’t see it on stock exchange. I just wanted to know about that because usually because we have so many moving parts in our business that’s really helpful when we have a presentation. So just.
Kishore Kumar Razgariya
Yeah, we will be uploading it by end of day.
Darshan Saveri
Yeah, okay, okay, fair. Fair enough. So, and so I just want to know like the new areas and everything that you know, we are looking at. So anything specific like when you want to say about export side because you know, European you know we were talking a bit about you know, refurbishment and everything also. But you know any you know, big orders you can expect from the European government coming up like any country government order like you know, we have the capability or is there anything in pipeline regarding that. So because Indian Railways, you know has you know it’s been slowing down.
Right. And when we have the capability and technology to serve the full world any big order from any foreign country, you know, we’re expecting especially in wagon sir.
Indrajit Mookerjee
The answer is yes, but I am not able to disclose it right now that which part of the world and that is related to export of rolling stocks and few of the things which we are also expecting as we are trying to mention to you in indirect terms that we are hopeful on a qualitatively that something some newer areas and some new orders and some new arrangements will you will get to here in couple of weeks, I believe.
Darshan Saveri
Okay, fair. Fair enough. So yeah, that’s it from my side. So thank you so much.
operator
Thank you ladies and gentlemen. That will be a last question to today which is from the line of Hari Kumar, an individual investor. Please go ahead.
Hari Kumar
Yeah. One major question from nature is regarding update on the RVNL JV which was expected to be very huge. And the second question sir, regarding this infra segment. When are we expected turn the corner, sir. That is also.
Indrajit Mookerjee
So the RVNL JV was done and the shareholder agreement is to be done. So we are both the teams are working keenly and we expect that we’ll be able to close the loop very soon. And number two is your infra electrical infra part of it is doing good and it will continue to do good and the other part of the infra which is of infra green energy that also turning around. So whatever aberrations you are seeing it is from the legacy contract cracks and as we have mentioned to you and assured you that is going to get over by next year sometime.
We are trying to close as fast as possible particularly one of the project which is due to geopolitical reason we could not close it faster but we are trying hard to finish to reach the finish line and the balance whatever is new happening is coming up very well and we believe that by next financial year it will start contributing positively.
Hari Kumar
Thank you sir. Thank you very much.
operator
Thank you ladies and gentlemen. That was the last question for today. I now hand the conference over to the management for closing comments.
Indrajit Mookerjee
This is Indrajit Mukherjee. Before Sudipto concludes the today’s session I would like to thank all our investors and all those who are interested in Texmaco for giving patient hearing. I know that most of you are little worried because the wagon market seems to be not as buoyant as it was about two or three years back. But we can assure you that here you have a very active and dynamic management and they are not leaving any stone unturned to change the situation. We are constantly working on to develop our wagon business and yet bringing in other business lines so that we can satisfy the expectations of our investors and we continue to do that.
We will continue to show our performance not only in terms of volume but in terms of cost actions, in terms of productivity actions. So a lot of things are going in and gradually you would see some of them coming. We also are talking and we are.
operator
I’m sorry to interrupt you sir. We are unable to hear you.
Indrajit Mookerjee
And to the satisfaction of all of you. So having said that I would request Mr. Sunita Mukherjee who is put he and his team is putting all his best to turn around to do well in this kind of a situation which I don’t think is not going to be bad. It’s going please keep hope it’s going to be good. So I hand over to Sudipto.
operator
Thank you. Thank you indeed thank you everybody for your patient hearing and the very good thought provoking questions. So only thing I can tell that.
Sucrit Patil
Texmaco in Texmaco management we have very consciously worked hard we took little time to weigh our ways because we never wanted to be flushy and only do something for the sake of doing it. And as Mr. Indrajit Mukherjee has mentioned that we wanted to be staying significantly relevant to the stakeholders. And we have a plan in hand and a task in hand with plan work, plan actions written down around it. And we spoke to you, gave you a hint because we wanted to always deal with transparently and convey our messages clear. While our focus will remain on the rolling stocks, freight rolling stock business to make it more efficient with our design, innovation and offerings to make it more competitive, cost competitive and we earn higher ebitda.
Sucrit Patil
But at the same time we are.
Sucrit Patil
Very very keen and determined to get out of the cyclicality of the businesses and to grow. And in this buoyant economy which is being paved way by the government’s various good initiatives and the unique global scenario today, your company is very keen to encash this situation. And with our backup plan I reiterate that we want to at least make it 2x keeping our finger crossed, getting into all the businesses in the most possible cost effective or that way to bring the value and pave the path For Text Market 2.0 and which would be not far away and I mean you will be continuously getting into the informations and will let you know time to time various developments we have achieved.
Thank you for keeping faith on us and we are here to deliver now.
operator
Thank you sir. On behalf of ICC securities limited that concludes this conference. Thank you for joining us and you may now disconnect your lines.
Indrajit Mookerjee
Thank you.