Texmaco Rail and Engineering Ltd (NSE: TEXRAIL) Q4 2025 Earnings Call dated May. 17, 2025
Corporate Participants:
Unidentified Speaker
Indrajit Mookerjee — Executive Vice-Chairman
Sudipta Mukherjee — Managing Director
Analysts:
Unidentified Participant
Nidhi Shah — Analyst
Pratik Jain — Analyst
Mahesh Patil — Analyst
Sandeep Mukherjee — Analyst
Devarsh Shah — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Texmaco rail and Engineering Q4FY25 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 0 on your Touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Mohit Kumar. Thank you. And over to you sir.
Unidentified Participant
Good morning. On behalf of ICICI securities we would like to welcome all of you on the Q4FY25 earnings call of Dixmaco Engineering Limited today we have with us from the management Mr. Indrajit Mukherjee, Executive Director and Vice Chairman Mr. Sudipta Mukherjee, Managing Director I’m Mr. Kishore Kumar Rajkarya, Chief Financial Officer. Without much ado, I would now hand over the call to the management for the opening remarks which will be followed by Q and A. Over to you sir.
Indrajit Mookerjee — Executive Vice-Chairman
Thank you Mohit. Good morning everyone. This is Indrajit Mukherjee. I am the Executive Director and Vice Chairman of Texnaco Rail and Engineering Limited. I am extremely pleased to welcome you to the earning call for the fourth quarter and also our full year results for the FY25 at the very beginning. I would like to express gratitude from all of us, from Texnaco and our team to all our stakeholders for your continued support throughout the year. I trust that you have had the opportunity by this time to review our results at the earnings presentation filed with the Stock Exchange.
Just to take you through a very few pivotal points, I would like to say that you will be very happy to note that Textaco delivered a sterling performance for the year FY 2025 on consolidated basis a year which was marked by strategic transformation across the organization. During this year our revenue from operation was at Rupees 5,107 crore which indicates a growth of 45.8% as compared to the same period last year. This was due to an increased volume which while realizations remained stable. EBITDA was 525 crores with a year on year increase of 57.6% and a margin of 10.3%.
PBT for the year was 345 crores which indicates a year on year growth of 112.5% and the margin was equality was 8.4% which jumped from last year’s 4.9% while return on capital employed was 16.2% which showed an increase from 13.6% last year. The performance underscores Texbaco’s continued growth driven by operational efficiencies, our actions in our defined strategic path and of course a very strong market presence. I wouldn’t be wrong in saying that for the year of FY 2025 we were one of the topmost manufacturers of wagon freight cars in the country. For the full year the company delivered 10,612 freight cars which is 51% which shows a 51% jump from 7,028 cars in last year.
The foundry division sales were at 41,500 tonnes which of course almost were at the same level as last year. During the quarter, Texmaco established two strategic global partnerships. I thought of mentioning this because this sets the direction for where we are going for future. The first was with Nivomo, which is a European farm focused on predictive diagnostics and high speed rail. The second partnership is with Trinity Rail, a leading US based rolling stock manufacturer. And I won’t be wrong in saying that one of the top fume manufacturers in the world which is focused on expanding opportunities in rolling stock and component manufacturing across North America and other international markets.
These partnerships mark an important step in Texmaco’s drive to enhance its position as a technology lead leader. Technology lead rail solutions provider. Both of these opportunities give Texmago access to international markets. You also know that we already have a very strong leasing company which is operating very profitably. That’s a joint venture of course with TUAX of France. To further strengthen the Texmaco’s component system division, your company is setting up a global Capability center GCC in Faridawad. The GCC will enable us to broaden our services service offerings for our private sector customers and just not limited to them but maybe to Indian Railways also and enhance its footprint in the international markets through delivery of customized engineering solutions.
It is also going to be boosting our leading companies by providing advanced designs. With this initiative, TexPACO is positioning itself as a comprehensive solutions provider expanding its capabilities beyond freight car manufacturing and reinforcing its commitment to value added innovation led growth. The GCC will also have some more activities. We are setting up a global Supply system group which will operate from the same center of Faridabad for supply of our design and may be patented components to Europe and the us. The proposed merger of Texnaco West Rail Limited which was Arstoil General Rail manufacturing company and business transfer of Infra Rail and Green are expected to unlock value, enhance unlock value, enhance organizational focus and streamline business operations across key verticals.
Management views these strategic initiatives as very important steps in further aligning the business structure with long term objectives. In recognition of texpaco’s improved financial matrices and operational performances, I am happy to inform you that CARE ratings upgraded companies long term and short term facilities to Care A and Care A1 respectively. The upgrade effect reflects an enhanced credit profile and increased lender confidence in text message. The Union Budget of 2025 and 26 maintained capital outlay for Indian Railways at 2.5 lakh crore, reaffirming continued public investment in infrastructure development. In addition, USA is a focused market for us for development through our partners Wabtec and Trinity.
I just wanted to say that you all must be aware that WebTech and us already have a very successful joint venture manufacturing company in India manufacturing frictional brake products, brake and other allied products for freight cars. Our value proposition for us will go much beyond the volatility of tariff charges because of our bringing in uniqueness in our offerings in India, continued public investment in rail infrastructure remains a key growth enabler. The Government of India’s long term goal to increase the railway share in the national logistics from 27 to 45% by 2030 presents significant opportunities for the rail manufacturers.
As part of this expansion, approximately 1.5 lakh wagons are expected to be delivered in the next three to four years. With a consolidated annual production capacity of 15,000 wagons, Texpaco is ready to capture its fair share of this demand and contribute to the sector’s development. In addition, our sterling performances of our Electric Infra company which is the Bright Power division as well as our demerger of the Rail Infra to focus our attention to the rail Infra business are going to unlock balance for with these few words I want to thank you for your patience and I would like to open it for question and answer.
I have with me our very capable energetic Managing Director Mr. Sudipta Mukherjee. We also have our CFO who just stepped into this job few months back, Mr. Kishore Radhgaria and three of us put together will be very happy to answer your queries whatever this may be. Thank you.
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 N1 on their touch tone 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 Nidhi Shah from ICICI Securities. Please proceed. Thank you so much for taking my question.
Nidhi Shah
So my first question is why is there a decline in wagon production? Has there been any problems with wheel supply? We believe that the wheel supply has. Improved since they have allowed, you know, imports for wheel supplies. So was there, was there any issues like that that have led to a low production?
Sudipta Mukherjee
You. Thank you for asking. I mean thank you for being asking the question. Good morning, this is Sudipta Mukherjee from Text Microsoft. So you mean to say for the fourth quarter or any specific quarter?
Sudipta Mukherjee
For this quarter.
Indrajit Mookerjee
Okay. So I don’t think that wagon production should be considered in quarter to quarter basis because it’s not like the production doesn’t happen like this in few fifties and few hundreds. You have to take it in continuity because if you have also seen, seen that our share of private wagon rakes have gone up and I mean today the share is around 65 railways. 35 is the private and the export market. You know, so there are some long lead wagons or the different type of designs so which may take different, may have different supply chains and may have different lead time to procure.
So it will not be worth to see or evaluate the company’s performance based on a particular month or a quarter’s wagon numbers. That’s our take.
Nidhi Shah
My second question would be is there. Is there a possibility that we can beat FY25 production numbers going forward in 26? What will production look like for next. Year given that we are now having a higher share? Private wagons?
Sudipta Mukherjee
Yeah. So we are definitely the focus of the company is to keep this momentum of continuous growth. And in all the. As Vice chairman has mentioned in his opening remark, we can only assure you that your company is doing everything to have a significant growth in, in all the associations and all the businesses of the company and is also looking beyond and the answer is a strong yes.
Nidhi Shah
The private wagons. How much was the order execution for FY25? For private specifically, out of the total. Freight division revenue basis it was 35% of 10,600. So over and above if you specifically ask. So it may be around 2000 something. Okay. And sir, lastly I wanted to know how do you see order inflow for FY26 given that there are no large tenders from Indian Railways that have been. Floated as of now, are we expecting any of these tenders to be out. In the next one or two quarters? What will the order inflow look like for next year?
Sudipta Mukherjee
We feel that railway, I mean we feel it very much in the Fray that the orders will come because what makes us very secured and enthusiastic about the whole scheme of things is government’s clinical execution of the plan. I mean the way things are moving today that it is not nothing is on the knee jerk. So there is a. There is a forecast that the order has to come. And if you see that the first tender which came the largest tender so it is going to. The validity of this is I mean up to middle of next year.
So there is enough time for the government to come up with the tender and we have the. I mean we have a very, very confident take on this that there has to be a huge uptake by the wagons and the momentum will go on. And more than this, the private sector will look very bullish because the GDP has to grow. And you see the primary infrastructure investment part is huge. Now during this pause period government initiatives were never ideal. What is encouraging that in the infrastructure rather government tried to multiply it, decongest it and the work is going on further to decongest it.
So there will be a larger capacity to accommodate more inflow of I mean optimum capable rolling stocks into the system.
Nidhi Shah
Got it. Thank you sir. So I’ll get back in the queue for further questions.
Sudipta Mukherjee
Sure. Thank you so much.
operator
Thank you. The next question is from the line of Pratik Jain from Green Portfolio Private Limited. The Please proceed.
Pratik Jain
Hello sir. Good morning. Am I audible?
Sudipta Mukherjee
Yes, good morning, you are audible.
Pratik Jain
As you mentioned about that strategic agreements with Trinity Rail Group and N. Can you please tell me what is the expected timeline for commercialization of these partnership? And also about gcc. Can you please tell elaborate. So.
Sudipta Mukherjee
If we. If we talk about Trinity, the thing is as is being mentioned that we are coming up as in a global capability Center. The global Capability center will have specifically two wings. One is the research innovation part of it where we will do the new type of designs related to railway rolling stocks and components and many other things for not only for India but for the globe. So that process will continue and which is basically a kind of looking, looking forward and coming up on a continuous basis optimum solutions for the customer and to increase our reach to the global market.
Second part of GCC is the aggregation. So we want to play in the game of the global sourcing partner for Trinity and many other companies sitting out of India. So you see there is attraction and global focus to India as a global sourcing hub. So this is what is I think first one of its initiative where we are starting the process tangibly and the commercialization of the Whole process you can the transaction level you can see in this financial year itself Regarding Nibomo. Nibomo has two set of things. Again they have the Magreal technology which is a kind of high speed technology for rolling stock primarily for passenger rolling stock.
And this ecosystem, I mean globally this you can see in Japan, in US in some part of it it requires certain kind of adoption. So far the policy is concerned we believe that India is a huge prospect has a huge prospect of having few such systems to come in in parallel to the present movement of the high speed trains which government is working upon. But this ecosystem gives you an opportunity to go into newer propulsion systems like linear propulsion and all. So this linear propulsion can be worked out further below into the freight solutions and it is completely eco friendly so far if you bring the solutions.
So it can even has a potential to somewhere in a loop to eliminate a kind of or relook into the present locomotive system and it saves a huge energy. So we are in a process that the first focus we are trying to give this linear propulsion self propelled rolling stock mostly into the various ports, mines and where we have a merry go round system to implement these. And we are in discussions with few national as well as global such entities and we have few global opportunities which are in hand. Something is in very advanced stage.
But also we feel very bullish about the Indian ports and mines because this system can increase the efficiency of handling of material to 20 to 35% for better cargo handling. So this is what we have started meeting people talking about people so and we are hopeful something we will start in very very soon Perhaps within this financial year itself with a pylon.
Pratik Jain
Okay, one more question. I want to know that increase in PP of 450crores that is very large as compared to last financial year. Can you briefly about that? Is it because of the new foundry plant or anything else?
Sudipta Mukherjee
Pratikji, I’m sorry the first part of the your question we could not hear properly. Would you mind to repeat please?
Pratik Jain
Okay, I. I want to know about that increase in PPE of around 450 crores. That is very significant if we compare it to last financial year. So it is very big number 450 crore. Can you brief about that? Is it because of that new foundry plant or anything else?
Sudipta Mukherjee
I’m sorry, still we have not got your answer. What you say as 450 crore.
Pratik Jain
Property, plant and equipment.
Unidentified Speaker
Yeah, Mr. Pathik, this is basically because we have acquired Tex Meco waste during. The year about that Kindle rail acquisition. Yeah, so Previous year that figures were without tax. Macro west current year the text macro West PPE is included.
Pratik Jain
Okay, thank you. Thank you so much.
Sudipta Mukherjee
Before forcing you to repeat because there was some voice mismatch in between.
Pratik Jain
Thank you sir. Thanks.
operator
Thank you. The next question is from the line of Akash Vora from Dalal and Brucha. Please repeat.
Unidentified Participant
Yeah, I hope my voice is audible.
Unidentified Participant
Welcome.
Nidhi Shah
Yeah, yeah, yeah. So sir, my question is mainly on the margin front. Sir, margins this quarter also has been a disappointment in spite of, you know, the private sector wagon is going higher up in our order book mix as well as you know, we being able to execute a higher number of vacuums as well this quarter. In spite of that the margins are, I mean, you know, mid single digit ideally. The other, all the other players in the industry are doing double digits around 11, 12, 13%. So I mean, why are we struggling so much on that front? I mean.
Sudipta Mukherjee
Dear Mr. Akas, basically I think you are looking for quarter four console results. But if you see in quarter four console results there are some elimination of dividend interest received from group subsidiary companies. So that is why quarter four money, this income of the group subsidiary companies were spreaded over the quarters but the dividend received in quarter four, so this was neutralized. Otherwise margin. Okay, there were some provisions done in the quarter four. So that has impacted slightly the operating margin. Yes. Did we answer your question?
Unidentified Participant
No. Yeah, I mean thanks for the answer. I still fail to understand, I mean why we aren’t able to compare with other players like Jupiter who have consistently been walking around double digit margins for so many quarters. Now. You have a double digit margin only and it’s continuously on the upward trend and on operating level we are no less.
Sudipta Mukherjee
See, our margin for the year 2024, 25 has been 10.3%, 3%. So that is as Sudipto has said, it’s. It’s up from 9.5% to 10.3% which is last year, 9.5 to 10, 10.3. So we are on the upward trend. Q4 may give some annually because certain adjustments are done. Those adjustments which Mr. Rajgaria just now explained. So I would request that look at the full years which is showing an. Improvement over the last year. Over the last year. This is I think in spite of the fact that our infra business did not make much profit actually. Infra segment.
Unidentified Speaker
Yeah, it’s similar to last year.
Indrajit Mookerjee
So infra segment. So if you discount for that then it will even further go up.
Sudipta Mukherjee
So it is, it is a kind of a Composition of the businesses. And while you are right that on a it looks like that it is lower but the initiatives and decisions which which is being taken by the management even to demerge the infra and the growth and the progress we are making operationally. So you will see it much much better in the coming days going forward. Hello.
operator
It seems like the participants line has got disconnected.
Unidentified Participant
No, no thanks. Thanks for the answer. That was my only question. Thank you.
operator
Okay, the next question is from the line of Parvez Kazi from Nuvama Group. Please proceed.
Unidentified Participant
Hi, good morning and thanks for taking my question. So couple of questions from my side. I mean taking off from the previous participants. I mean when you look at Q4 results we have seen an improvement in margins for the infra rail and green energy division which I think at least till last quarter was making certain losses. But simultaneously as Kishoreji mentioned we have seen some reduction in profitability in the freight car division maybe because of some one off expenses. So my questions are one, what would have been the quantum of these one off expenses or provisions that we did in Q4 in the freight car division? And second, as far as the infra rail and green energy division is concerned, how do we see execution and profitability in FY26? Thank you.
Indrajit Mookerjee
Yeah, we are now focusing on provision first. So we have some one time expenses. One of expenses of about 20 to 25 crores which includes provisions and some study we have done for the future and relating to infra rail and energy division. Our MD will.
Sudipta Mukherjee
So. Parvej. Good morning. So I mean the provision was primarily see we decided that there were certain slow moving debtors and we decided that we have earned good profit. So while we are fighting and contesting the issues of LD but on a being a safer side and being upright, we have just kept a made a provision in our balance sheet for that and it was done of course mostly in the fourth quarter. So it looks like that that is one part of it. Regarding rail infra. If you see that when we have seriously taken up to demarge as you have pointed out the losses has gone down and we can only say that you will see significant improvement.
Because it’s difficult for me to give you a forward looking guidance at this point of time. But this was the whole purpose that we have a very focused approach to revive that when we have a huge positive traction so far the orders are orders progress in the market and the government push to improve the infrastructure. And you will find us not in the conventional EPC side. You will Find us in the niche rail infrastructure and system and solution side including signalling in the coming days more in domestic as well as into some very few prestigious international projects.
So this I can say this much. So I am saying you this much balance I think that. I mean we will not desert any.
Unidentified Participant
Sure.
Nidhi Shah
Couple of more questions. One, of the total 10,600 wagons that we dispatched in FY25 how much would have been produced in general rail? And second, I mean about the wheelchair availability issue. Is that all sorted now or are there still some issues in terms of delivery by the railway? Thank you.
Sudipta Mukherjee
So Indian rail was 65% of the total delivery. And if you talk about the wheelset thing, if you know that RWF we used to get from and from private historically we used to have certain imports as well as sometime RWF also used to. So there is a huge push by the government to improve the production in the. I mean indigenously within the country. So there was a mismatch in the time for the project execution perhaps. So that way that. That’s why that there was a kind of uncertainty in between. I will not say it has gone completely and it has become good.
No, the first quarter may look, I mean it may remain for another few days. Although I’m very happy to make a point that since last one week the RWF supplies have significantly improved for everybody. And if this momentum goes on then within a month or so things should be of different shape. So far the wheel states are concerned regarding meeting the other crisis of the private wagon and all. There is enough wheels in the market, there is no shortage. But the problem is that of course these geopolitical issues and all of these are not within our control.
The war situation and all there had been a disruption in between but things are getting normalized.
Unidentified Participant
Sure sir. Thanks and all the best. Appreciate.
operator
Thank you. The next question is from the line of Disha, an individual investor. Please proceed. Hello.
Sudipta Mukherjee
Hello. Please.
Unidentified Participant
Yeah. So sir, you mentioned about the two global strategic partnerships that you’re doing the gcc. So both the ways you’re expanding your market share in Europe and North America. So how do we see exports ramping ahead? How much percentage of revenue do you expect exports to take up in the future? Sir.
Sudipta Mukherjee
We would like to tell you that all the verticals of Texmaco we want to follow a process that around, I mean a significant percentage of the work depending upon on a case to case basis 25% threshold or 20% threshold maximum should be of our export market starting from percentage of around say 2 to 5%. So while this is a wide range, because if I have to bifurcate today in our project, maybe it will be rail infra or all of this. It may be, the thing is maybe minuscule, but in our rolling stock and casting division the numbers would be much, much higher because they are already established.
So. But as a matter of policy, we want to focus that all our verticals should have a global excellence. And you know that in Texmaco we have this proximity and world class joint ventures and customers and we have the required certifications around for European market, US market. So we are very hopeful for a significant growth overall. If I have to say that of the main business today, suppose the core business that is rolling stock and casting, which we call as a FCD division and the component division. So we have achieved a ratio of 65, 35. And ideally in the near future, in immediate future, we want to make this ratio to at least 60, 30.
And you may see a better traction of course in the way forward. I mean this is what is the immediate kind of thing we are looking forward and working for.
Unidentified Participant
Yeah, and so. So given all the initiatives that we’re taking for 25 to 40% calorie is. Something what we can assume. So for next two to three years going ahead.
Sudipta Mukherjee
I’m sorry, I was also speaking, I couldn’t hear you. Could you please repeat?
Unidentified Participant
Yeah, yeah, so I was saying with. All the initiatives, can we assume like a 35 to 40% CAGR for two to three years going ahead. 40%. This 40% will be a combination of the we believe private market and export market. And we feel it is possible to be done. I’m sorry sir, I couldn’t hear you. Could you please repeat?
Sudipta Mukherjee
Combining domestic, private and export, we feel 40% in the FCP division is possible to be achieved.
operator
All right. All right, thank you so much, sir. Thank you. The next question is from the line of Mahesh Patil from ICICI Securities. Please proceed.
Mahesh Patil
Yeah, hi sir, my first question is in the opening commentary you mentioned that the demerger of the infrastructure segment was on the cards again. Could you please help us with the timeline that you’re eyeing for that?
Unidentified Speaker
Yeah, we are currently filed the scheme with the stock exchanges. We got some queries which we have replied. We are working with the NOCs and we are expecting final approval in January 26th.
Mahesh Patil
January 26th. Okay. Okay. Sir, my second question is on the Jindal rail. Could you plus give us the revenue EBITDA and PAD for Jindal Rail for FR25?
Unidentified Speaker
Yeah. Jindal Rail. Jindal Rail turnover was more than 900. Crores and. The PBT was about more than 125 crores.
Mahesh Patil
Okay sir. And sir, what are we doing? Any plans in terms of unlocking the full potential here?
Sudipta Mukherjee
So you see that this is again is like a unit of text macro. So all the manufacturing units are of course unlock. We are unlocking the further potential and the kind of. I mean we have suppose today three manufacturing units for rolling stocks and which combined we feel that without much capex reaching around 15,000 mark is not a problem. But more than the vehicle units as I was pointing out in the initial reply to one of our esteemed investor that we are more concerned about enrichment of the types of product which we make which brings us more value, the reach to customer.
Because when we talk about more exports, more private it calls for more innovation and more qualitative output. So in that way increasingly internally as well as externally we have a clear focus and a process which is ongoing within the companies for all the manufacturing units to reach that excellence. And it is not limited to the manufacturing units only. It is expanded to all the SBU and the management and all the people as a whole.
Mahesh Patil
Okay sir. Yeah. Thank you. My next question is on the components. So could you help us with the components revenues in FY25 and which segment does this get booked in? And a follow up question. How do you think this will ramp up over the next few years?
Sudipta Mukherjee
We have two kind of components we may have. I don’t know whether the bifurcations are there. We have casting components. We have fabricated machined components. So as you know that railway has. I mean fabricated bogies also. Casting bogies also. So Kishore will give you the figures now and then I will tell you how it is going to.
Unidentified Speaker
Yeah. Our foundry casting revenue is about 750 crore plus. And for other small high tech components it’s more than 50 crores. Now in the.
Mahesh Patil
Sorry sir, just one clarification. In which segment does this get booked in Sir City. Okay.
Sudipta Mukherjee
Now regarding this we have mentioned that we feel there is a significant opportunity of growth of export to US and Europe and newer markets which we are working. And that’s how one of the point we have mentioned that under GCC we have a division called GSS which the job is aggregation. Aggregation act as a global sourcing agent from India. And that’s how we are trying to unleash new markets, newer markets. And we have a significant forecast of growth in this. That’s what we would like to Say rather than. I can’t give you a clear guidance of a figure but I can assure you and commit we will see significant growth within this financial year.
Mahesh Patil
Sure sir, thank you. My last question is on the Odisha foundry. If you can can help us with the progress and how much production of the foundry is expected to be captive as on.
Sudipta Mukherjee
As on date we are more focusing on the unleashing of the present excellence. So that was taken up. It is there of course in the very preparatory stage. And if you see that this year we are going to produce at least more than 50,000 metric ton from our present capacity itself. So we want to be efficient in terms of our investment and sale. So we the. I mean the answer is that this focus is there more and what is and how that will be expedited. That’s a call which will be taking in the coming.
Mahesh Patil
Okay sir, thank you. Thank you so much.
operator
Thank you. The next question is from the line of Sandeep Mukherjee from SKP securities limited Please proceed.
Sandeep Mukherjee
Yes sir. Thanks for taking my question sir. What is the reason for the receivable increase? Receivables?
Unidentified Speaker
Yeah, there are two reasons. One is key this console account. Which. Were not there last year. Second reason was we got some imported wheel set at the last week of March and so our turnover last week of March there was substantial sales to Indian railway and private parties. So that because of that debtors were higher for the March ending.
Sandeep Mukherjee
Okay sir, my next question is what is the outlook for capex for FY26?
Unidentified Speaker
Yeah, we will be mainly focusing on improving the infrastructure. So our Capex will be like the last year only.
Sandeep Mukherjee
Okay, can you help me with some book picking numbers of high tech Kalindian Bright Power Separately sir the closing order book and the revenues and ebitda.
Unidentified Speaker
Yes revenues are I think is mentioned there segment revenue. You can get the details.
Sudipta Mukherjee
Yeah.
Unidentified Speaker
If you see 31st March 25th freight car was 4300. Infra Real and Green Energy 438 and Infra Electrical that is bright power 368 crores.
Sandeep Mukherjee
Can you help me with the EBITDA margin? Sir, the PBT, the PBT.
Unidentified Speaker
PVP margin.
Indrajit Mookerjee
EBITDA is 16%.
Unidentified Speaker
EBITDA is 16% for the bright power.
Indrajit Mookerjee
Yeah, that’s Bright Power. That’s the question. So Bright power revenue was how much? 400 something.
Unidentified Speaker
368 crores.
Indrajit Mookerjee
So that’s the 68 crores 16% margin. And the profit before tax?
Unidentified Speaker
Yeah, profit before interest and tax was 44 crore.
Indrajit Mookerjee
44 crores. So which is more than 10%. Is that right? Yeah, yeah.
Sudipta Mukherjee
Much more.
Indrajit Mookerjee
Yeah.
Sandeep Mukherjee
Okay, sir. Okay. And what will be the closing order book for all the three, sir? Right, right.
Indrajit Mookerjee
Is about 1900 crores.
Unidentified Speaker
No.
Indrajit Mookerjee
So how much is the bright car?
Sandeep Mukherjee
Okay, sir. Okay, sir. Thank you very much.
operator
Thank you. The next question is from the line of Deepak Sharma, an individual investor. Please proceed.
Unidentified Participant
Hi, thanks for the opportunity. D My. One of the question is what is. The CAGR rate of freight market from. The private and government sector both.
Indrajit Mookerjee
Okay, what is the question?
Unidentified Participant
Cagr what is the CAGR rate? CAGR rate of flight market from the private and government sector both.
Indrajit Mookerjee
CAGR rate of private. And that’s the market because you’re talking about it.
Unidentified Participant
Yeah, yeah, yeah.
Indrajit Mookerjee
I think it will be a difficult question to answer sir because there are certain fluctuations that’s coming up. So we don’t know how it is going to emerge for the coming years the CAGR rate. So if we have to make any comment, if you have to look at any numbers, those number may not be correct. So it’s an unverified numbers because of the currently as you see that the orders are not yet come and likely to come. So there are certain elements of speculation for the future. So this is the reason why I We are giving a very roundabout answer but obviously there is going to be growth indication.
Sudipta Mukherjee
What we got to study is it was little less than a 6% what we knew. I mean but to be specific in and around this is difficult. 6% is pretty good because it is in line with GDP growth. Yeah, but engineering it may be little lower than the engineering index. But this is a. This is a speculation. This is a. This is the thing. I mean sometime you know some there are people who do give prepares this and sends in the domain where we get it so average this was for the I think freight rolling stock around.
Indrajit Mookerjee
So we are sorry that we can’t give a specific answer to this but as Mr. Mukherjee Sudipto says that he’s going to be lined with the GDP growth.
Unidentified Participant
Oh, it’s okay. It’s okay. Another question is which one is having a higher EBITDA margin Private sector or government sector?
Unidentified Speaker
Yeah, obviously it is a private sector where margin is higher. But we have to have a combination because in private sector your receivable takes some time.
Indrajit Mookerjee
So margin is higher.
Sudipta Mukherjee
Margin is higher in private sector where you have the kind because the input comes right from design to delivery, you know, so there is an opportunity for you to work in the value chain. It’s not a commodity product then the margin is better.
Unidentified Participant
Okay. And my 2 requests from the management that please upload the PPT investor presentation 30, 40 minutes before because we have to figure out some means. You know what I’m trying to talk to you now. The second request is please give it.
Indrajit Mookerjee
Yeah, we believe.
Unidentified Participant
Yeah, yeah yeah. So please can you please give give any investor relation department contact details Because I have contacted so many times. I’m not wrong five to seven times I have contacted with the IR Chatgate partner but I have not got any relevant answer from them. So please.
Unidentified Speaker
You can call me. Yeah.
Indrajit Mookerjee
No there are press release makes it very clear. We have an investor nation company whose number numbers are given. Also one can contact our CFO Mr. Kishore Rajgaria at kishorejgariyaxmarko.in and we ensure that we will be answering his email. ID is Kishore K I S H O R. Rajgaria R A J G A riaxmarko.in and we are assuring that we are in 7 days you get answers from us.
Sudipta Mukherjee
Okay. Okay.
Indrajit Mookerjee
Okay.
Unidentified Participant
Thank you. Thank you team and Dara. Thank you.
Indrajit Mookerjee
And we also have our investor relations. You can also go through them and is our investor relations lady and her numbers is already there in the press release.
Unidentified Participant
Okay, sure. Thank you.
operator
Thank you. The next question is from the line of Devar Shah from Sunidi Securities. Please proceed.
Indrajit Mookerjee
Carry on. Sir.
Sudipta Mukherjee
Hello.
Unidentified Speaker
Hello.
operator
Mr. Devash, I request you to unmute your line and then speak.
Devarsh Shah
Hello.
Nidhi Shah
Am I audible? Hello. Hello.
Sudipta Mukherjee
Yes sir, please tell we can hear you.
Devarsh Shah
Yeah. So I had a question regarding other expense. So if we seen Q3 and Q4 then the other expense have been spiked like it has grown around 50%. So what’s the reason behind it?
Unidentified Speaker
Yeah. Mr. Devas, we mentioned now we have done some one off provisions during the quarter four and some one off expenses were there.
Devarsh Shah
Okay. Okay. And the second question is like we have faced the wheelset supply issue in past also. So if we see then the the peers of your company are entering into wheelset manufacturing space. So is a company evaluating in in house production or any strategic partnership in this area?
Sudipta Mukherjee
We are exploring various things. So some. I mean the answer would be a roundabout one. We are exploring various things including of course this also. But a mere crisis of certain things like wheels on a particular moment. I mean as an example I am telling you doesn’t make it lucrative opportunity for a business proposition. So to look at and I can assure you that Texmaco what we will be doing which will be very clear that we Will not do anything on a knee jerk. And which could have a sustainable sense of business with a reasonable profit.
We will only enter into that business. And there are many within railways and even beyond railways your company is looking forward to. And very soon you will got to know many things out of it.
Devarsh Shah
Okay? Understood sir. And the third question is like are we entering into the passenger rolling stop like Sahara Asia partnership. So have you got any orders with respect to interior works of the passenger trains?
Sudipta Mukherjee
We are happy to let you know that in last. I mean since we had the control of the company in last 5 months, 6 months time we could secure 23 crores of order. And majority of this is related to Bande Bharat. And as I have mentioned you, I’m assuring you that in all the verticals of Texmaco you will very soon perhaps you will also see Saira exporting products out of India.
Devarsh Shah
Okay sir. And with regarding to Tex Mecho Nimbet facility. So it is going to be operational by FY26, right? So what will be the incremental vegan manufacturing? Like what would be the numbers of incremental vegans?
Sudipta Mukherjee
Again it will depend on the type of product. We want to make it kind of a boutique and very premium sort of a facility. And again we have plan for multiple geographies. So I think if we are thinking only in terms of vehicle number again we are restricting ourselves from the opportunity of having a beautiful business case. So. But if you have to only see on a vehicle number because I just. I’m just. On a very lighter note I am telling. Suppose one car manufacturer makes multiple types of car. So combining everything of course we have to come to a mean, you know.
So if I have to say the mean it will be around 2000.
Devarsh Shah
Okay, understood sir. And the last question is like currently we heard the news like the Cabinet approved around 18,600 odd crores of railway multi tracking project. So when can we expect the tender coming through the Indian Railways? And can our companies EPCOT electrical segment capitalize over these developments coming in future?
Sudipta Mukherjee
The answer is yes and it is not future, it is present and past. Immediate past Also we are continuously getting lucrative orders. And as I have pointed out that in rail in fra our focus is the niche areas of the infrastructure of Balas. Less track and with Balas truck also but more on the signaling integration out of air collection and on the technology part of it. And some more system and solution in and around safety. Safety is going to be added very soon in line with the government push towards safety. And we believe we will soon become a very big significant player into the whole government.
And so far Bright Power is concerned. Yes, we are getting continuous orders and you can see that the order book has been more than doubled in last one year. And also to let you know that while we are growing in all these segments we are also consciously de risking our businesses. And that’s how the percentages or proportion of the customer basis are carefully worked upon in Bright Power also, while we have increased our dominance in railways, we have gone beyond railways and we have gone into the state electricity level also in the city level also.
So which are very, very good orders and will be continue to keep this momentum.
Indrajit Mookerjee
Okay sir.
Devarsh Shah
Thank you for the opportunity sir.
operator
Thank you. The next question is from the line of Amit Kumar, an individual investor. Please proceed.
Unidentified Participant
Thank you for the opportunity, sir. Congrats for good side numbers. Could you please. My first question is could you please provide the bid pipeline and expected order inflows in next two years.
Sudipta Mukherjee
So figures is very difficult to say. What I can say to you that today in Indian Railway we have around. We have a stake around 23% so far the Indian Railway orders are concerned. And if we combine with the. I mean if we talk about the private share it is around 30%. 30, 35%. So we have a plan of course to improve upon it on the percentage of share in both the markets while maintaining our internal ratios in that. And we have a kind of a thought process that in the coming three to four years another one and a half lakh of wagons should be inducted in this.
I think one can work out from this. But it’s very difficult for me to tell Kit this much will get because it happens in a tendering process.
Unidentified Participant
My second question is. I was. I was studying a company in past 5 financial years. I can see the 1100 crores of EBITDA. But if I study the cash flow in past 5 years we have generated only 20 crores of EBITDA and FY23 there was a cash flow of it. A negative cash flow 100 crore. Approximately this year also there is a minus 47 crore of cash flow. So 1100 cores of EBITDA and 20G of cash flow. So there is a huge. I cannot connect the dots. So why we are struggling to generate the catch despite of having a very great amount of EBITDA.
Indrajit Mookerjee
Your question to us we are 1100.
Unidentified Participant
Should I repeat my question? Should I repeat my question?
Indrajit Mookerjee
You repeat.
Sudipta Mukherjee
Can you repeat once?
Unidentified Participant
Yes. In past financial year, past five financial years, our cumulative EBITDA is approximately 1100 crores and and cash flow from operations for past five years. Cumulative it’s 20, near 20,000. So I am unable to understand why they are struggling to generate cash flow from operations.
Sudipta Mukherjee
See I, I. It’s very difficult for me because you, I mean thanks for working out in this way. I do not have all of that has been.
Indrajit Mookerjee
You have to check sir, I have you checked what is the increase in. The. Five years back we were doing something like about 3,4000 wagons. Today we have done 10,000 wagons. So obviously I’m just not trying to sort of bring in an excuse but we, it’s a very good question. We will definitely we give you the proper answer but I’m just giving certain broad factors that our wagon production has gone up by three times or three and a half times. So obviously 3,000 to 10,000 there must have been absorption in the working capital. So I’m not giving you an excuse or flimsy explanations. We will look into the actual numbers because it’s a very good question Then we also had substantial capital investment that we have made.
We were also, we had also high leverages on interest debts. So we paid back a lot of debts. So all these things we have to take into account. It’s a very interesting question that why the cash flow has not. Internal cash flow generation has not been in line with the EBITDA and also along with it we also have to improve you up. We have to look at a projection. Is that is it the same trend going to continue for future or not? I don’t think so. I think we are over a pretty bad patch which happened because of bad market situation.
You know it and now we are, we are in the upswing. So maybe it got absorbed because of that reason. But I am not giving you an answer sir. It’s a good question. We, we will prepare the answer.
Unidentified Participant
Okay. No, thank you. And, and my last question is last year we had a fixed assets of 460co. This year we have fixed assets of thousand cos. So our asset turn is declined. Last year our asset turn was 8. This year my our asset turn is 5. So what? So, so can we expect our turnover to increase substantially this year so that our asset turnover is approximately 6, 7 sort of kind of thing. So what can be our revenue guidance or top end guidance for FY26 27 if you can give some idea so that our asset turn can be, you know, much better or at least in line with the last financial year.
Yeah.
Unidentified Speaker
Regarding the increase in fixed assets it is mainly because of our acquisition of tax macOS. So last year technical west was not there and this year we have added Tex Mac Os. So that is why our fixed assets has increased from PPE increased from 428 to 883 crores.
Indrajit Mookerjee
But it will keep on increasing sir, because what will happen is normally when we make an inorganic acquisition you pay certain times of multiplier and this multiplier effect starts coming coming up only after the as time passes so. But we are I must assure you that the Jindal had been an extremely good from the. From the acquisition multiplier point of view. So I answering your question. Yes, the asset to output ratio will the asset transformation into the output will start going up. It will steeply go up actually in course of time if we can do what we are planning to do.
Unidentified Participant
To previous partisan you told there will be 40% growth in top line. So can I assume that there will be 40% growth in top line in FY26.
Indrajit Mookerjee
What will happen in April in terms of giving you the number of what the growth will not be correct for me because upside all there are certain regulations on the statutory. You understand much better than me. So I think it will be. I’ll have to beg your pardon on this in this respect, but I can generally say that we are looking at good year, even the current one and the asset turnover ratio will go up and it may touch back to the almost the same number. What exactly the number is we can’t give you right now, but it because it’s dependent on future projections.
But it will start steeply going up because this is all because of the multiplier effect. The EBITDA multiplier effect from the acquisition.
Unidentified Participant
Okay, thank you very much. All the best.
operator
Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments.
Indrajit Mookerjee
I would like to once again thank all our esteemed investors and our friends for asking questions and showing interest in the company. And what I mostly like is that some of the questions are so in depth which means that you even studied better than us what we have done on our balance sheet. So for which there are some questions came in where it was so good to ask such incisive question. Also I would like to thank because your asking question gives us more inspiration to do well and also points out where some of the weak areas where we need to work.
So we will do that. Before I conclude, I would like to say that in some cases we may not be able to answer your questions directly to the point. And you understand some of these are because of regulatory reason. It’s not that we want to avoid some questions. We want to be very transparent in telling you no problem in answering past questions. Some of the future looking questions I think we have been, we have to be little careful. So I’m sure you understand the market better than us and you would excuse us for not giving a direct answer.
Once again, thank you very much for your time and for your questions. So Mohit, can I hand it over to you?
Unidentified Participant
Hello?
Indrajit Mookerjee
Yes, Mohit, I’m handing over to you. We have. I want to thank you also for organizing this investors call and now hand it over to you. We can conclude.
Unidentified Participant
Yeah, yeah, thank you. Thank you for attending the call. And that’s it from our side. Thank you.
Sudipta Mukherjee
Thank you.
Indrajit Mookerjee
Thanks to ISEC also.
Unidentified Participant
Yes, thank you. Yes, please close the call.
operator
Sure. On behalf of ICICI securities limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.