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{{Use Indian English|date=June 2022}} |
{{Use Indian English|date=June 2022}} |
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{{Infobox company |
{{Infobox company |
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| name = Titagarh Rail Systems |
| name = Titagarh Rail Systems Limited |
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| logo = Titagarh Wagons Logo.svg |
| logo = Titagarh Wagons Logo.svg |
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| logo_size = |
| logo_size = |
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| image_upright = <!-- default = 1 --> |
| image_upright = <!-- default = 1 --> |
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| image_alt = |
| image_alt = |
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| image_caption = An aluminium train set manufactured by Titagarh |
| image_caption = An aluminium train set manufactured by Titagarh Rail Systems Limited for the Pune Metro. |
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| trade_name = |
| trade_name = |
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| type = [[Public company|Public]] |
| type = [[Public company|Public]] |
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| traded_as = {{BSE|532966}}<br />{{NSE|TWL}} |
| traded_as = {{BSE|532966}}<br />{{NSE|TWL}} |
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| ISIN = INE615H01020 |
| ISIN = INE615H01020 |
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| industry = [[Railway |
| industry = [[Railway]]s<br />[[Defence industry|Defence]]<br /> [[Shipbuilding]]<br />[[Mining]] |
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| founded = |
| founded = 1984<ref>{{cite web |title=Titagarh Wagons Ltd.: Company Details |url=https://finshots.in/markets/riding-the-titagard-bandwagon/}}</ref> |
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| founder = Jagadish Prasad Chowdhary |
| founder = Jagadish Prasad Chowdhary |
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| hq_location = Titagarh Towers 756, [[Anandapur, Kolkata|Anandapur]], [[Eastern Metropolitan Bypass|E.M. Bypass]] |
| hq_location = Titagarh Towers 756, [[Anandapur, Kolkata|Anandapur]], [[Eastern Metropolitan Bypass|E.M. Bypass]] |
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| hq_location_city = [[Kolkata]], [[West Bengal]] |
| hq_location_city = [[Kolkata]], [[West Bengal]] |
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| hq_location_country = India<ref>{{cite web |title=Contact |url=https://titagarh.in/contact |website=titagarh.in |access-date=14 May 2022 |
| hq_location_country = India<ref>{{cite web |title=Contact |url=https://titagarh.in/contact |website=titagarh.in |access-date=14 May 2022}}</ref> |
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| num_locations = |
| num_locations = |
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| num_locations_year = <!-- Year of num_locations data (if known) --> |
| num_locations_year = <!-- Year of num_locations data (if known) --> |
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| area_served = Worldwide |
| area_served = Worldwide |
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| key_people = {{Unbulleted_list|Jagadish Prasad Chowdhary<br>{{small|(Chairman)}}|Prithish Chowdhary<br>{{small|(Non-executive Director)}} |
| key_people = {{Unbulleted_list|Jagadish Prasad Chowdhary<br>{{small|(Chairman)}}<ref name=TITAGARHWAGONSLIMITED2022ANNUALREPORT>{{cite web|url=https://www.bseindia.com/bseplus/AnnualReport/532966/74637532966.pdf|title=TITAGARH WAGONS LIMITED 2022 ANNUAL REPORT |website=bseindia.com|accessdate=26 June 2023}}</ref>|Prithish Chowdhary<br>{{small|(Non-executive Director)}}<ref>{{cite web |title=Board Members |url=https://titagarh.in/board-members |website=titagarh.in |access-date=18 June 2022}}</ref>|Umesh Chowdhary <br>{{small|(Managing Director)}}<ref>{{cite web |title=Board Members |url=https://titagarh.in/board-members |website=titagarh.in |access-date=14 May 2022}}</ref>}} |
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| products = {{Bulleted_list|Freight wagons|Locomotives|Rolling stock|Mining equipment|Navalships}} |
| products = {{Bulleted_list|Freight wagons|Locomotives|Rolling stock|Mining equipment|Navalships}} |
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| production = 8,000 wagons<ref name="Bose" /> |
| production = 8,000 wagons<ref name="Bose" /> |
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| production_year = 2020 |
| production_year = 2020 |
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| services = |
| services = |
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| revenue = {{increase}} {{INRConvert| |
| revenue = {{increase}} {{INRConvert|28.22|b|lk=r}} (2023)<ref name=2023FY>{{Cite web |date=2023-05-24 |title=Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores |url=https://www.equitybulls.com/category.php?id=332829 |access-date=2023-05-25 |website=EquityBulls}}</ref> |
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| operating_income = |
| operating_income = |
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| income_year = <!-- Year of operating_income data (if known) --> |
| income_year = <!-- Year of operating_income data (if known) --> |
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| net_income = {{increase}} {{INRConvert| |
| net_income = {{increase}} {{INRConvert|1.3|b|lk=r}} (2023)<ref name=2023FY/> |
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| assets = {{increase}} {{INRConvert|26.79|b|lk=r|year=2022|mode=historical}} (2022)<ref name=TITAGARHWAGONSLIMITED2022ANNUALREPORT /> |
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| assets = |
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| assets_year = <!-- Year of assets data (if known) --> |
| assets_year = <!-- Year of assets data (if known) --> |
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| equity = {{increase}} {{INRConvert|8.42|b|lk=r|year=2022|mode=historical}} (2022)<ref name=TITAGARHWAGONSLIMITED2022ANNUALREPORT /> |
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| equity = |
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| equity_year = <!-- Year of equity data (if known) --> |
| equity_year = <!-- Year of equity data (if known) --> |
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| owners = Chowdhary family (47.05%)<ref>{{cite web |title=Shareholding Pattern |url=https://titagarh.in/storage/report/actual/1650621809_e81OR_twl-shareholding-pattern-31032022pdf.pdf |website=titagarh.in |access-date=14 May 2022}}</ref> |
| owners = Chowdhary family (47.05%)<ref>{{cite web |title=Shareholding Pattern |url=https://titagarh.in/storage/report/actual/1650621809_e81OR_twl-shareholding-pattern-31032022pdf.pdf |website=titagarh.in |access-date=14 May 2022}}</ref> |
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| num_employees_year = 31 March 2021 |
| num_employees_year = 31 March 2021 |
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| divisions = |
| divisions = |
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| subsid = {{Unbulleted_list|Titagarh Firema|Cimmco Limited<ref>{{cite web |title=Our Group Companies {{!}} Titagarh |url=https://titagarh.in/our-group-companies |website=titagarh.in |access-date=14 May 2022 |
| subsid = {{Unbulleted_list|Titagarh Firema|Cimmco Limited<ref>{{cite web |title=Our Group Companies {{!}} Titagarh |url=https://titagarh.in/our-group-companies |website=titagarh.in |access-date=14 May 2022}}</ref>|Titagarh Marine Limited}} |
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| module = <!-- Used to embed other templates --> |
| module = <!-- Used to embed other templates --> |
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| website = {{URL|https://titagarh.in/}} |
| website = {{URL|https://titagarh.in/}} |
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'''Titagarh Rail Systems''', formerly known as '''Titagarh Wagons Limited''' is an Indian private |
'''Titagarh Rail Systems Limited''', formerly known as '''Titagarh Wagons Limited''', is an Indian [[rolling stock]] manufacturer in the private sector. Established in 1984 as a rolling stock foundry unit, the company's headquarters are situated in [[Kolkata]], [[West Bengal]].<ref>{{Cite web |date=2023-05-25 |title=Rebranding Announcement {{!}} Titagarh Wagons to focus on rail-related solutions, rebrands as Titagarh Rail Systems |url=https://www.cnbctv18.com/business/rebranding-announcement--titagarh-wagons-to-focus-on-rail-related-solutions-rebrands-as-titagarh-rail-systems-16762081.htm |access-date=2023-05-25 |website=cnbctv18.com}}</ref> Titagarh is [[Public company|publicly traded]] on both the [[Bombay Stock Exchange]] (BSE) and [[National Stock Exchange of India|National Stock Exchange]] (NSE).<ref>{{Cite web |date=2023-06-20 |title=Rs 93 to Rs 498: This railway stock scaled all-time high within a year |url=https://www.businesstoday.in/markets/company-stock/story/titagarh-rail-systems-shares-rise-multibagger-returns-386354-2023-06-20 |access-date=2023-06-23 |website=Business Today}}</ref><ref>{{Cite web |title=Titagarh Rail Systems up 2095% from March 2020 low but Antique expects another 55% upside; here's why |url=https://mintgenie.livemint.com/news/markets/titagarh-rail-systems-up-2095-from-march-2020-low-but-antique-expects-another-55-upside-here-s-why-151687158215928 |access-date=2023-06-23 |website=Mintgenie}}</ref> |
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In 1997, the founder decided to add a bit more value to his propositions. He ventured into making entire wagons that would be used for freight, before that it used to manufacture railway components. The core operations of the company encompass providing [[Goods wagon|freight wagons]], [[Higher-speed rail|semi high-speed trains]], [[Rapid transit|metros]], [[Propulsion|transit and propulsion systems]], and [[Passenger railroad car|passenger coaches]] for the [[Indian Railways]] and for the export markets as well. In addition to the design, manufacture & supply of 102 metro coaches for the [[Pune Metro]] and the largest ever order for procurement of 24,177 wagons which are under execution, the company has been awarded prestigious orders by the Indian Railways for the manufacture and maintenance of [[Vande Bharat Express|Vande Bharat]] Trains and Wheels for the same under the [[Atmanirbhar Bharat|Atma Nirbhar]] and Makein India initiatives of the [[Government of India]] and is a significant enabler for railway infrastructure of the country. Beyond its substantial engagement in the railway sector, Titagarh holds business interests in shipbuilding, bridges, and defence.<ref name="bscompany">{{cite web | url = https://www.business-standard.com/company/titagarh-wagons-19939.html | title = Titagarh Wagons Limited | publisher = Business Standard | access-date = 19 November 2018}}</ref><ref name="forays">{{cite web | url = http://www.dnaindia.com/india/report-wagon-maker-titagarh-forays-into-shipyard-biz-2015126 | title = Wagon maker Titagarh forays into shipyard business | publisher = DNA India | access-date = 19 November 2018}}</ref><ref>https://titagarh.in/service/engineering/defence</ref> |
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== Overview == |
== Overview == |
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=== Context === |
=== Context === |
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Titagarh |
The founder of Titagarh Rail Systems, Jagadish Prasad Chowdhary, commenced his professional journey as an account assistant at a tea estate in [[Darjeeling]], West Bengal. Subsequently, he relocated to Calcutta (now Kolkata) and assumed the role of an accountant at a steel casting company that supplied materials to the Indian Railways. Chowdhary eventually assumed the position of [[Chief executive officer|Chief Executive Officer (CEO)]] of the steel castings company. |
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In the year 1982, Chowdhary as an entrepreneur acquired the defunct foundry division of the government-owned Britannia Engineering then under liquidation, situated in Titagarh, Barrackpore, West Bengal. Renaming the enterprise as Titagarh Steels Limited (TSL), he commenced production of railway casting components, specifically bogies and couplers & crossings and turned around the operations of the Foundry in a record time. In 1994, Chowdhary was invited to present a rehabilitation plan for the two Paper Mills of the then sick Titagarh Paper Mills Company Limited which were vested in TSL by a Scheme of Rehabilitation by the [[Board for Industrial and Financial Reconstruction]] (BIFR). Subsequently, these Paper Mills were demerged into two separate companies through a Scheme of Arrangement sanctioned by the Hon’ble [[Calcutta High Court|High Court, Calcutta]].<ref name="Bose">{{Cite web |last1=Bose |first1=Sajal |title=Titagarh Wagons bets big on mobility |url=https://businessindia.co/magazine/titagarh-wagons-bets-big-on-mobility |access-date=2022-05-15|date=2020-11-17 |website=Business India}}</ref> |
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=== Development === |
=== Development === |
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Chowdhary founded Titagarh Wagons Limited on 3 July 1997 to manufacture railway wagons.<ref name="Bose" /><ref>{{Cite web |title=Titagarh Wagons > Company History |url=https://www.moneycontrol.com/company-facts/titagarhwagons/history/TW04 |access-date=2022-05-15 |website= |
Chowdhary founded Titagarh Wagons Limited on 3 July 1997 to manufacture railway wagons.<ref name="Bose" /><ref>{{Cite web |title=Titagarh Wagons > Company History |url=https://www.moneycontrol.com/company-facts/titagarhwagons/history/TW04 |access-date=2022-05-15 |website=moneycontrol.com}}</ref> The company started out with an annual production capacity of 180 wagons.<ref name="Bose" /> |
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In July 2010, Titagarh Wagons purchased the French rail wagon maker [[Arbel Fauvet Rail]] (AFR) for |
In July 2010, Titagarh Wagons purchased the French rail wagon maker [[Arbel Fauvet Rail]] (AFR) for €15 million (first overseas acquisition), which had gone into [[receivership]] in February 2009.<ref>{{Cite web |date=2010-07-12 |title=Titagarh Wagons buys French company in first overseas buy |url=https://www.livemint.com/Companies/3SmRh9ceuSTKvJ6KrE7FXO/Titagarh-Wagons-buys-French-company-in-first-overseas-buy.html |access-date=2022-05-15 |website=mint}}</ref><ref>{{Cite news |date=2010-07-12 |title=Titagarh Wagons buys French co in first overseas buy|agency=Reuters|url=https://www.reuters.com/article/idINIndia-50051720100712 |access-date=2022-05-15}}</ref> Titagarh Wagons turned around AFR and with the subsidiary's revenue rising from {{INRConvert|99.5|m|lk=r}} in 2010–11 to {{INRConvert|1.64|b}} in 2011–12, and the employee headcount almost doubling from 85 to 150.<ref>{{Cite web |title=Forbes India – Titagarh Wagons' French Success |url=https://www.forbesindia.com/article/big-bet/titagarh-wagons-french-success/34343/1 |access-date=2022-05-15 |website=Forbes India}}</ref> A French commercial court ordered the [[liquidation]] of AFR in July 2019. The next month, Titagarh announced that it would exit from AFR. Vice-chairman and managing director, Umesh Chowdhary, stated that AFR had been making losses of €4–5 million a year for the past three years due to general economic factors, and would have required more capital to reach profitability. Titagarh Wagons had invested {{INRConvert|1|b}} in AFR since acquiring the company.<ref name=":2">{{Cite web |last=PTI |date=2019-08-26 |title=Titagarh Wagons to move out from French arm Arbel Fauvet Rail |url=https://www.thehindubusinessline.com/companies/titagarh-wagons-to-move-out-from-french-arm-arbel-fauvet-rail/article29261301.ece |access-date=2022-05-15 |website=Business Line|location=Chennai}}</ref> |
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Titagarh Wagons acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for the [[Indian Navy]]. Corporated Shipyard won its first defence contract in 2017.<ref name="metro2ship">{{cite news |last1=Bose |first1=Pritam Ranjan |date=2 April 2018 |title=From metro coaches to warships, Titagarh hits the fast track |work= |
Titagarh Wagons acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for the [[Indian Navy]]. Corporated Shipyard won its first defence contract in 2017.<ref name="metro2ship">{{cite news |last1=Bose |first1=Pritam Ranjan |date=2 April 2018 |title=From metro coaches to warships, Titagarh hits the fast track |work=Business Line |location=Mumbai |url=https://www.thehindubusinessline.com/companies/titagarh-bets-big-on-metro-coaches-defence-supplies-warships/article23416809.ece |access-date=19 November 2018}}</ref><ref name=":0">{{cite news |last1=Ghaswalla |first1=Amrita Nair |date=15 June 2017 |title=Titagarh Wagons switches track to build ships |work=[[Business Line]]|location=Chennai |url=https://www.thehindubusinessline.com/economy/logistics/titagarh-wagons-switches-track-to-build-ships/article9727920.ece |access-date=19 November 2018}}</ref> |
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In 2015, Titagarh Wagons acquired the brand name and [[know-how]] of French cast steel bogie manufacturer Sambre et Meuse.<ref>{{Cite web |title=Titagarh Freight {{!}} Titagarh |url=https://titagarh.in/service/freight/components |access-date=2022-05-15 |website=titagarh.in |
In 2015, Titagarh Wagons acquired the brand name and [[know-how]] of French cast steel bogie manufacturer Sambre et Meuse.<ref>{{Cite web |title=Titagarh Freight {{!}} Titagarh |url=https://titagarh.in/service/freight/components |access-date=2022-05-15 |website=titagarh.in}}</ref> On 16 July 2015, Titagarh acquired a 90% stake in Italian rail equipment firm [[:it:Firema Trasporti|Firema Trasporti]] for an estimated {{currency|25|EUR}} million. The remaining 10% stake was held by Italian company Adler Plastics SpA.<ref>{{Cite news |department=B2B Connect |date=2015-07-16 |title=Titagarh Wagons buys Italy-based Firema Trasporti |work=Business Standard India |url=https://www.business-standard.com/content/b2b-manufacturing-industry/titagarh-wagons-buys-italy-based-firema-trasporti-115071600402_1.html |access-date=2022-05-15}}</ref><ref>{{Cite web |last=Paul |first=Aniek |date=2015-07-16 |title=Titagarh Wagons concludes acquisition of Italy's Firema Trasporti |url=https://www.livemint.com/Companies/NzfgTISzi05TpeAP8SiWBO/Titagarh-Wagons-acquires-Italys-Firema-Trasporti.html |access-date=2022-05-15 |website=mint}}</ref> In June 2017, Titagarh announced that it had acquired the 10% stake from Adler Plastics for an undisclosed amount.<ref>{{Cite news |last=Market |first=Capital |date=2017-06-20 |title=Titagarh Wagons acquires 10% stake in Titagarh Firema Adler SpA |work=Business Standard India |url=https://www.business-standard.com/article/news-cm/titagarh-wagons-acquires-10-stake-in-titagarh-firema-adler-spa-117062000630_1.html |access-date=2022-05-15}}</ref><ref>{{Cite web |date=2017-07-31 |title=Titagarh Wagons buys out Italian partner in coach-making venture |url=https://www.thehindubusinessline.com/companies/titagarh-wagons-buys-out-italian-partner-in-coach-making-venture/article64269566.ece |access-date=2022-05-15 |website=Business Line|location=Chennai}}</ref> The company was subsequently renamed as Titagarh Firema SpA. Titagarh Firema designs metro rail coaches and manufactures them at its factories at [[Caserta]], [[Spello]] and [[Tito, Basilicata|Tito]].<ref>{{cite news |date=24 August 2018 |title=European ops will take 12–18 months to turn profitable: Umesh Chowdhary, Titagarh Wagons |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/expert-view/european-ops-will-take-12-18-months-to-turn-profitable-umesh-chowdhary-titagarh-wagons/articleshow/65529436.cms |access-date=19 November 2018}}</ref> |
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In May 2016, Titagarh Wagons formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.<ref>{{Cite news |title=Titagarh wagons with French Matiere in 50:50 venture to make and sell metallic bridges |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/titagarh-wagons-with-french-matiere-in-5050-venture-to-make-and-sell-metallic-bridges/articleshow/52477402.cms |access-date=2022-05-15}}</ref><ref>{{Cite news | |
In May 2016, Titagarh Wagons formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.<ref>{{Cite news |title=Titagarh wagons with French Matiere in 50:50 venture to make and sell metallic bridges |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/indl-goods/svs/engineering/titagarh-wagons-with-french-matiere-in-5050-venture-to-make-and-sell-metallic-bridges/articleshow/52477402.cms |access-date=2022-05-15}}</ref><ref>{{Cite news |department=B2B Connect |date=2016-05-30 |title=Titagarh Wagons forms JV with French firm Matiere |work=Business Standard India |url=https://www.business-standard.com/content/b2b-manufacturing-industry/titagarh-wagons-forms-jv-with-french-firm-matiere-116053000183_1.html |access-date=2022-05-15}}</ref> Titagarh Wagons acquired Matiere's stake in July 2020, making it a wholly-owned subsidiary.<ref>{{Cite news |date=15 July 2020 |title=Titagarh Wagons acquires 50 pc stake of French JV partner Matiere in MTBPL|newspaper=The Times of India |agency=PTI |url=https://timesofindia.indiatimes.com/titagarh-wagons-acquires-50-pc-stake-of-french-jv-partner-matiere-in-mtbpl/articleshow/76985347.cms |access-date=2022-05-15}}</ref><ref name=":1">{{Cite web |last=PTI |date=2020-07-15 |title=Titagarh Wagons buys 50 per cent stake of French jt venture partner Matiere in MTBPL |url=https://www.thehindubusinessline.com/companies/titagarh-wagons-buys-50-per-cent-stake-of-french-jt-venture-partner-matiere-in-mtbpl/article32094660.ece |access-date=2022-05-15 |website=Business Line|location=Chennai}}</ref> |
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In 2019, Titagarh Firema was awarded the contract to supply 102 aluminium bodied metro rail coaches for the [[Pune Metro]] by [[Maharashtra Metro Rail Corporation Limited|Maha Metro]].<ref>{{cite news |last1=Dixit |first1=Sameer |last2=Srivastava |first2=Ritesh K |date=15 August 2019 |title=Indian multinational Titagarh Firema wins bid for supply of 102 Aluminium bodied metro rail coaches |
In 2019, Titagarh Firema was awarded the contract to supply 102 aluminium bodied metro rail coaches for the [[Pune Metro]] by [[Maharashtra Metro Rail Corporation Limited|Maha Metro]].<ref>{{cite news |last1=Dixit |first1=Sameer |last2=Srivastava |first2=Ritesh K |date=15 August 2019 |title=Indian multinational Titagarh Firema wins bid for supply of 102 Aluminium bodied metro rail coaches|work=Zee News |url=https://zeenews.india.com/india/indian-multinational-titagarh-firema-wins-bid-for-supply-of-102-aluminium-bodied-metro-rail-coaches-2227289.html |access-date=15 August 2019}}</ref> While 3 of the total 34 rakes would be manufactured at the Firema plant in [[Italy]], the remaining 31 trainsets would be manufactured at TWL's facility in [[Uttarpara]].<ref>{{Cite web |title=Titagarh Wagons rolls out first Pune Metro train |url=https://www.telegraphindia.com/business/titagarh-wagons-rolls-out-first-pune-metro-train/cid/1824848 |access-date=2022-01-12 |website=The Telegraph|location=India}}</ref> |
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In April 2021, the company secured a {{INRConvert|3.5|b|year=2021}} contract to supply rolling stock for the [[Ahmedabad Metro]].<ref>{{cite web |date=April 2021 |title=Titagarh Rail Systems wins Rs 3.5 bn contract for Ahmedabad Metro |url=https://www.constructionworld.in/transport-infrastructure/metro-rail-and-railways-infrastructure/titagarh-rail-systems-wins-rs-3.5-bn-contract-for-ahmedabad-metro/43950 |access-date=2023-09-02 |publisher=Construction World}}</ref> |
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The company has reported total income of Rs.2822.1734 crores during the Financial Year ended March 31, 2023 as compared to Rs.1485.2326 crores during the Financial Year ended March 31, 2022. |
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In February 2024, the company secured a {{INRConvert|1.7|b}} contract for supplying 250 specialized wagons to the [[Ministry of Defence (India)|Ministry of Defence]].<ref>{{cite web |date=February 2024 |title=Titagarh Rail Systems stock surges following receipt of ₹170-crore order from Defence Ministry |
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The company posted a net profit of |
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|url=https://www.thehindubusinessline.com/markets/stock-markets/titagarh-rail-systems-stock-surges-following-receipt-of-170-crore-order-from-defence-ministry/article67862582.ece|access-date=2024-02-19 |work=Business Line|location=Chennai}}</ref> |
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In March 2024, the company secured a {{INRConvert|19.09|b}} contract for supplying 4463 BOSM Wagons to the [[Ministry of Railways]].<ref>{{cite web |date=March 2024 |title=Titagarh Rail bags order worth Rs 1,909 crore|url=https://www.business-standard.com/markets/capital-market-news/titagarh-rail-bags-order-worth-rs-1-909-crore-124030800411_1.html|access-date=2024-03-08 |work=Business Standard}}</ref> |
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| ⚫ | Titagarh Rail Systems Limited reported a total income of {{INRConvert|28.22|b|year=2023}} during the financial year ended 31 March 2023 as compared to {{INRConvert|14.85|b|year=2022}} during the financial year ended 31 March 2022. The company posted a net profit of {{INRConvert|1.3|b|year=2023}} for the financial year ended 31 March 2023 as against a loss of {{INRConvert|3.2|m|year=2022}} for the financial year ended 31 March 2022.<ref>{{Cite web |date=2023-05-24 |title=Titagarh Rail Systems Ltd Q4 FY2022-23 consolidated net profit jumps to Rs. 48.23 crores |url=https://www.equitybulls.com/category.php?id=332829 |access-date=2023-05-26 |website=EquityBulls}}</ref><ref name="TITAGARHWAGONSLIMITED2022ANNUALREPORT" /> |
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==Subsidiaries== |
==Subsidiaries== |
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* Cimmco Limited (India)<ref name="subsidiary">{{cite web | url= https://titagarh.in/our-group-companies.php |title = Subsidiary list | access-date = 25 February 2019}}</ref> |
* Cimmco Limited (India)<ref name="subsidiary">{{cite web | url= https://titagarh.in/our-group-companies.php |title = Subsidiary list | access-date = 25 February 2019}}</ref> |
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* Titagarh |
* Titagarh Firema SpA (Italy)<ref name="subsidiary" /> |
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* Titagarh Marine (India)<ref name=":0" /> |
* Titagarh Marine (India)<ref name=":0" /> |
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* Matiere Titagarh Bridges(India)<ref name=":1" /> |
* Matiere Titagarh Bridges(India)<ref name=":1" /> |
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== Joint ventures == |
== Joint ventures == |
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* '''Titagarh Rail Systems |
* '''Titagarh Rail Systems Limited–[[Ramkrishna Forgings]] JV:''' Ramkrishna Forgings and Titagarh Wagons consortium emerged as the lowest bidder for manufacturing and supply of approximately 1.6 million forged wheel discs for different rolling stocks of Indian Railways over a period of 20 years at about 80,000 wheels per annum.<ref>{{Cite news |date=2023-03-15 |title=Ramakrishna Forging: Titagarh Wagons emerge lowest bidder in forged wheels project |work=The Times of India |url=https://timesofindia.indiatimes.com/india/ramakrishna-forging-titagarh-wagons-emerge-lowest-bidder-in-forged-wheels-project/articleshow/98641096.cms?from=mdr |access-date=2023-06-07 |issn=0971-8257}}</ref><ref>{{Cite web |date=2023-05-15 |title=Make in India: Titagarh Wagons-Ramkrishna Forgings consortium to set up largest wheel manufacturing plant in Asia |url=https://www.financialexpress.com/business/railways-make-in-india-titagarh-wagons-ramkrishna-forgings-consortium-to-set-up-largest-wheel-manufacturing-plant-in-asia-3087784/ |access-date=2023-06-07 |website=Financialexpress}}</ref> The contract is worth {{INRConvert|122.26|b}}. The {{INRConvert|10|b}} manufacturing facility for fulfilment of this order is to be the second largest in [[Asia]], with an annual production capacity of more than 200,000 wheels.<ref>{{Cite news |date=2023-05-15 |title=Ramkrishna-Titagarh consortium scouting for 'optimal' sites for train wheel plant |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/transportation/railways/ramkrishna-titagarh-consortium-scouting-for-optimal-sites-for-train-wheel-plant/articleshow/100234411.cms |access-date=2023-06-07 |issn=0013-0389}}</ref> |
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* '''Titagarh Rail Systems |
* '''Titagarh Rail Systems Limited–[[Bharat Heavy Electricals Limited|BHEL]] JV:''' BHEL-Titagarh Wagons Ltd. consortium won the order for 80 [[Vande Bharat (trainset)|Vande Bharat Trains]] in one of the biggest railway tenders for manufacturing- cum-maintenance of Vande Bharat Trains. Total order value for the consortium is estimated to be approximately {{INRConvert|250|b}}.<ref>{{Cite web |last=Bureau |first=ABP News |date=2023-04-12 |title=BHEL-Led Consortium Bags Order For Supplying 80 Vande Bharat Trains |url=https://news.abplive.com/business/vande-bharat-trains-bhel-led-consortium-wins-order-bhel-titagarh-wagons-80-vande-bharat-tender-1595018 |access-date=2023-06-07 |website=news.abplive.com}}</ref>It comprised the supply of train sets for {{INRConvert|96|b}} and balance amount is to be for the maintenance of the same for a period of 35 years.<ref>{{Cite news |date=2023-03-03 |title=TWL-BHEL to mfg Vande Bharat sets |work=The Times of India |url=https://timesofindia.indiatimes.com/city/kolkata/twl-bhel-to-mfg-vande-bharat-sets/articleshow/98377890.cms?from=mdr |access-date=2023-06-07 |issn=0971-8257}}</ref><ref>{{Cite web |last=PTI |date=2023-03-02 |title=Titagarh-BHEL consortium sets Vande Bharat trains' contract value close to Rs 25,000 crore: Official |url=https://theprint.in/economy/titagarh-bhel-consortium-sets-vande-bharat-trains-contract-value-close-to-rs-25000-crore-official/1413642/ |access-date=2023-06-07 |website=ThePrint}}</ref> |
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* '''Titagarh Rail Systems |
* '''Titagarh Rail Systems Limited–[[CRRC]] JV:''' [[CRRC Nanjing Puzhen|CRRC Nanjing Puzhen Co Ltd]] a subsidiary of CRRC bagged the contract from [[Namma Metro|Bangalore Metro Rail Corporation Ltd]] to supply 216 metro cars in December 2019. The order was worth {{INRConvert|15.78|b}}.<ref>{{Cite web |date=2022-07-21 |title=Chinese firm to manufacture 216 Bengaluru metro coaches |url=https://www.deccanherald.com/city/top-bengaluru-stories/chinese-firm-to-manufacture-216-bengaluru-metro-coaches-1128620.html |access-date=2023-06-07 |website=Deccan Herald}}</ref> The contract mandated that the Chinese company should either set up a factory in India or tie-up with an Indian company to manufacture 90% of the car. Following its inability to acquire land to set up a manufacturing base on its own, CRRC entered into a tie-up with Titagarh Wagons for the manufacturing and supply of 34 train sets from TWL's facility in [[Uttarpara]].<ref>{{Cite web |title=Chinese firm retains contract for 216 Namma Metro coaches |url=https://www.newindianexpress.com/cities/bengaluru/2022/jul/21/chinese-firm-retains-contract-for-216-namma-metro-coaches-2478954.html |access-date=2023-06-07 |website=The New Indian Express}}</ref><ref>{{Cite web |title=CRRC tie-ups with Titagarh Wagons to supply 216 coaches for Bangalore Metro Phase 2 |url=https://urbantransportnews.com/news/crrc-tie-ups-with-titagarh-wagons-to-supply-216-coaches-for-bangalore-metro-phase-2 |access-date=2023-06-07 |website=Urban Transport News}}</ref> |
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== Products and services == |
== Products and services == |
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[[File:Titagarh Wagon Pune Metro.jpg|thumb|An aluminium trainset made by Titagarh Rail Systems for the [[Pune Metro]].]] |
[[File:Titagarh Wagon Pune Metro.jpg|thumb|An aluminium trainset made by Titagarh Rail Systems Limited for the [[Pune Metro]].]] |
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* '''Railway freight''': Rolling stock, components (bogies, couplers, locomotive shells, gears); |
* '''Railway freight''': Rolling stock, components (bogies, couplers, locomotive shells, gears); |
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== References == |
== References == |
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{{Reflist}} |
{{Reflist}} |
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== External links == |
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* {{official|https://titagarh.in}} |
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[[Category:Coach and wagon manufacturers of India]] |
[[Category:Coach and wagon manufacturers of India]] |
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 | |
| Company type | Public |
|---|---|
| BSE: 532966 NSE: TWL | |
| ISIN | INE615H01020 |
| Industry | Railways Defence Shipbuilding Mining |
| Founded | 1984[1] |
| Founder | Jagadish Prasad Chowdhary |
| Headquarters | Titagarh Towers 756, Anandapur, E.M. Bypass,
,
India[2]
|
Area served | Worldwide |
Key people |
(Non-executive Director)[4] (Managing Director)[5] |
| Products |
|
Production output | 8,000 wagons[6] (2020) |
| Revenue |  ₹28.22 billion (US$340 million) (2023)[7] |
| ₹1.3 billion (US$16 million) (2023)[7] | |
| Total assets | ₹26.79 billion (US$340.82 million) (2022)[3] |
| Total equity | ₹8.42 billion (US$107.12 million) (2022)[3] |
| Owners | Chowdhary family (47.05%)[8] |
Number of employees | 453[9] (31 March 2021) |
| Subsidiaries |
|
| Website | titagarh |
Titagarh Rail Systems Limited, formerly known as Titagarh Wagons Limited, is an Indian rolling stock manufacturer in the private sector. Established in 1984 as a rolling stock foundry unit, the company's headquarters are situated in Kolkata, West Bengal.[11] Titagarh is publicly traded on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).[12][13]
In 1997, the founder decided to add a bit more value to his propositions. He ventured into making entire wagons that would be used for freight, before that it used to manufacture railway components. The core operations of the company encompass providing freight wagons, semi high-speed trains, metros, transit and propulsion systems, and passenger coaches for the Indian Railways and for the export markets as well. In addition to the design, manufacture & supply of 102 metro coaches for the Pune Metro and the largest ever order for procurement of 24,177 wagons which are under execution, the company has been awarded prestigious orders by the Indian Railways for the manufacture and maintenance of Vande Bharat Trains and Wheels for the same under the Atma Nirbhar and Make in India initiatives of the Government of India and is a significant enabler for railway infrastructure of the country. Beyond its substantial engagement in the railway sector, Titagarh holds business interests in shipbuilding, bridges, and defence.[14][15][16]
The founder of Titagarh Rail Systems, Jagadish Prasad Chowdhary, commenced his professional journey as an account assistant at a tea estate in Darjeeling, West Bengal. Subsequently, he relocated to Calcutta (now Kolkata) and assumed the role of an accountant at a steel casting company that supplied materials to the Indian Railways. Chowdhary eventually assumed the position of Chief Executive Officer (CEO) of the steel castings company.
In the year 1982, Chowdhary as an entrepreneur acquired the defunct foundry division of the government-owned Britannia Engineering then under liquidation, situated in Titagarh, Barrackpore, West Bengal. Renaming the enterprise as Titagarh Steels Limited (TSL), he commenced production of railway casting components, specifically bogies and couplers & crossings and turned around the operations of the Foundry in a record time. In 1994, Chowdhary was invited to present a rehabilitation plan for the two Paper Mills of the then sick Titagarh Paper Mills Company Limited which were vested in TSL by a Scheme of Rehabilitation by the Board for Industrial and Financial Reconstruction (BIFR). Subsequently, these Paper Mills were demerged into two separate companies through a Scheme of Arrangement sanctioned by the Hon’ble High Court, Calcutta.[6]
Chowdhary founded Titagarh Wagons Limited on 3 July 1997 to manufacture railway wagons.[6][17] The company started out with an annual production capacity of 180 wagons.[6]
In July 2010, Titagarh Wagons purchased the French rail wagon maker Arbel Fauvet Rail (AFR) for €15 million (first overseas acquisition), which had gone into receivership in February 2009.[18][19] Titagarh Wagons turned around AFR and with the subsidiary's revenue rising from ₹99.5 million (US$1.2 million) in 2010–11 to ₹1.64 billion (US$20 million) in 2011–12, and the employee headcount almost doubling from 85 to 150.[20] A French commercial court ordered the liquidation of AFR in July 2019. The next month, Titagarh announced that it would exit from AFR. Vice-chairman and managing director, Umesh Chowdhary, stated that AFR had been making losses of €4–5 million a year for the past three years due to general economic factors, and would have required more capital to reach profitability. Titagarh Wagons had invested ₹1 billion (US$12 million) in AFR since acquiring the company.[21]
Titagarh Wagons acquired Corporated Shipyard in 2012 and merged it in Titagarh Marines to manufacture ships for the Indian Navy. Corporated Shipyard won its first defence contract in 2017.[22][23]
In 2015, Titagarh Wagons acquired the brand name and know-how of French cast steel bogie manufacturer Sambre et Meuse.[24] On 16 July 2015, Titagarh acquired a 90% stake in Italian rail equipment firm Firema Trasporti for an estimated €25 million. The remaining 10% stake was held by Italian company Adler Plastics SpA.[25][26] In June 2017, Titagarh announced that it had acquired the 10% stake from Adler Plastics for an undisclosed amount.[27][28] The company was subsequently renamed as Titagarh Firema SpA. Titagarh Firema designs metro rail coaches and manufactures them at its factories at Caserta, Spello and Tito.[29]
In May 2016, Titagarh Wagons formed a 50/50 joint venture with French Matiere SAS to manufacture metallic and modular bridges.[30][31] Titagarh Wagons acquired Matiere's stake in July 2020, making it a wholly-owned subsidiary.[32][33]
In 2019, Titagarh Firema was awarded the contract to supply 102 aluminium bodied metro rail coaches for the Pune MetrobyMaha Metro.[34] While 3 of the total 34 rakes would be manufactured at the Firema plant in Italy, the remaining 31 trainsets would be manufactured at TWL's facility in Uttarpara.[35]
In April 2021, the company secured a ₹3.5 billion (equivalent to ₹3.9 billion or US$47 million in 2023) contract to supply rolling stock for the Ahmedabad Metro.[36]
In February 2024, the company secured a ₹1.7 billion (US$20 million) contract for supplying 250 specialized wagons to the Ministry of Defence.[37]
In March 2024, the company secured a ₹19.09 billion (US$230 million) contract for supplying 4463 BOSM Wagons to the Ministry of Railways.[38]
Titagarh Rail Systems Limited reported a total income of ₹28.22 billion (US$340 million) during the financial year ended 31 March 2023 as compared to ₹14.85 billion (equivalent to ₹16 billion or US$190 million in 2023) during the financial year ended 31 March 2022. The company posted a net profit of ₹1.3 billion (US$16 million) for the financial year ended 31 March 2023 as against a loss of ₹3.2 million (equivalent to ₹3.4 million or US$41,000 in 2023) for the financial year ended 31 March 2022.[39][3]
Former subsidiaries
