Railway wagon stock in focus;
Shares of railway wagon companies rose by up to 13 per cent in intraday trading on BSE today amid heavy trading in an otherwise dull market. In comparison, at 01:56 pm the BSE Sensex was down 0.30 percent at 77,038.
Among individual stocks, Titagarh Rail Systems rose 13 per cent to ₹870 intraday on a 10-fold jump in trading volumes. A combined 13.64 million equity shares representing 9.5 per cent of the company’s total equity changed hands on the NSE and BSE. The stock is up 53 per cent from its 52-week low of ₹568.65 touched on March 30, 2026.
On the BSE, Texmaco Rail & Engineering rose 8 per cent to an intraday high of ₹116.75, and Jupiter Wagons rose 7 per cent to ₹306.95.
As of 2:45 pm, Titagarh Rail shares were up 9.3 per cent at ₹841, followed by Texaco Rail, which was up 4.6 per cent at ₹113. Shares of Jupiter Wagons pared some gains but traded 3 per cent higher at ₹297.65.
Why are railway wagon stocks outperforming today?
BJP’s victory in the 2026 West Bengal Assembly elections marks a historic political shift, ending more than 15 years of Trinamool Congress (TMC) rule under Mamata Banerjee and bringing the state under “double engine” rule (BJP at the Center and the state). According to analysts at Elara Capital, with a focus on industrialization, capex turnaround, inflation management and reforms, the BJP’s victory in West Bengal (WB) could mark the beginning of a capex cycle in the state, as it did in other states where it came to power in recent years – Uttar Pradesh, Odisha (OD), Assam, among others.
Wagons and rolling stock like Jupiter Wagons, Texmaco and Titagarh Rail Systems are likely to be beneficiaries, the brokerage said.
Notably, the saffron party’s manifesto for West Bengal included huge expenditure items. On the capital side, big announcements include deep sea, Tajpur-Kulpi port, AIIMS North Bengal, completion of Kolkata Metro, 61 stalled railway projects, the highway connecting Sundarbans to Darjeeling, operationalization of Purulia, Malda and Balurghat airports, making West Bengal a global tea tourism hub, industrial park in Singur (historically a politically charged land parcel), and rejuvenation of the jute industry, the brokerage firm said.
Jupiter Wagons, Titagarh Rail – CRISIL Ratings Rationale
Jupiter Wagons is a leading Indian wagon manufacturer with an annual capacity of 10,800 units, boasting a strong reputation and deep relationships with government and private customers in the iron, steel, power, logistics, mining and cement sectors. These long-standing relationships, along with tie-ups with reputed OEMs, ensure a steady order flow.
With diversity in revenue streams (about 75 per cent from wagons, 10 per cent from wheel sets, 10 per cent from commercial vehicle load bodies, and 5 per cent from containers/components such as CMS crossings and bogies); Jupiter Wagons is well positioned to capitalize on the infrastructure spend. CRISIL Ratings, in its reasoning, said the combination of technological expertise, strong demand and strategic capacity expansion is expected to drive growth in the medium term.
The company’s revenue during the first nine months of FY26 was limited to ₹2,136 crore, mainly due to shortage of rail wheels supplied by the Rail Wheel Factory for orders of Indian Railways. The rating agency said supply side constraints eased from September 2025, with expected improvement in scale during the fourth quarter of fiscal 2026.
Furthermore, the investment in greenfield capex for the forged wheel set manufacturing plant in Odisha is progressing as expected and should be completed by the end of CY 2027. Improving scale of operations, healthy order flow, and timely completion of ongoing capacity expansion are expected to boost revenue growth over the medium term and will remain key rating sensitivity factors.
Meanwhile, Titagarh Rail Systems’ standalone order book of ₹13,955 crore till December 31, 2025, was skewed with the passenger segment contributing 77 per cent to orders. During FY26, Titagarh Rail Systems received a large metro order for Mumbai Metro Lines 5 and 6 (₹4,000 crore) and has orders from Ahmedabad, Surat, Pune Metro and Vande Bharat Coach. Crisil Ratings said that for wagons, the existing order book should support execution till the first half of the next financial year, and securing new orders in the segment will remain important for effective utilization of the company’s plants.
Going forward, while wagon dispatches are expected to remain low given the limited order book in hand, an increase in execution under the passenger rolling stock segment will improve operational performance from FY2027 onwards, the rating agency said.
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