Titagarh Rail gains on positive outlook, HSBC raises the target price to Rs 750

HSBC Securities expects a 2.8x jump in Titagarh Rail Systems’ profit over FY 23-26, with an average return on equities of 20 percent.

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Titagarh Rail Systems shares were trading 3 percent higher on September 15th buoyed by the robust growth outlook for the rail coach and wagon maker.

HSBC Securities has recommended a ‘Buy’ on the company’s stock which is up nearly 64 percent in year-to-date terms.

Factoring in an upside potential from the current levels, the brokerage raised the target price to Rs 900 from Rs 750 per share.

“The company has a strong order backlog that provides strong visibility to growth outlook. The demand trend for railway wagons from the private sector is strong. Thus, we expect a 2.8x jump in the company’s profit over FY 23-26, with an average return on equities of 20 percent,” it said.

At 2.15 pm on the NSE, the Titagarh Rail Systems stock was quoting Rs 765.70, up 2 percent or Rs 15.05.

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The company reported a 110.87 percent on-year surge in revenue from operations at Rs 911 crore in the June quarter, while its net profit stood at Rs 62 crore. The operating profit margins for the quarter expanded by 300 basis points on a yearly basis to 12 percent.

Titagarh Rail Systems is engaged in the business of manufacturing railway wagons, coaches, and allied components.

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