Titagarh Rail chugs 7% higher as derailed RVNL Russian deal may not be a threat

The management clarified that Russia’s CJSC Transmashholding (TMH) and Rail Vikas Nigam Limited (RVNL) JV hitting a roadblock will not impact Titagarh Rail Systems.

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Shares of Titagarh Rail Systems gained 7 percent intraday on June 20 after the management clarified that the wagon manufacturer won’t be affected by the collapse of the JV between a Russian firm and Rail Vikas Nigam Limited (RVNL).

This was after Moneycontrol reported that the Indian Railways may be forced to reissue its tender for the manufacture and maintenance of 120 Vande Bharat sleeper trains as talks between Russia’s CJSC Transmashholding (TMH) and RVNL— the consortium that won the contract — have broken down.

At 11:30am, the Titagarh Rail Systems stock was trading up 2.9 percent at Rs 480 on the BSE.

Umesh Chowdhary, Vice Chairman and Managing Director, Titagarh Rail Systems told CNBC-TV18 in an interaction that its contract for 80 trains is signed with the government, and that contract does not change. Just in case the order for the 120 Vande Bharat trains comes for re-bidding, Chowdhary said, the company will bid again.

He added that Titagarh Rail Systems has started work on the execution of 80 trains order.

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Last week, a consortium led by Bharat Heavy Electricals (BHEL) and Titagarh Rail Systems had signed a contract for the manufacture and supply of 80 fully assembled Vande Bharat sleeper trainsets by 2029, along with their maintenance for 35 years, at the price quoted by TMH-RVNL joint venture.

Antique Stock Broking recently initiated coverage on the wagon maker’s stock with a ‘buy’ rating. The brokerage firm has set a target price of Rs 694 based on 20 times its FY25 earnings.

The stock has shot up over 400 percent in the past year and has risen over 1,200 percent in three years.

The stock has meaningfully appreciated in the past year, led by nearly doubling of profit in FY23. Antique Stock Broking added that the stock is cheap at 12 times FY25 earnings and does not capture the long-term growth potential of Titagarh Rail Systems.

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