Sector Alpha Week of 2026-07-31
Sector Alpha — machine-written from the numbers · Data as of 2026-07-31

Texmaco Rail & Engineering Ltd

TEXRAIL
Railways

Texmaco Rail & Engineering Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.

The sharpest disagreement: Foreign institutions moved −4.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a downtrend (79 weeks in) while the P/E sits at the 28th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +48.7% year on year, and 74% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Stage
Deteriorating
fundamental trajectory, 12 quarters
Price
₹111
−22.7% 1Y
P/E
23.0×
28th pctile
of its own 10-year range
Revenue (Mar 26)
₹1,167 Cr
−13.3% YoY
Profit (Mar 26)
₹58.0 Cr
+48.7% YoY
Operating margin
9.0%
+2.0 pp YoY
ROCE
11%
FY26
ROIC
8.8%
vs WACC 12.0% → −3.2 pp
Cash conversion
74%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Texmaco Rail & Engineering Ltd trades at ₹111, in a downtrend and 79 weeks into that stage. That is −5.8% against its own 200-day average. It sits at 43% of a 52-week range of ₹84 to ₹148. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 79 of stage 4, confirmed. At ₹111 it trades −5.8% versus its 200-day average and sits at 43% of its 52-week range (₹84–₹148).

Jul 26: ₹111 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−5.8% versus the 200-day line, week 79 of stage 4
Price50-day avg200-day avg
S2S4₹306₹240₹174₹107₹41.1₹111₹118Jul 23May 24Feb 25Nov 25Jul 26
S2S4₹306₹240₹174₹107₹41.1₹111₹118Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +22% while the NIFTY 500 moved +276% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Texmaco Rail & Engineering Ltd trades at 23.0× P/E, near the bottom of its own range — cheaper only 28% of the time. Its long-run median P/E is 63.3×, measured across 9.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 23.0× is near the bottom of its own range — cheaper only 28% of the time, against a long-run median of 63.3× measured over 9.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 23.0× vs a 63.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 9.9-year window; loss-period spikes above 190× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 28% of the time
P/EMedianEPS (TTM) (quarterly)
204.4×₹6.9153.3×₹5.2102.2×₹3.451.1×₹1.70.0×₹0.0×23.00×₹5Sep 16Feb 19Jul 21Mar 24Jul 26
204.4×₹6.9153.3×₹5.2102.2×₹3.451.1×₹1.70.0×₹0.0×23.00×₹5Sep 16Jul 21Jul 26
PEG 0.33 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
below 1.0, the growth looks cheap against the multiple
PEGPEG = 1.0
1.1×0.9×0.7×0.5×0.3××0.33×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.1×0.9×0.7×0.5×0.3××0.33×Q1 FY22Q2 FY24Q4 FY26
P/E
23.0×
28th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved −23.1% against a −22.7% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +28.0%/yr price move, ~+60.8%/yr came from earnings growth and ~−32.8 pp from the multiple (compressing); over 10y, of the +1.7%/yr price move, ~+36.2%/yr came from earnings growth and ~−34.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

03 · Stage: Deteriorating

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Texmaco Rail & Engineering Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −14.3% latest against +72.1% at its 12-quarter best), ROCE holding at 13.1%. The read is built from 12 quarters across 4 curves, on full evidence.

Growth, year by year: revenue −14.3% in FY26, profit −22.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
70%339%47%198%25%57%2.1%−84%−21%−226%%%−14.3%−22.1%FY16FY21FY26
70%339%47%198%25%57%2.1%−84%−21%−226%%%−14.3%−22.1%FY16FY21FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from · revenue rolling over, profit rolling over
RevenueProfitEPS
79%327%54%230%29%134%3.8%38%−21%−58%%%−14.3%−22.2%−22.4%Jun 23Sep 24Mar 26
79%327%54%230%29%134%3.8%38%−21%−58%%%−14.3%−22.2%−22.4%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
16%14%12%10%8.4%%13.1%Jun 23Dec 23Sep 24Jun 25Mar 26
16%14%12%10%8.4%%13.1%Jun 23Sep 24Mar 26
Revenue growth
Falling
latest −14.3% · span −14.3% to +72.1%
Profit growth
Falling
latest −22.2% · span −31.5% to +6,800.0%
EPS growth
Falling
latest −22.4% · span −30.6% to +2,040.0%
ROCE
Stuck low
latest 13.1% · span 8.9%–15.1%

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue−14.3%+25.0%+21.0%+14.8%
Profit−22.1%+95.4%+74.5%+25.5%
EPS−23.1%+81.0%+61.3%+23.3%
Share price−22.7%+2.3%+28.0%+1.7%
Revenue YoY (Mar 26)
−13.3%
latest quarter vs a year ago
Profit YoY (Mar 26)
+48.7%
latest quarter vs a year ago
Revenue 10y
14.8%
long-run compound pace
04 · 4-Factor Sector Score

4-Factor Sector Score

46.2/100 — rank 6 of 9 in Railways · 89% evidence confidence

Texmaco Rail & Engineering Ltd scores 46.2 out of 100 against the 9 companies it is compared with in Railways, ranking 6. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 14 + 7.9 + 15.5 + 8.8 = 46.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Texmaco Rail & Engineering Ltd reported ₹1,167 Cr of revenue in the Mar 26 quarter, −13.3% year on year. Over 10 years it has compounded at 14.8% a year. The last full year, FY26, came in at ₹4,377 Cr. The last four reported quarters add to ₹4,378 Cr.

FY26 revenue came in at ₹4,377 Cr (−14.3% on the year), capping 10 years at 14.8% compound. The latest quarter (Mar 26) printed ₹1,167 Cr, −13.3% year on year.

FY26 revenue ₹4,377 Cr (−14.3% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
14.8% a year over 10 years
RevenueYoY growth
5.5k70%4.1k47%2.8k25%1.4k2.1%0−21%₹ Cr%₹4,377−14.3%FY16FY21FY26
5.5k70%4.1k47%2.8k25%1.4k2.1%0−21%₹ Cr%₹4,377−14.3%FY16FY21FY26
Mar 26: ₹1,167 Cr (−13.3% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
1.5k131%1.1k90%72749%3638.2%0−33%₹ Cr%₹1,167−13.3%Jun 23Sep 24Mar 26
1.5k131%1.1k90%72749%3638.2%0−33%₹ Cr%₹1,167−13.3%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged −14.4% growth against the decade's 14.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −14.3% over the last 4 quarters against +11.8%/yr over the last 8 — rolling over; TTM profit −22.2% vs +30.7%/yr — rolling over.

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Texmaco Rail & Engineering Ltd's operating margin is 9.0% in the Mar 26 quarter, +2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 11 fiscal years the operating margin has ranged 4.5% to 9.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 9.0%, +2.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 4.5%–9.0%, and FY26's 9.0% is the top of that band — a record year.

Why the margin moved: operating margin went +1.9 pp year on year while gross margin went +0.9 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 9.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 11-year window.
the widest a 4.5–9.0% band over 11 years
operating marginYoY change (pp)
9.4%3.4%8.1%1.9%6.8%0.5%5.4%−0.9%4.1%−2.4%%%9%0%FY16FY21FY26
9.4%3.4%8.1%1.9%6.8%0.5%5.4%−0.9%4.1%−2.4%%%9%0%FY16FY21FY26
Mar 26: 9.0% operating margin (+2.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
11%7.5%8.6%5.0%6.6%2.4%4.6%−0.2%2.7%−2.7%%%9%2%Jun 23Sep 24Mar 26
11%7.5%8.6%5.0%6.6%2.4%4.6%−0.2%2.7%−2.7%%%9%2%Jun 23Sep 24Mar 26
07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Texmaco Rail & Engineering Ltd earned ₹58.0 Cr of net profit in the Mar 26 quarter, +48.7% year on year. Full-year FY26 profit was ₹194 Cr. The 10-year compound rate is 25.5%. That is 5.0% of the quarter's revenue. The same quarter a year earlier earned ₹39.0 Cr.

Mar 26 profit was ₹58.0 Cr, +48.7% year on year. On the full year, FY26 printed ₹194 Cr (−22.1%), and the 10-year compound rate is 25.5%.

FY26 profit ₹194 Cr (−22.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
25.5% a year over 10 years
Net profitYoY growth
274530%183338%92145%0−47%−90−240%₹ Cr%₹194−22.1%FY16FY21FY26
274530%183338%92145%0−47%−90−240%₹ Cr%₹194−22.1%FY16FY21FY26
Mar 26: ₹58.0 Cr (+48.7% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
82386%62269%41152%2134%0−83%₹ Cr%₹5848.7%Jun 23Sep 24Mar 26
82386%62269%41152%2134%0−83%₹ Cr%₹5848.7%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed −13.3% and the margin +2.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −15.1% vs revenue −14.4%. Profit and revenue are moving roughly in step.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 74% of Texmaco Rail & Engineering Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹363 Cr of operating cash against ₹194 Cr of profit. After ₹176 Cr of capital spending, ₹187 Cr was left as free cash.

FY26: operating cash of ₹363 Cr against reported profit of ₹194 Cr, leaving free cash of ₹187 Cr after ₹176 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 74% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹363 Cr vs profit ₹194 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
74% of 3-year profit arrived as cash
Operating cashNet profitFree cash
445147−152−451−749₹ Cr₹363₹194₹187FY16FY21FY26
445147−152−451−749₹ Cr₹363₹194₹187FY16FY21FY26
FY26: CFO = 187% of profit (three-year rate 74%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
432%−46%−523%−1,000%−1,478%%187%FY16FY21FY26
432%−46%−523%−1,000%−1,478%%187%FY16FY21FY26

Why conversion sits at 74%: the cash cycle stretched 36 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: conversion is below par and the cash cycle has stretched 36 days — the next section's job is to find where the cash is stuck.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Texmaco Rail & Engineering Ltd's cash conversion cycle runs 131 days in FY26, up from 95 days in FY21. Capital spending ran ₹876 Cr over the last 3 years. At FY26 sales of ₹4,377 Cr each day of that cycle holds about ₹12.0 Cr, so roughly ₹1,571 Cr sits inside the business at any moment.

FY26: debtors at 104 days, inventory at 89 days — roughly 2.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 131 days, looser than FY21's 95.

The full loop: cash goes out to suppliers and production on day 0; stock waits 89 days to sell; customers pay about 104 days after that; and suppliers themselves are paid at 62 days — netting out to the 131-day cycle.

In money terms: at FY26 sales of ₹4,377 Cr, each day of the cycle holds about ₹12.0 Cr — so the 131-day loop keeps roughly ₹1,571 Cr sitting inside the business at any moment.

FY26: a 131-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 11-year window.
+36 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
2321851399346days131d89d104d62dFY16FY18FY21FY23FY26
2321851399346days131d89d104d62dFY16FY21FY26

On the investment side: capital spending of ₹876 Cr over the last 3 fiscal years against ₹128 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹165 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹176 Cr, work-in-progress ₹165 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
6705023351670₹ Cr₹176₹165FY17FY19FY21FY23FY26
6705023351670₹ Cr₹176₹165FY17FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Texmaco Rail & Engineering Ltd earns a ROCE of 11% in FY26. That is up from a trough of 6% in FY17. Return on invested capital clears the cost of that capital by −3.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 4.4% net margin on 0.87× asset turns.

FY26 ROCE is 11%, recovered from a FY17 trough of 6% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 4.4% net margin × 0.87× asset turns × 2.13× balance-sheet leverage ≈ 8.2% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 8.8% − 12.0% = a −3.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 11% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 10-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY17's 6%
ROCEROIC (annual)WACC
15%12%8.6%5.5%2.3%%11%7.4%FY17FY21FY26
15%12%8.6%5.5%2.3%%11%7.4%FY17FY21FY26
Q4 FY26: ROCE 12.2% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%10%7.8%5.2%2.6%%12.2%6%Q1 FY24Q2 FY25Q4 FY26
13%10%7.8%5.2%2.6%%12.2%6%Q1 FY24Q2 FY25Q4 FY26
11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Texmaco Rail & Engineering Ltd carries total debt of ₹895 Cr against shareholder equity of ₹2,412 Cr as of Mar 26, a debt-to-equity of 0.37. On the annual view that ratio went from 0.53 in FY22 to 0.37 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹895 Cr against shareholder equity of ₹2,412 Cr — a debt-to-equity of 0.37. On the annual view, debt-to-equity went from 0.53 (FY22) to 0.37 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹895 Cr at 0.37× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1.1k0.7×7970.6×5310.5×2660.3×00.2×₹ Cr×₹8950.37×FY22FY24FY26
1.1k0.7×7970.6×5310.5×2660.3×00.2×₹ Cr×₹8950.37×FY22FY24FY26
Mar 26: debt ₹895 Cr, debt-to-equity 0.37 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1.2k0.8×8820.7×5880.5×2940.4×00.2×₹ Cr×₹8950.37×Jun 23Sep 24Mar 26
1.2k0.8×8820.7×5880.5×2940.4×00.2×₹ Cr×₹8950.37×Jun 23Sep 24Mar 26
12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 4.1 points of Texmaco Rail & Engineering Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 5.0% of the company. Domestic institutions moved −3.8 points over the same window, to 5.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −4.1 points over 8 quarters to 5.0%; Domestic institutions: −3.8 points over 8 quarters to 5.1%; Promoters: +0.2 points over 8 quarters to 48.3%.

🚨 Why the register moved: foreign institutions drove it (−4.1 points), alongside domestic institutions (−3.8 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.2 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
52%39%27%15%2.4%%48.3%7.2%5.8%38.6%Mar 24Mar 25Mar 26
52%39%27%15%2.4%%48.3%7.2%5.8%38.6%Mar 24Mar 25Mar 26
Foreign institutions cut 4.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
63%47%30%14%−2.4%%48.3%5.0%5.1%41.5%Jun 23Dec 24Jun 26
63%47%30%14%−2.4%%48.3%5.0%5.1%41.5%Jun 23Dec 24Jun 26
13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Texmaco Rail & Engineering Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

14 · Related companies · Railways
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Cosmic CRF Ltd543928 66.7/100Thin evidence · provisional59% evidence BREAKING OUT 23.5/35 Revenue 100% · PAT 100% · OPM change 0 pp 48% evidence 13.2/25 ROCE 13.6% · OPM 10% 76% evidence 10.0/20 P/E 26× · PEG — 15% evidence 20.0/20 RS sector 31.4% · RS bench 27.8% · 1Y -7.8%9 of 12 weeks ahead 100% evidence
Exact sum: 23.5 + 13.2 + 10 + 20 = 66.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2Railtel Corporation of India LtdRAILTEL 59.7/100Mixed-positive evidence90% evidence ASLEEP 21.4/35 Revenue 31.7% · PAT 6.5% · OPM change 0.4 pp 88% evidence 16.6/25 ROCE 16.2% · OPM 11% 100% evidence 11.4/20 P/E 48.7× · PEG 1.76 100% evidence 10.3/20 RS sector 5.3% · RS bench -15.2% · 1Y -27.9%3 of 11 weeks ahead 70% evidence
Exact sum: 21.4 + 16.6 + 11.4 + 10.3 = 59.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Rites LtdRITES 52.1/100Mixed-positive evidence90% evidence ASLEEP 14.6/35 Revenue 9.6% · PAT 7.6% · OPM change -9 pp 88% evidence 18.1/25 ROCE 22% · OPM 22% 100% evidence 6.4/20 P/E 25.1× · PEG 2.34 100% evidence 13.0/20 RS sector 7.4% · RS bench -7.3% · 1Y -19.1%0 of 10 weeks ahead 70% evidence
Exact sum: 14.6 + 18.1 + 6.4 + 13 = 52.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
4Indian Railway Catering & Tourism Corporation LtdIRCTC 50.5/100Mixed-positive evidence83% evidence ASLEEP 13.2/35 Revenue 11.5% · PAT 5.9% · OPM change -3 pp 88% evidence 22.3/25 ROCE 46.1% · OPM 27% 100% evidence 6.5/20 P/E 28.4× · PEG 2.43 65% evidence 8.5/20 RS sector 4.2% · RS bench -21.5% · 1Y -34.3%0 of 10 weeks ahead 70% evidence
Exact sum: 13.2 + 22.3 + 6.5 + 8.5 = 50.5 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5Indian Railway Finance Corporation LtdIRFC 47.7/100Mixed-negative evidence85% evidence ASLEEP 18.1/35 Revenue 4.9% · PAT 7.8% · OPM change 0.2 pp 74% evidence 7.2/25 ROCE 5.6% · OPM 99.5% 100% evidence 11.8/20 P/E 16.2× · PEG 2.24 100% evidence 10.6/20 RS sector 7.1% · RS bench -20.3% · 1Y -32.5%0 of 10 weeks ahead 70% evidence
Exact sum: 18.1 + 7.2 + 11.8 + 10.6 = 47.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Texmaco Rail & Engineering Ltdthis pageTEXRAIL 46.2/100Mixed-negative evidence89% evidence FADING 14.0/35 Revenue -14.3% · PAT -22.2% · OPM change 2 pp 88% evidence 7.9/25 ROCE 11.4% · OPM 9% 100% evidence 15.5/20 P/E 23× · PEG 0.81 65% evidence 8.8/20 RS sector -5.9% · RS bench -8.4% · 1Y -27.1%7 of 12 weeks ahead 100% evidence
Exact sum: 14 + 7.9 + 15.5 + 8.8 = 46.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
7Oriental Rail Infrastructure Ltd531859 46.0/100Mixed-negative evidence71% evidence ASLEEP 23.1/35 Revenue -4.8% · PAT 48.3% · OPM change 3 pp 83% evidence 11.8/25 ROCE 12.2% · OPM 15% 76% evidence 11.1/20 P/E 17.4× · PEG — 15% evidence 0.0/20 RS sector -22.7% · RS bench -24.6% · 1Y -33.6%6 of 12 weeks ahead 100% evidence
Exact sum: 23.1 + 11.8 + 11.1 + 0 = 46 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.7% and the one-year return is -33.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
8Titagarh Rail Systems LtdTITAGARH 45.1/100Mixed-negative evidence88% evidence BREAKING OUT 14.2/35 Revenue -17.7% · PAT 92% · OPM change 9.2 pp 65% evidence 8.9/25 ROCE 10.6% · OPM 11% 100% evidence 9.5/20 P/E 69.5× · PEG 1.69 100% evidence 12.5/20 RS sector 3.1% · RS bench 0.6% · 1Y -5.7%9 of 12 weeks ahead 100% evidence
Exact sum: 14.2 + 8.9 + 9.5 + 12.5 = 45.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Jupiter Wagons LtdJWL 25.8/100Adverse evidence90% evidence ASLEEP 4.8/35 Revenue -26.5% · PAT -56.6% · OPM change -4 pp 88% evidence 7.2/25 ROCE 9.2% · OPM 10% 100% evidence 0.9/20 P/E 60.5× · PEG 3.78 100% evidence 12.9/20 RS sector 8.4% · RS bench -13.2% · 1Y -26.5%1 of 10 weeks ahead 70% evidence
Exact sum: 4.8 + 7.2 + 0.9 + 12.9 = 25.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

15 · Frequently asked questions

Frequently asked questions

What is Texmaco Rail & Engineering Ltd's share price today?

Texmaco Rail & Engineering Ltd trades at ₹111, −22.7% over the past year. The company is valued at ₹4,532 Cr. The stock sits at 43% of its 52-week range of ₹84–₹148, −5.8% versus its 200-day average. On the tape, the price is in a downtrend, 79 weeks in. — as of 31 July 2026.

What were Texmaco Rail & Engineering Ltd's latest quarterly results?

Texmaco Rail & Engineering Ltd reported revenue of ₹1,167 Cr and net profit of ₹58.0 Cr for the Mar 26 quarter. Revenue fell 13.3% and profit rose 48.7% year on year. Earnings per share were ₹1.42. The operating margin was 9.0%, 2.0 pp higher than a year earlier. — as of 31 July 2026.

What is Texmaco Rail & Engineering Ltd's revenue?

Texmaco Rail & Engineering Ltd reported revenue of ₹1,167 Cr in the Mar 26 quarter, −13.3% year on year. For the full FY26 fiscal year, revenue was ₹4,377 Cr (−14.3%). Over the last 10 years revenue compounded at 14.8% a year. — as of 31 July 2026.

What is Texmaco Rail & Engineering Ltd's profit?

Texmaco Rail & Engineering Ltd earned ₹58.0 Cr of net profit in the Mar 26 quarter, +48.7% year on year. Full-year FY26 profit was ₹194 Cr. The operating margin ran 9.0% in the latest quarter. — as of 31 July 2026.

What is Texmaco Rail & Engineering Ltd's market cap?

Texmaco Rail & Engineering Ltd's market capitalisation is ₹4,532 Cr at a share price of ₹111. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.

What is Texmaco Rail & Engineering Ltd's P/E ratio?

Texmaco Rail & Engineering Ltd trades at a P/E of 23.0×, at the 28th percentile of its own 10-year range, against a long-run median of 63.3×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.

Does Texmaco Rail & Engineering Ltd pay a dividend?

Yes — Texmaco Rail & Engineering Ltd's dividend payout was 16% of profit in FY26, and it recorded a payout in 10 of its last 11 reported fiscal years. One of those years shows a negative ratio because profit itself was negative. — as of 31 July 2026.

Is Texmaco Rail & Engineering Ltd overvalued?

On its own history, Texmaco Rail & Engineering Ltd looks cheap against its own history: its P/E of 23.0× has been cheaper only 28% of the time in 10 years (long-run median 63.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 31 July 2026.

Is Texmaco Rail & Engineering Ltd growing?

Yes — Texmaco Rail & Engineering Ltd is growing: latest-quarter revenue −13.3% year on year, profit +48.7%, and the margin +2.0 pp at 9.0%. The 10-year compound rates are 14.8% (revenue) and 25.5% (profit). The earnings engine currently reads: improving — as of 31 July 2026.

How is Texmaco Rail & Engineering Ltd performing?

Texmaco Rail & Engineering Ltd is in a downtrend, 79 weeks in. Its latest quarter's revenue fell 13.3% and profit rose 48.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 31 July 2026.

What stage is Texmaco Rail & Engineering Ltd in?

Deteriorating — revenue, profit and EPS growth are shrinking (revenue growth −14.3% latest against +72.1% at its 12-quarter best), ROCE holding at 13.1%. The read comes from the last 12 quarters of growth (revenue growth −14.3% latest, profit growth −22.2% latest, eps growth −22.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.

Is Texmaco Rail & Engineering Ltd in an uptrend?

No — the price is in a downtrend (week 79 of stage 4), trading −5.8% versus its 200-day average and at 43% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.

Is Texmaco Rail & Engineering Ltd beating the market?

On recent form, yes — Texmaco Rail & Engineering Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +22% against the NIFTY 500's +276% — behind the index over the full window. — as of 31 July 2026.

Will Texmaco Rail & Engineering Ltd's share price go up?

This page publishes no price forecast for Texmaco Rail & Engineering Ltd. What it measures instead: the share price is ₹111, the price is in a downtrend 79 weeks in. Its P/E of 23.0× sits at the 28th percentile of its own 10-year range. — as of 31 July 2026.

Who owns Texmaco Rail & Engineering Ltd?

Promoters hold 48.3% of Texmaco Rail & Engineering Ltd, foreign institutions 5.0%, domestic institutions 5.1% and the public 41.5% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 4.1 points over 8 quarters. — as of 31 July 2026.

Does Texmaco Rail & Engineering Ltd have too much debt?

It is moderate — Texmaco Rail & Engineering Ltd's debt-to-equity is 0.38, and operating profit covers the interest bill 3×. FY26 borrowings were ₹895 Cr against equity of ₹2,374 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.

What is Texmaco Rail & Engineering Ltd's capex?

Texmaco Rail & Engineering Ltd spent ₹876 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹176 Cr, with ₹165 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.

What is Texmaco Rail & Engineering Ltd's cash flow?

Texmaco Rail & Engineering Ltd generated ₹363 Cr of operating cash flow in FY26 and ₹187 Cr of free cash flow after ₹176 Cr of capital spending. Reported profit that year was ₹194 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.

Is Texmaco Rail & Engineering Ltd's profit real cash?

Mostly — over the last 3 fiscal years, 74% of Texmaco Rail & Engineering Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹363 Cr against reported profit of ₹194 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.

Where is Texmaco Rail & Engineering Ltd in its business cycle?

Texmaco Rail & Engineering Ltd's FY26 operating margin was 9.0%, against a 11-year band of 4.5%–9.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 9.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.

What could break the Texmaco Rail & Engineering Ltd story?

The sharpest disagreement: Foreign institutions moved −4.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 31 July 2026.

Is Texmaco Rail & Engineering Ltd a stock worth studying right now?

This is not investment advice. The machine read: Texmaco Rail & Engineering Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.

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