Transrail Lighting Ltd

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.

Transrail Lighting Ltd trades at ₹410, in a downtrend and 38 weeks into that stage. That is −21.7% against its own 200-day average. It sits at 0% of a 52-week range of ₹410 to ₹760. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (22 weeks and counting).

Today the stock is in a downtrend — week 38 of stage 4, confirmed. At ₹410 it trades −21.7% versus its 200-day average and sits at 0% of its 52-week range (₹410–₹760).

Against the market, two honest reads. Cumulative: over the last 1.7 years the stock moved −26% while the NIFTY 500 moved +2% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (22 weeks and counting; last ahead the week of 2026-05-15) — 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.

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.

Transrail Lighting Ltd trades at 13.2× P/E, about the cheapest it has ever traded. Its long-run median P/E is 25.8×, measured across 1.7 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 13.2× is about the cheapest it has ever traded, against a long-run median of 25.8× measured over 1.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +22.8% against a −47.7% price move — earnings outran the price, pushing the multiple DOWN its own range.

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

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 13 June 2026 price, Transrail Lighting Ltd was paying for profit growth of about 7.1% a year. Profit itself has compounded 25.8% a year over the past 6 years. Today the market pays 13.2× P/E, the 0th percentile of its own 2-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Topping out 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).

Transrail Lighting Ltd reads as topping out on its fundamental arc. Topping out — revenue and profit growth have decelerated hard (revenue growth +43.5% at its peak → +4.6% latest) while ROCE still reads 35.3%. The read is built from 8 quarters across 3 curves, on partial evidence.

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

50.0/100 — rank 3 of 6 in EPC · 87% evidence confidence

Transrail Lighting Ltd scores 50.0 out of 100 against the 6 companies it is compared with in EPC, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 18.9 + 15.8 + 9.3 + 6 = 50. 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.

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

Transrail Lighting Ltd reported ₹1,736 Cr of revenue in the Jun 26 quarter, +4.6% year on year. Over 6 years it has compounded at 24.1% a year. The last full year, FY26, came in at ₹6,880 Cr. The last four reported quarters add to ₹6,956 Cr.

FY26 revenue came in at ₹6,880 Cr (+29.6% on the year), capping 6 years at 24.1% compound. The latest quarter (Jun 26) printed ₹1,736 Cr, +4.6% year on year.

Pace check: the last four quarters averaged +19.0% growth against the decade's 24.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.9% over the last 4 quarters against +29.5%/yr over the last 8 — rolling over; TTM profit +6.3% vs +30.7%/yr — rolling over.

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.

Transrail Lighting Ltd's operating margin is 12.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 11.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 12.0%, +0.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 11.0%–15.0%.

🚨 Why the margin moved: operating margin went −0.3 pp year on year while gross margin went −8.5 pp — the loss came mostly from the gross line: input costs and pricing.

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

Transrail Lighting Ltd earned ₹108 Cr of net profit in the Jun 26 quarter, +1.9% year on year. Full-year FY26 profit was ₹404 Cr. The 6-year compound rate is 25.8%. That is 6.2% of the quarter's revenue. The same quarter a year earlier earned ₹106 Cr.

Jun 26 profit was ₹108 Cr, +1.9% year on year. On the full year, FY26 printed ₹404 Cr (+22.8%), and the 6-year compound rate is 25.8%.

Why profit moved: revenue contributed +4.6% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +15.3% vs revenue +19.0%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 100% of Transrail Lighting Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹643 Cr of operating cash against ₹404 Cr of profit. After ₹294 Cr of capital spending, ₹349 Cr was left as free cash.

FY26: operating cash of ₹643 Cr against reported profit of ₹404 Cr, leaving free cash of ₹349 Cr after ₹294 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 100% of profit.

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

Why conversion sits at 100%: the cash cycle tightened 18 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Transrail Lighting Ltd's cash conversion cycle runs −147 days in FY26, down from −129 days in FY21. Capital spending ran ₹454 Cr over the last 3 years. At FY26 sales of ₹6,880 Cr each day of that cycle holds about ₹18.8 Cr, so roughly ₹−2,771 Cr sits inside the business at any moment.

FY26: debtors at 92 days, inventory at 91 days — roughly 3.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −147 days, tighter than FY21's −129.

The full loop: cash goes out to suppliers and production on day 0; stock waits 91 days to sell; customers pay about 92 days after that; and suppliers themselves are paid at 330 days — netting out to the −147-day cycle.

In money terms: at FY26 sales of ₹6,880 Cr, each day of the cycle holds about ₹18.8 Cr — so the −147-day loop keeps roughly ₹−2,771 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹454 Cr over the last 3 fiscal years against ₹172 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹65.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

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.

Transrail Lighting Ltd earns a ROCE of 34% in FY26. That is up from a trough of 22% in FY22. Return on invested capital clears the cost of that capital by +11.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 5.9% net margin on 0.94× asset turns.

FY26 ROCE is 34%, recovered from a FY22 trough of 22% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 5.9% net margin × 0.94× asset turns × 3.22× balance-sheet leverage ≈ 17.9% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 23.2% − 12.0% = a +11.2 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. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

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.

Transrail Lighting Ltd carries total debt of ₹678 Cr against shareholder equity of ₹2,281 Cr as of Mar 26, a debt-to-equity of 0.30 — effectively unlevered. On the annual view that ratio went from 0.59 in FY24 to 0.30 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹678 Cr against shareholder equity of ₹2,281 Cr — a debt-to-equity of 0.30. On the annual view, debt-to-equity went from 0.59 (FY24) to 0.30 (FY26). The returns on this page are earned, not borrowed.

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.

Domestic institutions cut 8.6 points of Transrail Lighting Ltd over 6 quarters, the biggest move on the register. That takes domestic institutions to 6.5% of the company. Foreign institutions moved +1.5 points over the same window, to 2.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −8.6 points over 6 quarters to 6.5%; Foreign institutions: +1.5 points over 6 quarters to 2.5%; Promoters: +0.0 points over 6 quarters to 71.1%.

Why the register moved: rotation — foreign institutions +1.5 points against domestic institutions −8.6 points over 6 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

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.

Transrail Lighting 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.

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