Titagarh Rail: Innovation & Growth

Kolkata, Aug 25 (PTI) Titagarh Rail Systems Ltd (TRSL) has reaffirmed its commitment to innovation, automation and customer-centric growth as it looks to play a larger role in India's rail infrastructure push under the Make in India and Aatmanirbhar Bharat initiatives.

“Our journey has been marked by transformative events that define who we are today. In a rapidly evolving manufacturing landscape, innovation is not optional; it is essential,” Vice Chairman and Managing Director Umesh Chowdhary said in his message to shareholders in the company's latest annual report.

He emphasised that TRSL has embraced automation across operations to enhance engineering precision and efficiency, enabling the company to meet evolving customer needs and expand its presence in both freight and passenger rolling stock.

Chowdhary added that while the company continues to generate value for shareholders and stakeholders, its “efforts are ultimately dedicated to serve the society and our nation with greater determination..

TRSL, the country's largest wagon manufacturer, has expanded into metro and passenger train manufacturing, propulsion systems, and recently bagged the prestigious Rs 24,000 crore contract for 80 Vande Bharat sleeper trains, cementing its position as a comprehensive mobility solutions provider.

Meanwhile, TRSL has also flagged potential impairment risk on its investment in Italian associate Titagarh Firema SpA, after the rolling stock maker slipped into financial distress following a payment dispute with one of its largest customers..

In its latest annual report, TRSL's auditors cautioned that Firema's liquidity had been “severely impacted” and while the company has filed for restructuring under Italy's Crisis Code – Composizione Negoziata della Crisi (CNC), the possible hit on TRSL's carrying value of Rs 112.73 crore on a standalone basis and Rs 74.58 crore in consolidated accounts is “currently not determinable..

Firema, which TRSL acquired in 2015 to gain access to European markets and metro train technology, filed for protection under the CNC on May 14, 2025..

Despite the turbulence, Firema continues to serve as TRSL's European technology hub, contributing expertise in EMU and metro systems, propulsion equipment, and exports such as traction converters for Regione Lazio's commuter lines.

TRSL's holding in Firema has gradually reduced from full ownership in 2015 to 25.43 per cent in 2024 after equity infusions by Invitalia, the Italian government's investment arm, and other partners.