Titagarh Wagons, incorporated in 1997, is primarily engaged in the manufacturing of railway wagons. It is one of the leading private sector wagon manufacturers in India. The company has received certifications for its quality management such as ISO 9001: 2000 and BS EN ISO 9001:2000. The rating agency CRISIL has upgraded the rating of TWL from 'A 1' to 'A 1+' i.e. 'Positive'.

Currently, the company is engaged in manufacturing of railway wagons, bailey bridges, heavy earth moving and mining equipment, steel and SG iron castings of moderate to complex configuration. The company also manufactures products for the Indian defence establishment, such as special wagons, shelters and other engineering equipments.

In its initial year, the company started the development of the prototype of BOXN Wagon. Immediately next year the company was awarded an order from Indian Railway to manufacture BOXN and BCNA type wagons. In 2000 there was addition of new type of wagon i.e. BOBYN.

In the year 2001, Titagarh Wagons started its Bailey bridge division. The company started manufacturing of BOBRN type wagon. In 2002 the company despatched its first set of components of Bailey bridges.

Products

Wagon- The company manufactures range of wagons such as hopper wagon, covered wagon, open top wagon, container flat wagon, tank wagon, flat wagon and special purpose wagon.

Heavy Earth Moving and Mining Equipment- Under this the company manufactures hydraulic excavator and crawler mounted crane.

Foundry- Under this company manufactures bogies and couplers.

Rail Coach- Titagarh Wagons manufactures rail coaches for metro systems. It is planning to develop coaches for metro systems setting up at Mumbai, Hyderabad and Bangalore.

The company is also engaged in undertaking special projects such as developing Bailey bridges, other modular steel bridges and equipments for nuclear power and defence sector.

Milestones

1997 - Year of Incorporation : Development of the Proto Type of BOXN Wagon
1998 - 1st Order from the Indian Railways [For BOXN & BCNA Type Wagons
2000 - ISO:9002 Certification from Lloyds UK
2000 - Addition of new type of wagon (BOBYN) in the order book
2001 - Bailey Bridge Division : Only Pvt. Sector Unit Registered with the Ministry of Defence, Government of India.
2001 - Commencement of Manufacturing BOBRN Type Wagon
2002 - Recognition from the Minstry of Defence, Government of India as an ‘Industry Partner’ for wagons and Bridges
2002 - First order for manufacture and supply of Bailey Bridge
2002 - Upgradation of Quality Certification to ISO: 9001-1994 from Lloyd’s Register Quality Assurance, United Kingdom
2002 - Despatch of the first set of components for Bailey Bridge
2003 - Commencement of two new types of wagons BOST and BFNS in the order book
2003 - First order received for supply of Container Flat wagons from CONCOR
2003 - First order for supply of Special Purpose Wagons for the Ministry of Defence
2003 - Upgradation of Quality Certification to ISO: 9001-2000 from Lloyd’s Register Quality Assurance, United Kingdom
2003 - Recognition of In-House R&D unit by the by the Department of Scientific & Industrial Research, Ministry of Science & Technology, Govt. Of India
2003 - Registered Supplier for United Nations Procurement Division for the manufacture and supply of fabricated engineering items
2004 - Received registration from the Ministry Of Defence, Government Of India to be a licensed manufacture of Integrated Field Shelter (NBC Shelter)
2004 - 1st Export Order from Africa
2005 - Order for the MGR Type Wagon from NTPC
2005 - Commencement of Manufacturing BRNAHS Type Wagon
2005 - 1st Private Sector Order of BOXN-HS wagon under OYWS
2005 - Execution of BTA with Hyderabad Industries Limited for Acquisition of Heavy Engineering Division
2005 - Investment in Equity Share of the Company by Strategic Venture (Mauritius) Limited
2006 - Investment in Equity Share of the company by 2i Capital PCC
2006 - Investment in Equity Share of the company by Goya Limited
2006 - Received Quality Certification from ISO: 9001-2000 from Indian Register Quality System (Indian Register of Shipping) for the Heavy Engineering Division
2006 - Roll out first ever wagon manufacture under WIS
2006 - First order from Private Sector for supply of Food Grain Wagon
2006 - First order under Privatisation of Container Freight Traffic for Supply Container Flat Wagon
2006 - Addition of new type of wagon (BOXN-LW) in the order book
2006 - First order for supply of tank wagons (BTPN)
2006 - Entered into a memorandum of understanding with M/s Kawada, Inc, Japan, for development of double lane modular bridges, called Kawada System Truss Bridges
2007- Entered into a Share Subscription Agreement with GE. Received first order for EMU Coaches from Indian Railway Entered into an agreement for revival of Cimmco
2008- Initial Public Offering of shares. Listing at BSE and NSE, Joint venture for Air Brake Systems & Slack AdjustersSet up a wholly owned subsidiary in Singapore
2009- Delivered 1st rake of EMUs to Indian Railways , Titagarh Biotec P Ltd. (wholly owned subsidiary) and Titagarh Steels Limited were merged with the Company
2010- Set up a subsidiary (Titagarh Wagons AFR (TWA)) in France and acquired assets and business of a Wagon/Rolling Stock manufacturing unit in France with capacity to manufacture 5000 wagons. TWA has strong design, research & development competencies
2012- Titagarh Marine Ltd (TML) has become a subsidiary of Titagarh Wagons Ltd.
2013 -
• Titagarh-FreightCar Joint Venture Company to be Wound Up
• Titagarh Wagons Ltd has informed that the Company has acquired 100% stake in Titagarh Marine Limited (TML) and accordingly TML has become a wholly owned subsidiary of the Company with effect from March 25, 2013.
• Titagarh Wagons Ltd 100% stake in Titagarh FreightCar Private Limited
2014
• Titagarh Wagons Ltd has informed that the Companys Registered Office has been shifted from Premlata, 4th floor, 39 Shakespeare Sarani, Kolkata - 700017 to Flat 1B, Aster Court, 3 Loudon Street, Kolkata - 700017 with effect from January 15, 2014.
• Titagarh Wagons Ltd 99.23% stake in Cimco Equity Holdings Private Limited (CEHPL)
• Titagarh Wagons gains on winning contract
2015
• Titagarh Wagons receives industrial license from GoI
• Titagarh Wagons has completed the acquisition of Railway Rolling Stock Manufacturing business of Firema Transporti, S.p.a. Italy
• Titagarh Wagons acquires business of Firema Transporti
2016
• Titagarh's subsidiary in Italy acquires a new order of about Euro 65 Million for Double Deck Trains
• The Company has changed the place of its Registered office from ''1B Aster Court, 3 Loudon Street Koikata-700017'' to ''756 Anandapur, E.M Bypass Kolkata-700107
• The company won an order for construction of two fuel barges for the Indian Navy in its recently added ''Ship-building'' vertical

Market Cap	12,503 Cr	ROE	14.9%
P/E Ratio(TTM)	58.7	EPS(TTM)	0.0
P/B Ratio	9.0	Dividend Yield	0.1%
Industry P/E	68.1	Book Value	108.9
		Face Value	2.0

Fundamentals