Texmaco Rail gains after investing in Middle East subsidiary

Texmaco Rail & Engineering jumped 4.64% to Rs 144.30 after the company announced that it has invested into a wholly-owned subsidiary, Texmaco Middle East DMCC (Texmaco MED).

Texmaco MED operates in the trading of train spare parts and components, crane rails and fixing accessories, heavy equipment and machinery spare parts, as well as simulation equipment and systems. The investment aims to explore additional opportunities in sectors to supplement the businesses of the parent company.

The paid-up share capital of Texmaco MED is AED 50,000, with Texmaco Rail & Engineering holding 100% ownership of the subsidiary.

The company also clarified that the promoter and promoter group has no other interest in the newly incorporated entity.

Texmaco Rail & Engineering is a diversified heavy engineering company, with products including railway freight wagons, hydro-mechanical equipment and industrial structures for infrastructure industry, locomotive components and locomotive shells, railway bridges, steel castings, pressure vessels, etc.

The company's consolidated net profit soared 151.6% to Rs 76.72 crore on a 47.9% increase in revenue from operations to Rs 1,326.14 crore in Q3 FY25.

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