Railway wagon stocks in focus; Texmaco, Jupiter, Titagarh soar up to 13%

Titagarh Rail Systems soared 13 per cent to ₹870 in intraday on the back of a 10-fold jump in trading volumes. Texmaco Rail & Engineering surged 8 per cent, while Jupiter Wagons gained 7 per cent .

Shares of railway wagon companies gained as much as 13 per cent in intraday on the BSE today amid heavy volumes in an otherwise subdued market. In comparison, the BSE Sensex was down 0.30 per cent at 77,038 at 01:56 PM.

 

Among the individual stocks, Titagarh Rail Systems soared 13 per cent to ₹870 in intraday on the back of a 10-fold jump in trading volumes. A combined 13.64 million equity shares representing 9.5 per cent of the total equity of the company changed hands on the NSE and BSE. The stock has recovered 53 per cent from its 52-week low of ₹568.65 touched on March 30, 2026.

 

 

Texmaco Rail & Engineering surged 8 per cent to hit an intraday high of ₹116.75, and Jupiter Wagons climbed 7 per cent to ₹306.95 on the BSE.

 

As of 2:45 PM, Titagarh Rail shares were 9.3 per cent at ₹841, followed by Texaco Rail, which was up 4.6 per cent at ₹113. Jupiter Waghons shares pared some of the gains but traded 3 per cent higher at ₹297.65.

 

Why are railway wagon stocks outperforming today?

 

A BJP win in the 2026 West Bengal Assembly elections marks a historic political shift, ending over 15 years of Trinamool Congress (TMC) rule under Mamata Banerjee and bringing the state under "double engine" governance (BJP at the Centre and the State). With a focus on industrialisation, capex rejuvenation, inflation management, and focus on reforms, the BJP’s win in West Bengal (WB) could mark the beginning of a capex spending cycle in the state, a template it followed in other states where it came to power in recent years -- Uttar Pradesh, Odisha (OD), Assam, among others, according to analysts at Elara Capital.

 

The wagon and rolling stocks like Jupiter Wagons, Texmaco, and Titagarh Rail Systems are likely the beneficiaries, the brokerage added.

 

Notably, the saffron party's manifesto for the WB included expenditure-heavy items. On the capital side, the big-ticket announcements are deep-sea, Tajpur-Kulpi ports, AIIMS North Bengal, Kolkata Metro completion, 61 stalled railway projects, highway connecting Sundarbans to Darjeeling, operationalising Purulia, Malda and Balurghat airports, creating WB as a global tea tourism hub, industrial park at Singur (historically a politically charged land parcel), and rejuvenation of the jute industry, the brokerage firm said. 

 

Jupiter Wagons, Titagarh Rail – Crisil Ratings Rationale

 

Jupiter Wagons is a premier Indian wagon manufacturer with an annual capacity of 10,800 units, boasting a strong reputation and deep-rooted relationships with government and private clients across the iron, steel, power, logistics, mining, and cement sectors. These long-standing relationships, along with alliances with reputable OEMs, ensure a steady order inflow.

 

With revenue streams diversified (approx. 75 per cent from wagons, 10 per cent from wheel sets, 10 per cent from commercial vehicle load bodies, and 5 per cent from containers/components like CMS crossings and bogies); Jupiter Wagons is well-positioned to capitalise on infrastructure spending. The combination of technological expertise, robust demand, and strategic capacity expansion is expected to drive growth in the medium term, Crisil Ratings said in its rationale.

 

The company’s revenue was constrained at ₹2,136 crore during the first nine months of fiscal 2026, primarily due to a shortage of rail wheels supplied by the Rail Wheel Factory for Indian Railways orders. Supply-side constraints eased starting September 2025, with an expected improvement in scale during Q4 of fiscal 2026, the rating agency said.

 

Furthermore, investments in the greenfield capex for a forged wheel set manufacturing plant in Odisha are progressing as expected and should be completed by the end of CY 2027. Recovery in the scale of operations, healthy order inflows, and the timely completion of ongoing capacity expansions are expected to drive revenue growth over the medium term and will remain key rating sensitivity factors, it added.

 

Meanwhile, Titagarh Rail Systems’ standalone order book of ₹13,955 crore as of December 31, 2025, was skewed with the passenger segment contributing 77 per cent to the orders. During fiscal 2026, Titagarh Rail Systems received a large metro order for Mumbai Metro Line 5 & 6 (₹4,000 crore) and has orders from Ahmedabad, Surat, Pune metro, and Vande Bharat coaches. For wagons, the present order book should support the execution till the first half of next fiscal, and securing new orders in the segment will remain critical for effective utilisation of the company’s plants, Crisil Ratings said.

 

Going forward, while wagon dispatches are expected to remain subdued given the limited order book in hand, the ramp-up of execution under the passenger rolling stock segment will drive the improvement in operating performance from fiscal 2027 onwards, the rating agency said. 

 

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