Titagarh Wagons Ltd.

ABOUT
Titagarh Wagons Limited, incorporated in 1997, is mainly engaged in the manufacturing and selling of Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipment & Bridges, Ships, etc. The company caters to both domestic and export markets.

KEY POINTS
Business Segments
Freight Rolling Stock - Consists of manufacturing of Wagons, Loco Shells, bogies, couplers, and their components.
Passenger Rolling Stock - Designing and manufacturing of Metro, Passenger Coaches, EMUs, Train Sets, Mono Rail, Propulsion equipment, Traction Motors, and its components. Shipbuilding, Bridges & Defence - Designing and Construction of Warships, Passenger Vessels, Tug, and other specialized self-propelled vessels and their components; and specialized equipment for Indian Defence Sector and Modular Bridging solutions.

Market Position
The co. is one of India’s largest wagon manufacturers, with a capacity of 8,400 wagons per annum. TWL continues to maintain its leadership position in the segment and accounted for 32% (24,177 wagons) of the orders awarded by the Indian Railways in May 2022.

Revenue Split
Freight Rolling Stock: ~63% in FY22 vs 93% in FY18
Passenger Rolling Stock: 34% in FY22 vs 4% in FY18
Shipbuilding & others: 3% in FY22 same as FY18

Geographical Split
India: 76% in FY22 vs 29% in FY18
Italy: ~24% in FY22 vs 45% in FY18
Rest of the World: Nil% in FY22 vs 26% in FY18

Manufacturing facilities
The company has four manufacturing facilities: two in Titagarh and one in Uttarpara, both in West Bengal, and one in Bharatpur, Rajasthan. It has the capacity to manufacture 8,400 wagons, 200 Metro coaches, and 36 electric multiple-unit coaches, and process around 30,000 tonnes of casting steel, per annum. It also has the capacity to manufacture bridges, shelters, and propulsion equipment.

TECHNICAL ANALYSIS.
Time Frame - 1W.
1. 100% delivered volume.
2. Stock makes a ROUNDING BOTTOM PATTERN on the weekly chart.
3. Stock traded above 2017's high.

FUNDAMENTAL ANALYSIS.
Sector: Capital Goods-Non Electrical Equipment.
1. Market Cap - ₹ 2,366 Cr.
2. Stock P/E - 61.3
3. Price to book value - 2.68
4. Debt to equity - 0.39
5. Free Cash Flow - ₹ -41.5 Cr.

DISCLAIMER - All analyses are for educational purposes. it is not trading or investment advice.

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