Transrail Lighting544317Quarterly results
Board meeting outcome: Q2 FY27 results, three SMP appointments, two cessations, auditor's emphasis of matter
Board meeting of November 3, 2026 approved unaudited results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,030.88 | 1,537.91 | +32.1% | 1,700.47 | +19.4% |
| Total income | 2,071.00 | 1,579.19 | +31.1% | 1,751.09 | +18.3% |
| Profit before tax | 158.85 | 124.41 | +27.7% | 146.68 | +8.3% |
| Profit after tax | 104.70 | 91.81 | +14% | 110.55 | −5.3% |
| Total comprehensive income | 118.80 | 96.07 | +23.7% | 111.28 | +6.8% |
| Basic EPS | 7.80 | 6.84 | +14% | 8.23 | −5.2% |
- Total income YoY growth
- +31.1%
- Period
- For the Quarter ended September 30, 2026 (Reviewed)
Also decided at the meeting
- Appointed Mr. Harsh Narang, Vice President (Civil Business), as Senior Management Personnel.
- Appointed Mr. Prashant Thorat, Senior Vice President (Poles & Lighting Business), as Senior Management Personnel.
- Appointed Mr. Unmesh Nerkar, Senior Vice President (Supply Chain Management), as Senior Management Personnel.
- Mr. Anant Kadiwal, President (Civil Business), to retire on attaining retirement age and cease to be Senior Management Personnel.
- Mr. Ashok Rawat resigned as Vice President (Poles & Lighting Business) and ceased to be Senior Management Personnel.
- NRC and Board on November 03, 2026 approved cancelling the grant of 29,500 stock options under ESOP 2023 for not meeting performance benchmark.
Auditor's review
Conclusion: Unmodified
- Emphasis of Matter: note 5 on Income-tax search and seizure and block return for April 1, 2019 to March 29, 2026; Company paid tax of Rs. 14.30 crores towards incorrect claim of expenses.
Notes to the results
- Note 5: Income Tax search under Section 132 (March 24-28, 2026); block return shared September 19, 2026; tax impact of ₹ 14.30 crores recorded towards incorrect claim of expense.
- Note 4: Previous year exceptional item of ₹ 17.38 crore for statutory impact of new Labour Codes (gratuity ₹ 12.85 crore; compensated absences ₹ 4.53 crore).
- Note 7: Board on July 28, 2026 declared interim dividend of ₹ 3 per equity share of face value ₹ 2 for FY ending March 31, 2027.
- Note 9: Board on July 28, 2026 approved QIP fund raise not exceeding ₹ 600 crore; shareholders approved by postal ballot on September 10, 2026.
Results at a glance
The Board approved unaudited standalone financial results for the quarter and half year ended September 30, 2026. These are reviewed figures, not audited.
- Quarter ended September 30, 2026: Revenue from operations Rs. 2,030.88 crore; Profit for the period Rs. 104.70 crore.
- Half year ended September 30, 2026: Revenue from operations Rs. 3,731.35 crore; Profit for the period Rs. 215.25 crore.
Auditor's review
Both joint auditors issued an unmodified limited review report, which means nothing came to their attention that caused them to believe the results contain a material misstatement.
- Emphasis of Matter: it refers to matters relating to search and seizure operations conducted by the Income-tax Department and a block return shared by the Company for the period April 1, 2019 to March 29, 2026. The Company has recorded a tax impact of Rs. 14.30 crores towards incorrect claim on account of expenses.
- The auditors' conclusion is not modified on account of this matter.
- Management's view, after considering available records and facts, is that there would not be any further material adverse impact on the financial position, and hence no further adjustments are required.
Senior management changes
- Mr. Harsh Narang, Vice President (Civil Business), appointed as Senior Management Personnel (SMP).
- Mr. Prashant Thorat, Senior Vice President (Poles & Lighting Business), appointed as SMP.
- Mr. Unmesh Nerker, Senior Vice President (Supply Chain Management), appointed as SMP.
- Mr. Anant Kadiwal, President (Civil Business), ceases to be an SMP on attaining the prescribed retirement age.
- Mr. Ashok Rawat, Vice President (Poles & Lighting Business), has resigned and consequently ceased to be an SMP.
Other points from the notes
- The Board, at its meeting held on July 28, 2026, approved a proposal to raise funds for an aggregate amount not exceeding Rs. 600 crore through a qualified institutions placement; shareholders approved it by postal ballot on September 10, 2026.
- An interim dividend of ₹ 3 per equity share was declared at the Board meeting held on July 28, 2026, for the financial year ending March 31, 2027.
- 1,89,000 stock options were granted during the quarter under the ESOP 2023 scheme; the NRC and Board also approved an amendment to cancel a tranche of stock options for not meeting a performance benchmark.
- The Company's operations are categorised in a single segment: Engineering, Procurement and Construction (EPC).
What this means for a reader
The results set out the size of the business and the profit reported for the quarter and half year, while the senior management changes affect who leads the civil, poles and lighting, and supply chain functions. The income-tax matter is presented as an emphasis of matter, not a qualification, and the block assessment proceedings are described as ongoing.
₹215.25 CrProfit for the period, standalone, half year ended September 30, (Rs. crore
Profit after tax, quarter110.55 (Rupees in Crores)
Profit for the period, standalone, quarter ended September 30, (Rs. crore₹104.70 Cr
Also from Transrail Lighting
Transrail Q2 FY27: order book Rs. 14,218 crore, new orders of Rs. 1,747 crore, tower capacity raised to 184,400 MTPA
3 Nov 2026
Board considers three senior appointments; two SMPs cease on retirement and resignation
3 Nov 2026
Transrail Lighting sets earnings call for Nov 4, 2026 on Q2FY27 results, hosted by Nuvama
29 Oct 2026
More numbers
- Revenue from operations, standalone, half year ended September 30, 2026 (Rs. crore)3,731.35
- Profit for the period, standalone, half year ended September 30, 2026 (Rs. crore)215.25
- Tax impact recorded towards incorrect claim on account of expenses₹ 14.30 crores
- Fund raise approved through qualified institutions placement (aggregate cap)₹ 600 crore
- Interim dividend per equity share₹ 3 per equity share
- Stock options granted during the quarter under ESOP 20231,89,000
- Total income, latest quarter2,071.00 (Rupees in Crores)
- Total income, year-ago quarter1,579.19 (Rupees in Crores)
- Total income, previous quarter1,751.09 (Rupees in Crores)
- Total comprehensive income, latest quarter118.80 (Rupees in Crores)
- Total comprehensive income, year-ago quarter96.07 (Rupees in Crores)
- Total comprehensive income, previous quarter111.28 (Rupees in Crores)
- Profit after tax, latest quarter104.70 (Rupees in Crores)
- Profit after tax, year-ago quarter91.81 (Rupees in Crores)
- Profit after tax, previous quarter110.55 (Rupees in Crores)
- Revenue from operations, latest quarter2,030.88 (Rupees in Crores)
- Revenue from operations, year-ago quarter1,537.91 (Rupees in Crores)
- Revenue from operations, previous quarter1,700.47 (Rupees in Crores)
- Profit before tax, latest quarter158.85 (Rupees in Crores)
- Profit before tax, year-ago quarter124.41 (Rupees in Crores)
- Profit before tax, previous quarter146.68 (Rupees in Crores)
Source: BSE · 3 Nov 2026
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