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Jupiter Wagons, Texmaco, Titagarh: Best railway stock for freight boom?
Trains are like giant trucks that carry coal, iron ore, food and other goods across the country.
In July 2026, Indian trains carried more freight than they did a year earlier.
Indian Railways, the organisation that runs these trains, needs wagons - the big cars that hold the cargo - to carry the goods.
Three companies that build these wagons are Jupiter Wagons, Texmaco Rail and Titagarh Rail Systems.
All three had a slow year because parts for wagons were hard to find.
Now they are waiting to see whether Indian Railways will place big new orders for wagons.
Titagarh also builds passenger coaches, and that business grew very fast and now makes up most of its order book.
Jupiter is making wheels and other products too, so it does not depend only on wagons.
Texmaco sells most of its wagons to private companies and other countries instead of only to Indian Railways.
Each company hopes the next big order will help it grow even more.
Indian Railways loaded 141.3 million tonnes of freight in July 2026, up 9% year-on-year, with freight revenue up 8%.
Wagon manufacturers are waiting for the next large railway tender after a slow FY26 marked by wheelset shortages and supply-chain disruptions.
Titagarh Rail Systems has the largest order book (Rs 14,240 crore standalone) and expects at least 200 passenger coaches and first Vande Bharat deliveries in FY27.
Jupiter Wagons is diversifying beyond wagons, with railwheel revenue crossing Rs 528 crore and an FY30 revenue target of Rs 10,000 crore.
Texmaco Rail drew 79% of FY26 freight car orders from private customers and exports, and is expanding into signalling, Kavach, defence and other areas.
- Who
- Indian Railways and listed wagon manufacturers Jupiter Wagons, Texmaco Rail & Engineering and Titagarh Rail Systems.
- What
- Indian Railways' freight loading rose 9% year-on-year to 141.3 million tonnes in July 2026, and the article compares how the three wagon makers are positioned ahead of expected new railway orders.
- Where
- India, including Jupiter Wagons' upcoming wheelset plant in Odisha.
- When
- July 2026 for freight data; financial year FY26 (ended March 2026) for company results.
- Why
- Healthy cargo demand across mining, agriculture and power generation, and expectations that railway wagon procurement will revive in coming quarters.
Key facts
- July 2026 freight loading
- 141.3 million tonnes, up 9% year-on-year
- Freight revenue growth
- +8% in July 2026
- Iron ore loading growth
- +22.2%; coal and food grains +11.5% each
- Jupiter Wagons FY26
- Revenue Rs 2,961 crore; PAT Rs 166 crore; order book Rs 4,675 crore
- Texmaco Rail FY26
- Revenue Rs 4,377 crore; net debt Rs 444 crore; order book Rs 5,408 crore
- Titagarh FY26
- Revenue Rs 3,143.58 crore; EBIT margin 12.56%
- Largest order book
- Titagarh: Rs 14,240 crore standalone; Rs 27,540 crore including JVs
- Texmaco order mix
- 79% of FY26 freight car orders from private customers and exports










