Indian Railways loaded 141.3 million tonnes of freight in July 2026, up 9% from 129.7 million tonnes a year earlier. Freight revenue also climbed 8%, helped by higher movement of iron ore, coal, food grains and fertilisers.
The numbers come at a time when wagon manufacturers are waiting for the next large railway tender after a relatively slow FY26. While demand from private customers kept factories running, the next phase of railway ordering will determine how quickly revenues recover.
Among the listed wagon makers, Jupiter Wagons, Texmaco Rail & Engineering and Titagarh Rail Systems enter this cycle with very different strengths. One is betting on diversification, another has become increasingly dependent on private orders, while the third has quietly built one of the country’s largest passenger rail businesses.
Freight demand is improving: Wagon makers are waiting for fresh railway orders
The freight data strengthens the industry’s long-term argument.Iron ore loading rose 22.2%, while coal and food grain loading grew 11.5% each. Domestic coal movement to power plants increased 20% during the month, according to the Ministry of Railways.
Indian Railways has repeatedly spoken about increasing rail’s share in freight movement and July’s numbers suggest cargo demand remains healthy across sectors ranging from mining to agriculture and power generation.
The missing piece is fresh wagon ordering.
All three companies acknowledged that FY26 execution suffered because of wheelset shortages, supply chain disruptions or lower railway procurement. Management teams now expect ordering activity to revive over the coming quarters.
Jupiter Wagons: Diversification may soften dependence on wagons
Jupiter Wagons‘s biggest differentiator today is that it is no longer only a wagon manufacturer.
Its railwheel business crossed Rs 528 crore in FY26 with EBITDA margins improving to 17% from 12% a year ago. The company has already secured orders for 9,000 LHB axles and received a Letter of Intent for 5,376 Vande Bharat wheelsets.
Beyond railways, Jupiter is also building businesses in battery energy storage systems, containers, brake systems and electric commercial vehicles.
The management expects the container business to double revenue during FY27, while the battery energy storage business has a medium-term revenue target of Rs 1,000 crore over the next three to four years.
The Odisha wheelset plant is expected to begin partial production by March 2027, with final commissioning targeted for March 2028.
Jupiter Wagons: Key numbers
| Metric | FY26 / Latest |
| FY26 revenue | Rs 2,961 crore |
| EBITDA | Rs 363 crore |
| EBITDA margin | 12.4% |
| PAT | Rs 166 crore |
| Order book | Rs 4,675 crore |
| Wagon order value | Around Rs 3,100 crore |
| Railwheel revenue | Rs 528 crore |
| Railwheel EBITDA margin | 17% |
| FY30 revenue target | Rs 10,000 crore |
| Target EBITDA margin | Minimum 15% |
Management expects FY27 revenue to exceed FY26, although a sharper acceleration depends on fresh railway wagon orders.
Jupiter Wagons share price trend
| Period | Share price performance | Change (Rs) |
| 1 month | +0.52% | +1.35 |
| 6 months | -13.84% | -41.70 |
| Year-to-date (YTD) | -23.02% | -77.60 |
| 1 year | -24.49% | -84.15 |
| 5 years | +389.16% | +206.45 |
Texmaco Rail: Private sector orders are carrying the business
Texmaco Rail & Engineering Ltd. had the weakest financial year among the three companies.
Revenue fell 14.3% in FY26 while EBITDA and profit also declined after wagon production was disrupted by supply chain issues.
Yet one change stands out.
The company has rapidly reduced its dependence on Indian Railways. During FY26, 79% of freight car orders came from private customers and exports, compared with only 21% from Indian Railways. A year earlier the mix was exactly the opposite.
That diversification could reduce earnings volatility if railway ordering remains uneven.
Texmaco is also expanding into signalling, Kavach, rolling stock, defence manufacturing, rail EPC and power electronics through multiple joint ventures.
Texmaco Rail: Key numbers
| Metric | FY26 / Latest |
| FY26 revenue | Rs 4,377 crore |
| EBITDA | Rs 450 crore |
| EBITDA margin | 10.3% |
| PAT | Rs 194 crore |
| Order book | Rs 5,408 crore |
| Wagon sales | 8,372 |
| Freight car capacity | 2,500-3,000 wagons per quarter |
| Net debt | Rs 444 crore |
| Net debt/equity | 0.18x |
Management expects exports of railway castings and components to grow more than threefold over the next two to three years.
Texmaco Rail share price trend
| Period | Share price performance | Change (Rs) |
| 1 month | -11.48% | -13.89 |
| 6 months | -10.81% | -12.99 |
| Year-to-date (YTD) | -21.59% | -29.50 |
| 1 year | -25.85% | -37.35 |
| 5 years | +225.98% | +74.28 |
Titagarh Rail Systems: Passenger rail is becoming the biggest growth engine
Unlike its peers, Titagarh Rail Systems Ltd. is no longer driven mainly by freight wagons.
Passenger rail contributed Rs 539 crore during FY26, more than doubling from the previous year. Passenger EBIT margin also improved to 14.27%.
The company expects to deliver at least 200 passenger coaches during FY27, while the first Vande Bharat train deliveries are also expected during the year.
Its order book is also substantially larger than peers.
Standalone orders stand at Rs 14,240 crore, while including proportional JV share the total rises to Rs 27,540 crore. More than three-fourths of the core order book now comes from passenger rail.
On the freight side, Titagarh dispatched 7,019 wagons during FY26 despite supply constraints and expects production of 650-700 wagons per month in FY27, with scope to reach 1,000 wagons per month after new railway tenders.
Titagarh Rail Systems: Key numbers
| Metric | FY26 / Latest |
| FY26 revenue | Rs 3,143.58 crore |
| EBIT | Rs 394.88 crore |
| EBIT margin | 12.56% |
| Standalone order book | Rs 14,240 crore |
| Total order book including JVs | Rs 27,540 crore |
| Freight order book | Rs 3,115 crore |
| Passenger order book | Rs 10,625 crore |
| Wagon dispatches | 7,019 |
| FY27 passenger coach target | Minimum 200 |
Titagarh Rail Systems share price trend
| Period | Share price performance | Change (Rs) |
| 1 month | -1.63% | -14.15 |
| 6 months | +9.51% | +74.15 |
| Year-to-date (YTD) | -3.13% | -27.60 |
| 1 year | -0.41% | -3.50 |
| 5 years | +81.89% | +384.55 |
Conclusion
The freight numbers offer another indication that cargo movement remains healthy across key sectors of the economy, even as wagon manufacturers continue to wait for the next large railway procurement cycleAmong the three, Titagarh has the largest order book and a rapidly growing passenger rail business that now contributes a meaningful share of future revenue. Jupiter is building businesses in railwheels, battery energy storage, containers and brake systems alongside wagons, while Texmaco has increased its exposure to private customers and exports instead of relying mainly on Indian Railways.
As freight loading continues to grow and fresh railway orders move closer, each company enters the next phase with a different source of earnings growth.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice or a recommendation to buy, sell or hold any security. Stock market investments are subject to market risks. Investors should conduct their own research and consult a SEBI registered qualified financial adviser before making any investment decisions. Financial performance, order books, management commentary and share price data are based on publicly available information and company disclosures available at the time of writing.