Transrail Lighting, a prominent engineering, procurement, and construction (EPC) player in India’s power transmission and distribution landscape, is aggressively scaling operations with the goal of capturing an 8–10% share of Power Grid Corporation of India’s FY26 project allocations. The company is capitalizing on robust infrastructure investment, an expanding international footprint across 59 countries, and a strong unexecuted order book exceeding Rs. 15,900 crore. With a consistent four-year CAGR above 22%, Transrail is balancing strategic domestic expansion with rationalized global operations—especially a planned exit from Bangladesh—positioning itself for long-term leadership in India’s energy infrastructure evolution.
Strengthening Domestic Market Position
Transrail Lighting is sharpening its focus on India's power infrastructure sector, particularly targeting project allocations from Power Grid Corporation of India Limited (PGCIL). The state-run utility has outlined a capital investment of Rs. 1.08 lakh crore across FY26 to FY28, with Rs. 28,000 crore earmarked for FY26 alone.
Randeep Narang, Managing Director and CEO, emphasized the company’s goal of capturing 8–10% of these project allocations in FY26. “This target provides a robust platform for impactful execution and deeper engagement with the national transmission network,” Narang said. This strategic push is in line with India's expanding grid modernization efforts and increasing electricity demand.
Robust Order Book Fuels Revenue Visibility
Transrail’s growth momentum is clearly reflected in its financial and operational metrics. The company recorded fresh order inflows worth Rs. 9,680 crore in FY25, marking a 120% year-on-year surge. Its unexecuted order book at the fiscal year-end stood at Rs. 14,551 crore, which rises to Rs. 15,915 crore when including L1 (lowest bidder) contracts. This 44% year-on-year increase ensures execution visibility over the next 24 to 30 months.
“This pipeline gives us strong operating leverage,” Narang noted, adding that early wins in FY26 have already solidified projections for continued growth. The company has achieved a four-year compound annual growth rate (CAGR) of 22.59%, which management expects to sustain through FY26.
International Expansion Anchored in Diversification
While India remains the core market—contributing nearly 50% of revenues—Transrail has significantly broadened its international exposure. The company is present in 59 countries and has ongoing operations in high-opportunity markets across Africa, South Asia, Latin America, and the Caribbean.
In Africa, countries such as Kenya, Ethiopia, Tanzania, and Cameroon are central to the company’s growth roadmap, thanks to substantial investments in cross-border transmission and renewable integration. Additionally, the company’s exposure to the SAARC region further supports its international diversification strategy.
“Our geographic diversity is a strength. It allows us to mitigate risks while tapping into multiple growth corridors,” said Narang. He also highlighted the firm’s capabilities beyond T&D, including civil engineering, pole manufacturing, railway electrification, and specialized lighting projects.
Strategic Withdrawal from Bangladesh
Bangladesh, once a major contributor to Transrail’s overseas revenue, is now being gradually phased out of the company’s portfolio. As of May, the nation accounted for just 12% of the company’s unexecuted order book, down from 15% in March. This figure is expected to shrink to 5–6% by the end of FY26, with all projects scheduled for completion by June 2026.
“The execution is on track, but we do not plan to bid for new contracts in Bangladesh in the near future,” Narang clarified. The decision is rooted in the company’s strategic pivot toward more stable and scalable markets, aiming to reduce exposure to geopolitical and operational uncertainties.
Outlook: Sustained Growth Backed by Strategic Clarity
Transrail Lighting’s well-defined roadmap—underpinned by a healthy order pipeline, international diversification, and calculated market exits—positions the company as a key contender in the rapidly evolving EPC landscape.
With India committing to massive infrastructure development, especially in energy and transportation, Transrail’s proactive strategy aligns with national priorities. Its dual focus on execution efficiency and global scalability is expected to deliver sustained shareholder value.
As infrastructure ecosystems become more complex and technology-driven, the company’s ability to adapt, diversify, and execute large-scale projects will likely cement its role as a dominant force in the global EPC sector.
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