Summary:
Transrail Lighting maintains its 20-22% FY27 revenue growth guidance despite a slow start caused by supply disruptions and geopolitical pressures. A ₹16,361 crore order book, expanding power transmission opportunity and new data centre and BESS segments support its growth strategy.
Transrail Lighting Ltd, a transmission and distribution (T&D) engineering, procurement and construction (EPC) company, is maintaining its annual revenue growth guidance of 20-22% despite a slower start to FY27 due to supply chain disruptions and margin pressure caused by geopolitical developments.
The company expects to recover the lost momentum in the coming quarters as project execution improves. Chief executive officer Randeep Narang said the company remains confident of achieving its growth target and is aiming to maintain around 20% growth, with potential upside if operating conditions improve.
During the first quarter, disruptions linked to the West Asia crisis affected supplies to factories and vendors. Changes in light diesel oil prices impacted the availability of key raw materials such as steel, aluminium and zinc, as suppliers delayed production expecting better prices. These factors affected execution and margins during the quarter.
Large transmission market provides growth visibility
The company sees a strong opportunity in India’s power transmission sector, supported by rising electricity demand, renewable energy integration and the need for new transmission infrastructure. Transrail estimates the domestic transmission market opportunity at around ₹9.5 trillion until 2032. After excluding certain segments such as original equipment manufacturing, the addressable opportunity is estimated at nearly ₹5 trillion, translating into an annual opportunity of around ₹1 trillion.
According to management, even a 5% market share of this opportunity could represent around ₹5,000 crore. The company is targeting order intake of ₹10,000-12,000 crore, which could support order book expansion over the next five years.
Order book and new business areas remain key growth drivers
Transrail currently has a strong order pipeline, with its unexecuted order book standing at around ₹16,361 crore, including L1 orders, as of March 2026. The company expects fresh order inflows of ₹10,000-11,000 crore during FY27.
The company is also looking beyond its core T&D business by exploring newer segments such as data centres and battery energy storage systems (BESS). International markets provide another growth avenue, with management estimating opportunities worth around ₹60,000-70,000 crore, allowing selective participation in overseas projects.
Margin focus remains important amid competition
While the company expects strong revenue growth, management highlighted the importance of balancing expansion with profitability. The T&D EPC industry has witnessed slower growth among competitors during the quarter, with several players reporting muted performance.
Transrail plans to focus on disciplined execution rather than chasing growth at the cost of margins. The company expects the improvement in supply conditions and project execution to support its growth trajectory going forward.
