Transrail Lighting, a leading engineering, procurement, and construction (EPC) company in India’s power transmission and distribution sector, is positioning itself to secure an 8–10% market share in project allocations from Power Grid Corporation of India in FY26. Backed by a robust unexecuted order book and aggressive expansion strategies across key global markets, the company is leveraging India's rising infrastructure investments to consolidate its position. With a compound annual growth rate (CAGR) exceeding 22% over four years, Transrail has also scaled up its international presence across 59 countries, while streamlining legacy operations, including the timely conclusion of projects in Bangladesh.
Strategic Ambitions in the Domestic Market
Transrail Lighting's focus this fiscal is clearly centered on strengthening its domestic footprint through increased participation in Power Grid Corporation of India Limited’s (PGCIL) projects. PGCIL, a state-owned transmission major under the Ministry of Power, has announced a combined capital outlay of Rs. 1.08 lakh crore over the next three years—Rs. 28,000 crore in FY26, Rs. 35,000 crore in FY27, and Rs. 45,000 crore in FY28.
Randeep Narang, Managing Director and CEO of Transrail Lighting, confirmed that the company aims to capture between 8% and 10% of these contracts during the current financial year. “This share provides us with a solid foundation to execute impactful projects across India,” he remarked, underscoring the company's intention to sustain a high level of execution within the domestic T&D segment.
Order Book Strength and Revenue Visibility
The company’s growth trajectory has been particularly impressive. Transrail secured new orders worth Rs. 9,680 crore in FY25—a remarkable 120% year-on-year increase. Its unexecuted order book stood at Rs. 14,551 crore at the close of the fiscal year, with the figure rising to Rs. 15,915 crore including L1 (lowest bidder) contracts. This represents a 44% year-on-year growth in pending execution, ensuring visibility for the next 24 to 30 months.
Narang emphasized the strategic value of this pipeline, stating, “With the current momentum and strong order inflow early in FY26, we have sufficient visibility to sustain our growth rate.”
Transrail has clocked a four-year CAGR of 22.59%, a performance the company expects to maintain this year as well.
Global Expansion and Regional Diversification
While India contributes approximately half of Transrail’s revenue, the remainder comes from international markets, including several high-potential geographies in Africa (Tanzania, Ethiopia, Kenya, Cameroon) and the SAARC region. The company also has select operations in Latin America and the Caribbean (LAC).
Narang affirmed that the global expansion strategy remains integral to Transrail’s business model. “We expect to deepen our presence in these regions, capitalizing on infrastructure modernization initiatives and bilateral energy cooperation programs.”
The company’s EPC expertise spans multiple verticals beyond T&D, including railways, civil works, lighting, and pole manufacturing, giving it flexibility to serve diverse infrastructure ecosystems.
Project Completion and Rationalization in Bangladesh
The company’s Bangladesh operations, once a significant component of its international portfolio, are now being phased out. As of May, the country accounted for just 12% of Transrail’s unexecuted order book, down from 15% in March.
According to Narang, this share is expected to reduce to just 5–6% by the end of FY26, with full project completion targeted by June 2026. “The execution is proceeding on schedule, and we do not plan to pursue new contracts in Bangladesh for the foreseeable future,” he confirmed.
This measured exit aligns with the firm’s strategy of focusing on stable, opportunity-rich regions while minimizing exposure to geopolitical and operational volatility.
Conclusion: A Company Positioned for Sustained Momentum
Transrail Lighting's assertive domestic positioning, coupled with a diversified global portfolio, underscores its stature as a key player in the evolving infrastructure ecosystem. The company’s ability to scale operations rapidly—demonstrated by its record order intake and rising execution capacity—positions it well to tap into India’s massive energy infrastructure outlay, while remaining agile across emerging markets.
With a strong order pipeline, diversified revenue streams, and a clear strategic direction, Transrail appears well-equipped to sustain its growth trajectory and further solidify its position as a leader in the EPC domain.
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