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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Funding incremental working capital requirements
Amount earmarked to support the company's growing working capital needs as its order book expands.
Capital expenditure
Funds allocated toward capital expenditure for the company's manufacturing operations.
General corporate purposes
Balance of the net fresh-issue proceeds, after the stated working capital and capex allocations, reserved for general corporate purposes.
(₹ in Crore)
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Transrail Lighting Limited, incorporated in 2008, is an Indian engineering, procurement and construction (EPC) company focused on power transmission and distribution. The company designs, manufactures and installs transmission line towers, substations and monopoles for utilities and infrastructure developers, and its integrated manufacturing base produces lattice structures, conductors and monopoles in-house. Its promoter group brings a much longer legacy in the power transmission and distribution business, giving the company deep domain expertise built up over several decades. The business operates on a turnkey, engineering-to-commissioning basis and has executed projects across roughly 58 countries in Asia and Africa, alongside a large domestic order book. It has delivered tens of thousands of circuit kilometres of transmission and distribution lines, including work on extra-high-voltage systems up to 765 kV, and has more recently diversified into railway infrastructure and civil construction. Transrail's combination of in-house component manufacturing, project execution capability and a long operating history positions it as a full-service EPC partner for power transmission and distribution infrastructure, with revenue and profitability that grew steadily through FY22 to FY24 on the back of a large and growing order book.
Ahead of the offer opening, Transrail Lighting raised about Rs 246 crore from anchor investors by allotting roughly 56.94 lakh shares at the upper price band of Rs 432 per share. Domestic mutual funds and institutions including ICICI Prudential, Tata Mutual Fund, LIC Mutual Fund, Bandhan Mutual Fund and SBI General Insurance, along with foreign investors such as BNP Paribas and Citrus Global Arbitrage Fund, participated in the anchor book.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Long track record in power T&D EPC
The company and its promoter group bring decades of experience delivering power transmission and distribution projects on a turnkey basis.
In-house integrated manufacturing
Owning production of lattice structures, conductors and monopoles gives the company better cost control and supply reliability for its own projects.
Global project footprint
Execution experience across roughly 58 countries in Asia and Africa diversifies the company's revenue base beyond the domestic market.
Large, growing order book
A substantial order book gives revenue visibility and reflects strong recent demand for the company's EPC services.
Diversifying into adjacent infrastructure
Expansion into railway infrastructure and civil construction broadens the company's addressable market beyond core power T&D work.
Regulatory and approval dependence
Large infrastructure projects depend on timely government and regulatory approvals, which can delay execution and revenue recognition.
International and geopolitical exposure
A significant share of projects are executed overseas, exposing the company to geopolitical, currency and country-specific risks.
Working-capital intensive model
EPC execution requires substantial working capital and carries elevated debt levels, which can pressure margins if project timelines slip.
Transrail Lighting Limited
501, A,B,C,E Fortune 2000, Block G Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra 400051, India
View on Maps →MUFG Intime India Private Limited
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Raw material price volatility
Steel and aluminium are key inputs, and price swings in these commodities can affect project margins.
Full-price offer
The issue was priced at a premium multiple relative to reported earnings, leaving limited additional valuation cushion if growth slows.