Titagarh Rail Eyes Growth with MRVC’s Rs 21K Cr Vande Metro Deal

Titagarh Rail Systems Ltd. is making waves in the stock market after the Mumbai Railway Vikas Corporation (MRVC) announced a massive ₹21,000 crore tender for 2,856 air-conditioned coaches as part of the Vande Metro project.

Brokerage firm Nuvama Institutional Equities has reaffirmed its ‘Buy’ recommendation for Titagarh, highlighting the company’s strong potential to win a significant portion of this game-changing contract, which falls under the Mumbai Urban Transport Project (MUTP) phases III and III-A.

The tender involves supplying 238 air-conditioned local trains—47 for MUTP-III and 191 for MUTP-3A—along with 35 years of maintenance and the construction of two new depots. This project is a key part of India’s ‘Make in India’ initiative, requiring all manufacturing to be done locally.

With only three private companies in India—Titagarh Rail, Alstom, and BEML—equipped with the necessary facilities, Titagarh is well-positioned to secure a major share of the deal, according to Nuvama analysts.

Titagarh Rail, a leading name in India’s railway sector, manufactures passenger coaches, freight wagons, and metro systems. Despite a tough year with its stock dropping 38.5%, it has shown signs of recovery, rising 5.3% in the past month and 19.3% over six months. On August 29, 2025, the stock closed at ₹825.15, down 1.82% for the day, with a market cap of ₹11,112.61 crore.

The MRVC tender comes at a critical time, as railway coach production has been slow for nearly two years. However, recent metro rail contracts across India signal a revival, and this massive project could keep demand strong for years, even if the contract is shared among competitors. Looking ahead, opportunities in Vande Bharat trains and other metro projects could further fuel Titagarh’s growth.

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Investors are excited about Titagarh’s prospects, confident that its expertise and strategic position will help it capitalize on this landmark tender, potentially boosting its stock in the coming months.