India: The country’s largest private rolling stock manufacturer Titagarh Rail Systems (TRSL) brought a large stand to the show in New Delhi that takes part from 9 to 11 September.
In its welcome video, TRSL said it’s counting on new opportunities for India-Russia industrial cooperation to help deliver the country’s long-term Viksit Bharat 2047 plan and the shift in industrial policy from the localisation-focused Make in India to the export-oriented Make for the World. India’s Railways Minister Ashwini Vaishnaw announced this change in direction earlier in the summer, and work has already begun on building electric trains for export as a result.
The stand displays the company’s full range of rail technologies by TRSL, along with mock-ups of rolling stock due under new contracts: a new metro train model and a car from the 160 km/h Vande Bharat EMU.
Mock-up of a Vande Bharat EMU car at the TRSL stand at INNOPROM. India. Source: Alexey Balanov
TRSL is one of the more intriguing players in the global rolling stock market. It started out under the name Titagarh Wagons, focused purely on freight wagons, before rebranding in 2023 with the ambitious goal of becoming a fully-fledged global rolling stock player with revenue north of $10 bln.
Its results so far are more modest. In the last financial year (April 2025 to March 2026), TRSL brought in INR 31.4 bln (around $330 mln) from rolling stock and transport solutions, 19% down on the year before (INR 38.7 bln, or roughly $460 mln). Freight wagons still dominate the revenue mix, accounting for more than 82% of the total.
The company runs three plants, in Uttarpara, Titagarh and Bharatpur, with combined freight rolling stock capacity put at 12,000 wagons a year. It had also tried to build a foothold in Europe, buying Firema’s assets in Italy back in the mid-2010s and picking up passenger and freight wagon orders there in recent years. The Italian business couldn’t cope with current economic conditions, though, and was nationalised at the start of 2026.
TRSL delegation at the exhibition. Source: TRSL
That European experience did give TRSL a grounding in aluminium carbodies, and it now plans to bring the full production cycle to India for passenger rolling stock by next spring, making it the first company in the country with that capability. In 2026 it also picked up a licence to offer freight wagon leasing and signed its first contract with Indian Railways for track machinery.
On the passenger side, beyond the Vande Bharat trains already mentioned, TRSL’s key contracts today include metro train supplies for Mumbai and Pune. It is worth noting that in August TRSL signed a memorandum of understanding with Germany’s Siemens Mobility, under which the two sides will analyse and explore opportunities for joint supplies of metro trains to markets external to both players.
