October 2026
Largest Railways Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Indian Railway Finance, BEML, Titagarh Rail Systems, Jupiter Wagons and Texmaco Rail & Eng.
 | Indian Railway Finance Corp Ltd is engaged in the business of borrowing funds from the financial markets to finance the acquisition/creation of assets, which are then leased out to the Indian Railways or any entity under the Ministry of Railways. Its only operating segment is Leasing and Finance. The company generates maximum revenue from Lease Income. | $1 | -41% | $11B | $53B | 18.5x | 28.8x | ||
| BEML is a state-controlled maker of earthmoving and mining equipment, defence vehicles and rail and metro rolling stock. Customers include the Indian Army, Indian Railways, metro operators and coal and mining companies. Headquartered in Bengaluru. | $20 | -19% | $1.7B | $1.7B | 4.0x | 50.9x | ||
| Titagarh Rail Systems Ltd manufactures and sells Freight Wagons, Passenger Coaches, Metro Trains, Train Electricals, Steel Castings, Specialised Equipment and Bridges, Ships and others. The segments of the group are Freight Rail Systems and Passenger Rail Systems. The majority of the company's revenue is generated from its Freight Rail Systems segment which consists of the manufacturing of wagons, loco shells, bogies, couplers, its components, designing and construction of warships, passenger vessels, tug, and specialized equipment for Defence, Bridge Girders, etc. Geographically, the company derives its key revenue from India and it also caters to International markets. | Railways+1 | $7 | -26% | $990M | $1B | 3.1x | 38.1x | |
| Jupiter Wagons makes railway freight wagons, passenger coaches, brake systems, wheel sets, and related components. Customers are Indian Railways, private wagon owners and logistics firms. Headquartered in Kolkata. | Railways+2 | $2 | -47% | $825M | $862M | 2.8x | 23.8x | |
| Texmaco Rail & Engineering Ltd is engaged in the manufacturing, selling, and providing services for rail and rail-related products. It manufactures and supplies different types of rail wagons, and various components such as brake levers, snow plows, loco components, draw bars, bogie frames, etc. The company also provides services related to railway infrastructure and operates a steel foundry that produces various steel castings and products for the railway industry. Its business segments are: Freight Car Division (FCD), Infra-Rail and Green Energy, and Infra-Electrical. Maximum revenue is derived from its Freight Car Division, which manufactures and supplies railway freight cars, loco components, loco shells, and steel castings. Geographically, it derives revenue predominantly from India. | Railways+1 | $1 | -28% | $450M | $519M | 1.1x | 11.9x | |
| Gateway Distriparks operates inland container depots, container freight stations, rail container movement and cold chain facilities in India. Customers are shippers and shipping lines. Headquartered in Gurugram. | $0 | -- | $250M | $332M | 1.4x | 6.4x | ||
| Arshiya provides supply chain services, including free trade and warehousing zones, rail and bonded logistics. It runs distribution parks for importers, exporters and retailers. It is headquartered in Mumbai. | $0 | -57% | $2M | $304M | 192.2x | (2.7x) | ||
| Median | $1 | -35% | $825M | $862M | 3.1x | 23.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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