Infrastructure and Power Movers: Q2 FY26 Highlights Across Rail, Energy, and Engineering Majors
Texmaco Rail & Engineering – Resilient Freight and Traction Growth
Texmaco Rail & Engineering posted a robust Q2 FY26 performance with revenue at ₹1,258 crore and EBITDA of ₹132 crore, translating into a margin of 10.5%. PAT came in at ₹64 crore, with wagon deliveries rising 28.5% QoQ to 2,334 freight cars. Despite headwinds from U.S. export tariffs, profitability remained strong.
The company has strengthened its partnerships through a JV with RVNL and a collaboration with Germany’s Hörmann Vehicle Engineering for locomotive design innovation. Texmaco is positioned to benefit from Indian Railways’ ₹1.42 trillion capex on electrification and safety upgrades.
Rail infrastructure remains a critical growth engine, backed by multi-year order pipelines and robust government support for logistics modernization.
Triveni Turbines and IRB Infrastructure – Capital Cycle Revival
Triveni Turbines management guided for a stronger H2 FY26, with Q3 and Q4 expected to deliver higher revenue growth on the back of domestic demand. The order book remains solid, driven by industrial and power sector projects.
IRB Infrastructure Developers reported a 41% YoY jump in net profit to ₹140.8 crore on revenue of ₹1,751 crore. EBITDA improved 20% to ₹925 crore, taking margins to 52.8%. The company’s consistent execution and diversified BOT and HAM portfolio underscore steady cash flow visibility through FY27.
The infrastructure investment cycle is visibly picking up, with roads, turbines, and renewables leading the momentum across engineering-heavy sectors.
Concor and BF Utilities – Logistics and Energy Transition
Concor maintained strong performance guidance, projecting 20% domestic volume growth for FY26. H1 EXIM volume rose 10.2%, outperforming estimates. The company expects stronger H2 with improved traction from cement logistics via MoUs with Adani Cement and UltraTech.
BF Utilities, meanwhile, turned profitable in Q2 with a net profit of ₹1.78 crore against a ₹0.97 crore loss YoY. The company’s revenue stood at ₹9.04 crore. Its transition toward renewable and urban infrastructure continues as it leverages its legacy engineering capabilities for sustainable energy initiatives.
Logistics and energy-linked midcaps are regaining investor confidence as demand cycles align with India’s broader capex upturn.
Bharat Forge and Maithan Alloys – Engineering Momentum Continues
Bharat Forge’s Q2 performance drew mixed reactions from brokerages. Jefferies and CLSA maintained an “Underperform” stance, citing weak export trends, while Nomura and InCred retained positive views on defense and domestic recovery potential. Margins held steady at 28.3% despite global softness, and recovery is expected from H2 FY27 as the U.S. CV cycle turns upward.
Maithan Alloys resumed operations at its Impex subsidiary, with one furnace already functional and the second expected to go live shortly. The company’s board approved a merger of Impex with the parent, pending NCLT sanction, to unlock synergies in ferro-alloy manufacturing.
Engineering stocks continue to benefit from defense orders and structural demand recovery in autos and industrials, even as global exports remain subdued.
Hi-Tech Pipes, Kilburn Engineering, and Rico Auto – Manufacturing Strength
Hi-Tech Pipes recorded an 11.6% rise in profit to ₹20.2 crore with revenue up 21% YoY. EBITDA stood at ₹44.3 crore, reflecting steady operating leverage. Kilburn Engineering reported impressive growth, with profit up 75% to ₹26.7 crore and margins expanding to 25.89% on strong order execution. Rico Auto’s net profit jumped 170% YoY to ₹17.3 crore on higher capacity utilization and operating efficiency.
Industrial engineering players are clearly gaining traction, with focus shifting to value-added manufacturing and export substitution themes in FY26.
Sector Snapshot: Industrial and Infra Revival
- ✅ Rail and logistics order books at multi-year highs
- ✅ Renewed energy and infrastructure capex visibility
- ✅ Manufacturing margins stable despite input cost inflation
- ✅ Export headwinds offset by domestic demand recovery
The industrial and infrastructure recovery is firmly underway, driven by policy tailwinds, private capex momentum, and improving operational leverage across listed players.
Investor Takeaway
Q2 FY26 has reinforced India’s position as the fastest-growing industrial ecosystem in Asia. From freight mobility to precision engineering, companies are delivering consistent growth and maintaining profitability. Policy continuity, order flows, and capital formation remain key drivers.
Nifty and Bank Nifty Expert Gulshan Khera, CFP®, who is a SEBI Regd Investment Adviser.
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SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
