China Plus One: Texmaco Rail MD Says India Now A Global Partner For Engineering Projects

India is now being looked upon as a potential global partner for its engineering and solution expertise, said Sudipta Mukherjee, managing director at Texmaco Rail and Engineering Ltd.

On June 25, Texmaco Rail and Engineering bagged an order worth Rs 535 crore from a South African entity, Camalco SA, based in Cameroon, to manufacture and supply wagons. The order includes 1,600 wagons, of which around 560 wagons are to be delivered over the next two years. The contract also includes maintenance of the rolling stock on behalf of Camalco SA for 20 years.

Mukherjee highlighted that this order opens up a huge opportunity for the company, while pointing towards the China plus one factor that is coming into the play.

"Global players are looking to diversify their orders away from China. In terms of competition, there were no other Indian players. It was mostly Chinese and European contenders," he told NDTV Profit.

Mukherjee noted that in terms of exports, this is a significant and one of the largest wins by any Indian company for foreign rolling stock requirements. "This is a major milestone in our achievements."

Currently, Texmaco Rail and Engineering has an order book worth Rs 7,000 crore. The new order constitutes more than 70% of its export order book.

"In terms of overall share, exports contribute around 7–8% of our total turnover. Over the next 2–3 years, we aim to gradually raise this to 30%," Mukherjee added.

Texmaco Rail aims for 20% topline growth in FY26. "The company aims to develop the coal segment into a standalone profit centre with revenue of Rs 1,500–2,000 crore," he said.

Mukherjee sees strong potential in the component division, which he expects to grow beyond Rs 500 crore. "Combined, we’re targeting a topline of Rs 2,000 crore, with a clear focus on improving profitability over the next three years," he noted.

"Global tenders are not short-term opportunities—they require long-term strategic planning. We work on a three-year projection. Currently, our rolling stock, components, and railway divisions collectively contribute around 10% to our export portfolio. Our goal is to raise this to at least 30% of our topline. We also expect stronger Ebitda margins as we expand," he explained.

Texmaco Rail has been in the export market for a long time, but at a moderate scale. "Now, we are focusing on expanding our reach to newer regions and customers with an upgraded product portfolio," he said.