Shares of Texmaco Rail were down on Wednesday despite the railway company clocking strong numbers in its Q1 results. 

What Happened: In its June quarter results, Texmaco has witnessed a 183% year-on-year jump in net profit to ₹35.73 crore. Its revenue rose 36% from the previous year to ₹891.71 crore. 

The freight care division, which contributes a lion's share of the company's top line, was up 38% to ₹733.59 crore. The infra–rail and green energy segment gained 8.60% to ₹104.46 crore. 

During the quarter, Texmaco announced the acquisition of Jindal Rail Infrastructure for ₹615 crore, bolstering its private-freight rolling stock.

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After the budget, Nuvama picked Texmaco as one of the beneficiaries in the railway space after the central government's focus shifted to railway rolling stock. 

Despite the results, Texmaco Rail shares, along with other railway peers, were trading in the red on Wednesday's session. Railway peers like RVNL saw their net profit slide in Q1 due to weak execution and weakening order books. 

Another peer, IRCON, said its revenue and order book also contracted in Q1. 

Price Action: Shares of Texmaco Rail were down 2.91% to ₹248.70 on Wednesday morning. 

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