Incorporated on 22nd July 1861
A network of five standard gauge lines running from Aberystwyth, one making a connection with the Newtown and Machynlleth Railway and others providing routes to Aberdyfi, Barmouth and Portmadoc. It was extended to Dolellau in 1862, and opened in stages between 1863 and 1869. The line was vested in the Cambrian Railways in 1865 with working arrangements with the London and North Western and the Great Western Railways.
Capital £400,000 in shares of £10 each, loans of £133,000. New capital of £250,000 and £83,333 raised in 1862 for extensions.