Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Timken India Limited (TIMKEN)
Large CapIndustrials stocks · Large cap · NSE
Timken India Limited manufactures and markets tapered, spherical, and cylindrical roller bearings. It serves core industrial segments, mobile (CV & tractors), rail, and aftermarket, with significant domestic and export operations. The company recently merged Timken GGB with itself and is ramping up its new Bharuch plant.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:36 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -3.5% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TIMKEND candles · FIT view-21.4%Latest close ₹2795.60 on 2026-10-21
Bar
-2.3%
RSI
28
MACD hist
-25.64
52W pos
3%
2026-10-21O ₹2862.60H ₹2864.60L ₹2765.80C ₹2795.60Vol 74,657 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TIMKENNifty India ManufacturingNifty 500
- TIMKEN
- -9.6%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -3.1 pp
Chart stats
21 Oct 2026- From 52W high
- -28.8%
- 52W range position
- 3%
- ATR (14)
- 3.2%
- Volume vs 20D
- 1.70x
- Avg traded value
- ₹14.1 Cr
- 20D price channel
- ₹2,765.8 - ₹3,315
₹3,925
₹2,765.8 - ₹3,925
₹90.6
Latest completed session
20-session average
26.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST36
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +14.7% · PAT +11.1% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-104.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +15% YoY · PAT +11% YoY · margin expansion
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹943 Cr | +14.7% | -13.5% |
| EBITDA | ₹178 Cr | +21.1% | -26.4% |
| Operating margin | 19.0% | +100 bps | -300 bps |
| PAT | ₹120 Cr | +11.1% | -24.1% |
| PAT margin | 12.7% | -41 bps | -177 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 51.00
- P/B
- 7.47
- EV/EBITDA
- 27.88
- Market Cap
- 21728.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 19.00%
- ROA
- 11.52%
- Dividend Y
- 0.09%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 221.00×
- Altman Z
- 8.92
- Book Value
- 387.00
Cash Flow
- FCF Yield
- 0.21%
- FCF Positive Y
- 2/5
- OCF
- 446.00 Cr
- EPS TTM
- 56.65
Shareholding
- Promoter Hold
- 51.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 9%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 943-13.5% vs prev
Net Profit
₹ CrLatest: 120-24.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 28. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
43
RS percentile
Stage 4 Downtrend
1M return
-10.9%
3M return
-9.6%
6M return
-22.3%
1Y return
-7.2%
RS 1D
+1
RS 20D
+3
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 16.0% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 97.22-1.37%
RS vs Nifty 50097
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 36 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth9/25
Quality9/20
Balance Sheet10/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
36
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
36/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Quality contributes 9/20 to the score.
Main drags
- Fair-value margin of safety is negative at -104.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
51.0
PB
7.5
EV/EBITDA
27.9
ROE
14.3%
ROCE
19.0%
FCF Yield
0.2%
Debt/Equity
0.0
MoS
-104.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
36
Previous: 36
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-104.8%
Previous: -109.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
35
35
35
36
36
36
36
36
36
36
36
36
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹702.34
-298.0% MoS
Growth-justified P/E
24.1
Growth-justified Value
₹1,365.27
-104.8% MoS
PEG
5.67
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GRAPHITE
Large
Graphite India Limited
Industrial Products
match 59
31
71.8
3.1%
-74%
OVERVALUED
AIAENG
Large
AIA Engineering Limited
Industrial Products
match 55
52
27.5
17.0%
+31%
FAIR VALUE
AEROFLEX
Small
Aeroflex Industries Limited
Industrial Products
match 49
44
107.0
14.1%
-151%
WATCHLIST
FOSECOIND
Small
Foseco India Limited
Industrial Products
match 48
35
45.6
12.6%
-23%
WATCHLIST
ELECTCAST
Micro
Electrosteel Castings Limited
Industrial Products
match 48
29
29.8
3.0%
-549%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-13T09:53:31.382Z
Management commentary snapshot
Q4 FY26 revenue crossed INR1,000 crores for the first time, growing 14.2% YoY to INR10,731 million. Full-year FY26 standalone revenue grew 8.6% to INR31,478 million, with PBT up 3% to INR5,304 million. Consolidated revenue for FY26 was INR34,780 million.
Management delivered broad-based revenue growth in FY26, driven by strong industrial demand and project execution. Q4 FY26 saw record revenue. While cost pressures and global uncertainties persist, the company is actively mitigating these and ramping up new capacities, which should support future growth.
Current business mix
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Rail26.0%
Mobile (CV & Tractors)19.0%
Distribution15.0%
Process Industry19.0%
Intercompany (Exports)21.0%
Growth engines
Core Industrial Segments
Strong demand in core industrial segments drove healthy revenue growth in FY26.
Exports
Exports saw a 40% QoQ jump in Q4 FY26 (INR222 crores vs INR159.2 crores in Q3 FY26) and a 66% YoY jump for the full year, driven by North America.
Commercial Vehicles (CV)
The CV market is expected to remain robust, contributing to mobile segment growth.
Process Industry
Expected to grow faster with increased investments in steel, cement, and power generation in India.
Capacity and execution
Bharuch Plant Ramp-up
All lines capitalized; smaller lines running full. Generated INR80 crores revenue in FY26. Targeting 70% utilization by July, with further ramp-up monthly.
Jamshedpur Rail Expansion
INR120+ crores capex. Expected to produce the first rail bearing by November/December.
Plain Bearing Expansion (Bharuch)
Investment continues to remain broadly on track.
Tailwinds
Strong Demand
Demand across most key segments continues to remain relatively stable, with a healthy order book.
Domestic Consumption
Local demand is okay despite inflationary market conditions.
Export Momentum
Export demand is okay, with North America gaining momentum despite pending trade deals.
Headwinds
Macroeconomic Uncertainty
Global conditions continue to remain uncertain with slower growth trends and geopolitical developments.
Cost Pressures
Significant cost pressures and inflation trends are observed, with input costs (steel, grinding wheels, coolants) going up.
Currency Deterioration
Currency deterioration has an indirect impact on raw material imports.
Risk radar
Input Cost Pass-through Lag
Company has only begun passing on cost increases, achieving 10% currently. The remaining 90% needs to be achieved over the next 2 quarters, with potential lag due to negotiations.
Geopolitical Instability
Geopolitical developments and trade tensions are changing daily, impacting sentiment and supply chain realignments.
Bharuch Plant Ramp-up Pace
The ramp-up of the Bharuch plant, especially for larger lines and customer approvals (PPAPs), is a long cycle and has seen slight delays.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is relevant for overall revenue growth and full-year performance. QoQ comparison is crucial for assessing sequential momentum in exports, rail, and the ramp-up of the new Bharuch plant.
Sector KPIs management disclosed
Revenue from Operations
Q4 FY26: INR10,731 million (+14.2% YoY). FY26: INR31,478 million (+8.6% YoY standalone), INR34,780 million (consolidated).
PBT
Q4 FY26: INR2,074 million (19.3% margin). FY26: INR5,304 million (+3% YoY standalone, 15.5% margin). Consolidated PBT for FY26 was INR5,526 million.
EBITDA
FY26: 18.7%.
Cash Generated from Operations
FY26: INR4,374 million (improved from last year).
Management forward view
Consistent Performance
FY26 has been another year of consistent and broad-based performance for Timken India.
Growth Aspiration
Management aims to outgrow the market on the top line and achieve healthy bottom-line performance by passing on costs and continuous improvement.
Investment Strategy
The company is debt-free and will not shy away from investing in good projects, leveraging cash for growth.
Localization Target
The manufactured vs. traded mix (65% domestic, 35% imported) is expected to remain similar for the next 2-3 years, as the overall market pie increases.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Input Cost Pass-through | 10% achieved as of May 2026. | Achievement of the remaining 90% of price hikes over the next 2 quarters to mitigate margin impact. |
| Bharuch Plant Utilization | Smaller lines running full, large lines undergoing PPAPs. INR80 crores revenue in FY26. | Reaching 70% utilization by July and subsequent progressive ramp-up in monthly revenue generation. |
| Jamshedpur Rail Expansion | On track for November/December production. | Timely commissioning and initial production of rail bearings from the new facility. |
| PBT Margin | Q4 FY26 at 19.3%, FY26 at 15.5%. | Impact of cost pressures and successful price pass-through on future margins, especially given the lag. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: results consistency is weak at 48/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
45 docs text-extracted · 31 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · Large: 40th pctile, median 73
Evidence depth
Financial-only
45 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸Debt/equity is 0.01.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Timken India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug - We enclose herewith copies of newspaper publications relating to Notice of Petition in the matter of Amalgamation of Timken GGB Technology Private Limited (a wholly …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Aug - Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015, we enclose herewith newspaper publications relating ....
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Jul - We enclose herewith copies of Public Notice published in Financial Express and Prajavani. Please see attachment for more details.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Jul - Timken India received four BIS licenses for bearings at Bharuch and Jamshedpur plants.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 4 Aug - Timken India approved Q1 FY27 results; standalone PAT ₹115.1 crore, consolidated PAT ₹119.7 crore; three managers ceased senior roles.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jun - Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we attach herewith copies of advertisements published in today's newspapers titled ....
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 May - Pursuant to Regulation 47 of SEBI (LODR) Regulations, 2015, we enclose herewith newspaper publications relating to Audited Standalone and Consolidated Financial Results for the quarter …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Dividend Updates 18 May - Board approved FY26 audited results, Rs 2.50 dividend, and Timken GGB Technology amalgamation proposal.
Source: Bse
Announcement
Corporate Action-Board approves Dividend 18 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.