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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 55/100Rev +15% YoY · PAT +11% YoY · margin expansion
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Segment (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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).
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.
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.
Trend score and candlestick chart
38Bearishfull bear SMA stack · MACD −
Technical chart
TIMKENdaily · 1Y · AUTO-6.8%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- Recent death cross (SMA50 crossed below SMA200).
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 20% off 52W high · 12% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 7.2% of the 30-week proxy.
- The 30-week proxy changed +0.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 37 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -39.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 60th pctile, median 68 · Large: 41st pctile, median 73
42 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 55.20
- P/B
- 8.07
- EV/EBITDA
- 30.16
- Market Cap
- 23508.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 19.00%
- ROA
- 11.52%
- Dividend Y
- 0.08%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 14.00%
- 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
- 0.20%
- FCF Positive Y
- 2/5
- OCF
- 446.00 Cr
- EPS TTM
- 56.65
Shareholding
- Promoter Hold
- 51.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
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