TIMKEN
Large CapTimken India Limited
Industrials
Timken India Limited manufactures and trades tapered roller bearings, spherical roller bearings, and plain bearings. It serves core industrial segments, mobile applications, rail, and the aftermarket, with significant domestic sales and exports. The company is expanding its manufacturing capabilities in India.
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 is neutral, and recent execution is mixed.
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 31 Mar 2026
Excellent · 77/100Rev +60% YoY · PAT +103% YoY · +40% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,090 Cr | +59.6% | +39.7% |
| EBITDA | ₹242 Cr | +13.1% | +139.6% |
| Operating margin | 22.0% | -100 bps | +900 bps |
| PAT | ₹158 Cr | +102.6% | +187.3% |
| PAT margin | 14.5% | -548 bps | +745 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
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. Full-year FY26 standalone revenue grew 8.6% YoY to INR31,478 million, with PBT up 3%. Consolidated revenue for FY26 was INR34,780 million.
Management delivered healthy revenue growth driven by strong industrial demand, project execution, and momentum in both domestic and export markets. The Bharuch plant ramp-up and Jamshedpur rail expansion are progressing. However, significant cost pressures and the lag in passing on price hikes pose near-term margin risks, which the company is actively addressing.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Core Industrial Segments
Strong demand in core industrial segments continues to drive healthy revenue growth.
Domestic and Export Momentum
Good momentum seen in both domestic and export markets, with North America gaining traction.
Bharuch Plant Ramp-up
New Bharuch plant lines capitalized, with smaller lines running full and large line PPAPs underway, contributing INR80 crores revenue in FY26.
Jamshedpur Rail Expansion
Investment towards rail expansion in Jamshedpur continues to remain broadly on track, targeting production by November/December.
Bharuch Plant Utilization
All lines at the new Bharuch plant have been capitalized. Smaller lines are running full, and large line PPAPs are happening. Management expects 70% utilization by July.
Jamshedpur Rail Expansion
INR120+ crores capex for rail expansion in Jamshedpur. Machines are getting shipped, and production is targeted by November/December. Asset turns are expected to be 2x.
Plain Bearing Expansion
Investment towards plain bearing expansion in Bharuch (post Timken GGB merger) continues to remain broadly on track.
Stable Demand
Demand across most key segments continues to remain relatively stable despite global uncertainties.
Export Pull
There is a definite pull from the North American market, with Q4 FY26 exports up 40% QoQ and 66% YoY.
Robust CV Market
The commercial vehicle (CV) market is robust, showing a 22% QoQ jump in Q4 FY26 for the mobile segment.
Macroeconomic Uncertainty
Global conditions continue to remain uncertain with slower growth trends and geopolitical developments.
Cost Pressures
Significant cost pressures are observed, with input costs like steel, grinding wheels, and coolants going up, alongside currency deterioration.
Trade Tensions & Supply Chain
Trade tensions are very much present, and supply chain realignments are happening.
Lag in Cost Pass-through
Only 10% of cost increases have been passed on to customers so far; 90% needs to be achieved over the next two quarters, with customer resistance expected.
Volatility in Input Costs
Inflationary trends are beginning to be seen, with input costs going up, requiring active mitigation efforts.
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.
QoQ comparison is relevant for assessing sequential momentum, particularly with the Bharuch plant ramp-up and export growth. YoY comparison is crucial for evaluating overall business growth and margin trends against the previous year's performance in a manufacturing context.
Revenue from Operations (Q4 FY26)
INR10,731 million, reflecting a 14.2% growth over the same period last year.
PBT Margin (Q4 FY26)
19.3%, improved by around 10 basis points over Q4 FY25 (excluding one-time adjustments).
Standalone Revenue (FY26)
INR31,478 million, representing an 8.6% growth over last year.
Standalone PBT (FY26)
INR5,304 million, almost a 3% increase over last year, with PBT margin at 15.5%.
Outgrow the Market
Management aspires to achieve revenue growth that is more than the market growth.
Cost Mitigation & Efficiency
Actively working on mitigation incentives through cost reduction activities, efficiencies, and customer engagement to recover cost increases.
Investment Philosophy
The company is debt-free with resources at hand and will not shy away from investing in good projects, including potential M&A or further range expansion.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Bharuch Plant Utilization | Smaller lines running full, large line PPAPs underway. | Reaching 70% utilization by July and continued ramp-up in subsequent months. |
| Cost Pass-through | 10% of cost increases passed on. | Achieving the remaining 90% pass-through over the next two quarters. |
| Jamshedpur Rail Expansion | On track for production by November/December. | Successful commissioning and initial production of rail bearings by year-end. |
| Overall Revenue Growth | FY26 standalone revenue grew 8.6%. | Management's stated goal of outgrowing the market in FY27. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +13.3% / mo
Technical chart
TIMKENweekly · 1Y+6.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 53. Wait for confirmation.
- SMA20 rising (~11.7% over last month) — short-term momentum positive.
- RSI(14) at 53 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 6% off 52W high · 26% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 11/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -42.2%.
- 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: +2 points.
Factor attribution
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 67th percentile of the scored universe and 64th percentile within Industrials. Main check: results consistency is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 64th pctile, median 68 · Large: 43rd pctile, median 74
41 documents indexed, 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
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 64.70
- P/B
- 9.24
- EV/EBITDA
- 36.40
- Market Cap
- 26845.00Cr
Profitability
- ROE
- 14.30%
- ROCE
- 19.00%
- ROA
- 11.22%
- Dividend Y
- 1.01%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 21.00%
- Revenue 3Y
- 2.00%
- EPS 3Y
- 2.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 158.00×
- Altman Z
- 8.86
- Book Value
- 387.00
Cash Flow
- FCF Yield
- 0.16%
- FCF Positive Y
- 2/5
- OCF
- 446.00 Cr
- EPS TTM
- 55.16
Shareholding
- Promoter Hold
- 51.05%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.