Timken India Ltd(TIMKEN)

NSE: TIMKENBSE: 522113

₹ 2,731.55-0.68%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 20,546 crNext results: 29 Oct 2026Website: www.timken.com/en-inUpdated: 24 Oct 2026

About

Timken India Ltd manufactures and sells bearings and allied goods and services, serving cross-industry end markets including railways, steel, power generation, wind energy, cement, mining, commercial vehicles and tractors. It is a subsidiary of The Timken Company and operates through direct sales, indirect sales and service models across domestic and export markets.^[1][2][3]

Business segments

Rail: INR200 crore in Q1 FY27 (22% of revenue), ~3% YoY growth; government procurement slow as central government diverted funds to defence and infrastructure.^[4]
Process: INR186 crore in Q1 FY27, ~30% YoY growth driven by metal mill projects and wind energy gearbox exports plus domestic wind farms.^[4]
Exports (intercompany): INR200 crore in Q1 FY27, ~21% YoY growth led by tapered roller bearing supply to North America.^[4]
Mobile & Others: INR184 crore in Q1 FY27; segment covers tractors, heavy trucks, on-highway and off-highway CVs.^[4]
Distribution (aftermarket/MRO): INR154 crore in Q1 FY27.^[4]
The company has a single reportable segment - 'Bearings and allied goods & services' - across all five commercial channels.^[3]

Products and portfolio

Core products are tapered roller bearings (TRB), cylindrical roller bearings (CRB) and spherical roller bearings (SRB), with plain bearings (GGB technology) being added.^[5][2]
The company focuses on off-highway, heavy truck, rail and industrial segments; it has no exposure to passenger cars or two-wheelers.^[4]
Non-bearing industrial motion products - couplings, chains, lubrication systems - are under greenfield, brownfield and M&A evaluation; no committed timeline.^[6]
Linear motion products identified as a near-term product addition; active evaluation underway aligned with global parent's industrial motion strategy.^[5]
BIS certification secured for CRB and TRB rollers in Q1 FY27, advancing domestic market quality accreditation.^[4]

Manufacturing operations

Jamshedpur plant manufactures bearings for rail and other segments; a rail capacity expansion (cup-and-cone/tapered bearings for CTRB/sealed applications) is underway with INR120 crore capex.^[6][2]
New Bharuch plant: all lines (SRB large, SRB small, CRB) capitalized as of Q3 FY26; generated ~INR80 crore revenue in full-year FY26.^[2]
Bharuch SRB line utilisation was 40 - 45% in Q1 FY27, with a target of ~70% by August - September 2026; CRB line ramp-up targeted for Q2/Q3 FY27.^[4]
Bharuch plant generated ~INR50 crore revenue in Q1 FY27 and was close to breakeven; it grows each quarter.^[4]
Product mix: 75% manufactured / 25% traded in Q1 FY27, versus 65% manufactured / 35% imported in full-year FY26.^[4][2]

Key operating metrics

Q1 FY27 standalone revenue INR929 crore, ~15% YoY growth; PBT INR150 crore vs INR130 crore in Q1 FY26.^[4]
Q1 FY27 EBITDA margin 19.6%; gross margin 39.9%, up 100 bps YoY despite seasonally unfavourable mix.^[4]
FY26 full-year standalone revenue INR3,148 crore, +8.6% YoY; Q4 FY26 crossed INR1,000 crore for the first time at INR1,073 crore.^[2]
Export share of revenue: 21% in FY26; full-year FY26 export revenues INR707 crore, +66% YoY.^[2]
FY26 capex as % of revenue: 8.7%; FY27 capex guidance 8 - 10% of revenue.^[2][4]

Customers and distribution

End markets served: railways, steel, power generation, wind energy, cement, mining, commercial vehicles, tractors and capital goods.^[3]
Export geography is roughly 50% North America (heavy truck and rail) and 50% rest of world (ASEAN, Australia, South Africa, Europe) as of Q1 FY26.^[6]
US market remains the primary intercompany export driver; tapered roller bearings are supplied to America. Europe and ASEAN/China were weak in Q1 FY27.^[4]
Distribution (aftermarket/MRO) channel advances alongside process industry growth; the company operates through direct, indirect sales and service models.^[3][2]

Expansion and capex

Jamshedpur rail expansion: INR120 crore capex for CTRB/sealed tapered bearings using European machines; first production targeted November 2026, commercial output December 2026.^[2]
Plain bearing (GGB technology) first manufacturing line to be installed at Bharuch; investment of ~INR35 crore, targeted Q1/Q2 FY27.^[5]
Bharuch building has space for further capacity lines beyond current installed lines; additional size ranges to be added when volumes justify.^[2]
Asset turn target for the Jamshedpur rail expansion is more than 2x revenue per rupee invested.^[6]

Recent developments

Board approved merger of Timken GGB Technology Pvt Ltd with Timken India Limited in Q4 FY26; NCLT Bangalore Bench approval pending as of Q1 FY27.^[2][4]
GGB Technology Pvt Ltd consolidated via pooling of interest from April 1, 2024; annual revenue run rate ~INR50 - 55 crore with ~30% PBT margin in Q4 FY26.^[5][2]
Parent company's 80/20 portfolio strategy (focus on highest-value customers and products) is being applied to India operations from FY27.^[4]
India-US tariff reduction (50% to 18%) and India-EU trade deal announced; both expected to improve competitiveness of Indian bearing exports over the medium term.^[5]
Risk management system certified to ISO 31000:2018 by an independent third party.^[3]

Market Cap

₹20,546 Cr

High / Low

₹3,924 / 2,783

Stock P/E

65.4

Price / Book

7.5

Book Value

₹387

EPS

₹55.2

No. of Shares

7.52 Cr

ROCE

19.0%

ROE

14.2%

OPM

15.9%

Debt / Equity

0.00

Sales

₹3,478 Cr

Net Profit

₹415 Cr

Promoter holding

51.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials