TIL Ltd(TIL)

NSE: TILBSE: 505196

₹ 197.75-2.27%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,630 crWebsite: www.tilindia.inUpdated: 27 Oct 2026

About

TIL Ltd is an Indian manufacturer of cranes, container-handling equipment, and defence lifting solutions, operating plants in Kamarhati (Kolkata) and Kharagpur (West Bengal) with a portfolio of 50+ models across four product ranges. In FY26 the company reported standalone revenue of ₹323.25 Cr; in Q1 FY27 consolidated revenue reached ₹117.1 Cr following the May 2026 acquisition of Tulip Compression Pvt. Ltd. (TCPL). TIL holds a 38 - 40% market share in domestically manufactured ReachStackers and has supplied equipment to customers in 10+ countries.^[1][2][3]

Product ranges

TIL Range: own-engineered mobile cranes and material-handling solutions, covering 10 - 100 tonne assembly at Kamarhati and up to 150+ tonne at Kharagpur.^[3]
Hyster-TIL Range: ReachStackers and container-handling equipment built under a global alliance with Hyster®; the 400th unit was rolled out in FY25 after 14 years of domestic manufacturing.^[3]
Manitowoc Cranes: world-class lifting solutions distributed and assembled in India under partnership; crawler cranes expected from FY27 and all-terrain cranes from FY28.^[3][4]
Snorkel Range: aerial work platforms, telehandlers, and material lifts; TIL signed as official Sales & Service Partner for Snorkel Europe covering Northern and Eastern India, Nepal, Bhutan, and the Andaman & Nicobar Islands in FY25.^[3]
Portfolio spans 50+ different models including Mobile Cranes, Rough Terrain Cranes, ReachStackers, Container Handlers, Forklifts, and Defence equipment.^[3]

Manufacturing facilities

Kamarhati, Kolkata: 26,000 sq. m. built-up area, 10,520 sq. m. shop floor, 260 workforce; described as India's first and only purpose-built mobile crane manufacturing site.^[3]
Kharagpur (Changual): 58,000 sq. m. built-up area, 21,600 sq. m. shop floor, ~230 workforce; assembly lines for cranes up to 150+ tonnes; holds DIN EN ISO 3834-2 weldment certification.^[3]
Kharagpur plant was running at only 30 - 35% capacity utilisation in Q1 FY27; management estimates TIL can scale to ₹700 - 750 Cr in turnover with only bridging capex of ₹5 - 10 Cr.^[2]
Three warehousing hubs operate at Dankuni, Taratolla, and Kharagpur; a new 5,000 sq. m. ERP-enabled parts warehouse was inaugurated at Dankuni in FY25.^[3]

Key operating numbers

242 machines manufactured and sold in FY25, up from 58 in FY24 - the second-highest volume in the company's last 10 years.^[4]
9 ReachStackers delivered in Q1 FY27, the highest single-quarter delivery since new management took over; market share at 38 - 40%.^[2]
TIL standalone order book ₹211 Cr (of which ₹187 Cr firm prime products, ₹24 Cr aftermarket) with enquiry pipeline of ₹373 Cr as of Q1 FY27.^[2]
Consolidated order book (TIL + TCPL) ₹539 Cr with enquiry pipeline of ₹490 Cr as of Q1 FY27.^[2]
Inventory days fell to 227 days in FY25 from 1,061 days in FY24; debtor days fell to 156 days from 201 days.^[4]

Defence segment

Defence accounted for ~47% of FY25 operating revenue; a separate Defence SBU was approved by the Board to sharpen focus on Army, Air Force, and Navy opportunities.^[4]
40 RT-630 cranes were delivered to the Indian Army in FY25; an RFI was published for 102 more 20-tonne cranes.^[4]
TIL has DRDO registration and a dedicated in-house defence R&D team; the company has manufactured defence equipment since 1986, fully designed and made in India.^[3]

Aftermarket and services

Aftermarket revenue reached ~₹56 Cr in FY26, a business that was negligible three to four years earlier; management targets aftermarket at 40 - 45% of overall revenue long-term.^[2]
In FY25, over 200 machines received free inspections and service support within three months; a toll-free call centre (1800 266 1535) was launched for round-the-clock customer support.^[3]

Customers and distribution

Customers include the Indian Armed Forces, major ammunition and missile system manufacturers, PSUs, oil and gas producers, coal producers, logistics and container handling corporations, and multinational cement and steel manufacturers.^[3]
Regional offices in Chennai, Mumbai, Delhi, and Singrauli, supported by branches and area offices across India, serving 10+ countries.^[3]
Exports of ReachStackers, truck cranes, and components go to New Zealand, Australia, Thailand, Vietnam, and Malaysia; components are also exported to OEM partners in Europe and the USA.^[3]

TCPL acquisition and clean-energy adjacency

TIL acquired Tulip Compression Pvt. Ltd. (TCPL) on 8 May 2026; TCPL contributed ₹39 Cr standalone revenue and ₹3.96 Cr EBITDA for the part-quarter in Q1 FY27.^[2]
TCPL holds approximately one-third market share in India's CNG compression market (as of calendar year 2025) and has begun exports to Nigeria.^[2]
TCPL's standalone order book stood at ₹328 Cr in Q1 FY27.^[2]
Board approved up to ₹50 Cr equity infusion into TCPL; TIL intends to increase its stake in TCPL to 74% by FY29.^[2]

Expansion and capex

Only bridging capex of ₹5 - 10 Cr is planned; no significant capex is needed until TIL reaches ₹700 - 750 Cr in standalone turnover.^[2]
CarryKing 515 pick-and-carry crane is targeted for commercial launch in Q4 FY27, worst case Q1 FY28.^[2]
Supply chain localisation drive is under way targeting 75 - 80%+ local content per product line; defence approval requirements are slowing the pace for approximately 50% of turnover.^[2]

Recent developments

Gainwell Group, through Indocrest Defence Solutions Pvt. Ltd., acquired a controlling stake in TIL and infused ₹120 Cr, completing a full management change with Sunil Kumar Chaturvedi installed as CMD.^[5][3]
Shareholders approved a QIP of ₹150 Cr and promoter preferential warrants of ~₹60 Cr in FY25; proceeds earmarked for debt reduction, working capital, and capex.^[4]
TIL signed a strategic agreement with Snorkel Europe in FY25 to become official Sales & Service Partner for aerial work platforms across Northern and Eastern India, Nepal, Bhutan, and the Andaman & Nicobar Islands.^[3]

Market Cap

₹1,630 Cr

High / Low

₹312 / 161

Stock P/E

-53.0

Price / Book

15.0

Book Value

₹13

EPS

₹-3.7

No. of Shares

8.24 Cr

ROCE

2.6%

ROE

-31.8%

OPM

3.3%

Debt / Equity

3.30

Sales

₹323 Cr

Net Profit

₹-31 Cr

Promoter holding

61.3%

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TIL Ltd(TIL)

About

Product ranges

Manufacturing facilities

Key operating numbers

Defence segment

Aftermarket and services

Customers and distribution

TCPL acquisition and clean-energy adjacency

Expansion and capex

Recent developments

Signal history

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