Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,632.00 last close on 15 Oct 2026 −0.27%
Research updated
Timken India Ltd.
NSE: TIMKENIndustrialsTools & Accessories
- Last close
- ₹2,898.00
- Day change
- +₹9.40 (+0.33%)vs
- Market cap
- ₹21,696 crIndian rupees
- Research updated
- 1 report
About Timken India
Timken India Ltd. is engaged in the manufacturing and sale of antifriction bearings and related components. Primarily serving the industrial sector, the company's expertise lies in producing high-quality, precision bearings that cater to a wide range of applications, including automotive, construction, mining, and aerospace industries. As part of the global Timken Company, Timken India brings significant technological advancements and expertise to the Indian and surrounding markets, supporting both local industries and international clients with innovative and reliable solutions. Its products are vital for enhancing equipment performance, reliability, and longevity, proving essential in reducing downtime and maintenance costs for machinery across various sectors. Timken India Ltd.'s significant presence in the bearings market underscores its importance in supporting critical infrastructure and contributing to industrial growth. Recognized for its commitment to excellence and sustainability, the company continues to drive forward with a focus on research and development, providing custom solutions tailored to meet the evolving demands of its diverse clientele.
- Sector
- Industrials
- Industry
- Tools & Accessories
- Listing
- NSE: TIMKEN
- Chief executive
- Mr. Sanjay Koul
- Employees
- 1,241
- Headquarters
- Bengaluru, India
- ISIN
- INE325A01013
- Website
- timken.com
Public research · Report of
Business model & financial foundation
Timken India (NSE: TIMKEN), Bearings and allied goods and services: revenue of ₹3,478 crore in FY26 (+8.8% on FY25), an EBITDA margin of 18.2%, net profit of ₹414.9 crore and net cash of ₹311.6 crore.
- Revenue, FY26 (₹ crore)
- 3,478
- consolidated
- Revenue growth, FY26
- +8.8%
- on FY25
- EBITDA margin, FY26
- 18.2%
- EBITDA excluding other income / revenue
- Net profit, FY26 (₹ crore)
- 414.9
- to owners
- Return on equity, FY26
- 14.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -311.6
- Net debt including leases, less cash and liquid investments
- Market capitalisation (₹ crore)
- 24,360
- at the close of 16 Oct 2026
Company profile
Manufactures tapered, cylindrical and spherical roller bearings and supplies allied goods and services to rail, mobility, process industries and distribution customers. Exports leverage the Timken group network. Bharuch capacity is ramping and Jamshedpur rail-component expansion is underway; group procurement and royalties are material to economics.
| Item | Value |
|---|---|
| Legal name | Timken India Limited |
| Exchange and ticker | NSE: TIMKEN; BSE: 522113 |
| ISIN | INE325A01013 |
| Sector | Industrials |
| Industry | Bearings and allied goods and services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2017) |
| Market capitalisation | ₹24,360 crore (16 Oct 2026) |
| Shares outstanding | 7.52 crore shares (FY26) |
| Price | ₹2,884 (close, 16 Oct 2026) |
| 52-week range | ₹2,801 - ₹3,925 (to 16 Oct 2026) |
| Website | https://www.timken.com/en-in/ |
Corporate structure and shareholding
Parent: The Timken Company via Timken Singapore Pte Limited.
| Entity | Holding | Business |
|---|---|---|
| Timken GGB Technology Private Limited | 100% | Plain bearings technology and sales; acquired December 2025, proposed merger pending |
26% captive renewable-power stake is not treated as an associate. Timken Engineering & Research India is a related party, not a subsidiary.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.05% | 51.05% | 51.05% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 6.94% | 6.96% | 7.32% | |
| Domestic institutions | 30.16% | 30.63% | 30.28% | |
| of which mutual funds | 25.36% | 25.88% | 26.59% | |
| Retail | 7.83% | 7.45% | 7.40% | |
| Other | 4.02% | 3.90% | 3.95% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Timken manufactures and trades roller bearings and allied services for rail, mobility, process industries and distribution, exporting through the group. One statutory segment, not five reportable segments. End-market call figures are standalone and do not reconcile fully to consolidated geography. Timken Singapore controls51.05%; Timken Engineering & Research is related, not subsidiary. GGB is wholly owned; acquisition1Dec2025 uses common-control pooling from1Apr2024. FY25 and FY26 comparatives therefore use restated consolidated, FY24 group-equivalent standalone.
| Peer | Why the dossier compares them |
|---|---|
| Schaeffler India (SCHAEFFLER) | Precision bearings, automotive and industrial exposure |
| SKF India (Industrial) (SKFINDUS) | Industrial rail and wind bearings; demerged industrial business |
| SKF India (SKFINDIA) | Automotive bearings after demerger; business mix differs |
| NRB Bearings (NRBBEARING) | Domestic auto-bearing manufacturing and exports |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,182 | 2,788 | 2,910 | 3,197 | 3,478 |
| Cost of revenue (vendor classification) * | 1,415 | 1,826 | 1,880 | 2,102 | 2,311 |
| Other operating costs (vendor classification) * | 134.3 | 258.4 | 290.0 | 307.9 | 338.5 |
| EBITDA (vendor classification) * | 525.1 | 613.0 | 611.9 | 660.4 | 662.5 |
| Operating EBIT excluding other income | 440.6 | 526.3 | 487.2 | 526.1 | 526.3 |
| Finance costs | 2.45 | 2.81 | 3.79 | 4.38 | 3.74 |
| Profit before tax | 438.2 | 523.5 | 524.2 | 572.7 | 552.6 |
| Total tax expense | 111.1 | 132.8 | 132.1 | 110.5 | 137.7 |
| Profit after tax | 327.1 | 390.8 | 392.1 | 462.2 | 414.9 |
| Diluted EPS (₹) | 43.49 | 51.95 | 52.13 | 61.45 | 55.16 |
| Materials, purchases and inventory change | 1,717 | 1,924 | 2,127 | ||
| Employee benefits expense | 164.0 | 173.6 | 186.5 | ||
| Other expenses | 456.6 | 488.0 | 532.0 | ||
| EBITDA excluding other income | 572.4 | 611.2 | 632.4 | ||
| Other income | 40.8 | 51.0 | 30.1 | ||
| Depreciation and amortisation | 85.2 | 85.1 | 106.0 | ||
| Exceptional items: profit impact | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners | 392.1 | 462.2 | 414.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,657 | 2,037 | 2,417 | 2,898 | 2,915 |
| Debt including current and non-current lease liabilities | 31.7 | 30.6 | 25.4 | 17.6 | 14.6 |
| Cash and cash equivalents | 14.8 | 158.4 | 328.2 | 435.7 | 268.5 |
| Trade receivables | 538.8 | 575.7 | 651.9 | 708.8 | 811.3 |
| Inventories | 558.5 | 569.5 | 666.7 | 652.5 | 788.3 |
| Trade payables | 328.5 | 344.4 | 385.7 | 403.5 | 610.4 |
| Net PPE including right-of-use assets | 613.6 | 602.2 | 616.8 | 578.8 | 1,220 |
| Capital work in progress | 49.5 | 53.5 | 104.1 | 591.7 | 100.7 |
| Total assets | 2,194 | 2,557 | 2,988 | 3,488 | 3,700 |
| Net debt including leases, less cash and liquid investments | -466.5 | -538.3 | -311.6 | ||
| Other bank balances | 3.15 | 3.13 | 6.97 | ||
| Current mutual-fund investments | 160.5 | 117.1 | 50.7 | ||
| Current and non-current lease liabilities | 19.3 | 17.6 | 14.6 | ||
| Borrowings excluding leases | 6.04 | 0.00 | 0.00 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | -39.3 | 272.1 | 339.9 | 398.7 | 445.6 |
| Free cash flow (vendor definition) * | -47.5 | 279.1 | 78.3 | 21.1 | 148.4 |
| Dividends paid (the provider's sign: an outflow is negative) * | -11.3 | -11.3 | -11.3 | -18.8 | -270.8 |
| Purchase PPE including CWIP and capital advances: outflow | -79.9 | -61.1 | -261.7 | -377.6 | -297.2 |
| CFO less gross PPE cash purchases | 78.3 | 21.1 | 148.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 7.52 | 7.52 | 7.52 | 7.52 | 7.52 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | n.r. | 683.4 | 951.5 | 822.2 | 786.4 | 779.7 | 1,090 | 943.3 |
| Cost of revenue (vendor classification) * | 457.0 | 414.5 | 566.1 | 501.1 | 499.5 | 653.9 | 565.9 | |
| Other operating costs (vendor classification) * | 120.4 | 114.3 | 127.3 | 130.0 | 130.2 | 145.1 | 149.9 | |
| EBITDA (vendor classification) * | 145.5 | 125.3 | 228.4 | 158.1 | 107.9 | 242.6 | 188.4 | |
| EBIT | n.r. | n.r. | 193.2 | n.r. | n.r. | 71.9 | 212.2 | 146.3 |
| Finance costs | n.r. | n.r. | 1.21 | n.r. | n.r. | 0.80 | 0.96 | 0.76 |
| Profit before tax | n.r. | 103.0 | 206.2 | 136.1 | 126.3 | 78.2 | 212.0 | 156.2 |
| Total tax expense | n.r. | 24.8 | 15.9 | 27.7 | 32.7 | 23.7 | 53.7 | 36.6 |
| Profit after tax | n.r. | 78.2 | 190.3 | 108.4 | 93.6 | 54.6 | 158.3 | 119.7 |
| Diluted EPS (₹) | n.r. | 10.40 | 25.30 | 14.41 | 12.44 | 7.25 | 21.05 | 15.91 |
| Materials, purchases and inventory change | n.r. | n.r. | 566.1 | n.r. | n.r. | 499.5 | 653.9 | 565.9 |
| Employee benefits expense | n.r. | n.r. | 43.9 | n.r. | n.r. | 49.2 | 49.0 | 49.9 |
| Other expenses | n.r. | n.r. | 127.3 | n.r. | n.r. | 130.2 | 145.1 | 149.9 |
| EBITDA excluding other income | n.r. | 110.8 | 214.2 | 146.9 | 142.9 | 100.8 | 241.8 | 177.6 |
| Other income | n.r. | n.r. | 14.2 | n.r. | n.r. | 7.15 | 0.82 | 10.7 |
| Depreciation and amortisation | n.r. | n.r. | 20.9 | n.r. | n.r. | 28.9 | 29.6 | 31.4 |
| Exceptional items: profit impact | n.r. | n.r. | 0.00 | n.r. | n.r. | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | n.r. | 78.2 | 190.3 | 108.4 | 93.6 | 54.6 | 158.3 | 119.7 |
Consolidated, restated. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 55.5% | 27.8% | 4.4% | 9.9% | 8.8% |
| EBITDA margin | 19.7% | 19.1% | 18.2% | ||
| Net margin | 13.5% | 14.5% | 11.9% | ||
| Return on equity | 17.6% | 17.4% | 14.3% | ||
| Return on capital employed | 28.7% | 28.0% | 21.6% | 19.6% | 18.0% |
| Return on assets | 14.1% | 14.3% | 11.5% | ||
| Net debt (₹ crore) | -466.5 | -538.3 | -311.6 | ||
| Net debt / EBITDA | -0.81x | -0.88x | -0.49x | ||
| Interest cover | 179.8x | 187.3x | 128.6x | 120.3x | 140.9x |
| Asset turnover | 1.07x | 1.17x | 1.05x | 0.99x | 0.97x |
| Receivable days | 90 | 75 | 82 | 81 | 85 |
| Inventory days (on revenue) | 93 | 75 | 84 | 74 | 83 |
| Payable days (on revenue) | 55 | 45 | 48 | 46 | 64 |
| Cash conversion | 0.87x | 0.86x | 1.07x | ||
| Capex intensity | 3.7% | 2.2% | 9.0% | 11.8% | 8.5% |
| Free cash flow (₹ crore) | -119.3 | 211.1 | 78.3 | 21.1 | 148.4 |
| Dividend payout | 2.9% | 4.1% | 65.3% | ||
| EPS, diluted (₹) | 43.49 | 51.95 | 52.13 | 61.45 | 55.16 |
| Book value per share (₹) | 220.3 | 270.8 | 321.4 | 385.3 | 387.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases, less cash and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Timken India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Timken India
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